How to get a Forex bonus and benefit from it?
A Forex bonus is a special program a broker may offer to attract new clients or reward already existing ones. There are many variations of such bonuses, but one thing is sure: you will benefit from using one.
No matter your skills or goals, the team of TopForex.Trade is here to inform you and help you choose the right broker with the perfect bonus to suit you. All brokers listed on our website have passed the scrutinous review of the team of market experts. In this article, we would like to help you distinguish between bonus programs brokers offer so that you can choose the best one for your needs.
What is a Forex bonus?
Traders of any skill level will find Forex bonuses rewarding. Newbie traders will benefit from trying their hand at trading in the real-life market with the opportunity to make profits, more room for mistakes, and less risk due to the lack of market experience.
Pros and experienced traders already know their way around Forex but might still be new to the specific broker or the broker’s software. Thus, it is better to learn to navigate new services with the broker’s funds, not your own. With bonus funds, it’s easy to diversify or start trading with a few brokers at once. Plus, a competent trader may occasionally like to try out new trading strategies, and bonus funds are perfect for that.
Unfortunately, some regulators take issue with companies providing special offers to clients. The rules are especially strict in the EU and Australia. For traders, this means that brokers regulated by CySEC (EU) and ASIC (Australia) do not offer any promotions or bonuses.
What Forex bonus types are there?
There is no official list of Forex bonus types, but generally, many brokers offer similar (although not identical) bonuses. The most common types are no-deposit bonuses, deposit bonuses, and welcome bonuses.
Forex no-deposit bonus
As the name suggests, this type of bonus does not require any investments. You will receive a certain amount to your trading account or a bonus account as the so-called “trading credit”. This means you cannot withdraw the funds instantly, but they are available for trading and/or investing (if the broker offers social trading services). The profit you make with the bonus funds can be withdrawn.
Forex deposit bonus
This bonus requires you to make a deposit. Depending on the broker and bonus conditions, up to 100% can be added to the client’s initial deposit. This type of bonus can be highly beneficial for all traders, but especially experienced ones. For beginner traders, this is a great opportunity to try out different trading strategies with bonus money.
XM Group offers a two-tier bonus on your deposit (applies to deposits from just $5!), which is combined to instantly credit you with a considerable $5000 on top of your investment amount, giving you the ability to start trading with more capital.
HF Markets (formerly known in some regions as HotForex) offers an automatic welcome bonus of 50% of your first deposit which may reach $5000. The bonus is available even on Micro accounts, with a minimum deposit of $50. It is not the only bonus type the broker offers so be sure to explore all possible benefits.
Axiory lets traders claim the 50% bonus on any deposits they make into their Axiory live trading account. With each deposit, you’ll get 50% of the amount as trading credit. For example, if you deposit $100 you’ll get a $50 bonus. You can claim the bonus multiple times on one trading account until you’ve received the total sum of $5000 in trading credit.
Forex welcome bonus
As the broker’s new client, you can usually get some sort of bonus. The Welcome Bonus type can both be Deposit and No-Deposit, but the main idea is that you should be a new client. It is a one-time bonus for clients who have just joined the broker, and the conditions may vary.
So be especially attentive when joining the broker and check if they offer a Welcome Bonus – never miss out on a good offer. Try out several brokers’ conditions by registering with a few listed on our website and get a Welcome Bonus from each one.
Other bonus types of Forex brokers
Brokers may have other kinds of bonus programs that you should look for when joining:
Forex brokers cashback/rebate
It is the type of program where some part of your traded funds (usually around 5-15%) is returned to you after you’ve put the funds into open orders.
Forex referral programs
Brokers may pay you for bringing in a friend or two, but only if they registered and made a deposit.
AvaTrade offers a referral bonus for signing up friends with their brokerage. To receive the referral bonus, your friends will have to meet only 2 conditions:
- A minimum first-time deposit of $500;
- A minimum of 10 trades (no time limit on the trade positions);
When these conditions are met, AvaTrade will award you a referral fee of up to $250 for every friend you refer. The reward will automatically be disbursed to the balance of your account, and you can withdraw it using the various convenient payment methods AvaTrade has available.
XM Group‘s “Refer a Friend” program is structured so that, the more people you invite, the more you earn per successful referral.
- Refer 1-15 friends — get $25 per friend.
- Refer 16-30 friends — get $30 per friend.
- Refer 31+ friends — get $35 per friend.
Loyalty programs of Forex brokers
If you are sure you’re going to stay the broker’s client for some time and trade a significant amount of funds, you could join their Loyalty program if they have one. Such programs often have various gifts or cash prizes for each milestone you reach.
Seasonal promotions of Forex brokers
Brokers hold special events for big holidays like the New Year, Christmas, Ramadan, and other religious and non-religious occasions. The time and the holiday always depend on the location of the broker and their audience. For such a big event, brokers are likely to create huge bonus programs like a 300% deposit or $100 no-deposit bonuses. This is why it’s a good idea to join a new broker during the holiday season.
