HotForex free margin bonus review
HotForex markets decided to offer its customers an enticing bonus on its 10th year anniversary. The bonus is actually divided into 3 versions. One of them is for everybody but mostly resembles a contest. The second is for the broker’s partners and the final is for the traders. We will be focusing on the third version called the HotForex free margin bonus review.
What does the HotForex free margin bonus offer?
The bonus is very simple to understand. HotForex offers to increase the amount of gain from free margin a trader may have at the end of the trading day. This may sound a bit unorthodox to the average trader because it indeed is.
Most brokers don’t necessarily include a return on free margin, but our Hotforex margin bonus review found out that this is not the first time it’s happened. Here’s what the bonus looks like.
Imagine you have a $20,000 account. This means your equity is $20,000, but you have a $3000 trade open, meaning that your used margin is $3000. Equity – used margin = free margin, which in this case is $17,000.
What HotForex is offering is a bonus or an additional payment on the amount of margin you still have freed up on your account. The formula looks something like this:
Free margin*(2.5(% return on free margin)/100/365).
In our example’s case, that would be $1.16 on that particular day. Naturally, this can alternate based on the free margin. The more there is the more added bonus there will be at the end of the day.
It may not look like a lot on the surface, but try to look at it from an annual perspective. Should there be twice as much free margin on the account, that’s $700 as a bonus in a year.
HotForex bonus terms and conditions
There are not too many conditions in the promotion, but there are some key points that need to be ironed out before you decide to follow our HotForex free margin bonus review.
The bonus is designed for the Micro, Premium, Auto, Zero, Platinum, and HFCopy accounts. Any other account and the bonus will not be applicable. Also, note that Islamic accounts are considered in the above-mentioned options. If the bonus does not apply to your Islamic account, simply contact the broker and ask for the necessary adjustments.
The only account that is not impacted by the bonus is the PAMM account opened before or during the bonus promotion period.
In order to initiate the bonus, you need to trade at least 1 lot through CFDs, forex, or precious metals. Anything below this amount will not qualify you for the bonus.
The total free margin on all of the client’s accounts needs to be no less than 1000 USD. Furthermore, the client is tasked to keep his or her trades opened for no less than 3 minutes, anything below this, and the bonus will not activate.
The duration of the promotion
The HotForex free margin bonus will continue until December 31st of 2020, meaning that the last day of 2020 will be the final free margin payment made for the promotion.