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eToro - Best Forex broker for 2024 (United States)

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Top Free Forex Bonuses:

  1. RoboForex – $30 welcome bonus for every new trader;

  2. Tickmill – $30 welcome bonus;

  3. InstaForex – up to $1,000 no-deposit bonus.

  4. FBS – up to $140 no-deposit bonus.

One of the fastest ways to earn free money in trading is through bonuses, and the best thing about bonuses is that you can get them almost everywhere. Welcome bonuses are amongst the most popular, being accessible to everyone who joins a trading platform.

However, not all welcome bonuses are made equal. Some will have a lower threshold for eligibility or have a higher value than others. In this post, we are going to discuss how to determine the best welcome bonuses. We will also look at the brokers with the best welcome bonuses for you to consider.

Start trading Forex now with eToro!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

What is a Forex Welcome Bonus?

A forex welcome bonus is a financial incentive offered by hundreds of online brokers to new traders. The actual amount of this bonus is determined by the broker's business policies. It might be a fixed amount distributed equally to all new clients or a percentage of the initial deposit they make to trade Forex.

A forex bonus is a unique marketing campaign run by trading brokers to introduce customers to the services they provide, drawing in new ones, fostering more vibrant trading activity, and encourage new deposits.

In general, a welcome bonus is just a means of rewarding traders for selecting a specific broker. After opening an account with a forex broker, a person can start trading currency pairs and incur the same costs as other traders. Essentially, the welcome bonus is an act of gratitude to the client thanking them for their decision by returning all or part of these costs in the form of a bonus.

Welcome bonuses are given for different achievements and at different levels of registration. They are not only given upon signing up with a broker. Here are a few common activities that can earn you a welcome bonus:

Registration and account verification

Making the initial deposit

Making an initial deposit of a specific amount

Although these criteria seem easy enough, most brokers put several obstacles in the path toward these bonuses. These ‘conditions’ make it difficult to access the bonuses, even though they are advertised as easily accessible:

Awarding trading credits instead of real funds

Limited period of using or claiming the bonus

Only being able to withdraw profit earned from trading using the bonus funds, but not the bonus principal

As you can see, getting the welcome bonus is not easy. However, this situation is not the case for all brokers. Some have more transparent terms than others, and those are the ones we shall cover.

Best Forex Welcome Bonuses 2024

Each year every Forex broker company offers new and exciting bonuses to entice customers. Most brokers usually only give forex bonuses to new customers, but some go so far as to provide bonuses on every account reload.

But know that you’ll have to fulfill some conditions to be eligible for bonuses. These criteria vary from one Forex company to another, so make sure you study them before signing up.

This year’s top 10 Forex brokers with bonuses are:

Broker Type of bonus Value Key details Regulation Bonus

RoboForex

Welcome Bonus

$30

To get a bonus from RoboForex:

● Open an account.

● Verify the account.

● Deposit at least 10 USD.

CySec, IFSC

Open an account

Your capital is at risk.

Tickmill

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)

Open an account

Your capital is at risk.

InstaForex

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

Open an account

Your capital is at risk.

FBS

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)

Open an account

Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

NPBFX

Loyalty program

$100

To get a bonus from NPBFX:

● Sign up for NPBFX loyalty program and start getting not only profit from trading or investing in financial markets, but also gifts for all your trades!

ASIC (Australia), FCA (UK)

Open an account

Your capital is at risk.

Forex4you

100% DEPOSIT BONUS

100% for first deposit

To get a bonus from Forex4you:

● Choose the bonus level at the time of funding your trading account

● The bonus is added instantly to your account in the form of a trading credit

BVI FSC

Open an account

Your capital is at risk.

XM Group

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

Open an account

Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

WForex

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

Open an account

Your capital is at risk.

AvaTrade

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

Open an account

Your capital is at risk.
71% of retail investor accounts lose money when trading CFDs with this provider.

