The best Forex brokers offering bonuses and promotions, according to our research, are:
- XM
- FBS
- HFM
- OctaFX
- Instaforex
- Roboforex
- FXTM
- Vantage
- Fxopen
We have created this list keeping the following in mind:
- Types of bonuses offered
- Under which regulation the broker offers bonuses
- The characteristics of individual bonuses
Round-up
| BROKERS | DEPOSIT BONUS | CONTESTS | LOYALTY PROGRAM |
|---|---|---|---|
| XM | Yes | No | Yes |
| FBS | Yes | Yes | Yes |
| HFM | Yes | Yes | Yes |
| OctaFX | Yes | Yes | No |
| InstaForex | Yes | Yes | No |
| RoboForex | Yes | Yes | No |
| FXTM | Yes | Yes | Yes |
| Vantage | Yes | No | No |
| FxOpen | No | Yes | No |
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.
What are the best forex brokers with bonuses?
Below is our curated list and review of the best forex brokers offering welcome bonuses or deposit bonuses or other sorts of bonuses or promotions, with details of features and characteristics.
XM
XM offers bonuses under FSC regulation, including a $50 welcome bonus and a deposit bonus up to $5,000. XM allows traders to earn points for rewards and provides competitive spread offerings.
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Regulations:
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Avg. EUR/USD Spread:
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- There are several bonuses you can find with XM under FSC 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.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
FBS
FBS provides bonuses under IFSC regulation, featuring a 100% deposit bonus and a level-up bonus. FBS grants up to $15 cashback per trading lot and organizes various contests.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- 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.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
HFM
HFM presents bonuses under SV or FSC regulation, such as a 50% welcome bonus and a credit bonus up to $30,000. HFM also offers daily bonuses and demo contests.
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Regulations:
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Avg. EUR/USD Spread:
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About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- 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.
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
OctaFX
OctaFX supplies bonuses under SV regulation, including a 50% deposit bonus and frequent demo contests with prizes. OctaFX organizes occasional giveaways for active traders.
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Avg. EUR/USD Spread:
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Platforms:
About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- 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.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
Instaforex
Instaforex introduces deposit bonuses under BVI or FSC regulation, like a 100% first-deposit bonus and frequent contests. Instaforex enhances accounts with a 30% welcome bonus on the first deposit.
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Regulations:
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Avg. EUR/USD Spread:
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About Instaforex
InstaForex is a global forex and CFD broker established in 2007, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. InstaForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. InstaForex is regulated by the Financial Services Commission (FSC) of the British Virgin Islands. InstaForex serves over 7 million clients worldwide and is known for competitive spreads, extensive educational resources, and various account types. InstaForex offers copy trading and PAMM accounts.
Instaforex Features
The features of Instaforex are listed below.
- 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.
Instaforex Pros and Cons
Advantages of Instaforex
The advantages of Instaforex are listed below.
- Beginner-Friendly
- Wide Range of Instruments
- Advanced Trading Tools
Disadvantages of Instaforex
The disadvantages of Instaforex are listed below.
- Outdated Website Design
- Limited Trading Instruments
- Customer Support Limitations
Roboforex
Roboforex offers bonuses under IFSC regulation, such as a $30 welcome bonus and a profit share bonus up to 60%. Roboforex allows cashback up to 15% for active traders.
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Avg. EUR/USD Spread:
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About Roboforex
RoboForex is a global forex and CFD broker founded in 2009, offering trading on currencies, stocks, indices, commodities, and cryptocurrencies. RoboForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. RoboForex is regulated by the Financial Services Commission (FSC) of Belize. RoboForex is known for competitive spreads, extensive educational resources, and multiple account types. RoboForex serves over 4.5 million clients worldwide. The RoboForex CEO is Andrei Dziarnovich.
Roboforex Features
The features of Roboforex are listed below.
- 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%.
Roboforex Pros and Cons
Advantages of Roboforex
The advantages of Roboforex are listed below.
- Diverse Trading Platforms
- Wide Range of Instruments
- Low Minimum Deposit
Disadvantages of Roboforex
The disadvantages of Roboforex are listed below.
- Limited Educational Resources
- Higher Spreads on Some Accounts
- Regulatory Concerns
FXTM
Roboforex offers bonuses under IFSC regulation, such as a $30 welcome bonus and a profit share bonus up to 60%. Roboforex allows cashback up to 15% for active traders.
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Avg. EUR/USD Spread:
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About FXTM
FXTM, also known as ForexTime, is a global forex and CFD broker founded in 2011. FXTM offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. FXTM is regulated by multiple authorities including CySEC, FCA, and FSC Mauritius. FXTM is known for low spreads, fast execution, and extensive educational resources. FXTM serves over 2 million clients worldwide. The FXTM CEO is Nicholas Defteras.
