Broker Bonus Hopping
****Regulated Sites are not Giving Out Bonus promotions as of 2016****
Bonus hopping can make a lot of money in the world of binary options, especially if you have already proven yourself to be successful as a binary options trader. Essentially, what this does is takes advantage of the bonuses that major binary brokers tend to provide in order to attract first time customers. Their goal is to attract and then retain customers, but by using the welcome bonus on many different brokers, you can essentially receive dozens of welcome bonuses deposited to your trading accounts.
How Does a Broker Bonus Work
This is one of the simplest strategies there is for cash growth. All you do is make a qualifying deposit at a broker, trade enough to unlock that bonus for withdrawal, then cash out and move to the next broker, making a qualifying deposit there. You do this ad infinitum, collecting bonus cash and growing your account as you move from broker to broker.
There are some catches here, of course. First, you need to unlock your bonus in order to keep it. Most brokers have this threshold set somewhere between 30 and 40 times the deposit amount. So, if you have a $50 bonus, and your threshold is 40 times that, you must trade $2,000 worth of trades in order to keep your $50.
The larger the bonus is, the better. If you can get a 100 percent bonus at a site, that should be a much higher priority than getting a 20 percent bonus at another. In order to do this, you typically need to deposit more, as most brokers have their bonuses broken down into tiers. For example, a broker might have a 20 percent bonus if you deposit $250, a 50 percent bonus if you deposit $5,000, and a 100 percent bonus if you deposit $10,000. Getting the $10,000 is far more worthwhile to you than the $50 for obvious reasons, but this means that you are investing more to get that.
The things to remember when you are applying this strategy is that you should know what the bonus policy is before you open an account. This should be listed in the FAQ section of the site, and if you can’t find it, contact a customer service representative. Focus on sites that have high bonuses with as low as possible multiples when it comes to trade through requirements. A 100 percent bonus with a 30x trade through is ideal.
Not Everything is Perfect
More than most trading related strategies, the bonus hop tends to have some big issues. The goal here is not just to get bonus cash, but to keep it. That means you need to meet the trade through requirements. If you are trying to unlock $1,000 in bonus cash off of a $5,000 deposit, you have $6,000 to work with, and $30,000 worth of trades to make at a minimum. This is not something that a novice trader will do with any sort of regularity as they have a huge chance of losing everything before they hit the magic number. That is one of the tricks, so to say, that binary brokers use to get new traders to use their brokerage.
For an experienced trader, your focus shouldn’t be so much on bonuses as it is on consistently sound trading. Yes, bonuses create a nice little extra boost to your account, but they are not the thing that’s going to make you the most amount of money over the long haul. Being a good trader is what’s going to accomplish that for you. When you start focusing on maxing out your bonuses, this fact can easily get lost in the shuffle.
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