If you are looking to make the most out of your trading account, then forex promotions can help.
In this guide, we are going to take a deep dive and tell you what forex promotions are and how you can take advantage of them.
What are forex promotions?
A Forex promotion is a regular reward offered to either new or current customers who have already registered on a website. Forex broker promos come in a variety of shapes and sizes, but they all boil down to an additional allowance or bonus applied to a regular trading strategy.
These incentives are offered to you with no strings attached, such as paying a fee or doing a particular task. Your only responsibility is to complete an official registration on the website. Some incentives, on the other hand, enable you to make deposits into your account.
The primary goal of forex broker promotions, such as bonuses, is to make trading more appealing to clients and encourage them to remain with the broker for a long time.
Types of forex promotions
Now that you know what forex promotions are, it’s time to tell you different types of forex promotions and how do they work.
1. Deposit promo
A Forex deposit promo is a bonus that is linked to the deposits you make. In most cases, such a promotion is open to all customers. The only requirement is that you make a deposit, either the first or subsequent one on the website. Here you can find some examples of Forex Promotions with an Online Forex broker.
Of course, if you are not enrolled on the website, you would be unable to qualify for such a bonus. Keep in mind that most forex deposit promotions are expressed in percentages.
Assume you’ve been offered a 50% deposit promotion, and you’ve made a $100 deposit. When you use one of the available payment methods to make a move, you won’t have 100 but 150 dollars in your account to exchange with.
2. Welcome promo
Only new customers are eligible for the welcome forex promotion. So, if you’re a long-time and faithful customer of a broker, these incentives aren’t open to you; however, you can still take benefit of the deposit promo.
The welcome bonus attracts new clients by allowing them to test the broker without losing a lot of money but with a specific amount of money provided by the broker. On the other hand, a welcome bonus may be either a no-deposit promo or a deposit promo. The policies of the forex broker normally determine it.
3. Pending promo
This bonus is unique in that you cannot use it until you have received it. It will remain pending and available until you take formal action on the website.
Typically, the broker would need you to clear it before using it. Some brokers offer pending incentives to new customers who must first make several trades before receiving the bonus.
Each forex promos have particular characteristics. As a trader, you need to do your research on what promotions your broker is offering.