This article explains about FXGT bonus program.
FXGT is famous for cryptocurrency trading such as Bitcoin and Ethereum, but it is also famous for offering various bonus programs depending on the month and period.
As of March 2021, FXGT offers deposit bonus program.
By utilizing the bonus, you can start trading with a small amount of money, reduce the risk and aim for a large profit.
In this article, I will explain in detail the types and characteristics of bonuses offered by FXGT, how to receive them, and points to note.
- Types and characteristics of bonuses offered by FXGT
- How to receive and utilize FXGT bonus
- Notes on FXGT bonus
What is Bonus program?
This is common not only to FXGT but to all Forex brokers, bonuses generally refer to the following.
- By meeting certain conditions such as opening an account and making a deposit
- To receive “money” that can be used as margin
It is difficult to express this “money”, and I think that it is difficult for beginners to understand.
Generally, bonuses are added to the “credit” frame in MetaTrader (MT4, MT5).Strictly speaking, this is not “cash” and you cannot withdraw this.
On the other hand, the money you deposit for trading funds falls into the “balance” frame.
Margin required for Forex trading is calculated by balance + credit.
This means that the bonus cannot be withdrawn by itself, but can be used as margin.
Benefits of getting a bonus
The benefits of receiving a bonus are:
- You can start trading just by opening an account without making a deposit.
- Because the margin increases, you can aim for a big profit even with a small deposit amount.
- You can trade with less funds by using the deposit bonus.
- The real spread can be narrowed by the amount of the bonus.
As the margin increases, you can trade with less risk.
In other word, for example, with a 50% deposit bonus, you can take 1.5 times the risk with the same amount of funds.
Regardless of the way of thinking, from the perspective of risk and return, even if you take the same risk, you can expect a larger return.
Also, regarding the real spread at the end, if you get a bonus, the input cost per trading unit will be lower, so you can think that the real spread (transaction cost) will be narrower (cheaper).
Disadvantages of getting a bonus
Regard to disadvantage, but there is nothing in particular.
The point is that you need to be careful not to get freeze your account or refuse to withdraw because it is considered a trade that abuses your bonus.
This is a violation of the rules, so of course you shouldn’t do it, but it seems that some people do it innocently.
- Repeatedly earn account opening bonuses in the name of another email address, family member
- Having cross orders in accounts
FXGT offers negative balance protection (NBP) system.
This is a system that returns the balance to zero without generating margins or borrowing even if the balance becomes negative.
You can make a profit by abusing the bonus and NBP system.
For example, let’s say you want to trade the same currency pair on both sides (cross order) with full leverage and the maximum lot limit.
If the market moves to either side, one may be negative and meet the stop out, but the other will be profitable.
The negative one will automatically be a stop out, but since there is NBP system, it will not be a loss.
If you close the position that has unrealized profit, it will be profit.
This is clearly an abuse of the bonus.
Your account will be frozen.
FXGT Bonus Type
Now, let’s take a closer look at the FXGT bonuses.
As mentioned above, FXGT regularly changes the bonus content.
As of March 2021 at the time of writing this article, FXGT is offering a deposit bonus.
Depending on the deposit amount, you will receive a deposit bonus of 50% for the first time and 20% for the second and subsequent times.
FXGT Deposit Bonus
FXGT deposit bonus is a bonus that you can get according to the deposit amount when you deposit to your account.
In the case of FXGT, there are two steps to deposit.
First of all, ①Make a deposit from your bank account or credit card to an account called eWallet of FXGT.
Next, ②deposit (transfer funds) from eWallet to MT5 account for actual trading.
The FXGT deposit bonus will be given at the timing of the transfer of funds to the MT5 account in ②.
In other words, if you don’t deposit money for trading properly, you won’t get a deposit bonus.
In FXGT, a bonus of 50% of the deposit amount will be paid only for the first deposit. It is 20% from the second time onwards.
The maximum deposit bonus for FXGT is $ 70,000.
This is the sum of all deposit bonuses for the entire period.
The bonus itself cannot be withdrawn
In FXGT, deposit bonus cannot be withdrawn.
Bonus go into the credit frame and are used as an effect to increase margin.
All profits earned by bonuses can be withdrawn
If you make a profit with bonus, you can withdraw it in full.
When you withdraw, the all of bonus will disappear
With FXGT, if you withdraw even 1 dollar, the entire bonus will disappear.
In some Forex brokers, when you withdraw, the bonus disappears by the ratio of the withdrawn amount, but with FXGT, the bonus disappears in full when you withdraw.
To be precise, simply transfer funds from your MT5 account for trading to your eWallet and it will disappear.
Therefore, even if you want to transfer funds to another MT5 account, even if it is not for withdrawal purposes, you need to transfer funds from MT5 to eWallet once, but the bonus will still disappear.
This is tough.
If there is no trade for 30 days, the bonus will disappear
In FXGT, the bonus will disappear if you do not trade for 30 days.
Margin level is calculated by adding bonuses
In FXGT, margin level is calculated by adding bonus.
Stop out level of FXGT is 50%, it will endure until the margin level rate drops below 50% including bonus.
If there is a loss, it will be deducted from the balance first
In FXGT, if there is a loss, it will be deducted from the balance first.
If you deposit $1,000 and have a 50% deposit bonus of $500,If you lose $300, your balance will remain at $700, your bonus will remain full of $500, and your margin will be $1,200.
If you got stop out, the negative amount of the balance will be compensated (offset) from the bonus
If you got stop out in FXGT, your negative balance will be reset to zero and you will not be in debt.
This is negative balance protection (NBP) system. If the bonus remains when negative balance is reset to zero, the minus amount will be deducted from the bonus.
If the bonus remains when negative balance is reset to zero, you can continue to trade
When you got stop out, but if the bonus remains when negative balance is reset to zero, you can continue to trade.
If you make a profit from here, you can withdraw the entire profit.
You never need to compensate for the previous negative balance.
How was it?
FXGT bonuses will be reviewed over a period of time.
Get as many bonuses as you can and trade with as little risk as possible.
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