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Forex Bonus Offers

Forex bonus offers are not as common as they used to be, due to regulation in many jurisdictions. But there are still plenty of forex brokers that do offer welcome bonuses to new traders. Here we list the top forex bonus offers in September 2023.

Top Forex Bonuses

These are the 10 best bonus offers from forex brokers right now:

  1. Forex.com - Active Trader Program With A 15% Reduction In Costs
  2. Webull - Up to 12 free fractional shares when you deposit $100
  3. Videforex - 20% to 200% Deposit Bonus
  4. CloseOption - $10 Welcome Gift
  5. Coinexx - 100% Deposit Welcome Bonus
  6. Axofa - 10% Deposit Bonus
  7. World Forex - 100% Deposit Bonus
  8. IQCent - 20% to 200% Deposit Bonus
  9. RaceOption - 20% - 200% Deposit Bonus
  10. Scope Markets - 50% Deposit Bonus Up to $50,000. *Bonus promotions do not apply to all entities. Depending on the jurisdiction chosen to open an account with, different regulations apply.

#1 - Forex.com

Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.0
  • Total Assets: 80+
  • Leverage: 1:50
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

Forex.com Bonus

Active Trader Program With A 15% Reduction In Costs

Stocks Trading

Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.

About Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Pros

  • Respected and trusted broker overseen by tier-one regulators including the US SEC
  • Industry-leading pricing on popular forex assets starting from 0.0 pips
  • Low minimum deposit of $100

Cons

  • Investment offering varies between countries
  • No copy trading platform
  • $15 monthly inactivity fee
Visit Forex.com

#2 - Webull

Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.

"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."

- DayTrading Review Team
  • GBPUSD Spread: 0.4
  • EURUSD Spread: 0.2
  • EURGBP Spread: 0.4
  • Total Assets: 15+
  • Leverage: 1:4
  • Platforms: Own

Webull Bonus

Up to 12 free fractional shares when you deposit $100

Stocks Trading

Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.

Crypto Trading

Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.

About Webull

Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.

Pros

  • Fractional shares
  • Smart Advisor for auto investing
  • No minimum deposit for beginners

Cons

  • High deposit and withdrawal wire fees for non-US residents
  • Day trading is limited for customers with less than $25,000 deposited
  • Sometimes sudden changes in trading conditions
Visit Webull

#3 - Videforex

Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.

"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts are also higher than most alternatives climbing to 98%."

- DayTrading Review Team
  • GBPUSD Spread: Floating from 0.1 pips
  • EURUSD Spread: Floating from 0.1 pips
  • EURGBP Spread: Floating from 0.1 pips
  • Total Assets: 35
  • Leverage: 1:500
  • Platforms: TradingView

Videforex Bonus

20% to 200% Deposit Bonus

CFD Trading

Videforex CFDs are available on forex, indices, cryptocurrencies and commodities with up to 1:500 leverage and tight spreads from near zero. CFDs incur a commission fee of 1%–2.5% and up to 5% for leveraged trades.

Stocks Trading

Trade binary options and CFDs on global stocks from US, European, Russian and Asian exchanges, as well as 37 indices covering a wide range of global markets. The access to stocks trumps many binary options brokers.

Crypto Trading

Traders can speculate on crypto prices in pairs with USD and CNY through binary options and CFDs. The range of digital currencies is fairly narrow vs alternatives but major tokens like Bitcoin are available.

About Videforex

Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.

Pros

  • Withdrawals are usually processed within one hour
  • You can trade every day and through the weekends
  • Videforex offers transfers via a wide range of payment types, from credit cards to cryptocurrencies

Cons

  • US clients aren’t accepted due to legal restrictions
  • No MetaTrader 4 integration
  • The broker isn’t overseen by a trusted regulatory agency
Visit Videforex

#4 - CloseOption

CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.

"CloseOption is a good pick for traders seeking a user-friendly binary options platform with high payouts and joining bonuses."

- DayTrading Review Team
  • GBPUSD Spread: No fee - payouts approx. 80% (Copper)
  • EURUSD Spread: No fee - payouts approx. 80% (Copper)
  • EURGBP Spread: No fee - payouts approx. 80% (Copper)
  • Total Assets: 20+
  • Platforms: Own

CloseOption Bonus

$10 Welcome Gift

Crypto Trading

CloseOption traders can access high/low binary options on five major cryptos all paired with USD. Payouts of 40% are available due to digital assets' high market volatility, which compares well with rivals.

About CloseOption

CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software.

