As forex trading goes mainstream attracting forex trade enthusiasts, brokers get to understand that it is not enough to have a solid reputation of trust and reliability. They need to incentivize traders into registering with them, and most have found huge success introducing bonuses; both for no-deposit welcome bonus and initial or recurrent deposit bonuses.
In this post, we review the best forex brokers with the highest deposit bonuses, and also explain what it takes to unlock these benefits. These are often expressed in percentages of the deposit amount. Our approach to the high bonuses subject is holistic and extends way beyond the bonus to touch on aspects of the forex broker reputation like the ease of doing business with them, and their reliability.
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Best overall forex bonus
We’ve analysed all the forex bonuses in the market and found the following broker to have the best welcome offer, bonus terms, platform, usability and regulation. Click the link below to claim your bonus or read on to find out why this is our top choice.
Best US forex bonuses
Even though the number of brokers delivering access to the financial markets is rising, the actual number of companies offfering their services for US customers and residents is a number that has barely moved through the years.
If you are interested in starting a career in the forex market and you are a citizen or a resident of the US, check out these brokers below, all offering fantastic bonuses for American traders.
Best non-U.S. forex bonuses
If you are outside of the U.S, there are a number of well-regulated brokers offering attractive welcome bonuses for all forex traders. Below, we list the top fx bonuses for traders in Europe and rest of the world. Be sure to read the broker’s terms and conditions before you deposit to ensure the bonus is suitable for your needs.
Factors to consider when choosing Forex deposit bonus
Before requesting for the 100%+ bonus or cash rebates, there are a few factors you need to consider. These are all contained in the fine print of the broker’s terms and conditions, and touch on how you interact with the ‘free trading money’ and its impact on your actual deposit. They include:
Size and impact on your trades
Ideally, the higher the deposit amount you request the larger the impact it has on your trades. For instance, some brokers will set a minimum or maximum lot size that you can execute as long as the deposit amount remains active. More importantly, the larger the advanced amounts, the higher the trading volume lots required to convert it into cash.
Flexibility and adaptability
To what extent can you use the deposit amounts or the profits accrued from its use? Can it be used to shield against negative balances? How easy is it to withdraw the profits derived from its trade or do you need to fund the account to activate it like in the case of no-deposit bonus? Pay attention to these details when reading through the terms and conditions a broker has attached to their bonus and only accept it if you consider them tolerable.
Time limit to trade volume execution
If you accepted a 20% bonus on a $1000 deposit that requires a trade of 10x the deposit amounts to release $1 of the bonus to your account, you will have to execute trades worth $2,000,000 before the full bonus amount is converted into cash. This explains why a majority of traders taking up bonus offers never get to enjoy them. Plus the higher the bonus amount, the larger the trading lots and the longer it will take to execute them. Take this into account and only take it if you consider the trade volume and the time given to be reasonable.
Should you accept a Forex bonus?
Deposits bonus play a key role in helping advance your profitability. While all these forex brokers treat the bonus as a credit advance, they don’t restrict the use of any profits derived from its use. Most will also give you a chance to win and claim it as cash as long as you fulfill their set conditions that revolve around limiting the withdrawal of your deposit, as well as, executing enough trades.
You, however, have to be careful when interacting with the free deposit bonus. Take time to vet a forex broker, paying attention to how they disburse and handle credited bonuses. Consider brokers with flexible deposit bonuses that cover drawdowns and allow for the unconditional use of profits accrued from their trading the bonus. Avoid the rest whose credited amounts won’t cover drawdowns.
Other types of forex bonuses available
Forex no-deposit bonus: This refers to the deposit awarded to a trader for every account opened with the forex broker. It is credited to the trader’s account and is not withdrawable until a set of terms are fulfilled. These are perfect for testing the effectiveness and transparency of the forex broker.
Forex welcome bonus: This is advanced to new traders who open an account with a broker, regardless of whether they make the first deposit or not. It may, therefore, double up as a no-deposit or initial deposit bonus. The difference between the two is that while most brokers offer a no-deposit bonus to multiple accounts by the same client, most will only advance the welcome bonus to a client once regardless of the number of accounts opened.
