Best Forex Brokers with Bonuses and Promotions in 2023

Forex bonuses are basically extra money for trading. However, they are not allowed everywhere and you have to meet certain conditions in order to redeem them.

We have created here a list of  some of the best forex brokers with bonuses and promotions keeping the following in mind:

• Types of bonuses offered
• Under which regulation the broker offers bonuses
• The characteristics of individual bonuses

Round-up

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Review

1. FBS

• Among the different bonuses offered by FBS you can find a level-up bonus, a deposit bonus, and a cashback service all under IFSC international regulation.
• FBS level up bonus: Open a level-up bonus account and claim up to $140 in your personal area app.
• FBS deposit bonus: You can double your deposit by activating the 100% deposit bonus.
• FBS cashback: You can receive up to $15 per trading lot, even for losing trades.
• You can also find different contests organized by FBS for various events.

Visit FBS
74-89% of retail CFD accounts lose money

2. XM

• There are several bonuses you can find with XM under IFSC regulation only. These include a no deposit bonus and a deposit bonus.
• XM trading bonus: A welcome bonus of $50 just for opening your first real account.
• XM deposit bonus: Receive 50% more on your first deposit and 20% on the following deposits to claim up to $5,000.
• By trading, you can earn points to redeem for increasing rewards and benefits on the XM loyalty program.
• Singaporean traders only, up to 30/06/2022, have the chance to win a funded trading account with $10,000.

Visit XM
73.57% of retail CFD accounts lose money

3. HFM

• If you operate under SV or FSC (Seychelles) regulation, you can find different trading bonuses offered by HFM such as welcome bonuses, deposit bonuses, or daily bonuses.
• HFM welcome bonus: Available only on MT4 micro accounts to increase your balance by 50% by depositing at least $50.
• HFM rescue bonus: Receive 30% extra on deposits over $50 for a maximum of $7,000.
• HFM credit bonus: A 100% bonus on deposits over $100 available for micro, premium, and Islamic accounts. The maximum amount you can claim is $30,000.
• HFM supercharged bonus: Combines a 100% bonus on each deposit over $250 for up to $50,000 and cash rebates of $2 per lot accredited daily. Valid for premium accounts only.
• You can win other prizes by joining in HFM competitions such as the demo contest to earn real money.

Visit HFM
(71.04% of retail CFD accounts lose money)

4. OctaFX

• Trading under SV regulation, OctaFX offers several promotions to join such as deposit bonuses.
• OctaFX 50% deposit bonus: Each deposit you make of at least $50 is eligible for increased funds.
• OctaFX is popular for their monthly demo contest with real money prizes.
• From time to time OctaFX holds giveaways with lots of prizes. You have to open orders for 3 working days in a row to get a random scratchcard.

Visit OctaFx
74-89% of retail CFD accounts lose money

5. Instaforex

• You can find different kinds of deposit bonuses when trading with Instaforex under BVI or FSC of Saint Vincent regulations.
• Instaforex 100% bonus: To double your deposit, available once only and on new accounts.
• Instaforex 55% bonus: Increase your funds with each deposit, valid until 28 June 2022.
• Instaforex 30% bonus: A welcome deposit for registering your first live account and valid for each new deposit.
• Furthermore, you have the ability to join the several contests which Instaforex constantly holds.

Visit Instaforex
55.29% of retail investor accounts lose money

6. Roboforex

• Among the bonuses available with Roboforex we find a welcome bonus and different types of deposit bonuses all redeemable under IFSC regulation.
• Roboforex welcome bonus: Register a live account to receive $30 for trading.
• Roboforex profit share bonus: Claim extra funds on each deposit for up to 60%. Valid for pro and pro cent accounts.
• Roboforex classic bonus 120%: Claim this bonus for each deposit for up to $50,000. Valid for pro and procent accounts.
• By trading at least 10 lots per month you are eligible for the Roboforex cashback (rebates) program for up to 15%.

Visit Roboforex
(74-89% of retail CFD accounts lose money)

7. FXTM

• Traders under FSC regulation (Mauritius) can benefit from the promotions offered by FXTM.
• FXTM loyalty program: You can get rebates up to $5 for every trade you make for a maximum amount of $10,000.
• Currently, there are no FXTM valid bonuses for welcome or on deposits.
• Occasionally, FXTM organizes trading contests on either demo or live accounts.