Pros

  • Free demo account
  • New traders can get started with a $5 minimum deposit
  • The user-friendly platform is compatible with most web browsers

Cons

  • Clients need to deposit $50,000+ to qualify for the best payouts
  • Binary options are only available on fiat and digital currencies
  • CloseOption is not regulated by a well-regarded trading authority
Visit CloseOption

#5 - Coinexx

Trade 70 major, minor and exotic forex pairs with ultra-low ECN spreads and fast execution via the MT4 or MT5 platforms. There are also zero SL/TP limits and automated forex trading is well catered for.

"Traders seeking highly leveraged CFDs with a broker that uses crypto as a base account currency will find a good match in Coinexx. The ECN model also offer tight spreads from 0 pips. On the downside, traders should note the weak regulatory oversight."

- DayTrading Review Team
  • GBPUSD Spread: From 0.0 pips
  • EURUSD Spread: From 0.0 pips
  • EURGBP Spread: From 0.0 pips
  • Total Assets: 60+
  • Leverage: 1:500
  • Platforms: MT4, MT5

Coinexx Bonus

100% Deposit Welcome Bonus

CFD Trading

Trade flexible CFDs on forex, commodities, indices and cryptos with tight spreads, fast execution, micro-lot trading and leverage up to 1:500. There are also no restrictions on day trading strategies.

Stocks Trading

Coinexx traders can speculate on broad movements of global markets via five indices covering exchanges in the US, UK, Germany, and China. On the downside, there are no individual stocks which is a significant drawback.

Crypto Trading

Trade CFDs on BTC, ETH, LTC and XRP with 1:5 leverage, market execution and 0.01 micro lot trading. However, we weren't impressed with the narrow choice of cryptos with no emerging, smaller-cap tokens available.

About Coinexx

Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.

Pros

  • MetaTrader 4 and MetaTrader 5 integration
  • Very high leverage up to 1:500
  • Full range of investments including cryptos

Cons

  • No regulatory oversight reduces safety
  • No fiat account funding options - crypto only
  • No copy trading service for aspiring investors
Visit Coinexx

#6 - Axofa

Axofa offers 50+ forex pairs with raw spreads and low commissions. On the downside, the broker is not particularly transparent when it comes to their account conditions and fees.

"Axofa could be a good option for clients looking for social trading features alongside the MT5 platform, and are willing to trade with an offshore brand."

- DayTrading Review Team
  • GBPUSD Spread: From 1.6 pips
  • EURUSD Spread: From 1.6 pips
  • EURGBP Spread: From 1.6 pips
  • Total Assets: 10+
  • Leverage: 1:1000
  • Platforms: MT5

Axofa Bonus

10% Deposit Bonus

CFD Trading

CFDs are available on popular asset classes with a competitive $1 minimum deposit. The broker offers very high, unrestricted leverage of 1:1000, which will amplify both profits and losses.

Stocks Trading

A decent selection of 100+ popular international stocks are available. Traders can also test out their strategies in the free MT5 demo account, though the conditions are more limited vs other brokers.

About Axofa

Axofa is a forex and CFD broker registered in St Vincent and the Grenadines. The broker offers three account types with access to forex, commodities and indices. With ECN processing, low minimum deposits and no commissions, Axofa could be an attractive option, although the broker does not hold a reputable license.

Pros

  • Low starting deposit of $1 for beginners
  • Negative balance protection
  • MT5 integration

Cons

  • Lack of transparency around pricing
  • Limited verifiable information about the broker’s owners and background
  • Inconsistencies between international subsidiaries and website information
Visit Axofa

#7 - World Forex

World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.

"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."

- DayTrading Review Team
  • GBPUSD Spread: From 0.6
  • EURUSD Spread: From 0.6
  • EURGBP Spread: From 0.6
  • Total Assets: 53
  • Leverage: 1:1000
  • Platforms: MT4, MT5

World Forex Bonus

100% Deposit Bonus

CFD Trading

World Forex's leveraged CFDs are available on a modest suite of 100+ instruments, including stocks, commodities and forex. Very high leverage up to 1:1000 is available for account balances up to $1000, with lower levels available to accounts with higher balances.

Stocks Trading

World Forex traders can speculate on price movements of 40+ stocks with CFDs and digital contracts with no commissions, tight spreads and high payouts. You can take positions on big names like IBM and American Express.