AMarkets

Deposit Bonus

Double your trading deposit

To get a bonus from Forex4you:

● To activate the bonus, please contact customer support.

FSA

Open an account

Your capital is at risk.

Brokers with the best forex welcome bonus

To benefit from forex welcome bonuses, you need to know which forex brokers have reasonable terms. Here are our top five forex brokers with the best forex welcome bonuses:

RoboForex

Open an account
Your capital is at risk.

RoboForex is one of the prominent brokers offering a free bonus without requiring a deposit. This bonus makes it an attractive choice for beginner traders looking to start their forex journey without risking their capital.

How to Get the RoboForex Bonus?

Receiving the RoboForex free bonus without a deposit is a simple process. Here’s a step-by-step procedure:

1

Register: Open an account with RoboForex on their trading platform. Ensure to provide accurate information during the registration process.

2

Verification: Provide the necessary paperwork, including ID and proof of address, to verify your identity. Verification is a standard procedure to meet legal and regulatory standards.

3

Claim the Bonus: You can claim your free bonus once the account is verified. Review the terms and conditions of the bonus offer since the amount may vary.

4

Start Trading: You can begin trading using the free bonus once it is credited to your account. You can use the bonus to open trading positions and potentially generate profits.

Can I Withdraw the Funds?

The free bonus funds RoboForex provides are meant for executing trading operations and learning more about trading conditions. The funds give traders a risk-free opportunity to start trading and explore the platform immediately.

However, can you withdraw the funds? No, you may not. You may, however, turn the bonus into real profits that you can withdraw. You must follow the broker’s terms and conditions to make your profits withdrawable. After realising profits, these are the main conditions to consider when withdrawing the funds:

1

Trading Volume: You must achieve a certain trading limit before withdrawing the profits generated using the free trading bonus. The broker uses this requirement to ensure that all traders actively participate in the market.

2

Time Limit: Check the bonus terms since there may be a time limit for meeting the broker’s trading volume requirement.

3

Withdrawing Profits: You can now withdraw the profits made. The bonus itself is not withdrawable.

Tickmill

Open an account
Your capital is at risk.

If you’re searching for the best Forex welcome bonuses, Tickmill is definitely worth a mention. BY opening a Welcome Account, users get to experience one of the best trading environments in the industry. Tickmill offers a risk-free $30 welcome bonus as a means of welcoming new users to the trading realm. Moreover, the company offers exceptional services that allow users to dive right into the world of investing without worrying about risking their own funds to do so. Start trading immediately and without making a deposit of your own; by opening a Welcome account, you can make a profit that you can actually keep. Best of all, you can trade with the help of Tickmill's award-winning trading resources and tools, as well as its seamless trading experience.

InstaForex Bonus Review

Open an account
Your capital is at risk.

InstaForex is a well-known online trading platform that offers various bonuses to its clients. One of these bonuses is the InstaForex StartUp Bonus. Here's what you need to know about its conditions:

How to Get the InstaForex Bonus

To get the InstaForex StartUp Bonus, a client needs to register a trading account with InstaForex and open an account with the company. After completing the registration process, the client needs to verify their email and phone number.

Can I Withdraw the Funds?

Withdrawing the bonus funds is not permitted, but the broker allows withdrawal of any profits you earn through trading the bonus provided you meet all terms of the agreement. Note that once a trader account is funded with real money, the broker cancels the bonus in full.

If the client does not make a deposit within 7 days of receiving the bonus, the account will be converted to a demo account. At this point, both the bonus and any profits earned from trading with the bonus funds will be considered virtual money.

If the client replenishes the account credited with the bonus, the profit earned will be converted into a bonus equivalent to 100% of the deposit amount. Additionally, if the client earns a 10% profit from trading the bonus and makes a deposit within 7 days of receiving it, they’ll be eligible for a first deposit bonus of 110%.

