A great way to easily compare and choose between brokers in terms of the promotions schemes they offer, is through our comparison table, which features the types of promotions available in each of our top trusted brokers. With a simple glance at our comparison table you will be able to have a summarized view of the topic and simply by clicking on the link provided you will be accessing the website of your preferred broker in order to place your custom, while also gaining access to some amazing secret promotions.
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Ever since attaining an approved financial product status the online retail binary options trading market has flourished, recording a remarkable expansion. With literally thousands of brokers offering this service, it is an accepted fact that prospective traders can choose between a very large number, which entity they will trade through. The kind of services offered are quite similar, since most brokers operate from the same handful of platforms and offer similar tradeable assets lists. One differentiating factor however, which is essentially the most powerful and versatile marketing tool in the hands of brokers in order to attract new customers, are the various offers, promotion and bonus schemes that they put into play.
The obvious benefit to the broker is the attraction of more customers, who if they end up becoming active traders will be generating extra trading figures and volumes for the broker’s portfolio. Building a mutual win-win situation and creating conditions which foster a solid and long term relationship of loyalty between the broker and the each individual trader/customer should be and often is, the underlying aim of each such promotion plan.
Having said that, it is imperative to stress from the beginning that sometimes, certain brokers may use such promotion schemes in order to lure the customers and might not end up keeping their end of the deal. As scammers are everywhere, prospective traders should always approach promotions with care, study the associated terms and conditions, and be sure they completely understand what is on offer, what the deal entails from and for both sides and exactly what they are signing up for.
If however you have already decided that you want to test yourself, your skills and …your luck through binary options, and if you are indeed ready to open a trading account, then before committing to a specific broker, do yourself the favour and take the time to examine the various offers, promotions and bonuses which are handed out.
An explanation of the most popular such promotions usually being offered by binary options brokers, is provided below for your convenience and ease of reference. Please note however that by default the list and descriptions is by no means exhaustive and arbitrarily tends to be more general. Moreover, we urge all our readers before claiming any of the offers to take good not of all the associated small print as every broker attaches different strings to each promotional offer. However, in most cases offers are genuine, really attractive and easily obtainable, so it would be a shame if you allow the opportunity to take advantage of them to escape you.
Want to better understand your options when it comes to Binary options bonuses?
Check out our quick explanations below for the Binary options promotion types to get an idea of which type of promotion is best for your trading style.
Commonly used in the online industry in general, the welcome bonus is a kind of promotion granted, as its name implies, to “welcome” a new trader when he/she signs up and creates a trading account for the first time. It is associated with the first deposit made by each client in their trading account and it is an once off bonus. As a general rule brokers try to attract new customers by offering high welcome bonuses. In some cases these bonuses are a fixed percentage of the initial deposit made by the trader or a fixed amount as a payout deposited in the customer’s trading account.
Each additional deposit from the trader, post the initial one that is eligible to receive the broker’s welcome bonus, could be eligible to generate another type of deposit bonus. Deposit bonuses differ in height according to the broker. They are sometimes associated with the height of the amount being deposited, or the number of the repeat deposits or the account type held by the trader. Deposit bonuses, where employed by brokers to reward traders, come into two types. The first is the redeemable bonus, which in layman’s terms can be described as a gift of money. When you deposit an amount of funds in your trading account this generates an amount being deposited in your account by the broker and after you fulfill the relevant requirements, usually generating a specific height of trading volumes, then the bonus money becomes really yours to do as you please, including to withdraw from your trading account. What merits further attention when it comes to the redeemable bonus are the withdrawing limitations it usually has attached to it as brokers require a certain amount to be invested prior to allowing traders to withdraw an amount equivalent to the generated bonus amount. Often this is calculated by multiplying the bonus amount by several intended investments.
The second type of deposit bonus being offered by brokers is the leverage bonus, which is layman’s terms is a loan with no interest, since it is made up of funds transferred to your account by the broker but you cannot withdraw this amount ever. Instead this amount can be used as leverage to enable a trader to place larger or more trades and thus maximize the chances for ensuing profits. The leverage bonus does not belong to the trader, but it can be equally beneficial as the redeemable bonus, since it ensures larger bids and more trading which in turn means more chances to win and a better training opportunity than any other. Significant bonuses can be earned with way as sometimes brokers offer even more than 100% as leverage bonus to those traders who deposit high amounts and show they are serious and committed to binary options trading.
Many binary options brokers choose to offer various types of gadgets, usually ones that will come in handy to the trader through, for example, enabling them to also trade on the go. Such gadgets could be a laptop, a smartphone, a tablet, an iPhone or an iPad. Gadget enticements are often tied with and subject to either a specific height of amount to be deposited by the trader or a certain volume of trading being completed by the customer. Alternatively, some brokers give out gadget when a trader signs up to a specific account type. In general lines, gadget offers and promotions presuppose the fulfillment of certain requirements by the trader before the actual gadget can be claimed; they are however a good opportunity to acquire such much sought after gadgets for absolutely free.
Certain binary options brokers sought ways to capitalize on the power of networking and therefore offer traders incentives, in the form of bonus money, as a reward for referring their friends to the broker. Usually, for each successful signup completed, i.e. when the referred friend opens up a trading account and makes a deposit, the customer who referred them gets a bonus of $50. The good thing with this type of bonus is that it is unlimited and there is no cap to it. If you have a large circle of friends and acquaintances that you could persuade to sign up and open accounts, then you stand to receive substantial rewards. Taking advantage of such a bonus however pre-requires that you are completely sure of the honesty and reliability of your chosen broker, because when trying to convince your friends to trust the broker you are in turn assuming a burden of responsibility.
One of the most useful types of promotions out there, although it is not very commonplace, is the practice employed by certain brokers to grant each trader who opens a trading account for the first time, a certain number of risk free trades. In practice this essentially means that you are safe irrespective of the outcome of these specific trades, since if you end up in the money you take the profits earned, while if you are out of the money at the end of a trade, then the broker takes the resulting losses.
Offering free demo accounts is quite commonplace in forex trading, but not quite so in binary options trading and this is why the binary options brokers that do offer such a facility, regard them as another type of promotional offering. Obviously, through a demo account the trade is given a certain amount of “virtual” money that he/she can use to place trades. Essentially, demo accounts are targeted to the new and inexperienced traders as a way to allow them to practice and learn the basics of trading in a secure, fictional trading environment, until they get the hang of how things work and they feel confident enough to open a real account, deposit real funds and risk those funds on live trading. The actual use and value of demo accounts as a learning process however is questionable, since trading via a demo account is void of any of the real pressures and other emotional factors involved when trading through a normal account where real money is at stake. Therefore, we can claim that a free demo account is one of the least useful types of binary options promotions as people trading through them usually use the virtual money given to them recklessly and end up losing it really fast, without actually learning anything valuable through this experience.
Offering a binary options trade insurance to the traders is another method employed by brokers in their attempt to help traders get more for their money. In general terms the trade insurance is applied to the first losing trade of each client and actually refunds all or some portion of the trade amount. Depending on the terms and conditions applied by each broker the refunded amount could be real money in the customer’s account, a cash back offer in other words, or function as a leverage bonus, with the refund amount being able to be used to increase future trades. Many brokers favour this kind of a promotional tool over others as it helps the building of trust between the broker and the trader. Moreover it helps beginner traders to boast their confidence and overcome the disappointment caused by any initial losing trades, thus encouraging them to keep trading and keep learning until they get it right, while it also creates the feeling that both the broker and the trader are striving together to achieve profitable trades for the trader.