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Why You Should Choose a Competitive Platform Over a Broker Bonus

14 Years ago | October 07, 2014 9/30/23, 12:00 AM

We started the week with breaking news that a leading forex broker has changed its pricing model and significantly lowered its spreads. At the same time I got an offer of a bonus from different forex broker as an incentive to open an account. We all know there is no free lunch in this world so the bonus offer got me to thinking of the contrast between one broker offering highly competitive spreads with no strings attached vs. another trying to encourage me to open an account and trade a high volume to secure a bonus. See why the former is a better choice than the latter.

I have written two sets of articles on this and suggest reading both. The first one highlights why spreads matter and the second set answers the question whether broker bonuses are a scam and why you should be aware of offers that seem too good to be true. Personally, given the choice, I would prefer to have a competitive platform to trade with tight spreads rather than spending my time trying to vest a bonus. As I noted in the articles (see below), forex brokers are not charities and those offering bonuses are counting on getting it back from you one way of another. This is not a reason to open an account. A competitive platform offering tight spreads and good executions should get your attention. 

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