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.
1. Plus500: $25 bonus for customers outside of Europe (Best for South African Traders)
Plus500 is a well-regulated forex broker holding licenses from the CySEC, FCA and listed on the London Stock Exchange.
This broker offers a fantastic forex trading platform where investors can trade on 60+ forex pairs including the most popular forex pairs like EUR/USD, GBP/USD and EUR/GBP with leverage up to 1:30. They offer a very low minimum deposit of $100, which means your forex account can be worth up to $3,000 if using leveraged positions.
Their platform also counts with various advanced trading tools such as Stop Loss and Stop Limits, to ensure full customization and control over your forex trades, and minimize losses, a factor that is very important especially when using leverage. Plus500 also offers free forex signals and indicators as well as access to advanced charts and educational resources.
Plus500 offers low spreads starting from 1.9 pips on forex trading, and the account opening process is smooth and hassle-free.
Plus500 is currently offering a $25 free bonus to all traders outside of Europe on forex trading. This bonus is available when you deposit the minimum required amount on the platform and open your account using this link. The welcome offer is only available to new customers, and the terms and conditions apply (check your country is eligible for the bonus before depositing). The offer is available to redeem within 90 days. Click the link below to claim your bonus today.
Best US forex bonuses
Even though the number of US Forex 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.
1. Libertex – 100% Welcome Bonus
The converted bonus gets paid to your trading account and you are free to withdraw or trade with this money, however, Libertex maintains basic requirements for rewarding its new traders. Whenever a trader reaches a certain percentage of the bonus earned, Libertex pays the converted bonus to the trader’s account.
2. Forex.com – $50 Bonus
If you are interested in trading in the US, you see yourself being rejected by most European brokers due to tight requirements needed for Americans. If this did not make you drift towards a different asset class you might want to consider opening a trading account with Forex.com. The firm might not offer any of the marketing tools and benefits from the majority of firms in Europe, but in exchange, you will gain access to one of the most respected and stable forex brokers in the world.
As a symbolic benefit, Forex.com offers a one time bonus of $50 per user after they’ve deposited at least $250 to start their own account. This might not sound like much but considering the fact that it is an American Broker, it is more than I would have ever expected!
3. PaxForex- 100% Loyalty Deposit Bonus
PaxForex rewards new and existing clients 100% deposit bonus for every deposit over 1200$. The bonus will be paid over the course of one year and the first payment will be sent to your account as soon as your deposit clears. PaxForex will match your deposit in bonus money which will be divided by 12 equals parts and granted every month. The bonus amount can be used only for trading and cannot be withdrawn. PaxForex has a limitation of $10,000/EUR 9,000 on the total deposit bonus amount on one Forex account.
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.
1. Global Pro Trader – 100% Bonus on FTD via Card, 150% Bonus on FTD Via Crypto
Global Pro Trader rewards traders with 100% Bonus on First Time Deposit (FTD) via Card and 150% bonus on First Time Deposit (FTD) Via Crypto. Note that, the bonus is only available to one account and cannot be transferred between accounts. It also has a minimum trading volume of the bonus amount divided by 4 in order to withdraw bonus funds. The bonus and profits made on the trading account can be withdrawn once the minimum trading requirements have been fulfilled.
More importantly, the bonus can be redeemed once a trader has executed 30 standard lots for every $1000 bonus, within 60 days (44 market days) of receiving it. To qualify for the GlobalProTrader bonus, traders must complete the registration process and deposit funds through credit card or cryptocurrency.
2. AvaTrade- Welcome bonus up to $16,000
AvaTrader is also keen on incentivizing individuals who wish to open trading accounts with them by offering deposit bonuses of up to $16,000. Unlike most other forex brokers who express their deposit bonus as a percentage of the deposit amount, AvaTrader maintains a graduated scale for rewarding its new traders. Individuals interested in their platform can use the online calculator on the AvaTrader Website to determine the bonus attributable to their initial deposit. The bonus is however only available to new trading accounts that deposit a minimum 1000 units of their preferred base currency (USD/GBP/EUR). To move the credited amounts to the withdrawable balance side, you must execute a trading volume 10,000 times your deposit within six months.
