In forex trading, brokers utilize numerous incentives to draw traders to their platforms. One of the most sought-after and appealing incentives is the deposit bonus. This bonus can provide traders with extra funds, enabling them to expand their position sizes. Additionally, it allows investors to take advantage of market opportunities while minimizing their risk. It’s no surprise that traders favor the best deposit bonus forex brokers.
However, with a multitude of brokers providing this option, selecting the right one can be overwhelming. In this comprehensive review, we will examine some of the best forex brokers with welcome bonuses, discussing how these bonuses are structured and the distinctive features of each broker. Let’s get started.
Understanding Deposit Bonuses
A forex deposit bonus is a promotional incentive offered by a broker, in which they credit a trader’s account with a bonus that is calculated as a percentage of their deposit. For instance, a 50% deposit bonus on a $100 deposit would grant the trader an extra $50. Consequently, this would lead to a total trading capital of $150.
Deposit bonuses can take various forms:
- Percentage-Based Deposit Bonus – This is the most common form of deposit bonus offered by forex brokers. The broker provides a percentage of the amount deposited as a bonus.
- Fixed Amount Deposit Bonus – In this category of bonus, the broker provides a set amount of bonus funds irrespective of the deposit size. Naturally, some additional terms and conditions may apply.
- Tiered Deposit Bonus – Tiered deposit bonuses present escalating bonus amounts based on the deposit size (tier). It may also depend on trading volume.
These are typically the most favored deposit bonuses available from forex brokers.
How to Choose the Best Deposit Bonus Forex Broker
Although deposit bonuses may attract traders, they should not be the sole consideration when choosing a forex broker with a deposit bonus. It is crucial to assess various elements to guarantee that the broker provides quality services.
Traders should take into account:
- Regulatory Compliance – Regulation is the most vital aspect to consider when selecting a forex broker. Make sure the broker you opt for is regulated by a respected financial authority such as the DFSA, the CMA, or the FSCA, among others.
- Terms and Conditions of the Deposit Bonus – Deposit bonuses frequently come with particular terms and conditions that traders need to comprehend before accepting the offer. Some withdrawal conditions can be quite limiting, so it is wise to be informed in advance.
- Trading Conditions – Evaluate the broker’s spreads, commissions, and execution speed. A substantial bonus holds no value if the trading conditions are poor.
- Trading Platforms and Tools – The trading platform serves as your main instrument for executing trades, analyzing the market, and overseeing your account. Select a broker that provides a user-friendly and dependable trading platform.
Based on the criteria mentioned, let’s examine some of the top deposit bonus forex brokers.
Best Forex Broker with Welcome Bonus
1. PrimeXBT
PrimeXBT is a versatile trading platform renowned for its cryptocurrency offerings and appealing bonus options. This is one of the best brokers offering deposit bonus. It provides its traders with a distinctive deposit bonus that enables investors to earn up to $500.
This bonus program is exclusively available to new clients who register for an account with PrimeXBT. To qualify for the bonus, traders must first successfully create and verify their account with the broker.
After successfully registering and verifying their account, traders must meet two conditions within 48 hours to claim the bonus. Firstly, they need to deposit a minimum of $300 (or its equivalent in any other currency).
Secondly, traders must achieve a specific percentage of trading volume to be eligible for the bonus. Clients can view the necessary trading volume percentage they need to attain in the company’s reward center.
Once these requirements are fulfilled, the bonus will be added to the client’s rewards account. The bonus amount will be determined by the total sum deposited and traded. Clients can monitor their performance in the rewards center.
The welcome bonus is exclusively applicable within the trading account. It is credited to your rewards account, where it can grow alongside other bonuses and promotions. You have the option to move any part or the full bonus amount from your rewards account to your trading account.
Please note that certain limitations may apply to these transfers, and the maximum amount that can be transferred will be indicated on the platform.
Although the bonus funds do not have an expiration date in your rewards account, once they are moved to a trading account, they will be subject to a 90-day expiration period.
PrimeXBT’s Key Features
PrimeXBT offers its traders a wide variety of market products. This selection includes CFDs on more than 45 forex pairs, various indices, commodities, and over 40 different cryptocurrency pairs. Traders can access these market products through the broker’s primary trading platform, which is offered as both a WebTrader and a mobile application.
The spreads on this broker’s site are highly competitive, beginning at 0.1 pips with no commissions required. Lastly, this regulated broker with welcome bonus is regulated by two main organizations. Firstly, it operates under the oversight of the FSA in Seychelles. Furthermore, the company is incorporated per the laws of Saint Lucia.
