10 Best Forex Bonuses in South Africa (2024)
Best Forex no-deposit bonus in South Africa 2024 - XM Group
TOP Forex no-deposit bonuses in South Africa:
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XM Group – no-deposit bonus $30;
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RoboForex – welcome bonus $30;
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Admirals – $100 no-deposit bonus;
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Tickmill – no-deposit bonus $30;
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InstaForex – no-deposit bonus $2000.
Trading on the South African foreign exchange market is very much in demand because it can provide financial independence, and because the potential for earning on Forex is unlimited. For many people, though, it is more of a useful hobby and an additional source of income than a full-time job. Either way, it is crucial to choose a good broker for Forex trading and the bonuses they offer are also important.
Forex no deposit bonus in South Africa is available at many brokers. Even more companies provide deposit bonuses, including even doubling the amount deposited by the trader. These bonuses provide traders with additional funds that they can use in trading, which is especially important for beginners. However, not all Forex brokers have really beneficial Forex bonuses. In this article, we will look into the best of them.
What is a Forex Bonus?
Forex bonus is a fixed or dynamic amount, which the broker grants free of charge to the trader, so that he could use these funds in trading. In order to receive the bonus, you need to register and verify. If it is not necessary to deposit your own funds, the provision of a no deposit bonus Forex is implied. If it is necessary — a deposit bonus. There are many types of deposit bonuses, one of them — Forex welcome bonus. This bonus can only be received by users who have registered on the platform for the first time. Now we will take a closer look at the different types of incentives.
Forex welcome bonus
This bonus is given to a trader who trades on the site for the first time. It is necessary to register and verify (confirm personal data). After that it is required to make the minimum deposit and activate the bonus. It can be fixed (for example, $30) or expressed as a percentage of the deposited amount (for example, 60% or 120%).
👍 Advantages
• A trader receives additional funds from the broker for trading, and these funds do not have to be returned.
• If a trader has a very limited budget, the welcome bonus allows him to trade more actively.
• The welcome bonus gives a trader the opportunity to evaluate the convenience of working with a broker with minimum risk for personal funds.
• A trader gets additional benefit if the Forex welcome bonus in South Africa can be used during "drawdown".
👎 Disadvantages
• Forex welcome bonus is not a no deposit bonus. It means that it is necessary to deposit at least a minimum amount.
• Most brokers do not allow withdrawal of the welcome bonus or it is subject to complicated conditions.
• A trader needs to understand that the gratuitous funds increase the risk of irresponsible trading.
No deposit bonus Forex
This bonus can be a welcome bonus, but more often it acts as an independent bonus. Its peculiarity is that in order to receive additional funds from the broker, the trader does not need to make a deposit of personal funds. Only registration and verification are required. This type of bonus is profitable, but it also has its own features and disadvantages.
👍 Advantages
• You do not have to deposit own funds to the brokerage account in order to start earning on the Forex market.
• Novice traders can gain real trading skills by using the no Forex bonus.
• Additional funds, received from the broker, can be used to study trading conditions of the site.
• A thoughtful trader with a competent strategy can earn good money from the bonus funds, without investing his own money.
👎 Disadvantages
• A no deposit bonus cannot be withdrawn or requires conditions that are unattainable for a beginner.
• For traders who trade rarely and little, no deposit bonuses are practically useless and do not give any real advantages.
• Brokers warn traders in advance that the Forex bonus can be withdrawn at any moment.
Forex bonus on deposit
This is the third most popular type of bonus, which is awarded to traders, when they deposit funds to their account. Some brokers have a fixed bonus, but it is more profitable when it is a percentage of the deposit. For example, a trader deposits $100 into the account, and the bonus is 100%, then the user receives an additional $100, effectively doubling the funds available for trading.
👍 Advantages
• A substantial amount is given to traders at no cost, which they can use to earn money.
• As the deposit increases, the profit potential increases, which is especially important for traders with a severely limited budget.
• With this incentive, even with a minimum investment on his part, a trader gets the opportunity to earn good money.
• New users can use the incentive funds to better explore the possibilities of the platform.
👎 Disadvantages
• This Forex bonus either cannot be withdrawn at all, or under conditions that are difficult even for an experienced trader.
• If the bonus is fixed, it is usually insignificant for a professional trader.
