from unprofitable trades;
Best Forex Bonus Programs in 2024
Updated: June 14, 2023
Editorial Note: While we adhere to strict
Editorial Integrity,
this post may contain references to products from our partners. Here's an explanation for
How We Make Money.
None of the data and information on this webpage constitutes investment advice according to our
Disclaimer.
There is very fierce competition between Forex brokers, so they have to look for ways to attract clients. Forex bonuses are considered one of the tools that make trading more attractive.
However, the special offers range can be quite confusing at first. Companies have nearly unlimited options when it comes to crafting a bonus or promotion. Also, Forex bonuses are provided with different conditions, so their benefits can vary considerably. Traders Union has prepared for you the Best Forex Bonus Programs in 2023 to make it easier to choose the offer that best complies with your trading goals.
What is forex bonus
Brokers' bonuses are special offers that are presented by a broker to its clients. The number and variety of such offers may be starkly different and are limited only by a company representative’s imagination.
Brokers’ bonuses are used by companies quite often as a promotional tool. Users are interested in getting favorable trading terms or pleasant bonuses. Therefore, companies are putting their best foot foremost to provide customers with this opportunity. In return, brokers get a first-time client flow-in eager to trade and pay commissions.
Forex bonus pros and cons
👍 Pros
• Bonuses help to improve trading opportunities if the trader has a small deposit
• A Forex no-deposit bonus allows you to test the broker's service without making a deposit
• Some brokers’ bonuses can be used to partially compensate for losses that may arise during trading.
👎 Cons
• Traders have to comply with the conditions to get bonuses. They can be fierce.
• In most cases, bonuses are not available for withdrawal.
• Bonuses often encourage traders to take more risky trades, which later can result in the loss of funds.
Main types of Forex bonuses
Brokers offer a huge number of competing promotions to make trading more profitable and interesting for clients. Let's consider the main types of special offers used by financial companies to attract new users or keep clients interested in active trading. These include Forex welcome bonuses, Forex no-deposit bonuses, and Forex deposit bonuses.
Forex welcome bonus
This is the most widespread Forex bonus for clients. The Forex welcome bonus's key point is that the broker credits certain extra funds to the new client's account before or after the account is replenished. As a rule, the bonus amount ranges from 50% to 200% of the amount of the first deposit or replenishment.
The welcome bonus is most often used to open trades. However, sometimes brokers provide extra opportunities for its use. For example, a welcome bonus can be used to cover a drawdown or compensate a trader's losses on the platform.
As a rule, the broker credits the welcome bonus in the form of trade credits, therefore you can’t withdraw the main amount. You can withdraw profit from trading using bonus funds, but the restrictions are quite strict even in this case. So, brokers may set only 1-2 weeks to use the bonus or link its receiving terms to the trade turnover.
Forex no deposit bonus
This type of Forex bonus is on the wane. As a rule, the Forex no-deposit bonus is focused on clients without real trading experience. You can get your first trading experience using such a bonus, and get a certain profit at the same time. Once you consider yourself ready to trade, you can use the funds obtained to increase the margin.
Also, the Forex no-deposit bonus is often used to enable customers to evaluate the products offered by the company. There are often certain restrictions on a demo account. Using a no-deposit bonus allows you to study all the services available on a real account.
The size (value) of a Forex no-deposit bonus is usually small, from $5 to $100, so some brokers even allow you to withdraw it after depositing an account or meeting some minimum requirements for the number of trades. However, there is a consistent pattern. The larger the bonus, the more demanding are the restrictions and conditions on withdrawing the no-deposit bonus.
Forex Deposit bonus
The deposit bonus stimulates traders to make more frequent deposits to their accounts. This type of bonus can be beneficial for clients who are doing quite well and want to increase their margins.
This bonus size is usually less than the welcome bonus. It ranges from 30% to 100%. Some brokers offer a fixed amount of bonus funds. The size may vary depending on the type of trading account chosen.
The size of the deposit bonus and its withdrawal conditions are often similar to those of the welcome bonus. Since the deposit bonus is usually credited in the form of trade credit, you can only withdraw the profit gained from trading with those bonus funds in most cases.
Other types of Forex bonuses
Brokers offer many options for promoting and attracting customers. Let's consider the most popular ones.
Forex Cashback
The cashback is popular among brokers. The key point is that traders who make a large number of trades get a certain percentage of their paid commissions rebated (i.e., cashback) to his personal account.
