For private and business investors, both large and small, forex trading is becoming more and more popular. Why you may ask? Forex trading involves the buying and selling of pairs of foreign currencies. For example, selling British pounds and buying American dollars. It has some very attractive qualities. It offers greater market liquidity, higher possibilities of profitability and very low spreads. For those who don’t know what a spread is, it refers to the difference between the selling and buying price.
A forex bonus is offered by many different brokers, to attract new customers to the forex market and to encourage investors to use their services.There are a number of new brokers now coming onto the forex market, as traditional brokers mostly offer only share portfolios and a limited number of currency pairs. With this website we are hoping to introduce to some of these professional, new forex brokers and help you with your decision when looking for a knowledgeable and dependable broker to work with.
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FOREX TRADING SIMPLY EXPLAINED
Forex is a short way of saying foreign exchange. It describes the trading by investors and speculators in the foreign exchange market. Let’s look at 2 currencies, trading is always done in currency pairs. Take for example, the two currencies mentioned previously, the British pound and the American dollar.The value of any currency is always changing, it goes up, in relation to other currencies, as well as goes down. If the value of the dollar goes down, in relation to the pound, an investor will look to sell their dollars and buy British pounds. If the pound gets even stronger the investor is now able to buy more dollars than they had in the beginning, thereby making a profit.
WHAT IS AN EXCHANGE RATE?
The relative value of different currencies is determined by the foreign exchange market. There is no central deposit or exchange where business is conducted. Rather it is undertaken by many participants in the foreign exchange market from various worldwide locations. Currencies very rarely keep the same relative value for any length of time, and two currency values are hardly ever the same. This is one element that makes forex trading so interesting. The exchange rate of any two currencies is always changing. Currencies are traded on an open market and are subject to supply and demand. By paying attention to the world, its politics and business developments, you can try to predict those currency fluctuations.
LOTS, LEVERAGE, PIPS - SOME FOREX TERMS EXPLAINED
When you first start investigating the forex market you will come across some very new language. It is good to understand some of the basic concepts, which is why they are explained above. Also it is advisable to learn the new vocabulary, so that you don’t become disheartened and bamboozled with it all.
- A LOT - this a unit of trade size and one lot is the smallest unit available. For example, a standard lot size is 1000 units of currency. Trades can be done in a variety of different lot sizes, provided they are in increments of 1000 units, e.g. 2000 or 10000 etc.
- LEVERAGE - all trade in forex is done using borrowed money, allowing the investor to take advantage of leverage. Let’s consider an example of leverage of 50:1. This level of leverage will allow you to trade $1000 with an initial deposit of only $20. You will be able to take advantage of the smallest of currency fluctuations, as you have control of more money than is actually in your account. Potentially, however, this can increase your losses by a huge amount.
- PIP - a pip is a unit used for measurement of profit and loss. On the whole, currency pairs are quoted to four decimal places, except for the Japanese yen. You should watch the fourth spot after the decimal to take account of a pip. If a currency rises in value from 1.5467 to 1.5469, it has risen 3 pips.
- READING A QUOTE - forex currencies are traded and therefore quoted in pairs. As an example, lets look again at GBP/ USD (the British pound and the US dollar). If the quote is GBP/USD at 1.61 this indicates that 1 British pound is worth 1.61 US dollars.
WHAT FEES ARE YOU LIKELY TO INCUR WHEN FOREX TRADING?
Brokers are all the same in that they do not request a fee or take any commission. Their only profit is in the spread. Spreads are measured in pips - a unit you count profit or loss in. USD/ EUR, EUR/ GBP and GBP/ USD currency pairs usually have the lowest spreads.
GET STARTED WITH A FOREX BONUS
There are many different ways to get started. One excellent option is to take advantage of a forex deposit bonus, free forex bonus or a no deposit forex bonus. By choosing the best forex bonus you will be getting off to an easy start with a trustworthy, and professional forex broker. They will let you use their trading platform and of course, if you like it, you will continue to do business with them. You will be rewarded by which ever forex brokers you choose, with a forex bonus.You may have to put down a deposit in order to receive your best forex bonus, or it may be offered free, or as a forex no deposit bonus. There are also and some unique offers for our UK forex traders at sites like www.forexuk.org so check them out as well.
TYPES OF FOREX BONUSES AVAILABLE
- FOREX DEPOSIT BONUS. To become entitled to a forex deposit bonus, you first have to open an account with a broker and deposit your initial trading deposit. Depending on how much you deposit, you will be rewarded with an additional forex deposit bonus you can trade with. Some brokers will require you trade up to a certain value, before you can take advantage of your forex deposit bonus or take out any money from your account.
- FREE FOREX BONUS. A free forex bonus is exactly what you think. It is free for you to trade with, you just have to open an account. With a free forex bonus you can start trading right away. It’s worth giving it a go.
- NO DEPOSIT FOREX BONUS (BONUS FOREX).In order to receive a no deposit forex bonus you just need to open an account. You can usually start trading before making a deposit of your own or without any commitment from a broker. Usually you have to just open an account and provide a few personal details.