3. Easy Markets- 50% deposit bonus
EasyMarkets rewards anybody who opens a trading account with them with up to 50% bonus on their first deposit amount. This is only applicable to new accounts that receive the upwards of $100 as initial deposit. The graduated bonus scaling technique rewards 30% bonus for deposits below $200 and 50% for initial deposits between $200 and $1000 while the rest, above $1000, get a 40% burp as a bonus. The broker has set the maximum allowable bonus per account at $2000. Unlike most forex industry insiders that avail the bonus for withdrawal after a target volume of trade, EasyMarket’s bonus is not withdrawable. There is however no restriction to profits earned by trading the bonus amount.
4. FXTM- up to 30% welcome bonus
The percentage of deposit bonus reward by Forex Time (FXTM) brokers depends on your geographical region. For instance, FXTM clients hailing from South East Asia and the Greater China Region are eligible for a deposit bonus of up to 30% and a maximum amount of $100. FXTM trading account clients in Africa will also get back 30% of their deposit amounts with the maximum amount allowed capped at $300. Traders in the Middle East who open and fund a trading account with FXTM will get back 10% of their deposit amounts and a maximum of $300. To qualify for the bonus, the trader must complete their trading account registration and verification and also fund their respective account with the minimum deposit within six months.
5. InstaForex- 100% deposit bonus
InstaForex offers one of the widest ranges of deposit bonuses to its clients, depending on the trading accounts opened with the broker. The most popular in the 100% marching bonus to initial deposit made to any trading account. The broker also gives out a 30% bonus for all other subsequent deposits with InstaForex club accounts receiving a 40% bonus. There is also the 50% Chancy Deposit bonus that is given once a month for deposits exceeding $3000. They also have a promotional 55% deposit bonus program for all accounts opened after June 2013. Withdrawing profits derived from the deposits with broker’s bonus is allowed but the credited deposits amounts will only be moved from the credit to the balances section once the trader hits the required trade volume limit.
6. FP Markets- 20% credit bonus
FP Markets rewards its traders with a 20% initial deposit bonus that is credited to their trading account. Qualifying for the bonus starts by completing the trader verification process and funding an account with an initial deposit of between $100 and $25,000. Note that, this is only available to traders maintaining the Standard, Raw MT4, and MT5 trading accounts. It also has a maximum allowable bonus amount set at $5000. While the amounts may be used to cover drawdowns, it will only be activated in the case of negative balance. Profits from the bonus amount can be withdrawn freely but you have to fulfill the required trading volume requirements to convert the bonus into cash.
7. Octa FX- 50% bonus on each deposit
OctaFX offers a deposit bonus of up to 50% on all deposits above $50 regardless of the currency base or preferred payment system. This is available to all the trading accounts hosted by the broker, including ECN accounts. The trader is however at liberty to decide the level of bonus they prefer (below 50%) when making their deposit as this plays a key role in affecting the trading volume required to activate the credited amounts and transferring them to the withdrawable balance section. Additionally, the bonus can be traded on different platforms, including MetaTrader accounts integrated with an expert adviser. Profits can be withdrawn without restrictions, but withdrawing the deposit amounts below the level of the credited amounts cancels out the bonus.
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.
Criteria we used to rank forex bonuses
Deposit bonuses are gradually evolving into one of the most critical factors enthusiastic traders put into consideration when deciding the broker to invest with. This has allowed most brokers of ill repute to lure innocent traders and entice them into making a deposit with them with the promise of huge but complicated deposit bonuses. We have however taken time to sort these out and present to you only the most reputable and highly reliable industry operatives. Safe for high deposit bonus and reputation, other factors we put into consideration when vetting the forex brokers include:
- Regulation
- Minimum deposit amounts
- Flexibility (withdrawable profits and ease of conversion to cash)
- Brokers with low spreads
- Risk management tools
Conclusion
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.
FAQs
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.
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.
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.
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.
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.
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.
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.
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.
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.
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. What are the different types of deposit bonuses currently available?
I can’t access the deposit bonus my forex broker promised
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What factors should I consider before accepting/requesting forex bonus?
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I have lost the bonus in the course of trading, what next?
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