FXTM Features
The features of FXTM are listed below.
- 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.
FXTM Pros and Cons
Advantages of FXTM
The advantages of FXTM are listed below.
- User-Friendly Platform
- Fast Customer Support
- Low Minimum Deposit
Disadvantages of FXTM
The disadvantages of FXTM are listed below.
- Withdrawal Fees
- Limited Product Range
- Inactivity Fees
Vantage
Vantage gives bonuses under CIMA and VFSC regulations, like a 50% deposit bonus up to $20,000. Vantage offers zero overnight charges on gold swaps during promotions.
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Avg. EUR/USD Spread:
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About Vantage
Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA. Vantage is known for fast execution, competitive spreads, and extensive educational resources. Vantage serves over 3 million registered users worldwide. The Vantage CEO is David Shayer.
Vantage Features
The features of Vantage are listed below.
- 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.
Vantage Pros and Cons
Advantages of Vantage
The advantages of Vantage are listed below.
- Competitive spreads and low commissions
- Strong range of asset classes
Disadvantages of Vantage
The disadvantages of Vantage are listed below.
- Not available to US traders
- Customer service could be improved
Fxopen
Fxopen conducts contests and provides trading bonuses for traders in Nevis. Fxopen hosts weekly and monthly demo account contests and offers a yearly trading championship prize.
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Regulations:
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Platforms:
About Fxopen
FXOpen is a global forex and CFD broker established in 2005, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FXOpen provides MetaTrader 4, MetaTrader 5, TickTrader, and TradingView platforms. FXOpen is regulated by multiple authorities including FCA and CySEC. FXOpen is known for its ECN trading environment, low spreads, and fast execution. FXOpen offers various account types including ECN and STP. The FXOpen CEO is Alexey Stepanov.
Fxopen Features
The features of Fxopen are listed below.
- 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.
Fxopen Pros and Cons
Advantages of Fxopen
The advantages of Fxopen are listed below.
- Regulatory Oversight
- Diverse Trading Platforms
Disadvantages of Fxopen
The disadvantages of Fxopen are listed below.
- Higher Spreads on Forex
- Insufficient Educational Resources
Tips on how to choose forex brokers with bonuses
Choosing a forex broker might seem straightforward at first, but with the lure of bonuses, it’s essential to be prudent in your selection. Here’s a comprehensive guide on how to select the best:
- Always opt for a broker regulated by recognized bodies. For instance, the FCA in the UK, ASIC in Australia, NFA in the US, or European bodies such as CySEC. These bodies ensure that the broker maintains transparent operations and adheres to strict financial standards.
- A bonus might look attractive, but always dive deep into the terms and conditions. This will give insights into withdrawal clauses, the required deposit amount, and the expiration date of the bonus.
- Ensure the broker offers competitive spreads, preferably under 1 pip for major forex pairs. Low costs can maximize your returns.
Are forex brokers bonuses really free money?
Forex bonuses is actually free money that is sent to your trading account by the broker. However, while the money is sent to your trading account, it isn’t entirely yours as most brokers have conditions attached to the bonus.
For instance, direct withdrawal of bonus money is usually not allowed. However, profits generated using the bonus are typically available for withdrawal.
To withdraw the bonus amount, certain conditions must be met, such as opening a specific number of trades.
Additionally, if the attached criteria aren’t met within a given timeframe (usually between 1-3 months), the bonus might be revoked.
Why do brokers offer forex no-deposit bonuses and other bonuses?
No-deposit bonuses serve a dual purpose:
- Value Proposition
- New Trader Acquisition
By offering such bonuses, brokers provide added value to their existing traders, encouraging more trading activity. Additionally, bonuses are attractive and can attract new traders to their platforms.
However, in the European Union, ESMA regulations curtail the offering of most such bonuses. This step aims to protect novices from diving into trading without adequate knowledge and ending up losing their investments.
What should I check when choosing a trading bonus?
Selecting a trading bonus requires due diligence. Here are a few pointers:
- Though not the only criterion, a significant bonus amount can be beneficial. However, if it’s too low, it might not be worth the associated conditions.
- Broker’s Reputation it’s crucial. Some dubious brokers might use enticing bonuses as bait. Research and reviews can help identify trustworthy ones.
- The longevity of a bonus can affect your trading strategies. Ensure you’re aware of any time limits, as bonuses can be revoked after a specific period (usually 1-2 months).
Whether you’re interested in one bonus or the other, always consult the broker’s terms and conditions regarding the bonus of your choice. They contain vital information that can influence your decision.
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.