Are you ready to discover the best online forex bonuses for February 2024? You’re in luck. Our team of experts has used their years of industry experience to uncover the most valuable forex bonus offers around.
All of the bonus forex brokers listed on this page have passed our stringent testing process. This ensures that these brokers only offer fair bonuses that meet industry requirements and provide you with the best chance to maximize your trading balance.
So, whether you’re looking for a beginner looking for a no deposit forex bonus or a veteran trader looking to be rewarded with a forex deposit bonus, you can rest assured that our list of carefully selected brokers has something for you.
Our best forex bonus sites offer you:
A choice of deposit or no deposit forex bonuses
A secure and safe trading platform
Quick and simple deposits and withdrawals
Excellent customer service
Sign up to one of our top-rated brokers to claim your free forex bonus today or continue reading to learn more about the different types of forex bonuses and how they benefit you.
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How we find the best forex brokers with bonus
Searching for a forex bonus is a time-consuming activity. Not only are there hundreds of forex brokers around but there’s also a wide range of different forex bonuses to choose from.
To save you from wasting your own time and money, we’ve done the hard work for you. We’ve tried hundreds of forex bonuses of all shapes and sizes so that we can accurately recommend the best bonuses for all types of traders.
Unlike other best forex bonus sites, who simply collect and advertise any and every offer they come across, we put every single bonus through our rigorous rating process. This tests the bonus against various criteria to ensure only the best fx bonuses are presented to you.
Forex bonuses that don’t pass our reviewing process simply don’t appear on our site. Below we’ve shown you the steps we take to bring you the best forex bonuses.
STEP 1
WE ANALYZE THE FOREX BONUSES ON OFFER
To find the best forex bonuses for you, we gather information on all the current forex bonuses on offer. We then check to see if each bonus looks fair and achievable.
This process includes constantly inspecting various broker websites to keep up to date with the latest and best brokerage bonuses and promotions available.
We search for forex trading contests, forecast bonuses, bonus draws, forex rebates, deposit bonuses and more. We also carefully consider what you might be looking to gain from accepting these offers. You may, for instance, want to be rewarded for your loyalty to a certain broker or you may want to pick up extra prizes for trading high volumes.
By analyzing the benefits that each forex bonus provides, as well as the qualifying requirements, we determine whether these offers provide value to your trading experience.
Our experts then compare them to compile our list of the best forex bonus brokers. This lets you concentrate on what’s important: signing up for the best forex broker deals, hassle-free.
STEP 2
LICENSING AND REGULATION
Different regulating bodies and jurisdictions place strict requirements and limitations on what a licensed broker can offer as a bonus. Additionally, your geographic location affects the limits of what bonus you can be offered, or if you’re even eligible to receive a bonus in the first place.
Using our knowledge of regulatory requirements, we inspect the bonus terms and conditions and eliminate unfavorable bonus deals. Only the best forex bonus offers that match up to the legal restrictions of your trading region will appear on our recommended list.
STEP 3
SUPPORT
There’s nothing better than being able to claim a fantastic forex bonus, however, sometimes technical issues can get in the way. To make these situations as stress-free as possible for you, we ensure that all of our best forex bonus brokers offer high-quality customer support.
We look for brokers that offer round-the-clock assistance, fast response times and support agents who have an in-depth knowledge of the industry. This guarantees that, if a problem occurs with your bonus, you’ll have everything sorted as quickly as possible.
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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.
Forex Welcome Bonus
A forex welcome bonus is just that. It’s a bonus that welcomes you to a trader’s site. Often, you get a forex welcome bonus when you open a trading account and make a deposit. As a result, it’s also called a deposit bonus.
The size of your deposit bonus is often expressed as a percentage. This percentage reflects the bonus you will receive based on the size of your deposit.
For example, if the broker you are signing up with offers a forex welcome bonus of 30% and you deposit $1,000 you would receive $300 in bonus money.
However, you can’t immediately withdraw your bonus cash from your forex account. If you did the broker would make a loss, and no business can run at a loss. Instead, you must use your forex deposit bonus to trade. But that’s why you signed up!
When you accept a welcome bonus from a forex broker you must reach a trading turnover target before you can withdraw funds from your account. This is an amount you trade on your forex account by buying and selling currency. The more you trade, the quicker you unlock any restrictions from your forex welcome bonus
The forex deposit bonus is a great way to boost your funds available for trading. However, if you are a casual trader, you might struggle to reach the required trading turnover, and thus this might not be the best bonus for you. If you are a regular trader, then a welcome bonus from a forex broker is an easy way to boost your funds.
No Deposit Forex Bonus
A no deposit bonus from a forex trader is just that: bonus money without making a deposit. That sounds crazy. What broker gives away free money? Is it a scam?
No, it’s not. No deposit forex bonuses are both popular, and completely legit.
This trading promotion is a great way to dip your toe into the forex world. You get a small amount of initial funds and can jump straight into trading to get the feel of things, without risking a cent of your own money.
