Forex forecast bonuses provide participants with prizes in the form of trading cash, deposit bonus, cash-back rewards, or prizes for making their predictions on the future price of trading assets or shares. In most cases, brokers are arranging it on the price of a specific currency pair like EUR/USD, GBP/EUR, GBP/USD, AUD/CAD, EUR/JPY, etc.
This type of bonus is not open for everyone and not offering by all brokers, and leading forex brokers are arranging forecast bonus contests for most experienced traders. It's an extra opportunity for traders to earn a little more by predicting the future price.
How does it work?
If you know about the forex contests, it will be easier for you to understand the forecast promotions. In forex contests, you have to earn the best profits or complete maximum trading lots than others. The forecast is something else; you have to predict the closest price of a trading asset within a specific time. After announcing the promo, traders have to submit their predictions and wait for the ending time. The broker will announce the winner who will predict the closest price. If two or more predictors predict the same price, then the broker will announce the winner who declared the first predictor.
The above prompts the end that the Forex reward forecast is a common, typical reward. Different contests are available, like demo contests, where clients who are not yet prepared to exchange with their genuine cash make exchanges with virtual demo currencies given by the broker. The demo client with the best results gets the reward. At the point when you win a Forex reward estimate, however, there are various kinds of rewards you can win.
A few brokers give a solid amount of cash, while others will give a % of them according to the indicated by the accuracy of your predictions. In general, a couple of brokers will give actual prizes, for example, Laptops, iPhones, iPods, and other cell phones, to urge their crowd to make exchanges through their new portable stages.
Best tips to win a forecast bonus
Maximum time top forex brokers arrange their forecast bonus contest to expand the commitment of the enlisted traders. If you want to gain in forecast bonus, you have to find out the giant brokers, where the prize money is bigger than others. You may have to dissect distinctive forex broker reviews and look at their offered trading platforms, leverages, instruments, charges, etc.
When you have successfully found a regulated and top-rated broker, then join with them. Before joining, you have to check their promotion terms and conditions. If you find it useful, try to participate where you don't need to invest money for the predictions.
If you are participating in a bonus competition via the top bonus offers, one more common thing may not ensure your win. To win a prize, you have to gain skills and be an expert in using forecast tools.
Let's play a game, and your friend tells you to predict the price of USD/EUR for tomorrow. What would you do? I am sure you cannot predict the correct prediction without any research. You have to make a proper analysis. Most of the experienced traders are using financial news, upcoming events and some online tools to find the previous price tagline to understand the movement of the price.
If you know about the tools, that's good, you can avoid them, but if you don't know about them, you should learn more about forex trading tools. Experienced forex traders use the following tools to find out the best price movement flow chart MetaTrader 4 and 5 (MT4/5) tools, Charting software, Economic Calendars, Copy-trading services, Currency correlation matrix, Time zone converter, and Forex volatility calculator.
Everybody knows that MT4 and MT5 trading platforms are the best in the forex market. There is no closest competitor available who can make the race with them. You can get all of the MT4/MT5 platform accessories to get the best price forecast or trading experience. Some of them are paid, and some of them are free to use.