Best Forex Brokers with Bonus

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Contributor, Benzinga
May 7, 2024

The forex market is highly competitive, with countless brokers vying for your business. Among the many factors to consider when selecting a broker, bonuses can provide an added incentive for traders looking to boost their earnings.

In this article, we will explore the top forex brokers that offer bonuses to their clients, helping you make an informed decision on which broker is best suited to your trading needs. From welcome bonuses to loyalty rewards, these brokers offer a variety of incentives to help you make the most of your trading experience.

Quick Look: Best Forex Brokers with a Bonus

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers with Bonus 

Here are the best forex brokers that offer bonuses that you can benefit from.

1. Best Overall for U.S. Traders: FOREX.com

  • Forex.com
    Best For:
    Excellent Trading Conditions and Overall Offerings
    VIEW PROS & CONS:
    securely through Forex.com's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

    The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

FOREX.com offers a 5% cashback deal for new account openings by U.S. residents. To seize this opportunity, open a new account and deposit a minimum of $1,000, which is required to qualify for the 5% cashback, with a maximum cashback limit set at $10,000.

To qualify, traders need to meet the "qualifying trades" condition within a 60-day timeframe. FOREX.com defines qualifying trades based on the bonus amount divided by 10. For instance, to receive the minimum $500 cashback, traders must execute 50 forex lots (derived from dividing the bonus amount, $500, by 10).

FOREX.com considers both opening and closing positions as qualifying trades. Therefore, a trader engaging in buying and selling 1 standard forex lot (equivalent to 100,000 currency units) generates 200,000 in volume, equaling 1 qualifying trade.

Using the $500 bonus example, traders must conduct transactions for 50 standard forex lots within 60 days to receive the cashback reward.

Pros

  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
  • Exclusive trading tools like TradingView
  • Client funds are segregated from the platform’s funds
  • Utilize and trade with TradingView charts
  • Low forex fees

Cons

  • Higher inactivity fees
  • High stock CFD fees

2. Best for Easy Access to Forex Markets for U.S. Traders: Trading.com

Trading.com offers a welcome bonus for new account openings by U.S. residents. The bonus offer is a $100 promotional credit upon opening a forex trading account. You can register for free and to receive the credit all you have to do is validate your identity within the platform. No deposit is required and all profits are withdrawable.

With Trading.com’s welcome bonus you’ll be able to learn advanced trading techniques and get valuable technical know-how. Then, you can apply your knowledge by trading with your $100 Bonus. With each lot traded, $5 of the promotional credit becomes available in your balance and can be withdrawn. 

Additionally, you have the freedom to withdraw any profits accumulated from trading with the $100 on the platform. This bonus is a no-deposit offer, granting you a complimentary sum of tradable funds to discover and experience their platform, products and services.

The promotional credit functions like a cash balance, enabling you to trade any of the offered instruments. However, it remains non-withdrawable until the specific trading conditions mentioned above are fulfilled.

Terms & Conditions: No deposit needed, all profits are withdrawable. Customer must maintain a verified account to qualify for one-time promotional credit. Credit is part of tradable equity but is not withdrawable until trading requirements are met. Trading Requirements: For every one lot traded, $5 credit vests into cash balance. Residual trade losses exceeding cash balance are deducted from credit until depleted.

Pros

  • Accepts U.S. traders
  • $50 Minimum deposit
  • Demo account available
  • 70+ currency pairs
  • Low spreads on major pairs and competitive leverage of up to 1:50

Cons

  • Lack of advanced trading features
  • No copy or social trading

3. Best for Multi-Asset Traders: RoboForex

RoboForex offers a simple $30 welcome bonus to global traders, granting them access to forex trading upon platform registration, with small initial deposit required. Bonus funds can be utilized for cent and standard MT4/MT5-based accounts denominated in either USD or EUR as the base currency. To receive the bonus open a new account, pass the simple verification procedure of your identity, address and phone number in your members area and then deposit at least 10 USD to your account via a bank card.

The broker provides support for trading platforms such as R StocksTrader, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). In addition to forex, you can trade other assets such as contracts for difference (CFDs), stocks, indices, exchange-traded funds (ETFs) and commodities.

Pros

  • Supports a wide range of trading platforms
  • $1 opening deposit
  • Zero commissions on pro accounts
  • Negative balance protection
  • No inactivity charge

Cons

  • Limited products available
  • Does not take clients from the United States or a few other restricted countries

4. Best for Non-U.S. Traders: AvaTrade

AvaTrade offers two different incentives for traders outside the U.S., money back on losing traders and a 20% bonus on your first deposit. Here is how you can qualify for AvaTrades bonuses.

