If you are searching for brokers offering forex deposit bonuses, then look no further. Our guide to Forex deposit bonuses walks you through the process and helps you find the best broker for you.
While forex deposit bonuses may seem like a win/win on the surface, just remember that they’re designed to entice you into making a large initial deposit, so trading risk management is the key.
Let’s now dive right into our extensive guide to forex deposit bonuses, looking at the types, how to get them and how to withdraw your trading profits.
What is a Forex Deposit Bonus?
The basic premise of a forex deposit bonus is that your broker will offer you extra trading credit in your account after you’ve made a deposit.
This is most often credit that allows you to trade larger position sizes, but not instantly withdrawable cash. As you’re funding your account to qualify for the bonus, forex deposit bonuses are often much larger than no deposit bonuses.
Use this guide to find the best forex deposit bonuses and learn how to take advantage of them
You’ll also find that brokers may offer deposit bonuses as a percentage of your initial deposit, or simply a flat bonus amount that’s much higher.
While this type of bonus may cost your broker in the short term, they’re a marketing strategy designed to entice traders to fund their live accounts with larger amounts than they initially intended. As you’ll discover in the following section of our guide to forex deposit bonuses, there are a number of different types available to both new and existing clients of a broker.
Types of Forex Deposit Bonuses
There are a number of forex deposit bonus types that both new and existing clients may be eligible to receive.
The most common types of forex deposit bonuses include:
- First forex deposit bonus: Otherwise known as a welcome bonus, this is offered exclusively by brokers to new clients. These are the most common types of forex deposit bonuses so check out the table above and find the best forex broker for you.
- Limited time forex deposit bonus: These are bonuses designed for existing clients of a forex broker and usually offered as one-off marketing offers. If you already have an account with a particular forex broker but haven’t traded for a while, you may find a deposit bonus offer in your email.
- Ongoing forex bonus: These ongoing bonuses are otherwise known as forex rebates. Forex rebates are the broker paying you a commission on the spread every time you trade. While not technically a deposit bonus as such, forex rebates require a funded, live account and pay ongoing bonuses.
Now you understand the types of forex deposit bonuses and how to qualify for them, let’s now move onto how to get a forex deposit bonus.
How do I get a Forex Deposit Bonus?
While the process of getting a forex deposit bonus varies from broker to broker, we’re going to try and walk you through the process required to receive yours.
Step 1 – Choose a reputable forex broker from our table above.
Many traders are blinded by the flashing lights of bonuses offered by forex brokers, diving straight in and opening the first account they see.
Instead, we recommend you look for only reputable, regulated forex brokers that you can trust so if something does go wrong, you can have confidence that your funds are safe.
Step 2 – Open a live trading account.
After choosing a regulated forex broker from the list above, it’s time to open a live trading account.
As these are deposit bonuses, you need a live account in order to qualify so a demo or unfunded account isn’t going to work in this instance.
Step 3 – Fund your live trading account by making the required deposit.
Now you have a live account, you’re going to need to fund your account with an initial deposit.
Before funding your account, double check the requirements with your broker to ensure that you’re going to qualify for the particular deposit bonus that you’re after.
Step 4 – Trade the required volume to receive your bonus.
While some forex deposit bonuses are immediately paid out as soon as you fund your account, others will require you to trade a certain number of lots.
We go over this in more detail within the following withdrawing your profits section
Withdrawing Your Forex Deposit Bonus Profits?
When it comes to withdrawing your forex deposit bonus, it’s not always a black and white process.
This is one where you will need to read each forex broker’s specific terms and conditions on the bonus.
While some brokers may allow you to withdraw the entire bonus amount on top of your trading profits, others may require you to trade a certain number of lots before you’re eligible to withdraw.
Nobody wants to waste time reading the fine print on exciting forex bonus offers, but if you’re going to take your trading seriously then you’re just going to have to.
Remember, forex deposit bonuses shouldn’t change the way you trade from a risk management perspective. They should simply get you started on the right foot and allow you to increase your margin as if you were trading on a larger account right off the bat.
Final Thoughts on Taking Advantage of Forex Deposit Bonuses
We’ve taken the guesswork out of searching for reputable brokers that offer forex deposit bonuses.
All you need to do is scroll up and consult our handy comparison table at the top of this page and pick the broker offering the bonus that’s right for you.
If you’re ready to start trading forex on a live account, then choosing a regulated broker offering a deposit bonus will ensure you start with your best foot forward.
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