Lots of research need to do before the decision of which broker one trades with. People usually start with regulation, trading condition, then the support. However, it’s hard for new traders to remember all the information when starting their job in practice. For that reason, this article is to summarize the basic steps to choose quality brokers with examples combine with the on-the-job order to help novice traders catch things up better.
They should have the best forex contests
Forex contest is a great way for brokers to attract new traders. Why do traders love these forex contests? Because this is a chance for you to test your trading skills and the broker’s trading conditions without any risk (only for demo contest. For real account contests, there is risk as normal). At the same time, you can win real money. One thing to keep in mind that forex contest is not for beginners only. So if the prizes offered by brokers are attractive enough, many professional traders will compete for the highest rewards.
As a trader, you must love the competition. The feeling of winning real money from the brokers and the opportunity to show that you are better than other traders is undeniably sweet. Forex contests is exactly the place for you to experience that feeling. We, forex traders, compete against each other but everyone wins. The top traders obviously take home the reward at the end of the competition while the others can learn so much about the forex market and gain a lot of experiences for free. That’s why forex contests matter.
A good forex contest needs to have good prizes. But you should also read the rules thoroughly to know what you can do with the money you win. Some brokers will let you withdraw it while others only allow you to use that money to keep trading with them. So it’s very important of you to go through the rules before entering any forex contest. Moreover, if you are not very experienced in forex trading, don’t spend too much time on these contests because you can never beat the experts there. Just participate in these contests to get the chance to observe a broker’s trading environment for free and have some lessons about the forex trading world.
Top 3 brokers with the best forex contests right now:
- FXTM Titans
- Exness World Cup Contest
- FBS Pro
They should have the best forex bonuses
I am aware of the fact that there are many traders who are not very fond of forex bonuses since they think that bonuses can bring them more harm than the amount of money offered. However, the majority of traders like forex bonuses, because they can reduce their trading cost and minimize trading margins. Moreover, there are ways to exploit the bonus program from brokers.
There are three types of forex bonus in total: Welcome bonus, Deposit bonus, and Lot-back bonus.
Welcome bonus (or non-deposit bonus) is the bonus that brokers give to those who register for the first time. As this is an effective way to attract new clients or even take some customers from competitive brokers, some forex brokers can offer you up to 30 to 50 dollars welcome bonus for first time registration. This bonus type usually seem interesting to beginners and bonus cheaters. Beginners or new traders use this kind of bonus to check a broker’s trading conditions or test their trading tactics. Bonus cheaters, who are usually the professional traders, just simply create a lot of accounts to get these free bonus, then trade and take the profit.
Deposit bonus is the money a broker rewards you when you deposit an amount of money into that broker. This kind of bonus is usually worth a percentage of the amount you deposit. For example, it could be 20%, 50%, or even 100% of the money you put in. Brokers have this bonus to make traders deposit more money or reactivate their accounts if they’ve stopped trading for a long time. Some brokers only give out this bonus for first time deposit.
Lot-back bonus is somewhat a loyalty program of forex brokers. Every time you have finished 1 lot/transaction, the broker will rebate a specific amount of money to your trading account automatically. The rebate amount will depend on your trading currencies, account types, and trading time. Many professional like this kind of bonus so it is the most well-known. The reason they like it is because it help reducing the total trading cost.
Top 3 brokers with the best forex bonus program:
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