• Additional funds (especially in large amounts) reduce the trader's concentration and encourage him to trade at a higher risk.
• This type of reward can be withdrawn by the broker at any time without explanation.
Best Forex Bonuses in South Africa
Forex no deposit bonus in South Africa is provided by a number of brokers. This is also true for welcome bonuses and deposit bonuses. Many companies have several types of bonuses at once and traders have to choose which bonus is more profitable to receive right now. A trader may not use any bonuses at all, it is not obligatory.
The peculiarity of choosing a broker on the basis of available bonuses is to understand which bonuses are more profitable for a particular trader based on his/her experience and strategy. A small no deposit or Forex welcome bonus in South Africa may be more profitable for a beginner, while a 100% deposit bonus is more suitable for an experienced trader making large deposits.
The table below contains data on brokers operating in South Africa and providing various types of incentives to their traders. The table is compiled by the Traders Union experts on the basis of the consolidated analysis and comparison of the brokers according to more than 100 static and dynamic criteria. You can compare brokers yourself or save time by using the expert rating.
| Broker | Bonus types | Amount | How to get | Regulation | Bonus |
|---|---|---|---|---|---|
No deposit |
$30 |
Requires registration and verification. Bonus cannot be withdrawn. |
CySEC, ASIC, FSC, DFSA |
|
|
Welcome |
$30 |
Requires registration, verification and minimum deposit. It is impossible to withdraw bonus funds. |
CySec, IFSC |
|
|
No-deposit |
$100 |
Requires registration and verification. Bonus cannot be withdrawn. |
ASIC, FCA |
|
|
No deposit |
$30 |
It requires registration and verification. It is impossible to withdraw the bonus. |
FCA, CySEC, FSCA, LFSA, SFSA |
|
|
No deposit |
$2000 |
Registration is required. It is impossible to withdraw the bonus. |
BVI FSC |
|
|
No-deposit |
$88 |
Requires registration and verification. Bonus cannot be withdrawn. |
IFSC |
|
|
No deposit |
$10 |
Registration, verification and STP registration are required. It is impossible to withdraw the bonus. |
CySEC |
|
|
No-deposit |
$35 |
Requires registration and verification. Bonus cannot be withdrawn. |
FCA (UK Financial Conduct Authority), DFSA (Danish Financial Supervisory Authority), FSCA (South African Financial Services Authority), and FSA (Seychelles Financial Services Authority), CMA Capital Markets Authority (Kenya). |
|
|
Welcome |
from $1000 |
Requires registration, verification and minimum deposit. If your deposit grows by $1000, bonus also grows by $1000. Bonus can be withdrawn if the conditions for trading volume are fulfilled. |
CySEC |
|
XM Bonuses Review
XM offers its clients two types of bonuses: no-deposit and deposit bonuses. Here is an overview of these bonuses and how you can get them.
XM No Deposit Bonus
The XM no-deposit bonus of $30 is a popular promotion offered by XM, a leading forex broker. It is designed to allow new clients to experience the platform and start trading without risking any of their own funds.
To qualify for the bonus, new clients must open a real account with XM and complete the account verification process. Once the verification is complete, the bonus amount of $30 will be automatically credited to their trading account. This bonus can be used to trade in over 100 financial instruments, including Forex, commodities, and stocks. Note that only traders with new accounts qualify for the bonus, and only after account registration and verification.
One advantage of this promotion is that clients can withdraw any profits made using the bonus funds. However, clients must trade within 30 days of receiving the bonus, or the bonus will be removed from the account.
XM Deposit Bonus
The XM deposit bonus is a promotional offer designed to incentivize clients to deposit funds into their trading accounts with XM. The broker offers a two-tier bonus system. If you deposit up to $1000, you receive a 50% bonus. If you deposit up to $5000, you get an additional 20%, which is quite generous.
To qualify for the bonus, clients need to have a validated XM account and make a minimum deposit of $5. The bonus is automatically credited to the client's trading account and can be used to trade in various financial instruments, including Forex, commodities, and stocks.
How to Get XM No-Deposit Bonus
You need to follow a few simple steps to get the XM No-Deposit bonus. First, go to XM's website and click on the green "Open an Account" button located in the top right corner of any page. This will initiate the registration process.
