So you have finally decided to start trading Forex, that’s great news and already a huge step forward. Did you know that some brokers will provide you with special bonuses and promotions for your trades?
These brokers are working very hard to create special offerings tailored to the individual needs of Forex traders. The special bonuses and promotions offered to Forex traders can come in quite handy for beginners, as well as experienced traders.
While not all of the brokers offer trading bonuses, many do. Trading bonuses can give you additional money to make even greater profits, but where exactly can you find the best FX bonuses? That’s exactly what we are going to discuss in today’s detailed guide to Forex trading bonuses.
List of Best Forex Brokers with Deposit Bonuses
Deposit bonuses are the type of promotions that Forex brokers offer for the deposits that you make. These bonuses increase your initial investments and let you make even greater profits.
Below, you can see some of the best Forex brokers that offer traders deposit bonuses. Take a look at our list and find the broker that fits your needs the best.
Best and most trusted forex brokers in March 2023
All the brokers below are available in:
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Platform for trading Forex, analysing financial markets and using expert advisors.
Forex deposit bonuses come in a variety of sizes and shapes. Although some Forex brokers offer large bonuses and promotions to attract clients, Forex bonuses are not as popular as they are in other industries such as binary options trading, spread betting, and sports betting.
Deposit bonuses are far more popular in industries like gambling, for example. Forex trading, as opposed to gaming or gambling websites, is a genuine business idea that allows an investor to make informed market judgments while earning a secure and consistent income.
Although skilled traders avoid Forex bonuses, novice and intermediate traders may find bonuses useful in their journey to develop a successful trading portfolio.
The general idea of deposit bonuses in Forex is that the brokers provide additional funds for the deposits that you make. This can be as little as 10 percent of your deposits or as much as 50 percent.
Most Common Forex Trading Deposit Bonuses
Forex deposit bonuses start from as low as 5% of the deposit amount to as high as 100% of the initial deposit. Some brokers also offer up to 200% or even larger numbers, but a majority of mainstream brokers limit the amount of bonus to a 100% maximum.
The structure of these bonuses mostly depends on the amount of deposit, the type of account, and the credibility of the broker.
According to industry norms, trusted and reliable brokers often offer fewer bonuses when compared to other lesser-known brokers. On the other hand, the availability of a bonus or the lack of it alone is not entirely representative of the quality and reliability of a certain brokerage.
Some FX brokers also offer a free no-deposit bonus that allows traders to start trading without making an initial deposit. Such no-deposit bonuses are ideal for traders to enjoy a risk-free environment where they can evaluate the real-life results of their trading strategies without putting their hard-earned money on the line.
No deposit bonuses are also excellent alternatives to demo accounts, as demo accounts are mostly incapable of replicating the actual emotions and psychology of trading on a large scale.
Advantages of Forex Deposit Bonuses
Many people enjoy Forex trading deposit bonuses. There are numerous advantages that they come with, for example, they can be a great help for traders to increase their turnover in the Forex trading market.
Bonuses are intended to increase the investment in a trading account without actually making a trade. A bonus is a sure-fire way of achieving instant profits without any risk. Therefore, bonuses allow a trader to hold more positions and open bigger lots when compared to their initial deposit amount.
Also, more money in the account equates to using more leverage and increasing the position size, which helps in enjoying more profits. Of course, added leverage is highly risky, and the downside is huge. Nevertheless, bonuses allow a trader to leverage his position and use it to his advantage.
In addition, some brokers offer insane deposit bonuses that allow traders to double their investment even before entering the market. No deposit bonuses remove the risk out of trading, which is a further incentive for traders to minimize their risk exposure without making any compromises.
All of these make Forex trading bonuses very popular among traders.
Disadvantages of Forex Trading Deposit Bonuses
As with anything else in the Forex trading market, deposit bonuses also come with numerous disadvantages that traders should keep in mind. As much as some traders might love everything about deposit bonuses, other parts of it make some traders avoid the deposit bonuses in the Forex trading market.
For example, almost all FX brokers require traders to agree to several terms and conditions before they become eligible for a bonus. Some of the terms outlined are close to impossible to achieve, which prevents a trader from making a withdrawal of their initial capital without satisfying the associated conditions.
Risks Around Withdrawals
All deposit bonuses are added to a trading account as a credit, which cannot normally be withdrawn. Even if a trader meets the bonus terms and conditions, it is up to the broker’s judgment whether or not the profits made with the bonus money are acceptable for withdrawal.
Most unethical brokers utilize bonuses as a pretext to avoid paying out money to their clients, and bonuses are widely regarded as the leading cause of broker-client disputes.