Start Your Trading Journey with a Forex Bonus
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There are many different ways to get started on your forex trading journey and one of the best is to take advantage of the bonuses offered by many of the brokers in the market today. The main aim of these bonuses is to encourage customers to use a particular broker and continue to do so for long periods of time. There are a few different kinds of bonus including forex deposit bonus, free forex bonus and no-deposit bonus. Choosing the most appropriate and best forex bonus for you will mean you’ll get a good start with a trustworthy and professional forex broker. You’ll get to use one of their platforms and if you like it you can continue to use them for your forex trading transactions. Whichever forex broker you choose you’re sure to receive a complimentary reward in the form of a bonus, either after you’ve made a deposit or completely free in the form of a no-deposit bonus. The bonuses available are always changing and it pays to do your research online to find the most up to date information. On this page we’re going to look at some of the different types of bonus and discuss why you should choose them.
The Different Types of Forex Bonus UK Available
There are a range of different options when looking at a forex bonus, UK brokers all offer their own individual promotion and they are regularly updated and changed. You’ll need to keep an eye on all of them to find the one to suit you. But they can be generally grouped into one of 3 categories.
Forex Deposit Bonus
In order to receive a forex deposit bonus you need to open an account with a broker and make an initial trading deposit. Different brokers will have their own minimum deposits allowed and it depends on this initial deposit how much you’ll receive in the form of a bonus. Individual brokers will also have their own rules with regards taking advantage of the bonus, such as minimum values for trades, and withdrawing any money from your account. Though in that said maybe check out this detailed forex deposit bonus guide to get better understanding of this.
No Deposit Forex Bonus
This is exactly what it says on the tin. In other words the bonus is free as you won’t have to make a deposit in order to receive it. As soon as you’ve opened your account the bonus is given and you’re able to start trading right away.
All you need to do is open an account and you’re able to start trading without making a deposit of your own or the commitment of a broker. When you open the account you only need to provide a few simple details, usually only a few personal details and an email address.
Is this type of UK forex trading bonus worth trying
Let’s look at a few reasons to start trading using a no deposit forex bonus UK:
You get to try out the brokers platform without using any of your own money.
You gain some experience and get the the opportunity to try out different strategies.
If it all goes wrong you don’t stand to lose anything but if you’re successful you gain profit on top of the bonus.
However, as with anything, there are a few drawbacks:
You’ll be able to withdraw any profits you make but as a rule the bonus itself will have to remain in your account unless you meet certain conditions for example volume of trades and further deposits.
No deposit bonuses are usually pretty small. Often as little as $25, enough to open the smallest of accounts. And we should also point out that trading with such small amounts is significantly different that trading using larger sums of money.
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These are given when a trader takes part in a new trade. They act as a kind of rebate and the bonus is credited to the traders account as they are conducting the trade.
Given when a competition is won with another trader
Sometimes a bonus can be earned for a certain number of pips.
Some brokers reward their clients after trading with them for a certain period of time.
Referring new traders to your chosen broker can also earn you valuable bonuses.
Different Types of Forex Account
When you sign up with a broker you can choose from a variety of different types of account. Each account will have its own special bonus attached. Let’s look at a few examples of the accounts you might encounter.
- Demo account – trade in foreign currencies without risking any of your own personal money
- Micro account – usually requires a very minimal deposit, sometimes as little as $1. You may also receive daily reviews and reports via email and have access to training materials.
- Mini account – this account commonly needs a slightly larger deposit. Risk is limited by trading volume. It allows you to use tutorials, recommendations and tips, with support and remote assistance.
- Standard account – greater flexibility is offered with a larger deposit of for example $1000. You receive all the previous benefits and personal coaching.
- Gold account – this is designed for more advanced traders and requires a fairly large deposit for example $5000. You get your own personal dealer who will keep you up to date with news of the markets, trading ideas and any promotional offers.
- VIP account – a minimum deposit of $10000 will give you VIP status. Your very own VIP account manager will keep you informed of exclusive VIP offers.
You should choose the account that suits you and the amount of money you have available to invest. As we’ve mentioned before it is always recommended you read the small print. Reading and understanding the terms and conditions for each broker and those attached to the respective deposit will ensure you gain the greatest advantage.
Don’t Miss Out on Your Forex Trading Bonus UK Investors
The forex trading industry has become pretty competitive with new brokers entering the market every day. One way that brokers try to beat the competition and encourage new customers to open an account is with an attractive bonus. The bonuses differ from one broker to another. Some are really generous, for example a bonus of 100% of the amount deposited. Depositing $1000 will earn you a deposit of $1000. With other brokers the deposit earned may be less.
The bonuses can’t be withdrawn as soon as they’ve been given. This usually requires a trader to execute a certain number of trades. The bonuses are also given on a one household and one account basis.
There is no real catch with a bonus. But a common stipulation is that your account has to be funded with real money to receive the bonus. Once you’ve made your initial deposit your bonus will be credited to the account automatically, often by claiming it via an email, submission form or trading platform online support.
When used correctly bonuses can increase your trading power because of the increased margin. However you have to realise that nothing comes completely free. Some bonuses offered will have their limitations and drawbacks. the important thing is to read the terms and conditions attached to the bonus offer before you commit any of your funds. If you don’t read the small print you may find yourself losing out in the long run.
There’s a New Kid on the Block if You’re Considering Forex trading – VPS Hosting
VPS stands for virtual private server and previously it has used most when discussing web hosting for websites. But it’s been discovered that it can also be advantageous for forex trading, depending on your method and whether you use automated trading software. Using a VPS rather than trading directly on your own computer has the following advantages:
- Trades can be made anywhere – from an internet cafe, hotel or your local library
- Trading can be done even when you lose your power supply
- You can trade even when you’re asleep
- VPS systems offer excellent security
- Trades can be executed quicker so you won’t miss out on that important deal
However VPS systems can be very expensive. An important factor to consider as the cost will impact on any profit you make. Check out online review sites to help you find the best one for you and your way of trading. speak to the customer service department of the hosting company you’re thinking of using to find out how many system resources you need before spending any money and signing up to a plan.
It’s highly recommended you take advantage of as much as you can from the various forex trading brokers and take advantage of the opportunity to start trading without risking too much of your own money. Contact the broker to verify the bonuses that they’re offering as they are regularly updated and the information isn’t always available online.