If you have ever opened an account with a trading broker, you have probably come across a field asking for a partner code. Most new traders ignore it completely. That is a bad move, because using the correct code unlocks a deposit bonus worth a significant amount in extra funds.
A broker partner code is basically a referral code that you input during account opening. Once you place your initial deposit, the broker gives you extra money in your live account. The commissions remain unchanged. You just receive extra money to trade with.
Where to Find Working Partner Codes for Brokers
Not all codes you see online are still active. Most broker partner codes shared online are expired. Someone publishes a code when it is first released and then forgets about it. Six months later the code has been discontinued but the page is still live.
This is why specialised code sites are valuable. Sites that actually test their codes prior to publishing them spare you considerable hassle. Use a site that checks codes on a regular basis, not just when they first go up.
Different Bonuses Available Using a Partner Code
The most common type is the deposit match. You fund with a certain amount and the broker credits a portion on top. Certain brokers match up to 100 percent, which effectively doubles your opening capital.
Some brokers offer no-deposit bonuses — a small amount, usually somewhere between ten and fifty dollars, just for creating an account. No deposit this resource required.
In real terms, certain major brokers currently have welcome bonuses worth thousands of dollars. That is real capital you can use from day one.
Things to Know Before Applying a Broker Partner Code
The standard condition is a lot requirement. You need to complete a certain amount of trades before the bonus funds are made available for withdrawal. This is standard across the industry and should not put you off.
Also look at if the bonus has an expiry date, and what happens if you withdraw your initial deposit prior to hitting the volume target. Most brokers will cancel the bonus if you do this.
How to Use a Broker Partner Code
The procedure is quite simple. Source a working partner code from a trusted site. Visit your preferred broker's sign-up page. Enter your information as normal. Type the partner code in the partner code box. Complete your sign-up and complete your opening deposit. The bonus gets credited straight away.
The entire process should take about five to ten minutes. There is no negative to using a working partner code with a regulated broker. Your fees remain identical. You just receive extra funds in your account. Do not leave extra money going to waste if all it requires is pasting a code during sign-up.