Brokers offer the following cashback types:
-
1
-
2
from the commissions paid for trades.
Funds can be credited to the client's real or bonus account. The broker can provide traders with special withdrawal terms if the money is credited to the bonus account.
Cashback is offered by various brokers. For example, AvaTrade has such an option. The company provides partial cashback from unprofitable transactions.
Prizes & giveaways
Contests related to giveaways and prizes are among the most common types of special offers for traders.
These are some of the possible terms for participation:
-
registration on the website;
-
account replenishment;
-
achievement of a certain trading turnover per day/week/month;
-
achievement of a certain number of trades per any timeframe.
Companies can offer different types of giveaways to customers. The prizes can be very different. For example, companies can draw cash prizes to a bonus or live account. It can also be small branded gifts such as T-shirts, cups, key rings, etc. Moreover, companies can draw for all kinds of equipment such as smartphones, game consoles, laptops, etc.
Best Forex Bonus programs in 2024
We’ve collected the most interesting offers of Forex brokers in the Best Forex Brokers rating. It provides a list of the Best Forex Welcome Bonuses, Best No-Deposit Bonuses, and the Best Deposit Bonuses. We’ve also added a short description of each of the bonuses to enable readers to navigate the terms better and choose the most attractive bonus for their needs.
| # | Broker | Type of bonus | Value | Key details | Regulation | Bonus |
|---|---|---|---|---|---|---|
1 |
 |
No-deposit bonus |
$140 |
How to get it? Open a new MT5 account and request it. Withdrawal: Yes, after trading 5 lots for 30 days. |
CySEC (Cyprus) |
|
2 |
 |
Welcome Bonus |
100% up to $5000 |
To get a bonus from XM: ● Open an account. ● Deposit $5. ● Trade at least 1 lot to earn every $10. |
CySEC, ASIC, IFSC |
|
3 |
 |
No-deposit bonus |
$1000 |
How to get it? Open a new account using the promotional form online and fully verify it. Withdrawal: The bonus cannot be withdrawn; only profits can be withdrawn after trading X * 3 InstaForex lots, where X — is profit volume (1 InstaForex lot = 0.1 Forex lot) Also, as paragraph 6 claims: "The Client agrees that in some cases the company can ask him to replenish his account with real funds". |
BVI FSC |
|
4 |
 |
Welcome Bonus |
20% to first deposit from $1000 |
This promotion is available to non-EU clients only To get a bonus from AvaTrade: ● Open an account. ● Deposit $1000. ● Get 20% to Deposit. |
CBI, FSC, ASIC, FSP, FSA |
|
5 |
 |
No-deposit bonus |
$30 |
To get a bonus from Tickmill: ● Register an account with Tickmill. ● The welcome bonus will be added automatically after the application is approved. ● The welcome bonus account will have $30 in it. Trading limitations: ● EA trading is not allowed. ● The bonus is valid for 90 days. How to withdraw the profit: ● A minimum of $30 and a maximum of $100 profit can be transferred to a live MT4 trading account. ● One client is limited to one request for profit transfer only. ● Open a live MT4 account with at least $100 deposited into it. |
FCA (UK), CySEC (Cyprus), FSCA (South Africa), LFSA (Labuan), SFSA (Seychelles) |
|
6 |
 |
No-deposit bonus |
$10 |
● How to get it? Register an FXOpen wallet, verify your phone number, register an STP account ● Withdrawal: trade over 2 lots to withdraw profits. The bonus is not withdrawable. |
ASIC (Australia), FCA (UK) |
|
7 |
 |
Welcome Bonus |
$30 |
To get a bonus from RoboForex: ● Open an account. ● Verify the account. ● Deposit at least 10 USD. |
CySec, IFSC |
|
8 |
 |
Deposit Bonus |
100% every deposit from $200 |
To get a Bonus from WelTrade: ● Open an account. ● Verify the account. ● Deposit at least 200 USD. |
IFSC Belize |
|
9 |
 |
Deposit Bonus |
100% every deposit |
To get a bonus from World Forex: ● Make a Deposit at any account from $100. ● Get 100% bonus + free VPS. |
VFSC |
|
10 |
 |
Welcome Bonus |
100% for first deposit |
To get a bonus from Libertex: ● Open a new account. ● Get a 100% Bonus. ● Trade to convert bonus. ● Withdraw converted bonus to the trading account. |
CySEC |
|
11 |
 |
Deposit bonus |
5-100% for deposit |
To get a Bonus from Forex4You: ● Choose the size of the bonus from 5 to 100%, when making the deposit. ● Keep trading as usual. 17.5% of the spread will be put aside to cover your bonus credit. |