Cashback (rebate) bonus: This works like the recurrent deposit bonus with the only exception that the rebate bonuses are offered in terms of specific amount and not as a percentage of the deposit. For instance, a broker may award $100 for every deposit a client makes above $1000.
Personalized/VIP bonus: This is a specialized type of bonus advanced to a selected group of clients. In most cases, VIP bonus is advanced to high volume traders operating special types of accounts and their terms are also more favorable.
Loyalty bonus: Loyalty bonus is set aside by forex brokers for their distinguished existing clients. In most cases, the broker establishes a loyalty program that rewards traders with points for every trade or lot executed. Traders are then promised a cash bonus upon hitting a particular milestone.
There is a huge number of forex bonuses available in the market, and choosing the right one based on your country, legislation, budget and trading needs is crucial. Forex bonuses are a great way to get started if you have a limited budget, or if you want to grow you account. However, it is important to keep in mind that even though a bonus might look like a great benefit to have, in most cases it is simply used as bait to attract and lure inexperienced investors and traders, so we urge you to read the broker's terms and conditions carefully before depositing funds in hopes of receiving a bonus which may not be suitable for you.
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What are the different types of deposit bonuses currently available?
Ideally, there are two types of deposit bonuses; the initial deposit bonus – given out once in the life of the account, and the recurrent deposit bonus that is given out every time a trader makes a deposit. Some Forex brokers specialize in initial deposits while others concentrate on the recurrent deposits.
I can’t access the deposit bonus my forex broker promised
A majority of Forex brokerage firms haven’t automated the deposit bonus issuance process. And while some only require that you consent to their terms and conditions and request for the bonus when making the deposit, others demand that you apply for the bonus through their official communication channels like email.
How long does it take to get the deposit bonus?
Processing deposit bonuses is at the discretion of the forex broker. While most will process these deposits automatically upon receiving your requisition, some may take up to two days as they verify your identity and the payment.
How do I qualify for a deposit bonus?
The first step to qualifying for a deposit is identifying a forex brokerage firm that offers your preferred bonus, be it the initial deposit bonus, recurrent bonus or both. You also need to register an account and complete the verification process. More importantly, confirm their minimum deposit balance, to up your account accordingly, and fill the bonus application form.
How do I find the best forex bonus?
With the number of forex brokers offering long-term and promotional bonuses increasing every day, finding the best forex deposit bonus may prove tricky. The internet is, however, full of reviews both from independent industry operatives, as well as, verified traders that have interacted with the trader and their bonus. Check them out. Alternatively, you can consider isolating a few of the reputable forex brokers listed herein, and vet them individually with minimal deposits.
What factors should I consider before accepting/requesting forex bonus?
A forex deposit bonus is only as good as the trader issuing it. Therefore, apart from the lure of 100%+ bonus on deposit, consider the forex broker’s reputation. Even more importantly, go through the fine print of the terms and conditions attached to the bonus. Pay particular attention to the time limit for executing the trade volume, as well as, the flexibility of the bonus and profits derived from its use.
How do I trade the forex deposit bonus?
The Forex deposit bonus, though posted on the credit section of the account, can be traded like any other deposit or account balance. This implies that just as it can be used to scalp profits from the market, it can also be quickly lost to drawdowns.
Is the forex bonus internally transferable?
Forex bonus can only be used within the trading account in which it was earned. Most brokers, therefore, won’t allow for its transfer by a trader from one account to another even if both accounts are hosted on their platform. Transfers are in such a case treated like withdrawals.
I have lost the bonus in the course of trading, what next?
Just as a broker won’t take a portion of the profits accumulated from trading the deposit bonus, they won’t claim bonuses lost in the course of trading from you. Most have, however, attached several risk management measures to how a trader interacts with the bonus amounts. Minimizing the tradable lot size features prominently on the list of preventative measures implemented by the broker.
Can I withdraw profit earned from a no-deposit bonus?
No-deposit bonuses often attract an extra set of conditions that a trader must fulfill if they hope to convert them to cash or use the profit accrued from their use. For instance, most brokers will not allow you to withdraw profits derived from trading a no-deposit bonus without funding the account with the required minimum deposit first.