InstaForex Bonus – How to Get Forex Bonus for Free

FBS

Open an account
Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

The FBS platform also offers an array of welcome bonuses to new users. For instance, FBS's 100% bonus is especially notable. This bonus is offered to traders who wish to begin trading on the platform with a large quantity of money without assuming the full risk of the investment. Although new users must make a deposit, once they do so, they receive 100% of the amount they deposited in the form of a bonus. In order to take advantage, users simply need to sign up for the platform, make a deposit, and wait for the funds to be deposited in their accounts.

NPBFX

Open an account
Your capital is at risk.

On the other hand, NPBFX offers new clients a $100 no-deposit bonus. However, the website often doesn’t advertise it, which means users will not find out unless someone tells them, or they just so happen to sign up for a new account with the broker. Either way, once a user has signed up, they can find the offer in the member area. The offer is not available in all countries. Ask broker’s support to gen more infor.

Forex4you

Open an account
Your capital is at risk.

Forex4You also offers a Forex4you no-deposit bonus. It allows new users to access a free $50 deposit without depositing their own money. Once users set up a live account, they become eligible to apply for a $50 credit. To access the bonus, users simply need to provide all requested information to verify their identities and accounts; from there, they can apply for the $50 credit. Once users gain access to the $50 bonus, it can be used for techniques such as self-trading, copy trading, and more. Users can use their bonuses just like real money, and they can even withdraw the profits earned.

XM Group

Open an account
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

On the other hand, XM Group offers a $30 no-deposit bonus that allows new users to start trading immediately and without depositing their own funds. The bonus is added to new live trading accounts that allow users to get a feel for the site without using a demo account. Offering over 1000 financial instruments such as commodities, indices, prominent Forex currencies, CFDs on shares, as well as precious metals and energies, XM Group provides users with access to MetaTrader 4 and MetaTrader 5 trading platforms and varied leverage on its speedy, easy to use platform. Users can choose from an array of trading strategies, such as hedging, scalping, expert advisors, and more, with competitive spreads starting at as low as 0 pips.

WForex

Open an account
Your capital is at risk.

Lastly, World Forex offers users the opportunity to receive $10 or $20 for opening a new trading account. This means once the users have opened an account and/or made a deposit, they will be rewarded with $10 or $20, which can then be used to make trades. This offer is not available in the following countries:

Indonesia

Bangladesh

Malaysia

Egypt

Algeria

India

Morocco

South Africa

Nigeria

Morocco

Sri Lanka

Zimbabwe

Namibia

Yemen

Cameroon

Angola

Tanzania

Malawi

Afghanistan

Kenya

Pakistan

Iran

Iraq

AvaTrade

Open an account
Your capital is at risk.
71% of retail investor accounts lose money when trading CFDs with this provider.

Avatrade takes a slightly different approach by offering referral bonuses. In particular, AvaTrade offers a bonus that requires a minimum deposit of $200. However, the broker changes promotions all the time, so those who want to take advantage of this bonus should do so as soon as possible. These ‘Refer a Friend’ bonuses allow users to make a specific commission for every friend or family member they convince to sign up for a live trading account using their unique trader’s referral link. The commission received is determined by the amount of the initial deposit made by the referred individual.

AMarkets

Open an account
Your capital is at risk.

AMarkets offers a wide variety of Welcome Bonuses. For instance, AMarkets offers a cashback bonus loyalty program. This bonus allows users to receive funds for deposits and trades being made. Moreover, the cashback rate per lot is increased by $3 once the investor reaches the second level.

On the other hand, AMarkets offers a “switch your broker” bonus. This bonus enables users to switch to AMarkets, which not only allows them to gain access to the best trading conditions, but also enables them to claim an exclusive 20% bonus on their deposits. Users of AMarkets are enabled to access over 500 financial instruments such as stocks, currency pairs, metals, bonds, indices, and commodities.