Crypto Trading

Traders can access CFDs on crypto assets through World Forex's dedicated W-CRYPTO accounts, which offer leveraged cryptocurrency trading with spreads from zero. We rate that you can trade on 10 cryptos paired with the USD and EUR, while crypto-crypto pairs are also available.

About World Forex

World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

Pros

  • VPS hosting
  • Educational content
  • Low deposit of $1

Cons

  • Withdrawal fees apply
  • No negative balance protection
  • Weak regulation
Visit World Forex

#8 - IQCent

IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.

"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."

- DayTrading Review Team
  • GBPUSD Spread: From 0.7 pips
  • EURUSD Spread: From 0.7 pips
  • EURGBP Spread: From 0.7 pips
  • Total Assets: 40
  • Leverage: 1:500
  • Platforms: TradingView

IQCent Bonus

20% to 200% Deposit Bonus

CFD Trading

IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.

Stocks Trading

IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.

Crypto Trading

IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.

About IQCent

IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.

Pros

  • Bonuses available up to 100% for Gold account members
  • 24/7 customer support
  • $0.01 minimum stake for newer traders

Cons

  • Poor selection of stocks with just four equities
  • A short period before an inactivity fee is charged
  • Not overseen by any highly respected regulator
Visit IQCent

#9 - RaceOption

Trade 25+ major and minor currency pairs with access to over 30 technical indicators in the broker's proprietary terminal. You can also follow and replicate other forex trades using the integrated copy trader.

"RaceOption will appeal to traders new to binary options looking for copy trading, contests and 24/7 customer support. Experienced traders will also appreciate the account-based perks and bonuses."

- DayTrading Review Team
  • GBPUSD Spread: Floating
  • EURUSD Spread: Floating
  • EURGBP Spread: Floating
  • Total Assets: 25+
  • Leverage: 1:500
  • Platforms: TradingView

RaceOption Bonus

20% - 200% Deposit Bonus

CFD Trading

Access a modest range of CFD instruments across key markets, including indices and commodities. Clients can trade directly from charts with high leverage up to 1:500 and customisable time intervals.

Stocks Trading

Go long or short on over 50 major global shares and map out your strategies using the intuitive charting tools. Those with $1,000+ starting capital can also enjoy their first 3 trades risk-free.

Crypto Trading

Trade popular crypto CFDs with leverage up to 1:30 and utilize convenient crypto funding in Bitcoin, Ethereum or other altcoins. You can also enjoy fully flexible, 24/7 crypto trading at home or on the go. Cryptos are paired with USD and CNY.

About RaceOption

RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.

Pros

  • Sign-up bonuses from 20%, plus weekly trading contests and prize giveaways
  • Free and instant deposits via bank cards and cryptos, plus guaranteed withdrawals processing within 1 hour
  • Flexible weekend trading available plus 24/7 multilingual customer support

Cons

  • Withdrawal thresholds apply
  • Unregulated broker with lower safety score
  • $250 minimum deposit is higher than other binary options brokers
Visit RaceOption

#10 - Scope Markets

Scope Markets offers MT5 trading for a range of major, minor and exotic currency pairs with high leverage and a low starting deposit. Multilingual 24/5 support is also available to support forex traders.

"Scope Markets will appeal to traders seeking highly leveraged CFDs and spot investment products on the powerful MetaTrader 5 platform. The Scope Markets Group stands out for its range of trading tools and educational materials."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.0
  • Total Assets: 44
  • Leverage: 1:2000 (location dependent)
  • Platforms: MT4, MT5

Scope Markets Bonus

50% Deposit Bonus Up to $50,000. *Bonus promotions do not apply to all entities. Depending on the jurisdiction chosen to open an account with, different regulations apply.

CFD Trading

Scope Markets clients can trade CFDs on a good selection of asset classes including forex, precious metals, energies, indices and global shares. The award-winning broker also offers a decent suite of educational materials and a YouTube channel to support aspiring traders.

Stocks Trading

Scope Markets offers stock trading on popular markets, alongside cash and futures indices. Clients can speculate on major stocks from US, EU, Australia, and more with competitive fees and reliable trading software.

Crypto Trading

Go long or short on popular cryptos like Bitcoin, Ethereum and Ripple with leveraged CFDs and competitive spreads. Depending on the jurisdiction, different regulations apply. CFDs on cryptocurrencies are not offered in all jurisdictions.

About Scope Markets

Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.

Pros

  • Modern Scope Trader web platform with 50+ analysis tools and intuitive design
  • Available in English, Spanish, Russian, Vietnamese & Chinese etc.
  • MT4 and MT5 platform integration

Cons

  • Regulatory scrutiny varies between countries
  • Limited trading instruments
Visit Scope Markets

What is a Forex Bonus?

