Largest Forex Deposit Bonuses
As Forex trading became more and more popular, brokers try to attract customers in all sorts of ways. Most of them rely on bonuses and promotions, promising at times huge benefits if you decide to trade with them rather than the competition. Nothing wrong with promotions, they are an integrated part of the economy and a marketing tool that works. But how real and correct are these offers? Do you really get the chance to withdraw some (all?) of this bonus brokers offer?
The ultimate Forex bonuses
We found that the FX market is filled with all kind of offers, ranging from a few tens of dollars, to as much as 400% of your deposit. And we also found that some of the largest Forex deposit bonuses are nothing but traps to make you deposit your own money, put them to work, make money for the broker in the process and get pretty much nothing in return.
Let’s analyze some of the bonuses offers on the market. And we found “the best offer in Forex” (at least this is what they claim to be) – the up to 400% offered by Caesar Trade. This is a bonus applicable to deposits from 1,000 USD up to 25,000 USD, and we found it to be more like “the carrot and stick” approach. Their philosophy is simple: trade as much as you can (make money for us in the process) and you will, eventually, get the opportunity to redeem your 400% bonus, which is the largest Forex deposit bonus on the market.
There is a catch, though: 500:1, and 2,500,000 USD traded. Next, just to check the credibility of the broker, we tried to see if it is regulated or not. Well, the latter applies here, to this Seychelles registered business. And another catch: traders complain that the so-called bonus is a scam, and no money is ever recoverable.
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The second best we found on the market offered a 250% bonus. And this is InstaForex. Not so fast. The maximum bonus amount is…”individual-based”, and for first account opened with them. We were, however, thrown off by this individual-based scheme. Meaning one trader can get 1,000 USD and another 50 USD depending on the willingness of the broker.
Owners have the liberty to annul the bonus at any time
Moving on in our biggest Forex deposit bonuses quest and let’s see what other brokers have to offer. AvaTrade has an offer of 100% bonus for your first deposit, up to 10,000 USD. The catch? You need to be at the first deposit with them, make the deposit in the month of the promotion, and receive 50% of the bonus upon deposit, and the remaining 50% based on trading volume. And, as they say, “in order to claim the remaining 50%, you will be required to execute a minimum trading volume of 10,000 base instruments for every 1 USD bonus until June 30, 2016. If you fail to trade the required amounts within the given time period you will not be able to claim the remaining 50%”.
Meaning, for a 1,000 USD bonus, you will have to get the 500 USD only after you traded 500 x 10,000, more clearly 50,000,000. Rather huge, right?
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Let’s see another contestant for the largest Forex deposit bonus: HY Options. With their 10,000 USD bonus (for deposits bigger than 5,000 USD). They are regulated, offer several trading options, at a first glance seem legit. Let’s see what the Bonus terms say: “We reserve the right, at our sole discretion, to disqualify any individual who breaches the Bonus Terms or our Terms of Business, or in the opinion of management, act in such a manner as to deliberately take advantage of any of these Terms”. In the opinion of the management? What does it mean? And another point: “HY Options reserves the rights to change or cancel any bonus or promotions at their discretion”. Do we need to add anything?
Maybe the third time we are in luck and find a reliable broker who offers big bonuses just because it is confident in its business model and training methods that bring much success to traders.
Largest Forex deposit Bonuses with a catch
Another broker offering up to 100% bonus is TopOption. The deposits higher than 500 USD get a 100% bonus from this broker. Not necessarily the biggest Forex deposit bonus. As per their conditions, “the bonus amount cannot be withdrawn until the minimum trading volume requirement, equivalent to 40 times the value of your bonus amount, has been met”. Meaning that you have to generate 20,000 USD in volume, for a 500 USD bonus, to claim your bonus. However, if you do withdraw any funds before satisfying the required trading volume, the total bonus will be deducted from your account.
Monopoly money in bonus offers
Continuing our quest to determine how much of a real deal is the biggest Forex deposit bonus story, we came across HotForex, offering up to 100% “supercharged bonus” (!) that applies to “the Client’s initial minimum deposit of 250 USD or more and subsequent deposits of 250 USD or more into the live trading account to which the Program has been applied”. This is exclusively used to increase the client’s leverage, and can’t be withdrawn at any point in time. Is more in the line of Monopoly money. You get it, but can’t cash it despite of the volumes traded. Not saying this is a hoax, but it doesn’t do much for the trader, does it?
FXGlory offers 50% bonuses for all its deposits. The minimum deposit is 1 USD, and the maximum in 5,000 USD. So far, so good, the maximum amount of bonus can’t exceed 1,000 USD, as they say on the promotions section of the site. Or does it? In the Account types, we can see that bonuses can go up to 2,000 USD for the VIP account. Please, guys, make up your mind with these offers. Even if this offer is legit, how can a trader trust it with the amount of contradictory information he/she receives?!
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So far, our attempt to find the highest Forex trading bonus didn’t return expected results. Most of the brokers use this sort of promotions just to catch more clients, so to speak. One way or another, they manage to have some sort of a claim that turns the respective bonus into smoke.
Another platform offering above average bonuses is RoboForex, with the “Classic bonus” program that can go up to 115% bonus, up to 30,000 USD. This promotion “is intended to increase the trading volume on the clients’ accounts. If all requirements of the bonus program are met, the sum transferred to your account as the bonus can be withdrawn without any limitations or restriction”, says the broker. The trader is free to refuse the bonus, and thus he has permanent access to all its deposited money. If he chooses to keep the bonus, he can cash in only the profits, until the conditions to withdraw the bonus are fulfilled. “In case the Client has active bonuses on his account, all his funds are divided into two parts: the Client’s own funds and the bonus funds.
The Client’s own funds consist of his deposits and withdrawals (excluding Bonuses) and the profit he receives when trading using these funds”, says the broker. This may not be the highest deposit bonus Forex, but seem to be more straightforward than others. And the one clause that we appreciate the most was the one related to the possibility to refuse the bonus.
Big bonuses, not the treasure one expects
In our attempt to understand how legitimate or at least lucrative the forex bonuses really are, we looked at different schemes offered by many brokers. We found some use this promotion to support their scam business. The bigger the scam, the bigger the promised bonus. And the market realized this. More and more traders come out and denounce these scamming platforms for what they really are.
But those promising big bonuses are not necessarily scammers. They merely use a marketing technique designed to attract customers, newcomers or even more experienced traders who can be caught in the mirage of extra money for trading purposes. In this case, the bonus is just a number in the trader’s account, one that can never turn into cash, but can be used solely to increase the leverage. Let’s say this is practice money, if nothing else. But not a target. Never a target. They are a nice story presented in a pretty wrapping. In this case, our advice is to carefully read the Bonus terms and conditions. There you may find all the information regarding this system. And if one clause seems suspicious, leave the bonus scheme alone, it is not for you. In terms of huge Forex bonus offers, basically, the bigger the bonus, the more chances are for it to be just, as we said before, Monopoly money that will help you play, but will not increase your winnings (actually it may even “help” you lose some more money). And as a conclusion: best Forex brokers usually do not offer high deposit bonuses, if one thing seems too good to be true, it most likely is not true.
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