Understanding Partner Codes for Online Brokers
If you've ever registered with a forex broker, you might have noticed a box asking for a partner code. Many new traders ignore it completely. That is a mistake, because applying the correct code can get you a welcome bonus of hundreds or even thousands in extra trading capital.
A broker partner code is essentially a promotional code that you type in during sign-up. After you place your opening deposit, the broker gives you additional capital in your live account. The trading conditions do not change. You just start with extra funds to start with.
How to Find Verified Partner Codes for Brokers
Not all codes you see online are still active. Most broker partner codes floating around online are outdated. A blogger publishes a code when it is new and then forgets about it. Six months later the code has ended but the article is still live.
This is why specialised verification sites matter. Sites that actively verify their codes prior to listing them save you considerable frustration. Look for a source that checks codes on a regular basis, not just once when they are first posted.
Different Bonuses On Offer With a Partner Code
The standard type is the deposit match. You deposit a certain amount and the look at this broker matches a portion on top. Certain brokers match up to 100 percent, which basically doubles your starting money.
Some brokers offer sign-up bonuses — a modest amount, typically somewhere between ten and fifty dollars, just for registering an account. No deposit required.
In real terms, some major brokers right now offer welcome bonuses of thousands of in bonus funds. That is real funds you can trade with from day one.
Things to Watch Out For Before Applying a Broker Partner Code
The most common condition is a turnover requirement. You must trade a certain amount of trades before the bonus funds become yours to keep. This is standard in the forex world and does not need to worry you.
Additionally verify if the bonus has an validity window, and what happens if you withdraw your original deposit prior to meeting the trading requirement. Many brokers will forfeit the bonus if you do this.
Steps to Activate a Broker Partner Code
The procedure is pretty simple. Source a active partner code from a trusted source. Head to your chosen broker's registration page. Complete your information as normal. Type the partner code in the promo code field. Complete your registration and place your opening deposit. The bonus will be applied straight away.
The whole thing takes roughly five to ten minutes. No downside to entering a valid partner code with a reputable broker. The spreads stay the same. You just start with free funds in your account. There is no reason to miss bonus money going to waste when all it requires is pasting a code during sign-up.