These brokers offer beginners the wrong of immense and immediate wealth, and hire entire marketing and writing teams to work on this illusion. Broker marketing teams are professionals who can express their emotions and passionately earn millions in no time. What happens in 90% of the cases is that the trader loses his investment and closes his Forex trading account while the broker profits from his losses.
How do brokers handle it and, more importantly, how can a trader avoid these pitfalls?
The forex market is full of brokers, each offering their own FX bonus to trick traders into opening an account with them. There are brokers like Avafx that offer traders an important forex bonus on their first deposit. For example, Avafx offers new traders a deposit bonus of $ 1,200. Obviously, anyone opening an account with AvaFX will not get a free $ 1200 bonus on the Forex, but those who deposit $ 10,000 will do so. If you deposit less, you can also receive substantial bonuses based on your first deposit.
Another example of a type of forex bonus is a no deposit cash bonus called a no deposit bonus. An example would be 10 pips that offer traders a $ 20 bonus even if they do not make a deposit. 10Pips does not stop here and offers up to 30% of your first deposit.
The examples above are just two examples of bonuses offered by two very impressive brokers. As we said earlier, the market has hundreds or even thousands of brokers, most of which are not as reliable as Avafx or 10Pips. What a trader has to do before opening an account is something very simple.
If we decide to trade Forex, we have to make sure we leave our emotions at the door. This of course applies to the trade itself, but just as important for selecting an FX broker. A trader should sit down and decide what he needs from a broker and then go ahead and look for it. A trader should not be distracted by flashy banners and promises from other brokers. If it is a good bonus to start with a capital the trader is looking for, he should seek a reliable broker to provide it.
More importantly, the bonus offered by most brokers is an interesting addition, but the reliability, usability and reliability of the broker itself are at the heart of the key issues. What is your customer care? What is your trading platform? Do they offer all trading functions that I need? Do you have competitive spreads? Do you collect commissions? These are some of the many questions a trader should ask before deciding on a forex broker. The new trader should make sure that he reads the ratings from forex brokers to answer the question. The free forex bonus offered by various brokers should help you to strengthen your decision, and should not be the factor on which you rely.
On the other hand, do not get me wrong; Bonuses can be a good thing. It is important that you have sufficient capital when trading in the foreign exchange market, for example, to receive a 30% bonus on your deposit. It's not something that should be taken lightly.
Finally, I recently conducted a survey of many forex traders, asking, "What is the main type of forex promotion that would motivate you to open an account with a forex broker?" In almost all the answers I received, it was stated that the broker bonus is subordinate to the broker and its infrastructure. So it should be, and entering the forex market with your brain and not with your emotion will allow them to make a more informed and responsible decision if they choose a forex broker.
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