We can best define bonuses in forex as monetary incentives offered to clients, with the goal of encouraging them to perform a certain action. This action can be registration, the achievement of certain trading volumes, or any other objective set by the broker.

Strict conditions apply to most forex bonuses. Brokers set such conditions according to their own needs and preferences.

Typically, brokers aim their bonus deals at traders who deposit less than $5,000. Some forex bonuses can encourage over trading, or trading beyond a trader’s means.

It is therefore imperative that traders should understand all the terms and conditions that apply to a bonus, before accepting it.

forex bonus no deposit match

Different Types of Forex Bonuses

Over the years, forex brokers have been very creative with their incentives. Scores of different types of forex bonuses were created, promoted and optimised.

Forex bonuses are as diverse as the creative minds of those cooking them up allow them to be. That said, they can mostly be put into one category or another, based on some key features.

Some brokers hand out their forex bonus without requiring traders to make a deposit. Others might call for a deposit, but offer very lax bonus redemption conditions. Still others dangle attractive bonuses, but torpedo the deal through the fine print, hoping that the targeted clients won’t read through that.

No Deposit Bonus

Because of their no-strings-attached nature, No Deposit forex bonuses are some of the most popular promotional deals. Traders and would-be traders love them, because they do not assume any risk through these bonuses.

Brokers typically hand out such no deposit bonus deals with the goal of getting traders hooked on what they offer. The primary goal of every online forex broker is to “usher people in” and get them to start trading. No deposit bonuses are indeed very effective at meeting this objective.

Within their own little category, no deposit bonuses come in a few different variants. Some brokers effectively hand out free money. They do it in the hopes that traders hooked through this act will continue trading with real money and offset the cost.

Such brokers may view no deposit bonuses as effective, albeit rather steep, promotional expenses.

However, traders can never cash out most no deposit bonuses. Nor can they ever pocket any of the profits resulting from such bonuses. In such cases, the bonus deal is mostly a nominal one. Its sole purpose is to give traders a chance to take a risk-free “peek inside”.

They say that there are no free rides in life. This truth applies to no deposit bonuses, with scant exceptions. Always check the turnover requirements to see how realistic they are, and if profits can be withdrawn eventually.

Deposit Bonus

Unlike a no deposit bonus, a deposit bonus requires the trader to transfer real money to his/her broker account. The broker then awards the bonus money in a manner proportional with the size of the deposit.

Given its mutually advantageous nature, the deposit bonus is usually a much more serious deal than a no-deposit one.

At face value, it is supposed to complement the ability of the trader to invest. Brokers who adhere to this approach might tie their deposit bonuses to certain conditions. But they do not aim to make it impossible for traders to withdraw these bonuses.

At the other end of the spectrum, brokers abuse such bonuses. By setting impossible-to-fulfill redemption requirements, they often tie up the trader’s actual deposit with the bonus money.

This is yet another reason why you should always choose your forex bonus from a trusted source. Strong regulation is often enough to ensure bonus deals are marketed correctly.

Welcome Bonus

The peculiarity of this bonus type is that it is only available to newly registered clients. Beyond that, it can take any shape. It can be a no-deposit bonus, a deposit “match” bonus, or turn-over bonus, etc.

Welcome Bonuses are typically only available once per household. If you have had an account with a broker for some time, you can forget about picking up a Welcome Bonus.

Turnover Bonus

A Turnover Bonus directly rewards trading activity and volume. As such, it is one of the pet peeves of regulators everywhere. It directly encourages clients to trade more.

A typical Turnover bonus format would be: trade X number of lots per calendar month, to receive Y amount of bonus money.

Since turnover bonuses require traders to “do the work” upfront, they are often transferred to trader’s accounts without any strings tying them.

Pending Bonus

A pending bonus offers the trader a bonus once they meet a particular milestone. This might be trade volume or deposit totals etc. Again, the terms and conditions are crucial, particularly in the milestones must be met within a certain time frame.

Reload Bonus

Unlike a Welcome Bonus, a Reload Forex Bonus is aimed at existing clients of a brokerage. It is awarded to those who reload their account balances through subsequent deposits.

Reload Bonuses have drawn the ire of the regulators because they directly encourage traders to deposit more money.

Reload bonuses are like a poor man’s first deposit bonus. Their sizes are usually smaller and their redemption requirements may be steeper. Often, they are nothing more than a downsized version of a deposit bonus.

