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Top Rated Forex Sites
#1 - Pocket Option: Best Overall
Editors Summary
Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.
#2 - IQcent: Best Free Demo
Editors Summary
It is clear to see that IQcent mean business and that their all-around offering to traders is making them a serious competitor in the digital options market place. From their easy to use trading platform to the fact that they offer such good withdrawal terms, you can't help but feel that this broker is going to capture the market, quickly. With a base in London, reputable licensing, an acceptance of US customers they tick all the boxes when it comes what traders want.
#3 - Raceoption: Best Mobile App
Editors Summary
Raceoption, while a relatively new broker, tick all of the boxes when it comes to trading. They are competitive and offer all of the things that you would expect. Benefits include an excellent mobile trading platform, welcome and deposit bonuses and a good support system. There are phone numbers available in many languages, alternatively, you can send a message with your details, and someone will get back to you.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
The Types of Forex Bonus
There are many different types of Forex bonuses available. More commonly you will see a welcome, deposit, or no deposit bonus when you visit a Forex Broker site. We review and recommend brokers based on these main types however, there are much more available. Some brokers pride themselves on the fantastic incentives that they offer. Here's an explanation of what's available:
Deposit Bonus
When you open a Forex trading account and make a deposit, you often receive some free money. This can be either a fixed fee or a percentage of your deposit. The deposit bonus has to be traded several times before it can be withdrawn.
No Deposit Bonus
Get a fixed deposit reward without making a deposit. This type of incentive is perfect for new traders that don't want to risk their own money while getting used to trading. Sign up to an account, receive your bonus and start trading before you make a deposit and start trading with your cash.
Volume Bonus
This is great for more experienced brokers or for those who plan to trade in large volumes. The offer works like a cashback as it offers cash rewards based on the amount you trade.
Reward Bonus
A reward bonus is given as an acknowledgement of completing specific requirements. It isn't always cash however and can sometimes be training courses, books or other tools to help you improve your trading experience.
What is The Ideal Bonus
The ideal offer depends on what you are looking for. Different people have different requirements. If you are a novice trader then we would recommend that you look for a "no strings attached", no deposit incentive. This will enable you to get started on your Forex trading journey without losing your own money and becoming disheartened watching your balance go down as you make your initial mistakes.
You may not make many mistakes, and your trading may be successful from the outside but like anything it takes practice to become good at something. Now if you are a more experienced trader then your requirements may be different. If you are not concerned about the money going down, because you know it goes up as well then you may be better off looking for a broker that offers a volume or a cashback deal.
Deposit bonuses are also good, especially if you can find a broker that offers 100% match. You may have different priorities, and you may prefer a particular site because of the ease of use. In these cases you won't be so bothered by the bonuses on offer if it is though it is worth checking out who offers what.
How a Bonus Can Help
Bonus money is great if you are new to trading. From the deposit bonus to the no deposit bonus, it can be used in several ways to help you with your Forex trading including:
- Becoming familiar with the various trading charts and data
- Getting used to a platform functions if you are a new trader
- Building your capital, especially with a generous deposit bonus
- Testing trading strategies and new currency pairs
- The no deposit bonus is an excellent way to test a new broker
- General practising so that you become a competent and successful trader
There are terms and conditions attached to these bonuses which you should be aware of. The money has to be traded a certain number of times before it can be withdrawn, this is often the equivalent to thousands of dollars. Sometimes brokers will insist on $10,000 being traded for every dollar.
There are other rewards offered by some brokers that don't include cash. These rewards are often in the form of access to education tools and even books on trading. While they may not have the same appeal for many as a cash bonus, they are equally as valuable in helping to improve your trading skills. Some brokers also offer loyalty rewards which convert to discount or trading funds.
It is essential to choose the bonus which suits you based on your level of experience and what you want to achieve. For new traders the no deposit bonus is perfect while for more experienced traders they prefer a generous deposit bonus.
Deposit bonuses are good especially if you can find a broker that offers 100% match.
How we Find The Best Deals
We find the best deals so that you don't have to. Our experienced team are made up of successful traders and financial experts that have spent years working in this industry. They trawl the markets testing the various Forex brokers and putting them through their paces. We don't recommend just anyone. Every broker has to pass a rigorous analysis and trading test for us to be comfortable to put our name to it.
Each site is tested for licensing and regulation, ease of use and their mobile trading features. One of our critical criteria is bonuses. You will see our checklists on each of our recommended broker ratings. We rate them based on how they score for each category, bonus being one of them. If this is what you are particularly interested in then you can compile a shortlist from our recommended brokers and decide which of the shortlist you wish to open an account and start trading with.
With so much information available to you from our experienced and diligent experts, you can start trading with your chosen broker with peace of mind that your money is in safe hands.
Our Review Rating System (More Info)
Frequently Asked Questions
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What different types of bonuses can I get?
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There are many types of offer from various Forex brokers. These range from no deposit starter deals with volume bonuses for more experienced traders.
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Can I withdraw a bonus for real money?
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Often there are strict stipulations applied. You can't just open a Forex trading account, receive a bonus and then withdraw it. They are usually not withdrawable, but the profits can be withdrawn.
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Do I need a special code to claim a bonus?
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This depends on where you saw the offer advertised. If you go directly to the website and open an account then usually all you need to do is open the account and verify your email address.
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Can I use my bonus to trade all pairs?
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Different brokers will have different stipulations, and you should check out the terms and conditions before trading to ensure that you can use the money to trade on your desired pairs.
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How do I use a bonus on a mobile or tablet?
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Using a smartphone or tablet should be no different to using a laptop or PC. You sign up to your account, satisfy the verification process and then start trading.
Top Rated Forex Site
#1 - Pocket Option: Best Overall
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Jessica has written for us for 5 years and offers a unique perspective due to her having worked in the financial industry internationally. In fact, Jessica has worked in a staggering 8 countries including Germany, China and the USA.
