If you want to know why you should not take the deposit bonus from forex brokers, then you are in the precise place where you should be. We are going to discuss the reasons by making some fair points and reviewing some facts that will convince you to do the forex business authentically.
Every business is happening in the world is for making a profit from there. Now, if any business is providing a bonus, then you need to know that there is something behind the bonus which they will not enclose before you enter their bonus trap. Without further due, let’s understand the fact in the below blog post.
Why You Shouldn’t Take the Bonus From Forex Brokers?
Let’s start the discussion by continuing what we were discussing in the last section. When you enter into the trap by registering with those un-regulated brokers, then you will start seeing different conditions that will show up without any notice.
They do it with the newbies and beginner-level traders who are very aggressive to earn money from investing in the forex market. Below is the reason you avoid any bonuses without understanding the facts and policies behind the bonuses.
Do not Accept the Signup Bonus from any Broker
A bonus from any forex broker is a trap and sales strategy to hold the customers’ money into their trading system. Now, individual investors may need to withdraw a portion of their investment from the account, but the bonus amount added to your account may not allow you to do it. Brokers’ bonus policies are working as it. You can better understand the process if you can see the real picture of it. Let’s explain through an example,
Suppose you are an individual trader investing $1000 worth of currency to start your trade through a broker. During the signup process, they will offer you a bonus as an incentive to join their network, let’s say the bonus amount is $250.
Now, your total balance is $1250, and you are super happy because you get $250 extra in your account without trading a penny. You have started trading based on your strategy and get a profit of $250, and you are trying to withdraw the money for your expenses.
Well, at this point, the broker is not allowing you to withdraw the money, and they are referring you to their bonus policy. Most of the cases happening like this way because we are not careful during the signup process; we have just accepted any policy that came across during the signup.
Now, you are reading the policy, and most of the policy says (not all of them) that you have to trade a minimum of $10000 to free up each $1 of that bonus amount. What do you think, how much money you have to trade to free up that $250? Yes!! $2500000 (it is variable for each broker).
How much time do you need to resolve your problem here? If you read the policy while joining the network, then you were not going to accepting the policy for legitimate reasons. We understand that, but the broker will not understand that now, and your money got stuck at that platform.
Though, some of the brokers allow their users to breakdown that bonus amount into different small parts to make the withdrawal easier for you. But then also, what they will offer you may not sufficient enough to serve your need. It is the reason why they try to convince you so hard while signing up a time to take the bonus.
Some of the brokers ask permission whether you agree to accept a bonus or not. But several brokers are not asking. They just add the bonus amount into your account with the principal balance.
So, be careful before you step into their bonus trap. An important note you need to keep in mind that you can see the review and forex trading community that no regulated brokers are giving bonuses to their investors. Because they are doing their business honestly under an authorized regulator. They are being asked for each of the complaints against them. Join the broker where you can independently trade with your money and withdraw whenever you want.
Why You Shouldn’t Take Bonus from Forex Brokers
We hope that you now know enough to understand the risk of taking a bonus from any forex brokers. Remember, never trust a broker that is not regulated or licensed by any regulator or license provider.
Always follow those communities where expert traders are discussing matters that are related to forex business. It will help to lavish your knowledge about the forex trading market, and once you understand the trading techniques, then no one can stop you profiting from there.
However, if you have anything more to share with us or any query that you need to know, then comment below. We will surely reply to your comment as soon as possible. We love to discuss new things and discuss things with our readers. We believe that our readers and subscribers are worth enough to know and understand the forex market deeply.