2. HFM
HFM is one of the best deposit bonus forex brokers, operating globally since 2010. This brokerage is acknowledged for the attractive bonuses it offers to traders. To start, HFM provides a 100% Supercharged Bonus on deposits, which effectively doubles the amount deposited by a trader. This deposit scheme applies to any deposits starting from $10 and above. However, there is a cap on the total deposit amount a trader can earn, which is set at $50,000.
Additionally, this deposit bonus includes another advantage. It provides daily rebates of $2 per lot, with a maximum limit of $8,000. Therefore, it merges two bonus programs from the company: the 100% SuperCharged Bonus Credits and SuperCharged Rebates. Notably, any withdrawal made by a trader from their account will lead to a proportional decrease in their supercharged bonus amount on a 1:1 basis.
With this top broker offering welcome bonus, there is also an extra deposit bonus available to traders that is known as the top-up deposit bonus. Typically, this bonus is set at 20%, but it can vary from a modest 10% to an impressive 100%, giving traders the flexibility to take advantage of this incentive. The highest bonus a trader may obtain varies between $100 and $5,000, contingent upon the particular offer.
While the top-up bonus itself cannot be withdrawn, any profits earned from trading with the bonus are eligible for withdrawal. It’s important to note that any withdrawal from the trading account will lead to a proportional reduction of the bonus based on the withdrawal amount. This bonus is exclusively applicable to a Top-up Bonus account.
HFM’s Key Features
HFM is well-known for its appealing trading conditions. It provides low spreads starting at just 0.2 pips on its pro-plus account. Furthermore, the broker provides a zero spread account that includes spreads starting from 0.0 pips, accompanied by a commission of $3 for each side per lot. The Top-up Bonus account has spreads beginning at 1.4 pips for major currency pairs, with no commission applied.
Additionally, this deposit bonus forex broker provides a wide array of market instruments for traders to invest in. This allows traders to utilize their deposit bonus to create a well-diversified portfolio. Traders have the opportunity to engage with CFDs on various assets, including forex, energy, indices, stocks, metals, bonds, commodities, cryptocurrencies, and ETFs. To facilitate trading in these assets, traders may utilize MT4, MT5, and the HFM Platform.
Regarding regulations, this broker is overseen by the FSCA in South Africa, the DFSA in Dubai, the CMA in Kenya, and the FSA in Seychelles, among others.
3. XM
XM is a well-respected deposit bonus forex broker recognized for its substantial and favorable conditions for traders. This brokerage provides its clients with a two-tier deposit bonus. The initial tier grants a 50% bonus on deposits reaching up to $1,000, with a maximum limit of $500 (applicable when a trader earns up to $500).
The second tier grants a 20% bonus on deposits that exceed $1,000, with a maximum deposit limit of $23,500 (or a maximum bonus of $5,000). For deposits above $1,000, the initial $1,000 is eligible for a 50% bonus, while the remaining amount is eligible for a 20% bonus.
This promotion is valid for both the Standard and Shares accounts; however, it does not apply to the XM Ultra Low account. As anticipated, traders are not permitted to withdraw the deposit bonus from their accounts at will. However, any profits earned from trading with that amount may be withdrawn without restriction.
Additionally, any withdrawal of funds from a client’s account will lead to a proportional reduction of the deposit bonus corresponding to the withdrawn amount. It’s worth noting that XM provides a $30 no-deposit bonus for new traders. The terms and conditions also apply to the no-deposit
XM’s Key Features
XM is a well-known forex broker worldwide, boasting a robust client base of over 15 million clients across more than 190 countries.
This welcome bonus forex broker provides an extensive range of over 1,000 market products. These encompass CFDs on forex, equity indices, shares, cryptocurrencies, commodities, metals, stocks, and energies. Investors can utilize a variety of advanced trading platforms available on this broker’s site, including MetaTrader 4, MetaTrader 5, and XM’s trading app.
Regarding trading fees, XM remains highly competitive. Its standard account features a spread starting from 1.6 pips, while the XM Ultra Low account offers spreads beginning at 0.8 pips. Neither account incurs a commission.
4. Libertex
Libertex is a top forex broker with a deposit bonus for new traders. They offer a complete 100% deposit bonus, which effectively doubles the initial trading capital. This bonus applies to first-time deposits, allowing traders to engage in larger market positions.
Notably, Libertex permits traders to withdraw this bonus if they choose to do so. The minimum deposit necessary to be eligible for the deposit bonus is $100, whereas the highest bonus amount that a trader may obtain is $10,000.
Libertex Deposit Bonus Terms and Conditions
It is essential to recognize that traders are unable to directly withdraw or trade the full 100% deposit bonus. Instead, they are required to go through a redemption process that necessitates engaging in trading activities. Each day at 21:00 UTC, Libertex evaluates the total fees generated from trading activities and allocates 10% of these fees to the trader’s account as a bonus.