Taking advantage of any type of bonus is highly recommended, whether it is a forex deposit bonus, free forex bonus or no deposit forex bonus. It gives you an opportunity to trade with some real money without risking any of your own.
See also our detailed infographic of forex bonus types.
WHAT ARE THE BEST FOREX BONUS DEALS?
We are able to offer you some of the best forex bonus deals. You could take advantage of a forex deposit bonus, free forex bonus or a bonus that requires no deposit, the choice is yours. We work with some the top forex trading brokers in the UK today. Keep an eye on our website for any new and exciting deals that are offered by the forex brokers we work with. Let’s look at some of the forex bonus offers currently available via bestforexbonus.net.
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SOME FOREX BROKERS OFFERS WORTH CONSIDERING
Most of the best forex brokers have an awful lot in common. The differences are in the details, and can sometimes be quite significant. When comparing different brokers and the best forex bonus, bear in mind the actual cost of trading. Also consider what currency pairs are offered. Trading in shares, indices or commodities has nothing to do with forex trading but is another opportunity for investors to make good profit. The best forex brokers should also be able to offer shares, indices and commodities for trading. Again costs are low, due to the low spread. CFD’s (contracts for difference) could also be available for trading with some brokers.
Think about how quickly you can be informed of any significant trading signals. We will consider a few of the best forex brokers later but first lets look at the bonuses some of them have on offer. All of the following offers have been checked by our stuff and there is guarantee that there will be no cheat or scam. Just take your time and read all bonus terms before to apply for one. Good luck with the bonus trading.
- PLUS 500 On offer from Plus500 is a no deposit CFDs on Forex bonus of 20GBP. To take advantage of this fabulous offer requires the completion of a simple form online. This bonus is a way of welcoming you to the services of the broker and to get you started. Also on offer is up to $6000 forex bonus when you start trading.
- MARKETS.COM Markets.com is a social trading network that also offers a forex brokers service. Their opening forex bonus offer is up to $2000.
- AVATRADE Avatrade are offering a forex bonus of up to $5000 for stock trading, and a forex trading bonus of up to $1500. Also for your education there are a series of free webinars available. Although forex trading can be undertaken with little knowledge it is always good to arm yourself with all available information regarding a subject you are going to putting money into.
- ETORO If you are looking to give forex trading a go but don’t want to put up any money, how about Etoro. They are currently offering free tutorials. It’s always a good idea to learn about this kind of trading before doing it for real.Once you have learnt a bit, you have the opportunity to put it into practice, without putting any money up front, with a free demo account. A demo account is a place where you can try out some of your ideas regarding the fluctuations of the currency exchange trading market. It allows you to play out your strategies, without losing any real money, and learn about the broker you have opened your demo account with.
- UFXMARKETS.COM The offer available from this broker is up to $5000 bonus on your first trade. This will be dependant on the value of your first deposit.
DON’T TURN THIS FABULOUS OFFER DOWN
There are forex brokers out there who will give this start up money for free. So you would be mad to turn it down. They are giving you some extra funds to trade with on the forex market. You are usually tied into trading for a certain amount of time or value, but hey it’s something to get started with.
SOME INTERESTING FACTS ON THE FOREX MARKET
There are myths and untruths concerning the forex market. If you are looking to invest some of your money into the market it is important that we lay these to rest. It is good to know some facts and figures, and not believe everything you hear about this kind of trading. Forex trading is the biggest market in the world. More than $4 trillion dollars are traded per day.
- It is not highly regulated and controlled by the forces of supply and demand. Exchanges do not happen on a trading floor, as with the, which makes this form of trading very accessible to the common man.
- Your strategy doesn’t have to be complicated. A simple strategy is the best, If your strategy is difficult to explain to the man on the street then it is probably way too complicated. A simple strategy will be simple to stick to and so be far more effective.
- Don’t fall into the trap of overtrading. It is not vital for you to be trading every minute of the day. Don’t undertake multiple trades trying to increase your profits.
- 85% of the movement in foreign currency prices happens in only 7 currency pairs. These currency pairs revolve around the British pound, US, Australian, Canadian and New Zealand dollars, Japanese yen, Euro and Swiss franc.
- Half of all forex trading takes place in just two countries. One third is generated from the UK, while 16% of participants are in the US.
- Be a disciplined player. Forex trading and stock trading is not a lottery or an instant win scenario. Keep a journal and record all transactions.
- Trading takes place 24 hours a day, except for weekends.
- Currency trading and exchange is not something new. It has been going on since biblical times.
WHAT CONCLUSIONS CAN BE DRAWN?
With a trading volume of nearly $5 trillion per day, investing and speculating on the forex market, with the help of a dependable, trustworthy forex broker, is a good option to consider. However, as with all forms of investment, there will always be a risk. You should discipline yourself and have a clear investment strategy. Also the services of a reliable forex trading broker will prove invaluable, especially one who offers low spreads. Consider the bonuses that are on offer, the tutorials and demo accounts, before you commit yourself to any one particular broker.