If you've ever registered with a CFD broker, you have probably seen a box requesting a partner code. Many traders skip right past it. That is a bad move, because using the right code can get you a welcome bonus worth a significant amount in extra funds.
A broker partner code is really just a referral code that you type in during sign-up. After you make your first deposit, the broker credits bonus funds in your live account. Your trading conditions stay the same. You just start with extra capital to start with.
How to Source Valid Partner Codes for Brokers
Not every codes you find on the internet actually work. A lot of broker partner codes floating around online are dead. Someone lists a code when it is first released and then moves on. Months later the code has expired but the post is still ranking in Google.
This is why specialised code sites are valuable. Sites that actively verify their codes before listing them spare you considerable wasted time. Look for a source that verifies codes on a regular basis, not just when they first go up.
Types of Bonuses Available Using a Partner Code
By far the most popular type is the percentage match. You put in a minimum amount and the broker matches a portion on top. Certain brokers offer up to 100 percent, which basically doubles your initial capital.
Some brokers offer free bonuses — a token amount, usually somewhere between 10 to 50 dollars, just for opening an account. No deposit required.
To put this in perspective, some major brokers currently run sign-up bonuses up to thousands of dollars. That is real funds you can trade with from day one.
Things to Know Before Using a Broker Partner Code
The standard term is a lot requirement. You must execute a certain number of lots before the bonus become yours to keep. This is common practice and should not scare you.
Additionally look at whether the bonus has an expiry date, and what happens if you cash out your initial deposit before meeting the volume requirement. Most brokers will forfeit the bonus if you do this.
Steps to Apply a Broker Partner Code
This process is pretty simple. Source a verified partner code from a trusted site. Visit your chosen broker's registration page. Complete your details as normal. Paste the partner code in the partner code box. Finish your registration and make your initial deposit. The bonus should be added automatically.
The entire thing takes maybe a few minutes. No downside to applying a verified partner code with a regulated broker. Your spreads stay the same. You just start with free money in your account. There is no reason to miss more reading free funds going to waste if all it requires is typing a code at sign-up.