Forex bonus types

Generally speaking, there are various bonuses offered, but the following two are the most common:

Deposit Bonuses: This type of bonus allows users to receive a bonus simply for signing up for a new account and making a deposit. The amount of money you have to deposit varies from platform to platform, as well as the amount of the bonus.

No-Deposit Bonuses: On the other hand, platforms also offer no-deposit bonuses. These bonuses enable users to receive a Forex bonus that does not require a deposit to access. The amount of these deposits, as well as the terms and conditions for accessing them, change based on the platform and promotions.

How to Choose The Best Forex Welcome Bonus

Choosing the best Forex welcome bonus requires a deeper understanding of various factors that can impact your trading experience. Here's an expanded view:

Understanding different bonus types. No-deposit bonuses are generally smaller and suitable for beginners who wish to start trading without initial capital. Deposit match bonuses, on the other hand, are based on your initial deposit and can significantly boost your trading capital.

The terms and conditions of a Forex welcome bonus are often detailed and contain crucial information. Pay attention to minimum deposit requirements, the validity period of the bonus, and what trading activities are permitted with the bonus. Some bonuses may have stringent conditions that could affect your trading strategy.

One of the most important aspects to consider is how you can withdraw the bonus and the profits earned from trading with it. Some brokers may impose restrictions or conditions on withdrawals, such as achieving a certain trading volume or making a deposit.

Also consider the overall broker trustability and regulation. While a welcome bonus is attractive, it should not be the sole reason to choose a broker.

How to Choose The Best Forex Welcome Bonus How to Choose The Best Forex Welcome Bonus

How to Choose The Best Forex Welcome Bonus

Why Use Forex Bonuses?

Are you wondering about the pros and cons of using Forex bonuses? Some of them are as follows:

👍 Pros

Beginner Friendly: One of the top benefits of Forex bonuses is that they are highly beginner friendly. This means those who are new to this sector of investing may opt to try new strategies and practices while using real money. Many people don’t realize that demo accounts can be a hindrance to new users because it enables the users to trade recklessly and without worrying about losing their own money. With all the benefits a demo account has, it sometimes makes people trade recklessly. However, users can trade using Forex bonuses risk-free.

No-Deposit Bonuses: On the other hand, not all Forex bonuses require a deposit to access the bonus. Rather, users simply need to provide certain information to set up an account, and they can access the bonus from there.

Spot Scammers: Some Forex bonuses seem too good to be true, and it turns out some actually are. If you notice that a Forex bonus sounds unrealistic or otherwise unbelievable, this may be a fraudulent broker. Once you sign up, you will easily be able to tell if the bonuses are legit. All reputable brokers offer these bonuses under specific terms and conditions. So, if you complete all the requirements and do not receive the bonus, you will likely have stumbled across a fraudulent broker.

Minimal Risk: No one wants to lose, but using Forex bonuses enables users to try trading without risking too much of their own funds. Allowing users to try various instruments and strategies while minimizing risk, there is never a need to waste too much money trying a new platform as long as bonuses exist. These deposits enable users to learn in real-time without being overly invested in the platform.

👎 Cons

Strict requirements: One of the downsides of using Forex bonuses is that they often come with strict conditions. Although these requirements are usually relatively straightforward, it is always possible for them to be overly complex. In those instances, users typically waste lots of time and energy trying to meet these impossible requirements before going on to try other platforms.

Payments: Although it would be great if all brokers were prepared to pay you as soon as you’re ready, unfortunately, this is often not the case. Rather, some of the less reputable brokers are simply unable to pay clients due to the lack of funds. If the funds are not readily available based on the terms of the broker, you may want to try a new broker.

Pre-Defined Trading Volumes: Lastly, you may be subjected to pre-defined trading volumes as trading using Forex bonuses. This means that in order to gain access to the money, investors must reach a pre-determined trading volume. In other words, rather than simply gaining access to the bonus for signing up, you may have to reach a certain trade volume in order to use it. While these pre-defined trading volumes are often accessible and relatively easy to reach, other times, users simply waste time, money, and effort in vain as they never actually reach the threshold, which means they never become eligible to use the bonus.