Tradable Bonus

A tradable bonus becomes part of one’s full tradable balance as soon as awarded. This type of bonus can be traded and lost.

Attached conditions may make it impossible for traders to withdraw profits incurred through the tradable bonus however. Since it is difficult to keep track of which profit came from which invested funds, it may not be simple for traders to know where they are with the bonus.

When working as intended though, forex Tradable Bonuses are among the best bonuses one can get.

Rebates

Forex brokerage clients pay the broker for the services it renders, through spreads and/or commissions.

Such expenses cut right into one’s profit margins. Some brokers offer rebates on commissions and spreads, provided the trader fulfills certain (usually trading volume-related) requirements.

While apparently fair and quite attractive, Rebates encourage increased trading volumes too. As such, they present yet another problem from a regulatory perspective.

Forex Gifts

Forex brokers reserve the right to give certain clients gifts. Such gifts range from various gadgets to event tickets and indeed: special bonuses. The broker has even more freedom to set the terms associated with such gifts than with regular bonuses.

It can award them as contest prizes, for trading volume achievements or as the result of random draws.

Forex Freebies

Freebies other than actual forex bonuses can add a great deal of value to the services of a forex broker. This category covers a wide range of benefits, such as Demo trading contests, live contests, raffle draws, and various prize-bonuses.

Education packages (webinars, video libraries, live seminars) are also in this category.
Serious and well established brokerages offer free VPS services to clients they deem worthy. Usually, trading volumes are instrumental in determining who gains access to such a service.

In some cases, intricate, multi-tiered VPS services are offered, mostly from third-party providers.

Brokers also make use of third party signal services, to offer their traders yet another non-monetary incentive.

Obviously, the best services in every category go to those who log trading volumes that the broker deems significant.

Refer-a-friend bonuses reward existing traders who convince their friends to join the broker. The deals are set up to be beneficial for all parties concerned, though – as any other bonus deal – they do leave some room for abuse.

How to Find the Best Forex Bonuses

Finding the best forex bonus is a matter of common sense and some research. Start by locating a serious and trusted source for bonus information and comparison (like this page).

Finding reliable information can be more challenging than simply running a search for “best forex bonus”, “forex bonus deals” or some other related keyword. You need independent forex bonus comparison and appraisal. Reviews from most dedicated Forex portals are unreliable or biased.

Your best bet is a page like this one, coupled with feedback left by actual traders. Never underestimate the power of the community when it comes to shedding light on the finer details of various forex bonus deals.

Typical Forex Bonus Conditions

After everything has been said and done, take time to read into the fine print. Here’s what the terms attached to a typical forex bonus look like:

If you buy 1 lot of EUR/USD at X price and sell it at Y price, your turnover will be (100,000*x)+(1,000,000*y). That will make more than $200,000 on that position alone.

Adding leverage to the equation, that $10 million does not seem a distant objective at all. Profits and losses do not count towards turnover in any way.

Regulators And Forex Bonuses

The forex bonus was once seen as the go-to promotional tool of online forex brokers. From no deposit bonuses, to rebates or a deposit match bonus, a new trader had a number of choices to boost their trading capital. Nowadays however, it has been relegated to the fringes of the industry, due to mounting regulatory pressure.

According to the provisions of MiFID II for instance, brokers are no longer allowed to offer any sort of bonus incentives to their clients. Most regulators the world-over have adopted similar stances in this regard.

Still, some brokers continue to offer promotions in certain jurisdictions. Thus the forex bonus has remained part and parcel of the online forex ecosystem.

Beginning with July 30, 2018, the European Securities and Markets Authority (ESMA) has banned all forms of forex bonuses and gratuities. Of course, brokers regulated under different jurisdictions may still offer such deals.

Forex bonuses were not the only variable addressed. ESMA also banned binary options, limited leverage and made the displaying of risk warnings mandatory on all FX websites.

By banning forex gratuities in particular, ESMA aimed to prevent new traders from being suckered into trading. By eliminating this ruthlessly efficient promotion tool from the arsenal of FX operators, the regulator has succeeded in making potential beginners think twice about risking their funds.

Conclusion

Forex bonuses and gratuities are illegal in EU-regulated jurisdictions. The US markets are mostly off-limits to brokers, so there is not much going on bonus-wise there either.

Keep that in mind when looking for a lucrative FX bonus. The broker that can give you what you’re looking for is likely an offshore operator, with a shoddy regulatory background.