A tradeable forex bonus is a type of incentive offered by forex brokers to traders, allowing them to receive additional funds that can be used for trading. Unlike non-tradeable bonuses, which can only be withdrawn after meeting certain trading volume requirements, a tradeable forex bonus can be used directly in trading activities and its profits can be withdrawn under specified conditions.
Features of a Forex tradable bonus
Several features make a forex tradable bonus stand out:
Structure
A tradeable forex bonus can come as a deposit or non-deposit bonus:
- Deposit bonus: Here, the broker matches a certain percentage of your deposit. For example, a 50% deposit bonus means that if a trader deposits $1,000, they receive an additional $500 in their trading account.
- Non-Deposit Bonus: Though not as popular among brokers, it is one of the most attractive bonuses. This is because it doesn’t require an initial deposit. The broker provides you with a small amount of capital to start trading on their platform.
Usage
Tradeable bonuses are strictly used for trading. The bonus is added to your account and can be used to open a new position, or in diverse trading strategies. The tradable bonus also increases your leverage. This is because it adds to your trading funds, which can amplify both potential gains and losses.
Withdrawal Conditions
Profits earned from a forex tradable bonus are usually withdrawable, but the bonus itself might not be. Before withdrawing the bonus, there are certain conditions you must meet such as trading a certain volume or holding positions for a specified duration. The trading volume is the most popular withdrawal condition (you must complete trades amounting to a multiple of the bonus amount).
- Increased Capital: Provides you with extra capital to trade with. This can enhance your trading capacity and potentially lead to higher profits.
- Risk Management: Offers you a buffer should you face any losses. Helps in managing risk by providing additional funds to absorb market fluctuations.
- Increased trading capital and leverage.
- Learning opportunity: You can use the bonus to learn the platform and sharpen your trading skills.
- Withdrawal Conditions: Some brokers have high volume requirements and other stringent conditions that must be met before you withdraw the profits.
- Complex terms and conditions: The T&Cs can be too complex and difficult to understand or meet, which can lead to frustration.
- Potential for overtrading/overleveraging: While the extra funds are sweet, they can easily tempt you to take on more risk than you would with your own money, which can result in significant losses.
- Pressure to Meet Conditions: Traders might feel pressured to trade more frequently or take riskier trades to meet the bonus conditions.
- Limited availability: The bonus may only be available in some jurisdictions.
- Misleading Offers: Some forex tradable bonuses come with hidden clauses or restrictions that are not immediately apparent.
Factors to consider when using a Forex tradable bonus
- Broker reputation: Ensure a broker is reputable before choosing its forex tradable bonus, It’s important to choose a reputable broker, as some may have unfair or difficult-to-meet conditions.
- Terms and Conditions: You must always carefully read and understand the terms and conditions attached to the bonus, including withdrawal restrictions, time limits, and trading volume requirements.
- Bonus Amount: look at the size of the bonus relative to your deposit and weigh whether it will impact your trading strategy.
- Leverage and Margin: Understand how the bonus affects your leverage and margin requirements. Higher leverage can amplify both gains and losses.
- Impact on trading strategy: The bonus terms should align with your trading style and strategy. Remember to confirm if hedging is allowed when using the bonus funds.
- Hidden fees and spreads: Verify if the broker has increased spreads or added commissions that might cancel the benefits of the bonus. Look for any hidden fees or charges that could impact your profitability.
Brokers that offer Forex tradable bonus
Several forex brokers offer tradeable bonuses but the specifics and availability of these bonuses vary based on the broker’s policies, regulations, and promotions at any given time.
Here are a few brokers known to offer tradeable bonuses. Always verify with the broker’s official website if the tradable bonus is still available.
XM Forex tradable bonus
XM offers you a welcome bonus when you register on the platform. It is currently offering a two-tier deposit bonus:
50% up to $500 or currency equivalent and a 20% up to $4,500 maximum or currency equivalent. Combined, you can get up to $5,000, which you can use to start your trading journey.
FBS Forex tradable bonus
FBS is known to frequently offer various bonuses, including a no-deposit bonus and deposit bonuses. The bonuses are tradeable, and profits can be withdrawn after meeting specific trading volume requirements.
RoboForex Forex tradable bonus
RoboForex offers several bonus programs, including a welcome bonus and a deposit bonus. The platform currently has a $30 welcome bonus when you open a cent or standard account, verify the account, and deposit at least $10.
InstaForex Forex tradable bonus
InstaForex usually offers a no-deposit bonus and a deposit bonus to be used for trading, with profits withdrawable upon meeting certain criteria. InstaForex is one of the few brokers that offer a $1000 STARTUP non-deposit bonus.
OctaFX Forex tradable bonus
OctaFX offers a 50% deposit bonus when you open an account on MT4 or MT5 and make a deposit of at least $50. This bonus is tradeable, and profits can be withdrawn after you trade a specific amount of lots.
FXOpen Forex tradable bonus
FXOpen has a $10 no-deposit bonus if you’re a new trader on the TickTrader account. The bonus cannot be withdrawn from the account, only the profit from trading can be withdrawn after making 1 lot of trading turnover.
HotForex (HFM) Forex tradable bonus
With HFM, you get the Supercharged Bonus which offers you a 100% deposit bonus of up to $50,000. The minimum deposit for this bonus is $10. The bonus also includes daily cash rebates of $2 per lot and rebates up to $8,000.
Keep in mind that bonus offers can change frequently, so it’s a good idea to visit the broker’s official website or contact their customer support for the most up-to-date information.
Can I withdraw my Forex tradable bonus?
No, you can’t withdraw this bonus. It must be used for trading and can only be withdrawn if you meet the trading requirements.
How can I access a forex tradable bonus?
You can access your forex tradable bonus once you register an account with your preferred broker. Once your account is approved the deposit is credited into your account.
How do I know a forex tradable bonus is available in my country?
You can know if a bonus is available in your country by checking the broker’s terms and conditions.
Finally
Overall, a tradeable forex bonus can be a valuable tool for traders looking to increase their trading potential, but it’s crucial to understand the associated terms and use the bonus judiciously.