During the registration process, you will need to fill out a standard questionnaire, providing details such as your name, country of residence, and phone number. You will also need to choose an account type and trading platform type. It's important to fill in all information correctly to receive the XM no-deposit bonus.
Once the questionnaire is complete, click the "Open a Real Account" button to complete the registration process. After this, confirm your email address by checking your inbox for a notification email and following the link provided.
Once you have confirmed the transaction, you can log into the system. The XM broker will deposit the no-deposit bonus in your account within a day after completing the registration.
RoboForex — Best Forex no deposit bonus in South Africa
Forex no deposit bonus in South Africa provided by RoboForex is considered by the majority of traders as one of the most profitable in the region. However, cooperation with this company has other advantages expressed in financial rewards. Below we will review in detail all three types of bonuses available to traders in South Africa.
Deposit Bonus
This bonus has some of the most flexible conditions for receiving it. It is necessary to be registered, to be verified and to deposit at least $10 on the account. If you meet the conditions, you can choose a Forex bonus with up to 120% reward on the deposited amount. You are eligible for this bonus every time you make a deposit. That is, it can be received not only by the new user.
Welcome bonus
Only a newcomer can receive this type of incentive. To do this, you need to register, verify and make a minimum deposit. You can choose a standard bonus, but it is better to prefer the welcome bonus. It is fixed at $30. For example, if you deposit $10, you get $40 available for trading.
Profit Share Bonus
This Forex bonus is similar to the first one (deposit bonus). It too can be received by each trader, at any stage of working with the broker. Registration, verification and minimum deposit ($10) or a higher amount is required. The difference is that when activating this bonus, a trader receives 60% of the deposit amount, and not 120%. The second difference is that the bonus can be used during "drawdown" (other types of RoboForex bonuses can't be used for that).
How to Get RoboForex $30 welcome bonus
Welcome Forex bonus in South Africa, which is provided to its traders by RoboForex, is considered one of the most profitable not only from the users point of view. Experts agree with this assessment, but it's important to understand that in order to get the bonus you needto perform a number of actions in a strict sequence. Below you will find a step-by-step guide on how to get the $30 bonus on your account in addition to the deposit.
Step 1
Open your browser, type "RoboForex" in the search engine and go to the broker's official website. In the top right corner find theRegister button and click on it. Provide basic information about yourself — your email, first name, last name and phone number. Further confirmation will come to your email and phone number. Check the boxes at the bottom, agreeing to the terms of the site, and click the Register button.
Registration on RoboForex
Step 2
The system will automatically create a "Real" account for you. You can create any other type of account, but to get a welcome Forex bonus in South Africa from RoboForex, you'll need a "Real" account (Pro or ProCent). Once you've chosen this account type, click on the "Confirm" button at the bottom of the screen.
Registration on RoboForex
Step 3
Simple registration is not enough to receive a bonus, and in general to trade on the platform. Verification (verification of personal data) is required. To do this, find the line "Verification" in the menu on the right and click on the question mark image. The verification menu will open andthe system will offer you two options — proof of identity or proof of address. In both cases, you will need scans / photos of documents. After sending them, wait until the verification is completed. Then you need to top up your account for at least $10. Once you’ve made the deposit, you will be able to choose a welcome bonus, and it will be credited to your account within 5 business days.
RoboForex account verification
Can I Withdraw My Forex Bonus in South Africa?
Welcome Forex bonus in South Africa cannot be withdrawn. This bonus is available for use in trading (but not during "drawdown"). All funds earned with the use of the Welcome bonus are withdrawn without any restrictions.
Forex bonus 120% can be used in trading, except for the cases of "drawdown". The bonus itself cannot be withdrawn. You can withdraw the deposit to which the bonus was applied, if the trader's trading volume equals the amount of lots = Bonus Amount in US dollars/2". Profits earned with the use of bonus funds can be withdrawn, if the trader's trading volume equals "Profit available for withdrawal = Free margin — Total amount of all active Bonuses — Total amount of deposits, to which Bonuses are credited".
Forex bonus (Profit Share Bonus) 60% can be used in trading, including during "drawdown" (trader's own money is used in priority). Bonus cannot be withdrawn, but the profit earned from its usage is withdrawn without any limits. Deposit, on which the bonus was applied, is available for withdrawal, if trader's trading volume equals "Number of lots = The Profit Share sum in USD / 2".
