Bonus and Brokers

Ebin posted:
I trade with FP Markets, they offer no Bonus, but spreads and commission cost are lower when compared with other similar brokers.

I trade with brokers that do not offer bonuses because its just a marketing trick to lure in traders and scam them, which is why i trade with FP Markets.

A somewhat over cynical view. The reality is not that bad. Bonuses are a marketing tool for sure. A broker is a business after all and of course they use things like bonuses to lure people. It's no different to any other form of marketing.

The problem with bonuses are two fold :-

1. It is hardly ever possible to trade the volumes required to withdraw the bonus, especially for newbies.
2. Most traders don't read the terms and conditions and they end up claiming the broker is a scam because they did not understand that the bonus is not free money.

I think both the Australians & ESMA have prohibited bonus, so you will often find bonuses being offered by the offshore 'less regulated' brokers. Now whilst that is indeed the turf of several scam brokers, that does not mean the a broker that offers a bonus is a scam. There are some good brokers like FBS, Hotforex that offer bonuses. I personally never get involved with bonuses but their existence doesn't automatically spell scam.

I cannot say that bonuses affect the choice of a broker, but when they are there and still good, of course, this is a positive moment.

compuforexpamm posted:

Ebin posted:
I trade with FP Markets, they offer no Bonus, but spreads and commission cost are lower when compared with other similar brokers.

I trade with brokers that do not offer bonuses because its just a marketing trick to lure in traders and scam them, which is why i trade with FP Markets.

A somewhat over cynical view. The reality is not that bad. Bonuses are a marketing tool for sure. A broker is a business after all and of course they use things like bonuses to lure people. It's no different to any other form of marketing.

The problem with bonuses are two fold :-

1. It is hardly ever possible to trade the volumes required to withdraw the bonus, especially for newbies.
2. Most traders don't read the terms and conditions and they end up claiming the broker is a scam because they did not understand that the bonus is not free money.

I think both the Australians & ESMA have prohibited bonus, so you will often find bonuses being offered by the offshore 'less regulated' brokers. Now whilst that is indeed the turf of several scam brokers, that does not mean the a broker that offers a bonus is a scam. There are some good brokers like FBS, Hotforex that offer bonuses. I personally never get involved with bonuses but their existence doesn't automatically spell scam.

good points here.

I do not suggest brokers that offer any bonuses, I find brokers that offer bonuses are scams trying to lure traders in. Coupled with leverage, more often than not traders will end up burning their account.
Its better to trade with properly regulated broker like FP Markets or Dukascopy that do not offer any bonus, its good to trade with brokers like this.

Choosing the right broker is the most difficult job in this market. You can research about the brokers from different websites that provide broker reviews, forums, webinars, etc.

CirillaCosta posted:
Choosing the right broker is the most difficult job in this market. You can research about the brokers from different websites that provide broker reviews, forums, webinars, etc.

Actually be very careful where you take your recommendations from. There are many 'review' sites that are simply undercover Introducing Brokers. They provide what looks like an objective review and/or analysis but actually don't care which broker you choose because they get paid by all of them.

You also need to take a lot of reviews with a pinch of salt. If you see enough of complaints you will understand that forex has a bigger share of idiots than most places. Unfortunately these idiots tend to be quite vocal and shout down a lot of the good brokers. I mean literally calling a broker a scam because he has lost track of his $60 credit card refund.

A good broker can save your money in this market. You should choose the best and regulated broker to trade int his risky market.

A broker is the most important element in the forex market. You can not trade in the market without a broker. You should s\choose a regulated broker if you want to make money from this market.

the best broker is a broker which always ensure security of funds with a wide range of trading technologies , and they all currencies and never cheat with their clients.

Every trader is aware that most scams happen with brokers that provide a bonus, so it's better to trade with a regulated broker with no bonuses.

I have a good list of credible bonus forex brokers you can check out: https://tradermini.com/forex-bonus-khong-can-ky-quy/

In December many broker is offering bonus like x-mas bonus,no deposit bonus or welcome bonus.

NathanJr posted:
Every trader is aware that most scams happen with brokers that provide a bonus, so it's better to trade with a regulated broker with no bonuses.

Right. Most of bonuses are non-withdrawable. So, it is kind of valueless in my opinion.

SofieAndreasen posted:
Right. Most of bonuses are non-withdrawable. So, it is kind of valueless in my opinion.

Same here! I saw many people choose brokers because of the bonuses they offer, even i was also tempted towards bonuses in the starting of my career but now i focus more on broker’s condition rather than focusing on bonus.

I have always been dicey about brokers offering bonuses. Can someone here tell me why and why not to go for brokers offering deposit bonuses?

They are just for attracting more clients. You are right about regulated brokers, they are better for this.

For me, the broker Amarkets is quite profitable and safe, but I am also attracted by the availability of bonuses that they offer and which are constantly updated

I don’t usually find bonuses very good and more of a waste of time as there’s too many condition attached.

You can always try a micro or demo account with a broker to see how their platform works and what services they’re offering.