  • Money Back on Losing Traders: AvaTrade provides clients with its proprietary risk management tool, AvaProtect, offering premium-based insurance of up to $1,000,000 per trade. This exclusive feature is accessible solely on AvaTrade's own trading platforms: AvaTrade WebTrader and AvaTrade GO. With AvaProtect, traders can safeguard their downside on Forex, gold, and silver trades.
  • 20% Bonus on Your First Deposit: AvaTrade extends a generous 20% sign-up bonus to new clients residing in select countries, upon their initial deposit. To qualify for the 20% bonus, a minimum deposit of 200 units in the account's base currency (USD, EUR, GBP, or AUD) is required. The maximum eligible deposit for the bonus is 50,000 currency units. Recipients of the bonus must trade a nominal value equivalent to 20,000 times the bonus amount within six months of receiving it, or the bonus will be forfeited.

Pros

  • Educational resources
  • Offers automated and manual trading platforms
  • Earn on referrals 

Cons

  • Welcome bonus available for limited time
  • High requirements for bonus
  • Does not accept customers in the United States
  • Long deposit and withdrawal periods 

5. Best for Low Spreads: XM Group

  • XM Group
    Best For:
    Beginner Forex and CFD Traders
    VIEW PROS & CONS:
    securely through XM Group's website

    Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

XM offers a wide range of bonuses depending on the deposit amount. The minimum amount to qualify for a bonus is $5. At times, it has offered a bonus that allows you to receive a 100% deposit bonus on the first deposit (up to $5,000). The XM 30 bonus gives you access to $30 when you sign up for the platform. Its bonus program charges zero fees on deposits and withdrawals.

The $30 Trading Bonus enables traders to evaluate XM's execution quality in an actual trading setting without any investment risk. Upon claiming your bonus, the amount will be promptly credited to your account for trading purposes. While any profits earned can be withdrawn at your discretion, withdrawing funds will lead to the proportional deduction of your trading bonus.

This offer is open to new traders who open an XM Real Account for the first time. However, in certain regions, a different promotion may be in effect. You have 30 days from the date of opening your account to claim the bonus before it expires.

Pros

  • About 1,000 trading instruments available on the platform for trading
  • No commission for deposits or withdrawals
  • Round-the-clock customer service support in over 30 languages, 5 days a week

Cons

  • Limited choice of trading products
  • Lack of passive investment services like percentage allocation management module (PAMM) or copy trading

How Do Forex Brokers Bonuses Work?

A forex bonus is used by brokers to attract traders to their platform. The initial amount required is usually small and enough to open one position, while in some cases brokers may offer bonuses without deposits. 

However, it is important that you consider the underlying terms and conditions. Usually, you are not allowed to withdraw profits earned from the bonus until you make a deposit. Since the bonus is a percentage of your deposit, it's like you are getting a rebate on your money. 

Also, the bonus may influence you to trade and deposit more often. Frequent trading means the brokers make money from commissions, spreads and slippages.  

How Do You Get Bonuses on Forex?

Here are some of the most common ways to earn bonuses on forex. 

  • Sign-ups: A sign-up or welcome bonus is a bonus you receive when you open a new account with a forex broker. Some brokers require deposits to be eligible for a bonus, while others offer a no deposit bonus forex account.
  • Deposits: Deposit bonuses are issued each time you make a deposit to your account. The amount you get varies by deposit.
  • Referrals: You can also earn money each time you refer someone to a broker. 

Forex Bonus: A Promotional Strategy

Forex bonuses have become commonplace because they serve as an incentive for traders to test the platform and see if it suits their needs. However, they should not be the only criteria you use to choose a broker. 

Other factors such as licensing, trading environment, spreads, types of assets traded and products available should be top considerations when looking for a broker to choose. 

A forex bonus is a promotion strategy to get you registered on the platform. Not all bonuses listed will always be available – contact the broker for the most updated information. When you do sign up, don’t be motivated to deposit or trade solely based on the bonus you might receive. Let your trading decisions be guided by sound judgment through technical and fundamental analyses. 

Frequently Asked Questions

Q

Is a bonus good for forex?

A

A bonus is good for forex. However, you should not be motivated to choose a broker or trade based on the bonus you would receive.

Q

Do brokers give bonuses?

A

Yes, some brokers give bonuses based on sign-ups or deposits.

Q

Which broker offers a $100 deposit bonus?

A

Many brokers offer $100 deposit bonuses. However, the bonus offered usually depends on the amount you deposit into your trading account.

Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.

Kaitlyn Wolf

About Kaitlyn Wolf

Kaitlyn Wolf is a personal finance, investing and lifestyle writer with over 8 years of experience in the SEO world. Her main focuses include forex, saving for retirement, budgeting and personal investing strategies. She’s passionate about helping others take control of their finances in simple and easy to understand ways. Her work has been published on various investing platforms including MoneyLion and Benzinga.