There are rules and regulations that come along with a no deposit forex bonus. You can’t withdraw the money at once as the broker will be out of pocket. You may also have restrictions on when you can withdraw your profits, such as first trading a set amount of lots.
Despite that, a no deposit forex bonus is a great way to get started in your trading career. Experienced traders with funds ready to invest in might find they are better served with a forex welcome bonus.
Forex Trading Contests
A forex trading contest doesn’t rely on you making a deposit or signing up with a broker. Instead, this trading promotion is for existing clients.
Brokers run forex trading contests to allow traders to compete against each other in a structured environment. The contest has rules and guidelines, including which trades you can make and how long the contest will run. The trader with the biggest profit at the end gets the bonus.
Forex Demo Contests
A forex demo contest is like a forex trading contest, but with the opportunity to test your trading strategies and systems without risking real funds in live markets.
It’s the perfect opportunity to polish your skills, with the incentive of receiving rewards should you win the competition.
This is often the best forex bonus for new traders as it allows them the chance to not only experience near-live trading environments and win cash, but also to test the features that the forex broker has to offer.
Forex Draw Bonus
Unlike a contest, a forex draw bonus is more like a lottery. A trader is randomly selected by a broker to receive a bonus. Obviously, you need to be a client to take part and draws may be restricted to traders who meet specific criteria, such as trading volumes.
Still a forex draw bonus is a nice way to reward your loyalty to a broker.
Forex Forecast Bonus
A forecast bonus is a form of competition, with forex traders competing to predict something, such as what price a currency pair reaches at the end of a week. The trader that gets closest to the target wins the bonus. Promotions such as the forex forecast bonus are a great way for traders to have fun while trading while also being rewarded for their loyalty in using a broker’s platform.
Forex Rebate Bonus
A forex rebate bonus provides you with cashback on your trades. The broker decides which trades apply, along with a percentage cashback you will receive.
For example, if you had a 50% forex rebate bonus on a specific trade and you traded $100, you would get $50 back whether you made a profit or not from the trade.
There are rebate promotions offered by forex brokers which only apply to losses. In these cases, you receive a percentage of your trade value back only if you make a loss.
Understand that there will be terms and conditions tied to a forex rebate bonus. Obviously, you will need to have an actual trading account and not a demo account. Check out any specific terms and conditions that apply before you make any forex trades with an attached rebate bonus.
Forex Refer a Friend Bonus
This is perhaps one of the best forex bonuses available for value. As the name suggests, this type of bonus is earned by signing up a friend to an online forex broker. The rewards offered for these kinds of deals can sometimes be applied to both the account which made the referral as well as the account being referred.
Depending on the FX broker bonus offer, you can receive a variety of incentives and rewards for these deals. These can range from a percentage return of the referred account’s initial deposit to a predetermined cash bonus, to even commission earned on total trading volumes.
Be sure to carefully check the conditions of the forex broker offering these kinds of promotions to find out what rewards you might qualify for.
Forex Rewards Bonus
Many traders offer forex rewards bonuses. These are often tied to earning points through completing actions, such as signing up to the site or learning about trading. You can then exchange the points for gifts from the forex trader, such as smartphones or tablets.
Forex rewards bonuses are great for new traders. You get to learn, trade and experiment, all while earning points you can exchange for great gifts or bonuses. But experienced traders will find less value in them.
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.
STEP 1
FIND A GREAT FOREX BROKER THAT OFFERS A BONUS
We’ve got you covered there. Check out our list of the best forex bonus brokers and simply choose one. All the brokers we recommend offer safe and secure trading platforms and solid trading bonuses. Pick any of our recommended brokers and you’re in safe hands.
STEP 2
SIGN UP TO A BROKER’S SITE
The next step is to register for a forex account. This involves filling in a variety of forms but don’t worry, this normally only takes a minute or two to complete.
Aside from providing contact details, you may also be asked about your existing trading experience. This is so that the broker can determine which type of account you should apply for, and which bonuses you’ll receive.
STEP 3
MAKE A DEPOSIT
All our top-rated forex bonus brokers offer a wide range of quick and easy deposit options. Once you’ve made your deposit, your forex welcome bonus should be credited to your account immediately.
Of course, if you have opted for a no deposit forex bonus, then you’ll get your bonus upon registering with the broker.
What about country restrictions and forex bonuses?
Top regulators
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.
Frequently asked questions about forex bonuses:
There are. New traders will generally encounter welcome forex bonuses and no deposit forex bonuses. There are also rebate forex bonuses that will appeal to both new and experienced traders. Finally, there are trading competitions that make trading even more fun.
It certainly does. You will have to use that money to trade, and by accepting it you will have some restrictions on your trading account, but you will really get free money.
Some forex brokers may be bound by trading laws to not offer promotions and bonuses to traders in certain countries. If you are not finding a forex bonus for you, it could be you live in a location where traders are prevented from offering them.
It depends. If you are looking for some extra cash and intend to do a fair bit of trading a forex welcome deposit bonus is a good choice. If you just want to test the trading waters a no deposit forex bonus could be the way to go. You can sign up to more than one broker, so you could accumulate several forex bonuses if you wanted to.