Top 6 Forex bonuses in South Africa
XM welcome bonus up to $5000
XM is one of the best no deposit bonus brokers in South Africa. They offer a unique welcome deposit bonus of up to $5,000, which is phenomenal compared to other online traders. This generous deposit bonus comes with two levels: a 50% Welcome Deposit Bonus up to $500 (or currency equivalent) and a 20% Welcome Deposit Bonus up to $4,500 (or currency equivalent).
To get your hands on this amazing promotion, open a real account with XM and then deposit funds into your account. XM offers a wide array of payment options like credit/debit cards, electronic payments, or bank transfers. The minimum deposit required for this bonus is just $5, so you don't have to worry about missing out.
The bonus is only available on the MT4 and MT5 accounts, and the XM Ultra Low Accounts don't qualify. This is a non-withdrawable bonus, although you can withdraw any profits you generate at any time. However, the withdrawal will result in a proportional removal of your trading bonus.
RoboForex
Forex welcome bonus in South Africa by RoboForex amounts to $30. To get it, you need to register, verify yourself and make a deposit of $10 or more. At the moment of depositing, a trader can choose either the Welcome Bonus or the Profit Share Bonus, which is also offered by the broker, If you choose the Profit Share Bonus you will receive an additional 60% to the deposit amount. The limit of the bonus is $50,000. These funds can be used for all trading operations, including during "drawdown". The bonus is available for withdrawal, as well as the deposit on which it is received. For this purpose, the trader's trading volume should be equal to "Number of lots = The Profit Share sumin US dollars / 2".
Admiral Markets $100 no-deposit bonus
Admiral Markets' $100 no-deposit bonus is only available for non-EU and non-UK clients who have never made a deposit into their CFD accounts. To activate the bonus, register with the company for the first time and choose from Trade.MT5, Trade.MT4, Zero.MT5, and Zero.MT4 accounts to get $100 USD in your trading account.
You can then use the money to trade for 30 days, and any profits accrued during this period can be withdrawn from your account at any time. However, you can't withdraw the bonus itself, and must use it solely for trading purposes.
SuperForex no-deposit bonus $88
SuperForex's is one of the best SA brokers with welcome bonuses. A no-deposit bonus of $88 is available to any customer with a verified trading account. You can receive the bonus without making any prior deposits as long as you register a live account and verify it in full.
After following these steps, you just have to press the "Get the No Deposit Bonus" button on their website. You can also withdraw any profits acquired from trading on the bonus as long as it meets certain criteria - one lot equals $1. However, this offer is limited to one-time use only per customer.
HFM (HotForex) no-deposit bonus $35
HFM offers a great opportunity for its prospective clients from Malaysia, Singapore, South Korea, Brunei, Cambodia, Laos, and Thailand, to boost their trading experience by providing them with an incredible no-deposit bonus Forex deal of $35. For new users from Vietnam, the bonus amount is $30, and for Japan, it is ¥6500 ($50).
To avail of this no-deposit bonus offer, you need to open an account with HFM and select one of the three eligible accounts - MT4 cents, MT4 micro, or MT4 Premium. You must use the bonus within 30 days of registration. Most importantly, you can withdraw your profits while trading, although they may deduct a proportional amount of your bonus when you make withdrawals.
Libertex
This welcome bonus in South Africa can be activated only once — when registering an account. Besides the registration it is necessary to pass the verification and make the minimum deposit, which is $100. The bonus amount is not fixed; it is 100% of the deposit. This meanshe bigger the deposit, the bigger the bonus. Profit from the bonus is freely withdrawn, the bonus itself can be converted into funds available for withdrawal during trading. It is converted automatically, the volume of available funds for withdrawal depends on the total volume of commissions paid by the trader.
How to Choose a Forex Bonus in South Africa?
Tip 1
Forex no deposit bonus in South Africa does not require a deposit, but make sure to read the terms of the bonus and the withdrawal options carefully. It is often more advantageous to take a deposit bonus that does require a deposit, but will be easier to withdraw. Sometimes conditions must be met to withdraw both the bonus itself and the deposit it was awarded for.
Tip 2
Brokers almost always have several Forex bonus available at once. And sometimes they can be activated in the same circumstances. Note that bonuses do not add up, so you will have to choose one. For the first deposit it is almost always better to choose the welcome bonus because it cannot be repeated unlike deposit bonuses.