BVI FSC |
|
12 |
 |
Welcome bonus |
100% for the first deposit, Maximum – $10000 |
To get a bonus from AMarkets: ● Open an account. ● Deposit funds. ● Contact your personal manager. ● Get a 100% Bonus. |
FSA (Saint Vincent and the Grenadines) |
|
13 |
 |
No-deposit bonus |
$2023 |
How to get it? ● Traders need to register with FreshForex. ● Open Classic, Market Pro, or ECN account in MetaTrader 4/MetaTrader 5 platforms in USD, EUR, or RUB. ● There is no need for personal data verification to receive the no-deposit bonus. ● The bonus should be credited automatically. Trading Limitations: ● To save the profit received, traders have to fund the account with the amount of received profit. ● Trading period: 7 calendar days upon receiving a bonus. How to withdraw the profit: ● Save the earned profit by funding your trading account with an amount equal to or greater than the profit earned within 7 days after receiving a bonus. ● Complete 1 lot per $5 of saved profit within 30 days. ● Contact Fresh Forex manager via feedback form to transfer your profit into account balance. ● Withdraw the profit earned or use it during trading. |
No |
|
14 |
 |
Deposit bonus |
50% for any deposit |
To get a bonus from FXGlory: ● Open a real account. ● Tick the checkbox of the bonus in the deposit part of the Client Cabinet. ● Deposit any amount. ● Get a 50% Bonus. |
Not Regulated |
|
15 |
 |
Deposit bonus |
50-120% for Deposit. Maximum – 40000$ |
To get a bonus from JustForex: ● Go to the Deposit section in the back office. ● Mark the line "Get a Bonus on Deposit" in the Deposit form ● Read and accept "Deposit Bonus Rules" ● Click the "Deposit" button |
FSA (Saint Vincent and the Grenadines |
|
How to get one of the best Forex bonus: XM examples
Let's consider the deposit bonus provided by the XM.com broker in detail. Deposit your account and get an extra 100% of the deposit amount. To take advantage of the Forex promotion, register, deposit into your account and contact the support service to get a bonus. In this case, the frequency of replenishment doesn’t matter.
The features of this bonus are as follows:
-
1
The maximum bonus amount is $5,000;
-
2
Funds from the promotion shall be credited to the bonus account;
-
3
The profit received from working with bonus funds shall be credited to the live account;
-
4
The bonus is available for withdrawal if the terms are met.
The terms for the bonus withdrawal provide for the need to achieve a certain trading volume in lots. Each lot shall be considered as a $10 bonus. Thus, divide the bonus amount by 10 to estimate the number of lots required to achieve the volume required.
Let's consider this example:
-
Deposit $1,000;
-
Bonus +100% – $1,000.
-
To withdraw the fund in full – 1000/10=100 lots;
-
The term for trade turnover achievement is 1 month.
Bonus withdrawal policy
The withdrawal policy of funds received after using the Forex bonus can vary from broker to broker. Each financial company has its withdrawal requirements. Bonuses themselves are rarely credited to a live account. Most often, brokers use special bonus accounts. This is necessary to avoid fictitious registrations to get a bonus and withdraw it without trading on the platform.
There could be special terms for the Forex promo bonuses withdrawals such as:
-
Trading a certain number of lots.
In this case, the broker can set a partial payment for each trading lot that you have traded on the platform. The XM.com broker uses this calculation and you can find the example above.
-
Commission payments in a certain amount.
Commissions are a priority for the broker since they are the main source of income on the platform. Therefore, a certain number/value of paid commissions may be set before withdrawals are allowed. Thus, the broker encourages the client to trade more actively and, therefore, to pay more commissions.
-
Turnover of the amount obtained as a result of the bonus.
Brokers often demand to increase the amount received through Forex promotions several times. So, you can trade using bonus funds, but also you are encouraged to supplement your real money to accelerate the turnover.
For example, if you got a bonus of $200, and the broker’s requirement for withdrawal is to increase the amount five times, then you have to earn $1,000 on the Forex market.
