How to find the best deposit bonus deal?
Once you have set your mind to start trading with a certain Forex deposit bonus, you may actually get quite puzzled by the amount of various deals that are available on the market. It is often possible to actually spend more time on selecting a proper bonus than on selecting a broker.
5 Tips on selecting best deposit bonus
Let’s see the five main items that should be on the checklist of every trader when selecting a Forex deposit bonus that actually works.
Broker choice comes first
Internet is full of flashy ads that promote 50%, 100% or even 400% deposit bonuses. The first rule here is rather simple – you choose a broker (or a few brokers) first, and then see what bonuses are available. Note that sometimes no bonus is better than a scammy bonus.
One size doesn’t fit all
Usually bonuses are designed without traders in mind, hence it is often possible to encounter unfavourable conditions. Sometimes the trading volume requirements may be just too large and it is pretty hard to fulfill them using your regular strategy. Conversely, there are cases when the requirements are too easy, but also the bonus amount is too small. This is why you should either look for the most appropriate bonus for your trading strategy or benefit from such offers as Admiral Markets Personal Offer, a bonus that comes with conditions that you can negotiate.
This may sound a bit tricky, but usually brokers that offer bonuses are always willing to walk an extra mile to make their traders happy. When you see a deposit bonus campaign that has 25% on its offer, most probably you will be able to get 30% just by simply asking your account manager for it. Brokers tend to include overthought conditions in their campaigns, yet they are often likely to soften them.
Keep an eye on the terms and conditions
Once you have selected the best deal for yourself and negotiated an extra cherry on top, now it is the time to make sure you will not experience any funny business. Go through the terms and conditions of the bonus campaign and make sure you understand everything. Then mail those (as a .PDF, this is vital!) to your account manager and ask to confirm in writing. This may come handy if later on your broker modified the terms.
Check the conditions’ fulfillment
Brokers’ systems may often experience bugs, this is why it is crucial to actually test that your trading volume counts towards the promotion at a very first stage. Close an order or two and check if these deals are accounted for.
Trading with a Forex deposit bonus is certainly profitable as you can extract the profit not only directly from your trades, but also indirectly from the bonus. If done right, it is possible to actually get around $5-7 per traded lot, hence you can recover more than half of your trading expenses.