Traders have the option to either withdraw this credited amount or utilize it for additional trading. To completely convert the Welcome Bonus into fiat currency, the conversion process must be completed within 30 days. Any part of the bonus that is not redeemed after this timeframe will be forfeited by Libertex.
Libertex’s Key Features
Libertex provides an extensive selection of trading instruments, such as CFDs on forex, indices, cryptocurrencies, stocks, oil, and gas. Additionally, a commission is applied to each trade. For forex pairs, the commission is a modest $7 for every $100,000 traded.
5. TradingMoon
TradingMoon is a well-regarded welcome bonus forex broker that presents an appealing deposit bonus to its traders. New clients are eligible for a $30 deposit bonus upon making a minimum deposit of $25. It is crucial to understand that the $30 deposit bonus cannot be withdrawn directly.
Nevertheless, any profits generated from this bonus are available for withdrawal. It is important to note that if there is no trading activity in the account for a period of 90 consecutive days, the welcome deposit bonus will be forfeited.
TradingMoon’s Key Features
TradingMoon’s Standard account features spreads beginning at 0.7 pips with no commission fees. For those looking for even tighter spreads, the Premium accounts offer spreads starting from 0.2 pips, but they necessitate a larger minimum deposit and impose a commission of $3.5 for every 100k traded.
There is a trading platform available, TradingMoon, which ensures ultra-fast trade execution. Furthermore, this broker offering welcome bonus also offers access to a diverse array of international markets, encompassing forex, stocks, commodities, indices, and cryptocurrencies. At the end, this broker is supervised by the FSA in Seychelles.
6. Octa
Octa is one of the top deposit bonus forex broker that has been providing trading services since 2011. This brokerage provides a 50% bonus on deposits made by traders. This significantly increases the trading capital of traders by adding additional funds to their deposits. In order to be eligible for the 50% bonus, traders must fulfil three essential steps.
Initially, individuals are required to establish a genuine trading account and provide a deposit. Subsequently, they are obligated to trade several lots that correspond to fifty per cent of their bonus amount. Similar to other deposit bonuses, traders are not permitted to withdraw this bonus directly from their accounts. Nevertheless, any profits accrued from the deposit can be withdrawn.
Octa’s Key Features
Octa provides its traders with an extensive range of market products, enabling them to broaden their investment portfolios. In particular, this broker allows traders to engage in CFD speculation on forex, cryptocurrencies, commodities, indices, and stocks. To facilitate trading in these instruments, the top welcome bonus forex broker offers three primary trading platforms: MetaTrader 4, MetaTrader 5, and OctaTrader.
There are only two account types available, both featuring spreads starting at 0.6 pips for major currency pairs, with no commission fees applied. Furthermore, Octa operates as a regulated broker across multiple jurisdictions, such as the FSCA in South Africa and the MISA in Mwali.
Advantages of Deposit Bonuses
- Enhanced Trading Capital – One of the most apparent advantages of a deposit bonus is the boost in trading resources. This enables traders to take on larger positions and possibly achieve greater profits.
- Lowered Risk – Deposit bonuses can serve as a safeguard against losses. Because the bonus funds do not belong to the trader, the overall risk to their trading account is diminished.
- Encouragement for New Traders – The bonus offers a chance to gain experience and build confidence without incurring significant financial risk.
- Chance for Diversification – With additional capital available, traders can investigate a broader array of trading strategies while minimizing risk.
Disadvantages of Deposit Bonuses
- Withdrawal Limitations – A major disadvantage of deposit bonuses is that the bonus funds are frequently non-withdrawable.
- Time Constraints – Certain deposit bonuses come with expiration dates, requiring that the bonus funds be utilized within a designated timeframe. If this period is too brief, traders might not have sufficient time to make effective use of the bonus.
- Restricted Account Categories – Some deposit bonuses are exclusively offered for particular account types, which may not be appropriate for every trader.
Conclusion
Forex deposit bonuses can serve as a significant asset for both novice and seasoned traders. They offer enhanced trading capital and the chance to experiment with various trading strategies. Additionally, they typically mitigate the risks associated with trading for a trader. However, it is crucial to choose a reliable deposit bonus forex broker that provides advantageous trading conditions to maximize the benefits of a deposit bonus.
Make sure the forex broker with a welcome bonus you opt for has strong regulation, low fees, sophisticated trading platforms, and reasonable terms and conditions regarding the bonus. Always remember to emphasize responsible trading and aim for long-term growth in the forex market. The forex market still presents considerable risks, even when utilizing a deposit bonus.