Your best forex bonus offers in April 2024

What types of forex bonus can you get?

There are many forex bonuses that brokers offer. They vary from forex welcome bonuses to the ever-popular forex no deposit bonus. Add in rebate bonuses, forex trading contests, forecast bonuses and draw bonuses and the choice can get bewildering.
However, help is at hand. We know that choosing the right forex bonus is just as important as choosing the right broker. So, we’ve created a guide to the many types and how they work.

How do you claim a forex welcome bonus?

The steps you will go through to claim a welcome will vary from broker to broker, although the main actions always remain the same. Below, we walk you through the major milestones, so you can easily get your hands on the best forex bonuses.

What about country restrictions and forex bonuses?

Not all forex bonus offers are available to everyone, unfortunately. Bonus offers may vary depending on where you’re trading from, due to the country’s legislation or regulatory body.

Your forex broker should state any geographical restrictions on any of their trading promotions clearly, however they do often hide these restrictions in the small print.

If a broker is offering you a bonus even though the broker is licensed in a country where bonuses aren’t allowed, you should avoid the broker at all costs.

Our list of the best forex bonuses only ever includes reputable brokers. Whilst we always look for brokers who offer their promotions in as many countries as possible, we always make sure they’re doing so legitimately too.

 

EU Forex Bonus Restrictions

Unfortunately, if you trade within the greater European Economic Area (EEA) you will be unable to receive the many of the best forex bonuses. This is because, in 2018, The European Securities and Markets Authority introduced MiFID II (the Markets in Financial Instruments Directive) which put a blanket ban on all forex brokers offering sign up incentives.

ESMA officials deemed that it is unlikely that a firm offering such bonuses and promotions could demonstrate that it was acting professionally, fairly, honestly, and in the best interest of its retail clients.

It’s not all bad news, however. ESMA-ruled brokers, such as those licensed by CySEC and the UK’s FCA are now regarded as some of the safest around. This is because of, not in spite of, the ban on forex bonuses.

Instead of offering forex bonuses, ESMA brokers often offer fair refer a friend schemes, as well as low and honest trading fees. This means that, during your trading career, you’ll actually save more money with these brokers than with those promising the best forex bonuses around.

 

How to avoid forex bonus scams

Unfortunately, in the world of online forex trading, there is an abundance of untrustworthy forex brokers offering scam bonuses and promotions. Luckily, our experts have identified the key signs that a broker is trying to offer you a bad deal.

Unregulated brokers offering extremely large free forex bonuses with unclear or unspecified terms and conditions is a huge red flag. Additionally, being redirected to a sign-up page when attempting to click on promotional details or information about the company is another sign that the forex broker in question is engaged in fraudulent activity.

FX brokers acting unlawfully will also promise you unrealistic, extreme profits starting from your initial deposit. A responsible broker will indicate that while the potential to earn returns is possible, there is no guarantee of successful trades.

These bucket shops attempt to lure clients in with the hopes of seeing huge returns, combined with promising the best forex bonuses around. Sadly, if a broker is claiming you’ll earn paybacks that seem too good to be true, they probably are.

To stay safe when picking up a forex bonus, always use our list of recommended brokers. Our detailed methodology awards brokers points for offering valuable bonuses, in addition to ensuring they offer all the other features you’d expect from the very best sites around.