In some cases, traders' bonuses are not intended for withdrawal at all. However, you can use them to increase the trade amount. Thanks to this, it is possible to increase profits or reduce losses from each trade. Also, in some cases, bonus funds can be used to cover the drawdown.
What are Forex bonus limitations?
There are certain restrictions on the use of bonuses. For example, it is subject to jurisdictional laws. In particular, there are restrictions on the use of bonuses in the European Union, the United Kingdom, and the United States of America. Therefore, brokers often do not offer bonuses to these countries’ residents or just do it very carefully.
Moreover, companies may apply other restrictions in the form of limits and special withdrawal terms. Most brokers will not allow two or more bonuses at the same time.
There is also a well-known practice to use a limit on the use of bonuses when opening trades. For example, brokers may only allow using 10% or 20% of the amount. Limits on margin trading can also be applied. Brokers can restrict the leverage amount available for trading with bonus funds.
Expert’s opinion about the best Forex bonuses
Forex bonuses are one of the most common ways to attract new clients. Fierce competition is forcing financial companies to look for ways to make trading even more profitable for their clients. The best Forex bonus can be considered one of the mechanisms to satisfy both parties. The client gets attractive trading terms and extra funds for trading, etc. The broker thus expands its audience without significant costs. Even the most expensive Forex bonuses are cost-effective and are profitable.
However, before accepting any bonuses, study the terms of the special offer in detail, especially the withdrawal policy of promo funds. The broker will provide a detailed description of the promotion. Some companies develop a special document such as a bonus policy. If the broker has this document, be sure to read it. We don’t recommend accepting even the best Forex bonus until you know all its nuances and conditions.
Antony Robertson,
Traders Union’s Analyst
Best Forex bonus reviews
I change brokers from time to time and the best Forex bonus is the most important selection criterion for me. I get extra profit and can significantly save on commissions thanks to bonuses, promotions, and special trading terms. I am also interested in VIP accounts with access to analytical services, VPS servers, and other technical capabilities.
Tutku Cheyenne, 27
Trader
Turkey
Forex bonuses play an important role for me when choosing a broker. For example, I also get a good profit due to the deposit bonus from RoboForex. Well, the competition for traders is always interesting! This is an opportunity to try your hand against other market professionals.
Ivan Nesterov, 40
Trader
Russia
I regularly monitor the special offers of brokers, because the benefits of trading largely depend on them. For example, once it was a lucky break and I found a no-deposit bonus from FBS. Its size was impressive - $100, which is the best Forex bonus I ever got. Thanks to this special offer, I was able to test the broker's services even without making a deposit.
Olivia Iniobong, 36
Trader
South Africa
The deposit bonuses are the priority area for me. I often use them because it doesn't require any special effort. The broker simply offers a bonus, which is great, and the risk is minimal. Everything will be okay if you don’t overtrade.
James Austin, 24
Trader
UK
FAQ
Can brokers override the Forex bonus for clients?
Brokers reserve the right to cancel or override any bonuses or promotions. However, the terms should be stated in the bonus policy.
Can the Forex bonus be applied to certain trading instruments or terminals?
Yes. It depends on the product being promoted. Bonuses for individual instruments (for example, reduced commissions for trading stocks) are a very common type of special offer.
Can I use bonuses using robotic trading?
As a rule, yes. However, brokers can also impose restrictions on the use of bonuses when trading with robots. Please refer to the broker’s bonus policy for details.
Why doesn't my broker provide bonuses?
The availability of bonuses depends on the broker's regulations. The US, EU, and some other regions limit or forbid brokers from offering bonuses at the legislative level.
Related Articles
Team that worked on the article
Ivan Andriyenko
Author at Traders Union
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Glory Faleke
Contributor
Glory is a professional writer for the Traders Union website with over 5 years of experience in creating content in the areas of NFT, Crypto, Metaverse, Blockchain, or Web3 in general. Over the last couple of years, Glory has also traded on different cryptocurrency and NFT platforms including Binance, Coinbase, Opensea, and others. “I understand a lot about this space, being familiar with CEX, DeFi, and DEX, as well as operating across the Ethereum, Binance, and Polygon networks. Also, I know the intricacies and subtleties of NFTs and crypto, thus I am able to bring to table the best content and help connect with the audience better.”
Knows about
NFT, crypto, metaverse, blockchain, Web3
Alumnus of
Brooklyn College
Mirjan Hipolito
Cryptocurrency and stock expert
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.