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What Are the Best Forex Deposit Bonuses to Look For?

Simon Mugo trader
Updated 9 Jun 2022

Trading Guide

Not every forex deposit bonus is equal. With so many different brokers out there, it can be difficult to know exactly which one is offering the best deal. There will be some which suit certain forex traders more than others. Some will offer smaller bonuses for small trades, while some of the top-rated forex brokers may offer no bonus at all because they are deeply confident. It’s important to look around to find what the best bonus for you is.

  • Bonuses vary broker by broker
  • Some will offer different amounts
  • Not all brokers will offer one
  • Some have seasonal bonuses

Find which brokers offer bonuses

For those trading in the UK market, there will be a broker comparison around every corner if you look hard enough. Everyone wants to get their name out there, and offering up a forex deposit bonus can be one of the easiest ways to tempt in new customers if it provides what the customer is looking for. Many of them will be aimed at bringing in customers to the lower end of the market, with what is known as a loss-leading exercise. The broker will be aware that they will not make their money back from all the bonuses they hand out, but they will benefit from adding new clients to their business. However, since each broker bonus can vary wildly, it is not always worth simply jumping at the first one that comes available to you. By assessing what you want out of your investments before you begin, it becomes much easier to spot the bonus that is the right fit for you. If, for example, you are only looking to make a few trades a month, it makes sense to find an offer that does not require you to make an excessive number of trades before receiving your bonus.

See which bonuses suit which trading strategies

However, for those who are looking to invest large amounts of their capital often, typically known as day traders, it makes sense to look for this kind of deal, as it can lead to much better rewards. For those who are not sure quite how often they wish to trade and are merely looking to test the waters at this stage, remember you can always move to a different broker with a better bonus scheme for you later down the line if you do end up moving this from a hobby to more of a serious career. Of course, one other consideration that is always worth looking at for a forex guide is what else they are putting on the table. Is it something they have in mind just to distract from other problems they seem to have when you read a review site, or are they simply a new site looking to bump up their custom? Either way, there is usually a reason for them offering up a particular type of bonus, and it is always worth bearing this in mind before putting down a deposit, just in case the reasoning could have been much clearer with just a little research.

  • Some brokers may offer bonuses to cover deficiencies elsewhere
  • Other brokers could be very new with little reliability at this stage
  • Brokers may also be offering bonuses because they have a new product to promote

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Trade with higher margins

One of the best potential aspects of a forex deposit bonus is that it allows you to trade with much higher margins than you may otherwise have been able to. If, for example, they give you 30% on top of your forex deposit to go and play with, you will be able to take higher leverage on your trades. This could easily be the difference between a good result and a much bigger result depending on what market you are investing in and how much capital you have to invest. Of course, it is no barometer of guaranteed success to think that because more is invested it is more likely to have a good return. It is always good practice to remember losing your deposit is a possibility, and it is never a good idea to think you have more money in the bank than you actually do just because of a bigger welcome bonus. Your trading strategies can be affected by how you tend to approach these things psychologically. If feeling like you have a more bloated balance is set to encourage riskier trades, it may be worth shying away from it. On the other hand, if you are confident you have mastered such aspects, it can allow you to go on and make trades with better margins, and increase the potential for better returns.

Help to influence your strategy

When it comes to how much you plan to trade, it is not always easy to know that in advance. As an example, predicting the market is difficult at the best of times and this is why many struggle to recover what they invest. It is also why there are so many warnings out there. On this basis, taking a welcome bonus that requires you to trade ten times more than your deposit in a month may be easy enough, but if it happens to be a hundred times it may be worth seriously reconsidering. If the desire to trade simply to make it possible to withdraw the extra bonus you receive means putting on trades you would not normally consider, it is not necessarily a good thing to do. However, there are plenty of bonuses that will suit traders not looking to go in as frequently, so look out for these. Indeed, there will be some bonuses that barely require you to adhere to any stipulations, and are easy to get hold of. They will, of course, offer less reward, but that tends to be the way these things work. By being diligent and looking enough into each aspect, you can make sure you will not be caught out.

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  • Look for the stipulations on each bonus
  • Are there any reviews from other sites?
  • How many trades do you need to make each month?
  • Is it worth it for how often you want to trade?

Not all bonuses are the same

It is also worth pointing out that these forex deposit bonus choices really can vary hugely, and this highlights the difference in many of them, and which ones suit different traders. As an example, a quick search shows that when it comes to percentages that you can get back, some only offer 10% of the deposit as a bonus, but others offer out a huge 75%. While this difference may seem startling at first glance, there usually tends to be a reason. Check how well-known the two brokers are, and find out what other people are saying about them. There is an old adage that things which are too good to be true usually are, but this most often refers to those offers which are not read through before taking them up. Some brokers really will offer good deals, and dismissing them out of hand is not always necessary either. When looking at what cash bonuses are available, the range is again massive, going from a lowly $10, to an extreme $6,000 at the other end of the scale for one broker. This shows just how unafraid some brokers are to break the bank to bring in new customers, and for some traders, this will be a great place to begin. However, it would likely require you to put the same amount in yourself, so it will not be accessible for every trader out there.

Be sure to look out for seasonal offers

Seasonal bonuses are also a thing to look out for. Some will be trying to promote a new product or asset type they have just made available to trade on their platform, while others will be on a new custom recruitment drive. Other brokers will tend to push things at certain times of the year, such as January when they know many are typically looking for a new start or want to get around to something they have been putting off, and trading and investments happen to be one of these. Of course, trading around the festive season is a little harder due to obvious time restraints, but many promotional bonus deals tend to run out at the end of the year, so there may be some interesting ones on offer at the tail end of 2018. Some brokers will also run year-long efforts, so these will refresh at the turn of the year. If you are hoping to find something different, there are plenty of sites which give a rundown on the best forex deposit bonuses, but be sure to check that these are not sponsored or affiliate links, which may be biased. For new brokers coming on the market, they are likely to enter at the higher end of the scale in terms of bonus returns, and these may be harder to find out about by chance, so review sites are always worth keeping an eye on.

Make sure you understand the terms of each bonus

In terms of receiving the bonus, some will be straightforward, but other brokers may require you to get the bonus through an affiliate link, and some will need it to be confirmed on their end manually rather than through an automatic process. Typically, if the broker is asking you to sign up through an affiliate link, it is either a special bonus they do not often offer up, or it is one through a partner scheme facilitated through a different site. There is no reason to automatically assume this is not a valid thing, and it could just be that they want to get in on a popular deal offered by rivals, but they do not have the tech capability to offer it through their broker website. There are occasional bonuses which do not require a deposit to be made, but these will not be large in size and are unlikely to be as easy to find as the standard ones which require a deposit. Although these schemes are most often used to tempt in new customers, they can be offered out for those who have left their account dormant for a while for any number of reasons, in the hopes of getting them to use it again. Sometimes cashback bonuses are also available for new customers alongside the standard bonus schemes.

In conclusion

As things go, getting a bonus for depositing with a forex broker has lots of benefits, particularly if you are looking to increase the margin of your trade without having to invest that much capital. Of course, it carries less risk in that you can lose less, too. It, therefore, presents an exciting way to make more out of your trades, as long as you are aware of what you may have to do to meet the stipulations to start trading with one of these particular brokers. As always, bear in mind that each broker will offer something different, and one of them is usually more likely to be in line with your needs than another, so be sure to shop around to find the bonus deal which suits you best. If you are not planning to trade that often, but still want to make your money go further, look for ones which do not require a massive amount of trades just to turn the bonus into a withdrawable amount of cash which you can use as you please. Otherwise, it may not be worthwhile doing so.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading