Using bonuses from several brokers: an order and a routine
How to plan bonuses from more than one broker: which kind to take first, tracking deadlines, keeping a record per account, and the risks to watch.
Published ・ MyBrokerBonus Editorial
Many brokers run their own bonuses, and some people open accounts with several of them one after another to use each offer. Doing this well is mostly a matter of organisation. This guide sets out a way to plan it. It does not rank brokers or tell you which to use first, because the right choice depends on the terms of each offer and on how you trade.
Every offer has its own conditions, and a bonus is credit from the broker, not income. Plan around what you can afford to lose.
Start with a purpose
Decide what you want from the exercise before you open anything. Some people want to try several platforms with little of their own money at risk. Others want to see how different brokers handle deposits and withdrawals. Your purpose decides how many accounts are worth opening and how much time you should give to each one. Setting a limit on both is more useful than trying to take every offer.
A way to order the kinds of bonus
Bonuses fall into three broad kinds on this site, and the kind affects how much of your own money is involved. One sensible order is to move from the least money at risk to the most.
- 1No deposit
Nothing of your own money goes in. Open, verify and see how withdrawals work.
- 2Deposit
Credit is added when you put money in. Volume and early-withdrawal terms matter more.
- 3Contest
Runs for a set period with its own entry rules. Check the dates first.
A way of thinking, not a rule. Let the terms decide.
- No-deposit bonuses. You receive credit without paying anything in first. They let you open an account, complete verification and try the platform with nothing of yours at stake. They also show you how a broker’s withdrawal conditions work in practice.
- Deposit bonuses. These add credit when you put money in. Your own funds are involved, so the conditions on trading volume and early withdrawal matter more. Read how withdrawal conditions are worded before you commit.
- Contests. These run for a set period and have their own entry rules and prizes. Check the dates and how entry works before you start.
This is a way of thinking, not a rule. Within each kind, offers that have a stated end date deserve attention first, because they can disappear while open-ended offers can wait. A deposit bonus with simple terms can also be a better first step than a no-deposit bonus with strict ones, so let the terms decide.
Prepare your documents once
Brokers usually ask for identity documents before a bonus is credited or before your first withdrawal, and the requirements are similar from one broker to the next. Prepare them once and keep them ready:
- a clear photo or scan of an identity document that is still valid;
- proof of address, if asked, that matches the address on your account;
- your name and details written exactly as on your documents, the same way on every application.
- Identity documentA clear photo or scan, still valid.
- Proof of address, if askedMatches the address on your account. The age limit differs by broker.
- Name and detailsExactly as on the documents, the same way on every application.
Different spellings between applications can slow verification down. Check each broker’s own list, because the accepted documents and the age limit on proof of address differ.
Keep track of deadlines
A bonus can have several deadlines at once: the end of the campaign, the time you have to claim the credit, the time the credit stays usable, and the period in which the trading condition must be met. Write down the real dates when you open each account and put them in a calendar you already use. The regular email from this site shares bonus news, but it is not a personal reminder service, so keep your own record of what is due and when.
The lengths are made up. Copy the real dates from each offer's terms into your calendar.
Keep a record for each account
A simple spreadsheet with one row per account is enough. Useful columns:
- the broker, the account number and the date you opened it;
- the bonus: its kind, and the date it was credited;
- the conditions: the trading volume required and whether it is met;
- the deadlines and the date by which you must act;
- what you have deposited, withdrawn or transferred;
- the verification status, and where you saved the application.
| Broker | Opened | Kind | Volume (done / needed) | Act by | Note |
|---|---|---|---|---|---|
| Broker A | 03/05 | No deposit | 2 / 5 lots | 04/20 | ID sent |
| Broker B | 03/12 | Deposit | 0 / 10 lots | 05/02 | Waiting for verification |
| Broker C | 03/20 | Contest | - | 03/31 | Entered |
Made-up values. Add your own columns, such as deposits, withdrawals and where you saved each application.
Point
The same record helps with tax. Treatment of bonus credit and trading profit depends on where you live and on your own circumstances, so keep the records and ask a tax professional or the tax authority how to report them.
Rules about several accounts
Bonus terms often limit you to one bonus per person, whatever the number of accounts you hold. Using more than one account with the same broker, using someone else’s details, or using several accounts to lock in a result can break the terms.
Caution
The usual consequences are that the bonus and the profit are cancelled and the account may be closed. Use one set of true details, and open another account with the same broker only when its terms clearly allow it.
Check the broker before you open an account
Before you give a broker your documents, look at whether it is regulated and whether any warning has been issued. The warning list on this site lets you search regulators’ warnings, and each broker’s page shows its regulation. You can also use the broker list and the comparison page to see the differences between companies side by side.
Plan your trade sizes
Bonus conditions often depend on trading volume, and leverage magnifies losses as well as gains. Before you trade on a bonus account, work out the size of position that fits the condition and your own limit. The position-size calculator and the margin calculator are there for that purpose.
Risks to keep in mind
Trading with leverage can lose money quickly, and a bonus does not change that. Opening many accounts takes time, and a missed deadline or an early withdrawal can mean you lose the bonus. Profits are not promised, and the terms attached to a bonus can make it hard to withdraw anything. Read each broker’s full terms, and only trade with money you can afford to lose.
