In this article, we will explain to you what a welcome bonus is and share with you a few forex brokers in Malaysia that offer welcome bonuses:
If you have been reading around, trying to understand more about forex trading, I believe you must have come across or heard of the terms “Welcome Bonus” or “No Deposit Bonus”.
But what is a welcome bonus?
It is an initial fund provided by the forex broker in a live trading account of which you can use to trade without having to deposit a single cent into the account. Usually this bonus is only available to the first time forex traders. There are many other types of bonus offered as well but that is another topic on its own so let’s not delve into that.
So, how does this welcome bonus work? You may ask. Why would anyone be so nice to give me money for free?
Well, this welcome bonus is usually of a low value and it is given by the forex brokers to encourage traders to sign up and trade with them.
When you start trading with them, they will in turn earn money from you either through commissions, spreads or other fees.
Welcome bonus is very popular in countries like Malaysia and Indonesia. The reason that it is popular is that it allows a fresh trader to start trading in the real market with real money without any risking their own hard-earned money.
Common mistakes by new traders
Signing up without reading
Be really careful when you sign up an account for the welcome bonus. Make sure that you have read the terms and conditions carefully especially on how this bonus can be withdrawn. Some welcome bonuses cannot be withdrawn unless the trader meets the certain criteria. Read the broker’s cooperation terms closely.
Trading without a strategy
Do not take the bonus lightly. Instead, treat it as your own fund and trade properly with it. It is an excellent base for you to start off your trading, so do not waste it.
Also, be ready to verify your personal data. Most brokers will required you to submit certain documents before they will give you the bonus.
List of Brokers with Best Welcome Bonuses In Malaysia
Here are some forex brokers that offer welcome bonuses:
1. OctaFX (Website)
Started in 2011, OctaFX is part of a group of global entities, which consists of Octa Markets Incorporated and Octa Markets Cyprus Ltd.
Who is eligible
Anyone can apply for the welcome bonus once after relevant documents have been submitted for verification.
Accounts
The bonus is available for all accounts, i.e. OctaFX MT4, OctaFX MT5 and OctaFX cTrader. Deposit currencies are in USD or EUR.
Bonus amount
US$8
Features
- No deposit is required.
- Spread is floating starting from 0.6 pips.
- Platforms used are MetaTrader 4, MetaTrader 5 and cTrader.
- OctaFX MT4 is suitable for novice traders, OctaFX MT5 is suitable for experienced traders while OctaFX cTrader more suitable for progressive traders.
- The bonus and all profit you make from trading with the bonus can be withdrawn after trading two lots.
How to claim?
Simply sign up for an account and submit the relevant documents for verification in order to claim the welcome bonus from OctaFX.
More info: OctaFX Welcome Bonus
2. XM (Website)
Founded in 2009, XM is globally renowned as one of the largest international investment firms and it has a large client base.
Who is eligible
All traders opening a real account with XM for the first time. There is a time limit of 30 days from the date of opening your account. You must claim the bonus before it is rendered unavailable at the end of the 30-day limit.
Account type
All real accounts in XM.
Bonus amount
US$30
Features
- No deposit is required.
- Spread is is as low as 0.6 pips.
- Platforms used are MetaTrader 4, MetaTrader 5 and XM WebTrader.
- The bonus is not withdrawable but all profits earned can be withdrawn.
- A two tier bonus on top of your deposit up to a maximum value of $5,000 on top of your investment is also available.
How to claim
The bonus will automatically be credited to your account once you have successfully set up one with XM.
More info: XM Trading Bonus
3. RoboForex (Website)
Established in 2009, RoboForex is also an official participant of The Financial Commission.
Who is eligible
New clients of RoboForex who verified their personal information.
Account type
Pro and ProCent accounts with USD or EUR as base currency.
Bonus amount
US$30
Features
- Initial deposit is US$10 or 10 EUR or 100 CNY.
- Spread is floating from 1.3 pips.
- Platforms used are MetaTrader 4, MetaTrader 5 and WebTrader.
- Trading instruments available are 36 currency pairs and metals.
- You can also trade CFD with Pro account.
- Pro is suitable for both beginners and experienced traders while ProCent is best for beginners who want to test-trade with small deposits.
How to claim
Deposit at least US$10 to your account via a bank card after you have successfully verified your identity, address, and phone number in your Members Area. Do take note that deposits made by means of virtual cards issued by payment systems, as well as prepaid cards are not taken into account.
More info: RoboForex Welcome Bonus
4. SuperForex (Website)
Founded in 2013, SuperForex is a globally operating broker with regulation by the International Financial Services Commission (IFSC).
Who is eligible
Available for every customer with a live trading account that is fully verified. No deposit is needed in order to claim the bonus.
Account type
Standard and Swap Free accounts are both eligible for welcome bonus.
Bonus amount
US$50
Features
- No deposit is required.
- Spreads are floating for both accounts.
- Swap Free account offers MYR as base currency.
- Forex copy is available for both accounts.
- You can make a US$10 deposit to receive a second No Deposit Bonus.
- All profits earned from trading with this bonus are withdrawable
How to claim
After your account has been verified, on SuperForex’s website, choose the Bonus Program tab on the left-hand menu in the Client’s Cabinet and select the No Deposit Bonus. Then, click the “Get the No Deposit Bonus” button at the bottom of the page.
More info: SuperForex No Deposit Bonus
Have you spotted some really good welcome bonus offers? Share your ideas with us and don’t forget to sign up on our platform to get updated with more content like this!