The whole idea of getting a bonus on an account is to double or even triple up your account. It is one concept used by binary options brokers to lure traders. You’ll find these bonus offerings usually boldly grafted on binary options websites. There are varying types of bonuses and certainly you stand to benefit enormously from them as you struggle to reach the pinnacle of success in your binary options trading.
Give Your Account Size a Kick
Bonus would give your account size the much needed kick. I can’t really say if taking a bonus was a good thing for me or not during my start days as a binary options trader. There are stories about traders not being able to make withdrawals and all they seem to get from their broker is that “You’re unable to make withdrawals at this time.”
The whole idea of bonuses comes down to reading and grasping the “Terms and Conditions.” Usually, after taking a bonus, you’ll be required to devote some time generating a frequently high volume in a bid to meet the bonus wager requirement. Basically, there are small and big bonuses, and the bonus wager requirement increases as the bonus increases. Hence, you should check to see how much you’ll be required to generate to meet the bonus wager requirement before accepting it. My advice, take a smaller bonus!
Let’s consider the types of bonuses and see how they can be effectively managed:
Deposit bonus are usually given upon depositing into your account and usually they provide the much needed leverage, but I must warn that you need to apply them correctly. It is important for you to only trade below 5% of your total equity. Have a long term outlook and in doing so, you’ll one day see yourself being profitable.
Some binary options brokers will offer you some pay when you get new traders to open and fund accounts with them. In most cases, the broker does not only pay you, but also the person that’s being referred as well. This is a nice bonus, but ensure to always read through the “Terms and Condition.”
This type of bonus are usually rare, but a few brokers will give you upon opening an account or referring a friend. You’ll still be unable to withdraw until you meet the bonus wager requirement.
VIP members on binary options website have fulfilled a very high deposit requirement. The characteristics of a VIP account differs between brokers, but be aware that the bigger your deposit, the more incentives i.e. 1-on-1 training with professional, valuable e-books, free withdrawals, etc. you’ll get from your broker.
It is possible that one can take advantage of the bonuses that comes with different binary options account types if properly approached. I’ll reiterate that it is more convenient dealing with smaller bonuses and always remember to read the “Terms and Conditions” – Do not assume that you know what it should be. Regardless of the type of bonus you decide on taking, in relation to your initial deposit, one thing you should be clear on is that bonuses have advantages especially when they come from a reputable broker.