If you've ever signed up for a forex broker, you may have come across a field requesting a partner code. Many traders ignore it completely. That is a bad move, because applying the correct code can get you a deposit bonus worth hundreds or even thousands in resource free money.
A broker partner code is basically a referral code that you input during account opening. Once you complete your initial deposit, the broker adds bonus funds into your trading account. Your fees stay the same. You just receive more money to work with.
Where to Find Working Partner Codes for Brokers
Not all codes you come across on the internet are still active. Most broker partner codes floating around online are dead. Some website owner posts a code when it is first released and then never checks it again. Weeks later the offer has been discontinued but the article is still up.
That is the reason dedicated verification sites are worth using. Directories that actively test their codes prior to publishing them spare you considerable hassle. Find a site that tests codes on an ongoing basis, not just once when they are first posted.
Types of Bonuses On Offer Through a Partner Code
The most common type is the matching bonus. You put in a certain amount and the broker credits a portion on top. A few brokers match up to 100 percent, which basically doubles your initial funds.
There are also sign-up bonuses — a small amount, often somewhere between ten and fifty dollars, just for registering an account. No deposit needed.
To put this in perspective, certain established brokers right now offer welcome bonuses up to thousands of dollars. That is actual capital you can put to work from day one.
Things to Be Aware Of Before Applying a Broker Partner Code
The most common term is a turnover requirement. You need to complete a minimum amount of trades before the extra money are made yours to keep. This is common in the forex world and should not scare you.
Also look at if the bonus has an validity window, and what happens if you pull out your original deposit before meeting the volume requirement. Most brokers will forfeit the bonus if you do this.
How to Use a Broker Partner Code
The process is quite straightforward. Get a working partner code from a reputable site. Go to your chosen broker's registration page. Complete your details as usual. Paste the partner code in the promo code box. Submit your sign-up and complete your opening deposit. The bonus gets added automatically.
The entire thing takes roughly a few minutes. There is no downside to using a verified partner code with a regulated broker. The spreads do not change. You just receive bonus money in your account. There is no reason to skip bonus money going to waste if all it requires is typing a code at sign-up.