Can I Withdraw My Forex Welcome Bonus?

In most cases, the welcome bonus cannot be withdrawn. You can, however, withdraw the profit made from trading the welcome bonus. This withdrawal is also subject to specific conditions that are in place to protect the trading platform from scammers.

However, some brokers are exceptions and allow welcome bonuses to be withdrawn. One example is RoboForex. For the rest, the new trader has to meet certain criteria, such as attaining a certain trading volume, before being allowed to withdraw the welcome bonus. Even then, the conditions will still be hard to meet.

Forex Deposit Bonus vs. Free Bonus Without Deposit

Let’s now distinguish between a Forex deposit bonus and a free bonus without a deposit. The following are the main differences:

1

Who can Receive Funds: Forex deposit bonuses are given to both beginner and experienced traders, while free bonuses are offered to new traders as an incentive to join the trading platform.

2

Need for Replenishment: A forex deposit bonus requires you to fund the trading account to receive the bonus, while the free bonus does not require any initial deposit.

3

How to Use Funds: Deposit bonuses are credited to the account as a percentage of your deposit. You can start using the bonus immediately. On the other hand, free bonuses are credited after completing the registration and verification process.

4

Can the Funds Be Withdrawn: After meeting certain trading volume requirements, you can withdraw the deposit bonus. However, free bonuses allow you to withdraw the profits earned, not the bonus.

Expert Opinion

«The first one’s free – tell your friends!» It’s the siren’s song of schoolyard drug dealers, sports betting sites and Forex trading platforms.

In the last case, the marketing pitch often comes in the form of a welcome bonus. These can be terrific ways to jump-start your understanding of a trading platform’s tools and begin to develop your own strategies. But most of these programs have strings attached that require traders to pony up their own capital if they want to trade seriously – and get their profits out.

Both no-deposit and deposit-match welcome bonuses usually make it impossible to withdraw the bonus itself, only the profits – if any – made on it. And a lot of those profits get chewed up as commission payments.

When evaluating a trading platform, look at the trading bonus, but decide based on a detailed examination of the platform’s merits. Like Odysseus tied to the mast, listen to the song, just do not get carried away by it.

Dwight Cass

Dwight Cass

Contributor

FAQs

When Can a Trader Lose Their Welcome Bonus?

A broker may take away part of a trader’s welcome bonus if the profit exceeds a certain point, or if the trader withdraws more than a certain amount. Examples of such cases are AMarkets and RoboForex respectively.

Does InstaForex offer no deposit bonus?

Yes, InstaForex is known for offering a no deposit bonus to new clients. The bonus amount and terms may vary, so it's important to visit their official website or contact their support for the latest information on their no deposit bonus offers.

How do I get a $30 bonus from RoboForex?

To receive the $30 bonus from RoboForex, users must:

Create an account: The first step to receiving the $30 Forex Bonus is to create an account. However, not all accounts are eligible for the Forex bonus. They are only offered via cent accounts and standard MT4/MT5-based accounts using either EUR or USD as the base currency.

Get Verified: RoboForex also mandates that users verify their accounts before accessing the bonus. To do so, users must complete the verification process, which requires users to provide details such as an address, identity, phone number, etc.

Make a deposit: Lastly, you need to make a deposit to access the funds. The minimum deposit for the broker is just $10.

Is RoboForex legit?

Yes, RoboForex is a legitimate forex broker that is regulated by the International Financial Services Commission (IFSC) and the Cyprus Securities and Exchange Commission (CySEC). It offers various trading services, including bonuses, but it's important to thoroughly research and understand their offerings before trading.

Team that worked on the article

Oleg Tkachenko
Author and expert at Traders Union

Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of financial experts.

At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them. He analyzes trading strategies and indicators, and prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.

Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

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.

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.