Find the best forex bonuses with thousands of forex brokers active in the online trading space. The industry has been somewhat oversaturated in recent years. This has made the platform increasingly competitive in terms of standing out from the crowd. Forex bonus offers are at the forefront of this.
In short, forex brokers offer signup bonuses to those who have not yet opened an account. This is usually offered as a Matched Deposit Bonus, meaning that your initial deposit will increase by a certain percentage. In other cases, no deposit bonuses may be offered.
If you want to know what a forex bonus is, how it works, and what you need to do to receive the bonus, read the following guide, 8 Best Forex Bonuses in 2022 for Traders .
What Is A Forex Bonus?
Forex bonuses in their most basic form are simply promotions offered by brokers as a means to lure them to the platform. In most cases, bonuses are only available to users who have not yet opened an account on that platform. Bonuses may cost you a broker in the short term, but we want you to stay with the platform in the long run.
Therefore, forex bonuses are becoming more and more generous. Online trading universe. In terms of fundamentals, forex bonuses usually come in one of two forms. No deposit bonus and no deposit bonus . With respect to the former, this is where the first deposit is matched up to a certain percentage, up to a certain amount.
Forex BonusFor example, the broker can offer new clients a 500% match bonus up to £100. When you make a deposit, the broker will deposit the corresponding bonus amount into your account. When it comes to no-deposit bonuses, as the name suggests, you can get bonuses without having to make any deposits.
I’ll go into more detail, but forex bonuses always come with various terms and conditions that you need to know before signing up. Crucially, you need to trade a certain amount before withdrawing your bonus funds for real money.
What Are The Pros And Cons Of Forex Bonuses?
- You can trade for more money than you have deposited.
- It is usually offered to all traders who have not yet opened an account.
- In general, you can trade any currency pair using a bonus fund.
- Some bonuses are offered on a ‘no deposit’ basis.
- Get as many brokers and bonuses as you want
- A certain amount must be traded before the withdrawal is approved.
How Do Forex Bonuses Work?
Now that you know what a forex bonus is, let’s look at some real examples of how the bonus actually works.
✔️ Deposit Bonus
Deposit bonuses are the most popular type of bonus offered online. forex broker . As briefly mentioned earlier, the broker will scale your deposit amount to a certain percentage and the bonus will be attached with a maximum amount.
- You ask for a deposit bonus that is 100% matched with the Forex Broker.
- Forex brokers allow bonuses of up to £1,000, which is the amount you decide to deposit.
- When you make a deposit, the broker will credit an additional £1,000 to your account.
- Even if you only spend £20 on your account, your starting balance is £1,000.
- As soon as the bonus is credited – you can usually start trading right away.
✔️ No Deposit Bonus
As the name suggests, the No Deposit Bonus offers a bonus without requiring a deposit. These bonuses are very popular. Especially since it allows traders to receive bonuses without risking their funds. That said, deposit bonuses are usually much smaller compared to matching bonuses.
- We charge new UK brokers with a no deposit bonus of £20.
- Open an account and verify your identity as necessary to prevent abuse of bonuses.
- Once your ID is verified forex trade the site will then credit your account with a no deposit bonus of £20.
- You can then immediately start trading with your bonus funds.
Forex Bonus Terms And Conditions
The example above shows how lucrative a forex bonus can be, but it’s not just about receiving and cashing out bonus funds. Conversely, you should be aware of several terms and conditions that brokers usually install.
🥇 Minimum Transaction Amount To Withdraw
The biggest hindrance to withdrawing your forex bonus is the minimum transaction amount. Let’s say you deposit £500 and receive a £250 bonus. The starting balance is £750. If you can withdraw £750 directly from your forex broker to your bank account, that wouldn’t be a very good business model for the platform. Conversely, the platform wants to use the bonus funds to trade.
Thus, bonus funds are effectively frozen until certain conditions are met. In most cases, a portion of the bonus balance will be released as cash available for withdrawal when a certain trade size is met. For example, the broker can take £10,000 off your bonus for every £1 you trade.
- There is £250 in bonus funds.
- The broker unlocks £10,000 for every £1 traded.
- £10,000 x £250 = £2.5 million.
- So to unlock the full £2.5m you have to trade a total of £2.5m, so you have to withdraw all your bonuses.
On the one hand, the minimum transaction amount of £2.5 million is just astronomical. Especially considering that the bonus is only £250. With that said, you are much more likely to hit your bonus goal if:
- PARTICIPATE DAY TRADE Do dozens of trades per day
- Leverage your trades often
- Transaction size is usually large
🥇 Time Limit
If the above conditions are not difficult enough, you should also consider the time limit for which forex bonuses are usually offered. This is another tactic the platform uses to make the bonus cashout process much more difficult. In most cases, the broker will allow the bonus funds to be available for 30 days before the bonus funds are cancelled
This means that any bonus funds remaining in your account after the expiry date will be removed. If the forex bonus comes with a time limit of less than 30 days, you should probably avoid it.
