Nigerian Forex Brokers With Deposit Bonus
A deposit bonus is a special promotion that a trader gets when they sign up and deposit a minimum trading capital. The deposit bonus is intended to increase a client’s trading capital and potential revenue. Brokers use bonuses to attract new traders in the hope that they will be able to retain them. The deposit bonus offered varies depending on the broker and it can range from as low as 20% to 100% on the first deposit. A point to note is that there is usually a limit to the percentage of the deposit a trader can acquire. This article will look at some of the forex brokers with deposit bonuses for Nigerian traders.
Understanding Deposit Bonus
A deposit bonus is a promotion given to new traders after they make their first deposit. As its name suggests, there has to be a deposit for a trader to receive the bonus. A point to note is that there are other brokers in the market that offer a deposit bonus on other occasions other than the first deposit. The deposit bonus can either be fixed or a percentage of the initial deposit.
How to Acquire a Deposit Bonus
The requirement to get the bonus varies depending on the broker. Usually, a trader must first sign up and verify their account. When the verification is complete the trader can then make an initial deposit so as to get the deposit bonus.
Forex Brokers With Deposit Bonus
XM.com offers a deposit bonus in two tiers. The first tier is a 50% bonus and the second is a 20% bonus. The first 50% is for any deposits equal to or less than $1,000. That means traders can only receive a bonus of up to $500 on this tier. The next 20% is for any deposits above $1,000 up to $23,500. On this tier, traders can earn a total of $4,500 in bonus cash. Further, getting the bonus is quite simple. First, the trader must open an account on XM.com, verify it, and then make an initial minimum deposit. Once the minimum deposit is processed, the trader will then get the bonus. This deposit bonus on XM applies only to the Standard, Micro, and Shares accounts. Unfortunately, it is not available on the XM Ultra-low account.
XM.com offers a variety of trading instruments to its traders. The broker has over 1,000 different market instruments for a trader to choose from. The variety includes CFDs on forex, indices, stocks, cryptocurrencies, energies, and precious metals. What’s more, XM.com offers some of the tightest spreads in the market. The spreads are as low as 0.6 pips for major currency pairs on the XM Ultra low account. Further, the broker also features market-standard trading platforms that include MetaTrader 4, MetaTrader 5, and WebTrader.
Lastly, XM.com has regulations from several organizations in the market. The regulatory licenses the broker holds include the FSC in Belize, the CySEC in Cyprus and the ASIC in Australia. This suggests that the broker is keen on following the rule of law.
Libertex is yet another broker that offers a deposit bonus to its traders. Traders can get a 100% bonus on their first deposit. Interestingly, the deposit bonus the broker offers is free to withdraw or use for further trading. The minimum deposit eligible to get the deposit bonus is $100 and the maximum bonus amount a trader can receive is $10,000.
Libertex has a variety of trading instruments that include CFDs on forex, indices, cryptocurrencies, stocks, oil, and gas. The spreads offered by the broker can go as low as 1.0 pips for major currency pairs. What’s more, a trader can invest in the market using a variety of trading platforms the broker offers. They include Libertex Trader, MetaTrader 4, and MetaTrader 5.
FBS offers all its traders a 100% deposit bonus whenever they make a deposit and request it. Once a trader gets the 100% bonus, they can then invest in a variety of trading instruments the broker offers. These include forex, indices, stocks, crypto, metals, and energies.
The spreads traders enjoy on this broker site are industry standard and fairly low. They start from as low as 0.7 pips for major currency pairs without any commissions. The trading platforms available for traders to use include FBS Trader, MetaTrader 4, and MetaTrader 5.
Lastly, FBS is regulated by several regulators in the market. The regulators include the FSCA in South Africa, the CySEC in Cyprus, the ASIC in Australia, and the FSC in Belize.
InstaForex is currently running two main deposit bonus promotions on its trading platform. First, Instaforex offers a 100% bonus on a trader’s first deposit. A trader will have to open up an account and top up to get the 100% bonus. Verification is not required to receive this deposit bonus. The deposit bonus is not available to withdraw. However, any profits made from trading using this money are available to withdraw.
Additionally, the broker offers a 30% deposit bonus to first-time participants. Once a trader signs up for an account, they can then make a deposit and receive this bonus without the need to verify their accounts. All three bonuses InstaForex offers require a trader to apply for the specific bonus.
While the broker is not regulated in Nigeria the company has regulations from several reputable organizations. The broker has regulations from CySEC in Cyprus, the FSC, the SIBA, and the BVIFSC. While regulations are not enough, it’s a good sign to have regulations and licenses from reputable organizations.
InstaForex offers several types of popular trading platforms. These include MetaTrader 4, MetaTrader 5, and WebTrader. The broker also features some fairly high spreads that range from 3-7 pips for major currency pairs. Trading instruments available to its traders include shares, forex, indices, cryptocurrencies, and commodities.
Things to Consider Before You Apply For A Deposit Bonus
A trader should not consider the bonus that a broker offers as the main reason for choosing the broker. The trader should remember that the services the broker offers should come first. As such, they should first consider:
A deposit bonus is received when a trader makes a deposit. On many broker sites, this promotion runs for a short time to encourage traders to invest more in the markets. However, a trader should not be tempted by the bonus a broker offers. There are other factors that determine the trading experience a trader will have in the longrun. These include factors such as trading fees and the platform offered. Moreover, the regulatory status of a broker is paramount before checking anything else.
Nevertheless, a bonus is helpful to a trader as it allows them to boost their trading capital. A point to note is that the list of brokers in this review that offer deposit bonuses is not exhaustive. There are other brokers in the market that offer a deposit bonus. We advise traders to do a lot of research and choose a broker that better suits their needs.