Visit FXTM
81% of retail CFD accounts lose money

8. Vantage

• Among the various bonuses available with Vantage under CIMA and VFSC regulations we find a consolidated deposit bonus and various recurring promotions.
• Vantage deposit bonus: Claim a 50% credit bonus on your first deposit and 10% on future deposits for up to $20,000.
• Vantage gold swap-free: Valid until 31 July 2022 you can enjoy zero overnight charges on gold with spreads from 1 pip.

Visit Vantage
74-89% of retail CFD accounts lose money

9. Fxopen

• Traders registering with the international entity of FXOpen registered in Nevis are eligible for trading bonuses and contests.
• FXOpen forex contest: offers regular weekly and monthly trading contests for demo accounts.
• FXOpen ForexCup trading championship: competition with $50,000 as the main prize for the trader who gets the best profit at the end of the year 2022.

Visit FxOpen
74-89% of retail CFD accounts lose money

Are these bonuses really free money?

Although it may be hard to believe at first, it is true. The bonuses really are free money that is sent to your account by the broker. Now what is often asked is, can I withdraw these bonus funds?

Generally, the answer is yes with most top brokers. Their policy will vary though and in many cases, there are certain trading criteria that you must meet in order to withdraw the bonus funds from your account.

What should I check when choosing a bonus?

First off, it is vital that you read the terms and conditions carefully, so you know exactly what is on offer. Added to that, it is important to consider the whole offering of a broker. This means not only the bonus amounts, but what else they have to offer such as spreads, minimum deposits, and more.

Different type of bonuses

When choosing your forex broker bonus, it is also important to keep in mind that there are many different bonus types available. Here is a more detailed look at exactly the kind of bonuses that are offered by brokers.

Forex deposit bonus: The forex deposit bonus is a certain amount of money offered as a bonus based on the amount which you deposit. In the case of many brokers, this can mean matching your deposit amount with an equal bonus amount.

Forex no deposit bonus: A forex no deposit bonus, as you might gather from the name, is a bonus that is offered to you with no deposit required. in most cases, you simply have to complete the registration process. This money is free and can be used in real trading at no risk to your own money.

Welcome Forex bonus: The welcome bonus can be similar to a no deposit bonus. You will get a bonus money amount for completing registration, and in some cases based on the amount of your first deposit.

Loyalty Program: A forex broker loyalty program, just like any other, is usually based on how much you use the service. In this case, the more you trade, the more you will be rewarded by such programs. These rewards could come in the form of lower trading costs, additional premium trade tools, physical prizes, access to live events and meetings, and much more.

Points System: The forex broker point systems can also be based on loyalty programs. With these systems, the more you trade, the more points you will earn. These points can then be used to access monetary prizes, cars, vacations, and more.

Cash Back and Rebates: Cash back and rebate programs are also a very common form of bonus. Just as the name suggests, with this form of bonus, you can earn money back for each lot you trade.

Money Protection Bonus: This is not a very common form of forex broker bonus, though it exists, nonetheless. This kind of bonus from your broker actually protects your funds from reaching a certain negative level, and in some cases, anything beyond this negative point can be refunded.

Forex Contest Prize: There is a wide range of brokers who organize contests in which you can participate in with virtual funds against other traders. If you win some of these contests by making the most profit from virtual funds, then you can win all kinds of great prizes including cash, cars, and more.

Why do brokers offer forex no-deposit bonuses and other bonuses?

There are several reasons why your broker may offer a no deposit, or other types of bonus. One of the primary reasons for this is to create value for you as a trader, and to attract new traders to the industry and that broker.

This method is accepted in many parts of the world, though not in Europe. Within the EU, the offering of the majority of these kinds of bonuses is not allowed by the regulator. ESMA does this in a large part to protect beginners from getting involved in trading without the proper knowledge and ultimately losing their money.

Tips on how to choose a bonus and a broker

If you are thinking about choosing a forex broker, the bonus is just one element of this choice, and it should not be a large factor in your decision-making process. First and foremost, you have to choose a broker who is trustworthy, and well-regulated. Luckily all of the brokers on our listing are both of these things.

Once you have done this, then you can think about the bonus they are offering, but do not make your choice based on the broker bonus alone. You have to consider all of your trading needs. In this case, you may want to try out a broker first. This would be a great time to select a no deposit bonus broker so you can try out their real trading at no risk to you.