Tip 3
The homepage of the broker's website does not provide all the information about the available Forex bonuses. But the broker is obliged to explain in detail the terms of all its rewards. Don't be lazy, take some time and find this information on other pages. Compare the conditions for different bonuses, and choose the most favorable one.
Tip 4
Forex welcome bonus in South Africa may have regional restrictions. This also applies to no deposit bonuses. Be sure to find the list of restrictions on the broker's website, it is often published in the footer of the site. The impossibility of getting a bonus in a specific country is caused by the specifics of the regional legislation.
Tip 5
Forex bonuses of different brokers are provided under different conditions. Sometimes the difference is minimal (bonus amount), sometimes it is critical (possibility or impossibility to use bonus during "drawdown"). So scrupulously compare as many brokers and bonuses as you can to find the right option. Or save your time by studying the Traders Union rating presented on this page.
Are Forex Bonuses Legit in South Africa?
For prospective investors in South Africa, you might have a crucial question: Are forex bonuses legitimate in South Africa?
Yes, forex bonuses are indeed legit in South Africa. Forex brokers regulated by the South African FSCA (Financial Sector Conduct Authority) are permitted to offer different types of bonuses, including welcome and deposit bonuses. The FSCA oversees financial markets in the country, ensuring that regulated brokers comply with all necessary standards and regulations.
While regulated brokers offer the much-needed level of protection by an investor, some investors still opt for offshore brokers. Offshore brokers are also permitted to operate in South Africa but are not regulated by the FSCA. If you choose this route, you should be aware that obtaining legal redress may be challenging if a dispute arises with the broker.
It is important to exercise caution when selecting a broker. To mitigate risks, here are some factors that you should consider when selecting a forex broker:
Bonus Terms and Conditions: You must carefully read and understand the stipulated terms and conditions of the bonus offers. Also, pay attention to trading volume criteria and withdrawal requirements.
Regulation: You are advised to select a broker regulated by the FSCA or any other reputable international regulatory authority. Regulation provides security and ensures that the broker adheres to the set regulations and standards.
Reputation: Research the broker’s reputation by checking online forums, reading online reviews, and seeking comments from other traders.
Customer Support: Examine the quality of the broker’s customer support. Having a forex broker with prompt and responsive support is crucial for quickly resolving arising issues.
Trading Platform: Ensure that the broker you opt for has a user-friendly trading platform. The platform should match your trading needs and preferences.
Expert Opinion
South Africa is relatively open to broker bonuses. The Financial Sector Conduct Authority (FSCA) regulates the bonus policies of companies but doesn't prohibit such special offers. In South Africa, brokers can offer various types of bonuses, including deposit bonuses, no-deposit bonuses, and welcome bonuses, as well as various contests, cashback, etc. Traders should view bonuses as an opportunity to boost their trading capital when starting with a company and, in some cases, to test its trading conditions without risking their funds. However, bonus withdrawal conditions are usually quite stringent, and newcomers may find it challenging to meet specific trading volume or commission payment criteria.
FAQs
Are no deposit bonuses offered by Forex brokers real?
Forex brokers offer no deposit bonuses as a form of incentive for individuals to join their brokerages. While these no-deposit bonuses may seem too good to be true, they are, in fact, genuine offers. They do have certain terms and conditions attached, such as a minimum number of trades before withdrawing any profits. However, they still provide an excellent early benefit for traders who wish to join the Forex markets without risking their own money from the outset.
Who are the best Forex traders in South Africa?
Determining the best Forex traders in South Africa can be subjective and may vary over time. Some notable traders in the region have gained recognition for their skills and success in the Forex market. Traders like Sandile Shezi and George van der Riet have made significant strides in the industry and are often cited as examples of successful South African Forex traders.
Under what conditions can you get a Forex bonus?
Registration is required, verification and making at least a minimum deposit. No deposit bonuses do not require a deposit. Sometimes a simplified verification (phone number confirmation) is enough. All brokers have different conditions.
What broker has a $30 welcome bonus?
Several brokers offer a $30 welcome bonus to attract new traders in South Africa. This bonus can provide traders with initial capital to start trading without risking their funds. Traders interested in this type of offer should research different brokers to find the one that suits their trading preferences and needs.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.