Are Forex Forecast Bonuses A Legitimate Way Of Increasing Your Account Equity?
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Forex forecast bonus is a bonus structure that provides prize money, deposit bonuses, cash back, or rewards for correctly predicting the future price of an asset. Forex forecast bonuses are offered by some of the leading Forex brokers in the industry and are more trader-oriented than other bonuses. Forecast bonuses are indeed legitimate and highly exciting opportunities that allow a trader to earn quick cash, goodies, and other rewards by speculating on the movement of a financial instrument.
How Does Forex Forecast Bonuses Work?
Forex forecast bonus is different to a traditional bonus structure that makes the trader the center of the attention. Unlike deposit bonuses, forecast bonuses are assured only to the winner of such a contest organized by the broker; therefore, it depends on a trader’s skill to correctly analyze and predict the movement of the markets.
FX brokers typically host contests for its clients to predict the price of an asset for daily, weekly, monthly, or yearly periods. All existing company customers can take part in these contests subject to the broker’s terms and conditions for entry and participation. Once entered, the trader will have to make an educated guess about the future price of an asset, such as currency pairs, commodities, indices, or stocks, and submit their analysis to the official contest page.
The broker will set up an end date for the competition, which will be the deadline before which the traders should submit the price of an underlying asset. Upon reaching the end date, the broker will award the winner who has correctly predicted the price of the asset through cash bonuses or other rewards. If multiple entries are eligible for the win, the broker might split up the awards or choose the closest winner according to the company’s forecast bonus terms and conditions.
It may also happen that traders might not be accurate in their predictions of falling short or overshooting their assumptions by a fair margin, in which case, the closest prediction wins the prize. In most cases, brokers end up choosing a single winner for their forecast contests, but brokers may also hold contests with multiple winners by including more cash prizes for more participants.
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What Are The Bonuses Available From Forecast Contests?
The prize bonuses for forecast contests are different for different brokers, as most brokers award a cash bonus for winners of such contests. Brokers also try to create a prize structure that grants a huge cash bonus for the winner, while other participants may receive an account credit that can be used for trading. Traders can either withdraw the said bonus after trading the required number of round lots or the profits from those trading credits can be withdrawn without any restrictions.
Some Forex companies also provide other goodies and rewards such as electronic gadgets, vacation packages, cars, or even other accessories as the prize for winning the forecast contest. These contests are also known to offer other prizes such as higher deposit bonuses, cash backs, and even trading privileges such as VIP accounts, lower spreads, lower commissions, and even risk-free trades. Therefore, different brokers provide different Forex forecast bonuses, and you should understand your preferences before entering a contest.
How To Win Forecast Contests Consistently
Unlike lucky draw contests or deposit bonuses, forecast bonuses are easier to achieve, provided that the trader has a good understanding of technical analysis and an excellent ability to predict how the price of assets react under different market conditions. Although the competition in forecast contests is huge, here are a few ways by which you can increase your odds of winning:
- Spend more time on learning about technical as well as fundamental analysis of a currency pair.
- Understand the behavior and pattern of price movements for an asset of an extended period.
- Read up on analysis and predictions by industry experts and websites periodically.
- Trade the currency over a prolonged period to get familiar with its price action.
- Understand the relevance of macroeconomic conditions that can have a significant effect on a currency pair.
- Enter as many forecast contests as you can and concentrate on making improvements to reach a point where you can make correct predictions.
Entering A Forecast Contest
Prediction contests are usually organized by brokers over extended periods of time and are held as daily, weekly, or monthly contests according to the prize structure. Short-term forecast contests have lower prize payouts, while long-terms contests have attractive rewards in the form of cash bonuses and mega prizes.
Brokers typically require a trader to be a verified client before they can enter a forecast contest. Some brokers might stipulate their customers to make an initial deposit to get into the contest, while others might only require the trader to hold a verified trading account. Traders will have to enter the contest and accept the terms and conditions of the competition, which is an essential part of receiving the bonus in case of being the winning entry. Regardless of the reputation of the broker or the regulation, every contestant should pay careful attention to the broker’s contest rules and guidelines before making their entry, as a broker has the ultimate right to declare the results void if they find the contestants to be in violation of the said terms and conditions.
How To Find Forex Brokers That Offer Forecast Bonus Contests?
Forecast contests are usually run by some of the leading and reputed FX brokers, especially since speculation is the keyword in the Forex trading industry. You can find a list of Forex brokers below that offer forecast bonuses by merely opening a verified account and making a small initial deposit. Of course, these brokers are highly regulated and are highly trustworthy.
Where Else Can I Find Forecast Bonuses?
Forecast bonus contests are certainly not restricted to FX brokers, as several other FX news websites and signals providers often organize forecast competitions to find the best talent in the industry. These sites do not require a trader to open an account, neither do these websites ask for any initial deposit or entry fees. Most signal service providers and FX resource websites offer skilled and experienced analysts the chance to predict the movement of the markets in return for exclusive prize money. Consistently successful analysts are also provided long-term gigs or are even provided with access to a substantial capital for trading on a profit-sharing basis.
Unlike other bonuses, Forex forecast bonuses diminish the luck factor, as it rewards highly talented and skilled analysts who can read the markets accurately to make informed predictions. Nowadays, several Forex brokers, news websites, signals service providers, social trading platforms, and other investment companies have started conducting numerous types of forecast competitions to find the real talent hidden among the multitude of traders and analysts in the industry. Therefore, it is easy for a talented and skilled individual to find an incredible platform to make a significant income by accurately predicting the movement of the markets, without actually risking any real money in the markets.