- Receive 50% bonus on up to a $1,000 deposit or 40% bonus on up to $5,000 deposit. Required trades are equal to the Eligible Deposit Bonus divided by 10.
- From 1000
- From 1.3 Pips
- Rollover is based on interest rate differential between the two currencies and differs for short & long positions.
- from 7 reviews
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Plus 500 Has The Best Forex Bonus Offer
A number of forex brokers both domestically and overseas offer Australians forex bonus offers on their initial deposit. A comparison of the offers in January 2016 found that the broker ‘Plus 500’ had the best offer with:
- $30 welcome bonus when opening an account
- An additional bonus of up to $10,000 based on the initial deposit made
- The ability to implement minimum stops to limit any trading loss
- A minimum deposit of just $100 (if you’re looking to trade small amounts)
- An easy deposit process with the option of using Paypal
As the above table highlights, the nearest forex bonus offer is 20% trading credit on the first deposit offered by easy forex. For those looking to maximise their initial bonus its logical to choose Plus 500 but long term traders may want to consider easy forex due to their lower overall fees. Just view the low fee forex broker table to get a full review of easy forex, their fee structure and other key strengths that may make this Australian forex trading broker more suitable for some individuals.
‘Plus 500’ is a one of the largest forex brokers, is listed on the UK stock exchange (FTSE) and regulated by the Financial Conduct Authority (FCA). While it has overseas arrangements, Australians trade with its local subsidiary that has offices in Sydney and is fully Australian compliant. It is also one of the only fx brokers worldwide that offers deposits via paypal which is more convenient for some individuals, offers security and can speed up the deposit process.
When you click on the ‘Plus 500’ view website button you will be send to the bonus promotion page. There you will need to follow the process stated on the page which is first to download their software and open a new account. Then when you make a deposit you will need to insert the bonus codes provides (see below).
The bonus amount is payable once you have reached the trader points (tPoints) required. This is similar to most online betting companies which offer you a joining bonus but only after you have a set turnover amount within the interface.
Other elements to compare forex brokers
Bonus offers should only be one element used to find the best forex broker for you. There are three criteria points that most experienced forex traders use to find the more suitable broker:
It is only possible to make large profits or losses with Forex due to leverage. All brokers are forex leverage brokers offering to match your deposit (or the amount you’re willing to risk on a trade) up to 500 times your stake. This means that hypothetically, if you chose ‘Plus 500’ as your platform and had $1,000 to invest in buying USD the broker could offer up to 200x this amount which is $200,000. This means that now when the USD moves up or down the impact on profit or loss will be significant.
When we compare forex brokers above you can see that leverage dramatically differs by the fx brokers. For many experienced forex traders that are looking for higher risk/leverage it’s critical to have the ability to have a forex leverage broker that offers up to 500:1 leverage. Having the ability to have guaranteed stops for these brokers can be also critical to ensure that any possible loss on a trade if pre-determined.
The fee structure within the Australian forex broker industry is not standardised and differs dramatically by forex broker. Some brokers for example have fees on elements such as withdrawals or even when when you hold a trade for a long period. This in the industry is called the rolling fee and when you compare forex brokers above you can see this row. The main fees though relate to the spread fee which can differ by currency. As the AUD/USD is one of the most commonly traded currencies the forex broker comparison table has a row looking at this fee as well.
As with any financial service, reputation is critical to ensure your money is in safe hands. The best forex brokers are Aussie regulated and have subsidiaries in Australia (even though they are global players). This ensures that deposits are kept in Australian bank accounts and all trades are executed in line with Australian government rules and regulations.
When we compare forex brokers the authors also select the top review websites to give an insight into what existing traders thinks of the platforms. This was closely considered when working from the original 16 fx brokers down to 5 for each table.