🥇 Eligible Pairs
In some cases, forex bonuses may impose restrictions on certain currency pairs. Majors and minors are generally encouraged to use bonus funds, but exotic pairs may not be guaranteed. So, check our terms and conditions to see if your preferred forex pair is accepted.
🥇 Supported Nationalities
Some Forex Brokers only offer bonuses for certain nationalities. This is why you should always use a domain that matches your country of residence, as brokers usually have multiple websites for different regions.
🥇 Minimum Deposit
Most forex bonuses come with a minimum deposit amount. Promotions usually only state the maximum allowed bonus amount, so you’ll have to look closely at the terms and conditions to find it.
Best Forex Bonuses In 2022
Now that you are armed with the knowledge you need to maximize your bonus hunting efforts, we will now list the top 8 Forex Bonuses in 2022.
1. AVATrade – 2 X $200 Forex Welcome Bonus (Bonus Authorization Is Authorized By Regulation)
The AVATrade team is currently offering a huge 10,000% Forex bonus of up to $20. This means you need to deposit $50,000 to get the maximum bonus allocation. You must deposit a minimum of $100 to receive the bonus and verify your account before funds are deposited. In connection with withdrawing the bonus, you will receive $0.1 for every 1 lot you trade.
- 10,000% welcome bonus up to $20
- Minimum deposit of $100
- Please verify your account before bonuses are credited.
2. Moneta Market Deposit Bonus
Want to increase your deposit amount by an additional 50%? Get a 50% bonus when you deposit $500 or more into your Moneta Markets trading account! Whether you are an existing Moneta Markets account holder or a new customer, after depositing, use the form below to claim your bonus today!
- The minimum deposit is $250.
- Use the form to claim the 50% deposit bonus.
- Log in to the Moneta Markets platform and start trading!
3. Markets.Com – £25 No Deposit Forex Bonus
Markets.com is a major player in the UK foreign exchange market. With dozens of currency pairs split into major, minor and exotic, the trading area is very extensive. Just by opening an account, you will receive a £25 no deposit bonus. The bonus is only available to new customers and there is no time limit to worry.
- £25 No Deposit Bonus
- No time limit for using bonus funds
- New customers only
4. Interactive Broker – $200 Referral Forex Bonus
If you have family or friends interested in online forex trading, consider taking advantage of the Interactive Brokers Referral Program. You will receive $200 for every new customer who opens an account.
- $200 Referral Bonus
- Pay for each new customer you refer
- Bonuses paid when new customers trade a certain amount
5. CMC Markets – 2 X $200 Forex Welcome Bonus
UK broker CMC Markets is currently offering a 200x juicy $200 welcome bonus. When you deposit your first $200, the broker will match it with an additional $400 and take your starting balance to $1. Then you need to trade a million dollars worth of foreign exchange to withdraw your bonus funds. CMC Markets will give you an extra $200 when you reach a $2M worth of trades.
- $200 Welcome Bonus – Twice
- Your first deposit of $200 will match similarly.
- Withdraw the bonus funds once the trading requirement of $1 million is met.
6. HYCM – 5,000% Deposit Bonus Up To $10
HYCM is a very popular onilne trading platform that offers a 10% deposit bonus to all new customers. The bonus amount is limited to $5,000. This means you will need to deposit $50,000 to get the maximum amount. Keep this in mind as you need to trade a whopping 1,000 standard lots to get the $30 bonus fund from the broker.
- Deposit $50,000 to receive the full bonus amount.
- Trade 30 standard lots to withdraw $1,000 of bonus funds
7. Tickmill – $30 Signup Forex Bonus
Global Forex Broker Tickmill Now Offers $30 No Deposit Bonus to New Clients. Accounts must be verified before funds are deposited to prevent abuse of bonuses. The good news is that Tickmill allows you to withdraw all the proceeds from your $30 welcome offer.
- $30 No Deposit Bonus
- 100% risk free – no deposit required
- Please verify your account before bonuses are credited.
8. TemplerFX – $30 No Deposit Bonus
Similar in nature to Tickmill, TemplerFX also offers a $30 no deposit bonus. All you need to do to receive the bonus is to open an account and verify your identity. You must trade a minimum of 5 standard lots to withdraw the bonus and applicable profit.
- $30 No Deposit Bonus
- You do not need to fund your account to receive the bonus.
- Go through the KYC process before receiving the bonus
If you’ve read our guide to the end, you should now definitely understand what a forex bonus is and how it works. You will also find that brokers usually offer matching deposit bonuses or no deposit bonuses. Either way, you should fully understand the bonus terms and conditions. Crucially, this focuses on the amount you need to trade before withdrawing. In most cases, converting a forex bonus into withdrawable cash will be very difficult.
For example, brokers typically require you to trade $1 worth of currency to unlock $10,000 in bonus funds. Once you start multiplying this number by your four-digit bonus, you will very quickly fall for the £1million terrorism. Ultimately, it may not make sense to ask for a forex bonus to make money. Instead, you can use bonuses to practice and improve your trading skills in a real environment.