I know right! I was going through some broker’s website and I saw FBS broker charging huge commissions of $40, $80 etc on certain currency pairs. I don’t feel like paying such huge commissions when can I get brokers with just $2.
Is there a minimum deposit amount required to claim my bonus?
Yes, both allow scalping, hedging, and use of EAs. But if you are based out of the US, then XM will not accept you as a client.
Totally agree with you on this for low commission. But at the same time, I don’t mind paying a little extra commission if I know the broker can be trusted with my money.
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That totally depends on your broker, like Coinexx provides 100% Bonus on a minimum deposit of $100. Turnkey Forex has been running a 250% bonus offer with a minimum deposit of $200. LQDFX provides 100% Bonus with a minimum deposit of $250.
So they like sort of double your deposit amount? That sounds like a sweet deal to me.
It definitely is. But brokers have their own conditions, and sometimes we miss reading those conditions and end up making losses. It happened to me once so sharing here. The Bonus stays in our account till the time we have our initial funds. Once we lose our initial funds completely, the Bonus is automatically withdrawn from our account. I was not aware of this and thought I can trade on Bonus money which didn’t happen. So, avail Bonus but always read your broker’s Terms & Conditions.
Oh ok, thanks for clarifying this
Again, confirm from your broker. With turnkey forex, $100. I got a 100% bonus on $10,000.This gave me a chance to double the equity and use it as a margin to trade better. Even XM I guess has something on similar lines.
I agree with you completely. As a beginner, I was too afraid to risk my money with any broker. And as I didn’t want to take any chance, I chose a regulated broker. Everything was fine except for the profits. But when I traded with an offshore broker, I made decent profits even on my little investments. But trust me, check different brokers before you choose one because all of them are not worth risking your money with.
I use forex,com and yes, it charges an inactivity fee of $15 (15 base currency equivalent or 1500 JPY) per month if there is no trading activity or no open positions for the last 12 months or more. But I never paid it ever because it has low account minimum requirements and I keep testing my strategies on its micro account.
Every trader should start small. That’s what I also think. After all, there is no point in risking a big amount when you are just trying to know what real trading looks like.
100% true. To this, I would like to add that newbies are too curious to make profits. They start expecting to make bigger returns with small investments from the very beginning. They need to understand that it will take time and they better don’t set unrealistic expectations.
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Love this. All you need is focusing on process money will follow
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There are many brokers that have low minimum deposit requirements like hotforex that requires only $5 to trade on its live platform. It’s a good choice to go with such brokers and test your mettle.
Yes, safety of my funds will always be my top priority. So, I always diversify my funds between different brokers making sure they all are reliable.
Spreads matter and so do low commissions. So take a step accordingly.