Forex Copy Bonus
When it comes to trading with some of the reputable international brokers, there is an amazing tool for you like Copy Trading. It is one of the easiest ways to take advantage of the expertise of other traders. Even those who do fully comprehend how the financial markets work can make money by simply automatically copying professionals. And if you’ve already mastered the art of trading when you have a bonus! Quite literally.
You’ll get a Copy trading bonus for each profitable trade mirrored by other users. This auto-copy feature is a win for users with absolutely different skill levels.
NAGA Markets‘s users can be auto-copied and earn a copy bonus. However, what you need to do first is to show remarkable results in your trading activities. The more successful you are, the higher you go up on traders’ ranking.
Another way for you to become more visible to the NAGA community is to interact with other traders to make more friends. It will give you more chances to showcase your trading strategy and skills, as well as to gain more followers and earn that copy bonus.
How to benefit from a Forex bonus?
The bonus funds are there to help you grow as a trader and usually can be withdrawn once you’ve traded a certain number of lots or made a profit. Please, do not think that the Forex bonus is just free money for you to withdraw instantly. Bonus money is there to be traded and turned into profit and market experience.
Each broker that we recommend on our website is 100% legitimate and trustworthy, thus, all bonuses they offer are real and attainable. But different offers have different terms – please always read the terms and conditions for the bonus you are getting. The Forex bonus T&Cs are usually quite short and written to be understandable enough for an average person. Reading the terms will not only help you avoid a negative experience due to some misunderstanding; it will also help you make sure you can maximize your profit and withdraw the bonus funds in the end.
To help you choose among other brokers, our analysts research the bonus programs offered. You will see a green checkmark in the list of brokers – this means there’s a bonus waiting for you on the other end. Now that you know what each bonus type implies, you will have no issue navigating the special offers and choosing the perfect one for you – or trying out several bonuses at once!
It is vital to diversify your financial activity, meaning that you shouldn’t focus just on trading when social trading can be as beneficial. Get educated with market professionals and gain more with each step on the market.
The best Forex broker bonuses we recommend
We have compiled a list of the most advantageous bonuses from the brokers reviewed and approved by our top market experts.
XM Group bonus program
XM Group has a high level of trust among traders from all over the world and is licensed by four financial regulators, among them FCA, ASIC, CySEC, and IFSC. XM pays special attention to the traders’ education and provides various training and informational materials such as videos with market analysis, Forex news, a calendar of economic events, etc.
The company offers 75 tradable instruments for your deals, each of them with tight spreads and favorable trading conditions. Traders can receive an automatic bonus for their deposit of up to $5000 and also there are transparent referral programs and seasonal bonuses.
HF Markets bonus
HF Markets or HotForex is a well-known trustable Forex broker that offers services to Africa, Asia, and the Middle East. By trading with the broker, users may anticipate a wide selection of tradable instruments, minimal trading fees, user-friendly trading platforms, educational content, and advanced trading tools.
The broker also offers a powerful solution to trade CFDs and Forex allowing to benefit from price fluctuations of more than 12000 instruments with costs built into the tight spread. Being a fully regulated broker in various jurisdictions, HF Markets maintains safe trading capabilities and delivers various solutions including Zero Spread trading, Islamic Accounts, Forex bonuses of 100% on your first deposit up to $5000, and cumulative cash rebates up to $8000.
NAGA Markets bonus
NAGA Markets is a reliable broker from Europe with a great range of trading instruments and a very competitive, but friendly social trading environment. By registering, you benefit from over 950 markets, including ETFs, Forex, commodities, Crypto, a wide range of professional tools, and educational materials for traders of any level.
Together with more than a million users, you can trade and invest, learn from them and automatically copy the best traders or become a trading pro yourself. As one, you’ll get a chance to earn extra income and a largely reduced commission. Or as a trading newbie, you can highly benefit from auto-copying the most successful traders in real-time: make money and learn at the same time.
NAGA provides a Copy bonus – you’ll get a Copy trading bonus for each profitable trade mirrored by other users.
AvaTrade FX bonus
AvaTrade is an international broker that is that offers a broad variety of tradable instruments including forex, stocks, commodities, cryptocurrencies, and indices, with industry-standard spreads, on a wide selection of trading platforms for both manual and automated trading, across a variety of device types.
Also, it provides a Copy Trading feature – your chance to earn some passive income just by automatically following the moves of more experienced traders. The combination of AvaTrade’s global reputation with tech-advanced mechanisms gives traders the security of knowing that their trades are in the safe hands of some of the best traders.
With AvaTrade, it couldn’t be easier to make a referral. If you already have a real account, simply log in to your account, where you will find the Refer a Friend section. Here you will find your personal link. Share it with your friends, and your reward will be automatically tracked and then transferred to you.