Among the many broker promotions that are dominated by deposit bonuses, there is a loyalty program that is not as often provided by forex brokers but is actually full of benefits. Unlike deposit bonuses which are only given when you fund your account, the loyalty program can provide trading rewards for every trade you have made. Doesn't it sound similar to a forex rebate? To recognize the difference, let's explore what the loyalty program really means.

What Is a Loyalty Program?

The loyalty program is a bonus from forex brokers as an appreciation for trader loyalty. Even though they are both conceptualized as trading bonuses, the loyalty program is not the same as rebates. The most prominent difference between the two comes from the potential increase in bonus amounts. In rebates, the bonus amount per transaction will always be the same from time to time. Meanwhile, you can get a bigger bonus after reaching a certain number of trades, balances, or trading periods in loyalty programs.

Therefore, the more loyal a trader is, the greater the trading reward will be provided. Indications of loyalty at each broker can vary. Some measure trading consistency over a certain period of time, transaction size, or balance amount.

The following is a list of selected brokers that offer loyalty programs:

XM

XM Broker offers a loyalty program designed to reward traders for their trading activity. This program is available for all clients on real accounts with different loyalty statuses, such as XM Executive, XM Gold, XM Diamond, and XM Elite.

As a trader's loyalty status increases, the number of XM Points (XMP) earned per lot will also rise. The following are the levels of the number of points based on XM loyalty status:

• Executive: Welcome gift of 7 XMP/lot.
• Gold: 10 XMP/lot for the first 30 days.
• Diamond: 13 XMP/lot after 60 days.
• Elite: 16 XMP/lot after 100 days.

XMP can be exchanged at any time for prizes available in the Member Area. It is important to note that the credit bonus can only be used for trading purposes. Profits obtained from the credit can be withdrawn without restrictions.

HF Markets

HFM Trading Rewards Loyalty Program introduces 4 different reward levels. The classification is based on the accumulated number of active trading days. Immediately after registering for the program, traders would start at the HFM Red level, where the reward available is 6 HFM Bars per lot traded.

In order to advance to a higher level, traders must meet the requirements of reaching 31 active trading days for HFM Silver (8 HFM Bars), 62 days for HFM Gold (10 HFM Bars), and 105 days for HFM Platinum (getting 12 HFM Bars).

The collected HFM Bars can later be exchanged for cash or other trading prizes.

Additionally, HF Markets provides a free starting bonus of 100 HFM Bar for every new trader who has verified their accounts and deposit funds.

FXTM

Unlike other brokers that provide rewards as points or virtual money, the FXTM Loyalty Program offers withdrawable cash rewards. In addition, this promotion is valid in five deposit levels.

Traders can enjoy continuous rewards of up to $5 per lot for 6 months. So, this exclusive opportunity allows traders to engage in the rewards program on an ongoing basis.

To participate, traders can follow these steps:
   

1. Register an account with FXTM.
2. Participate in the Loyalty Cashback promotion on MyFXTM and agree to the Terms & Conditions.
3. Make a deposit.
4. Trade and get weekly cashback rewards.

InstaForex

InstaForex Club membership offers exclusive benefits from a loyalty program. Every InstaForex client can join the InstaForex Club by filling out the form in the Client Cabinet to obtain a membership card. After completing registration, clients will receive a physical card sent by mail. As a security measure, a fee of $10 will be withdrawn from the client's account upon card issuance.

Once the InstaForex Club card is activated, members are entitled to receive a Club Bonus for each top-up. Bonus points are calculated based on the trading account surplus, with a tiered structure as follows:

• Surplus
• Surplus $500-$1000: 2%
• Surplus $1000-$1500: 3%
• Surplus $1500-$2500: 4% and so on

Vantage

Vantage Rewards is a loyalty program from Vantage broker designed to improve your trading experience while earning rewards. Clients will get V-Points in every transaction to be exchanged for various attractive prizes. The Vantage Loyalty Program also has certain missions that can provide extra V-Points.

To join this program, traders can open an account at Vantage and start earning V-Points from every trade. Some of the prizes that are available to redeem are Wheel of Fortune Spin, Cash Redemption, Profit Booster Voucher, Deposit Rebate Voucher, Loss Protection Voucher, and Lucky Draw Chance.

Fxview

Fxview introduces a loyalty program that aims to appreciate clients' trust. This program enhances the trading experience by offering exclusive benefits and rewards based on client loyalty.

Registration, verification, and deposit will immediately be rewarded with 50 loyalty points. Furthermore, clients can earn additional 4-7 points for every trade of 1 forex/commodity lot or 10 index lots.

The Fxview Loyalty Program consists of 4 different levels namely Bronze, Silver, Gold, and Diamond Trader Club. The following are the requirements to achieve each status:

• Bronze: Open and verify account
• Silver: Collect 500 - 5,000 points
• Gold: Collect 5,001 - 20,000 points
• Diamond: Collect 20,000 points

Windsor Brokers

Windsor Brokers offers a Loyalty Program to reward traders for their commitment to the broker. Traders receive points based on trading volume and account activity, which can later be exchanged for extra balance. The loyalty program at this broker operates based on two factors: points and status, with the total closed lots determining a trader's status at the end of each month.

There are 4 levels provided: Silver, Gold, Platinum, and Diamond. All new and existing clients with verified live accounts can join this program and start with Silver status.

Loyalty Program's Pros and Cons

Regardless of the criteria to measure loyalty, you can always get benefits from this program as long as you are an active trader at the forex broker that provides it. In general, the loyalty program has the following advantages:

• Consistent bonus, unlike rewards from deposit bonuses which can only be obtained when you fund your account.
• Automatically active as it does not require additional registration steps to join the program.
• Prizes can be withdrawn at any time.
• Can be an additional trading advantage. Just by making transactions as usual, you can earn rewards from the loyalty program. This is of course different from a no-deposit bonus which can actually 'take over' your strategy due to trading quota requirements for bonus withdrawal.

On the other hand, the loyalty program also has a disadvantage. If rebates and other bonuses can be given directly in the form of trading credits or cash, the loyalty program is usually realized as points which can later be exchanged for various prizes. In other words, profits from the loyalty program cannot be achieved immediately.

Conclusion

The loyalty program can provide unlimited benefits if you can use it well. However, it cannot be denied that the concept of giving gifts in several levels has the potential to increase your trading activity outside of your plan. This action is not recommended because it will only lead to overtrading, the impact of which can be fatal to your account.

Therefore, it's best to keep using the benefits from the loyalty program as a complementary bonus. After all, the main purpose of trading is to gain profit from the price difference when opening and closing positions.

Consider the existence of trading bonuses or rewards from the loyalty program as an extra catch. With this mindset, you will be able to get the true benefits of the loyalty program.

Apart from the loyalty program, a type of trading prize that can challenge your trades is rewards from a contest. Find the latest competition info that you can take part in on the forex broker contest page.