Every forex bonus comes with a turnover requirement — a minimum trading volume you must complete before the bonus or its profits become withdrawable. This single condition determines whether a bonus is genuinely valuable or quietly costs you more than it gives. Yet most traders accept bonuses without understanding how turnover requirements work, what they actually cost, or how to tell a fair requirement from an exploitative one.
This guide explains the mechanics of turnover requirements in plain terms, shows you how to calculate their real cost, and gives you benchmarks for evaluating any bonus offer.
For the full picture of how bonuses work beyond just the volume condition, see our complete forex bonus guide.
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What Is a Turnover Requirement?
A turnover requirement (also called a volume requirement or lot requirement) is the total trading volume you must execute before the bonus conditions are considered met. It is expressed in standard lots, where one standard lot equals 100,000 units of the base currency.
When a bonus has a “5-lot turnover requirement,” you need to trade a total of 5 standard lots — which could be 5 trades of 1.0 lots, 50 trades of 0.1 lots, 500 trades of 0.01 lots, or any combination that totals 5.0 standard lots.
The turnover requirement exists because of broker economics. A bonus costs the broker money upfront (the credit they give you). They recover that cost — and generate profit — through the spreads and commissions you pay on each trade. The higher the volume requirement, the more spread revenue they collect before releasing the bonus.
This is not inherently predatory. It is a business model. But some brokers set requirements so high that the spread cost far exceeds the bonus value, turning a “free” bonus into a net loss for the trader. Recognizing the difference is what separates informed traders from marketing targets.
How Turnover Requirements Are Calculated
Brokers set turnover requirements using one of several formulas:
Fixed Lot Requirement
The simplest structure. The bonus terms state a specific number of lots you must trade. Example: “Trade 5 standard lots to unlock the bonus.”
This is the most transparent model because you know the exact requirement before you start. Check our Broker & Bonus Matrix for fixed-lot requirements across vetted brokers.
Multiplier-Based Requirement
The requirement is calculated as a multiple of the bonus amount (or bonus plus deposit). Example: “Volume requirement = Bonus amount / 4” or “Trade (Bonus x 25,000) in notional volume.”
The first formula means a $100 bonus requires $100 / 4 = 25 standard lots. The second means a $100 bonus requires $100 x 25,000 = $2,500,000 in notional volume, which equals 25 standard lots on a USD-based pair.
Multiplier-based requirements are harder to compare across brokers because the multiplier varies significantly. Our turnover calculator normalizes these into standard lots for direct comparison.
Tiered Requirements
Some brokers scale the volume requirement based on the bonus size or deposit amount. A higher bonus percentage may carry a proportionally higher (or even disproportionately higher) volume requirement. Always check the specific tier that applies to the bonus you are claiming.
The True Cost of a Volume Requirement
Here is the calculation every trader should run before accepting any bonus. It answers one question: does the bonus value exceed the cost of completing the required volume?
Step 1: Determine the Spread Cost Per Standard Lot
Every trade you execute costs you the spread (the difference between the buy and sell price). On a standard EUR/USD lot, the typical cost breakdown looks like this:
| Account Type | Spread | Commission | Total Cost Per Lot |
|---|---|---|---|
| Standard (no commission) | ~1.2-1.8 pips | $0 | ~$12-$18 |
| ECN / Raw Spread | ~0.0-0.5 pips | $3-7 per side | ~$6-$17 |
The average cost across standard accounts is roughly $15 per standard lot on EUR/USD. Other pairs cost more — GBP/JPY might cost $20-30 per lot due to wider spreads. Cross and exotic pairs can be significantly more expensive.
Step 2: Multiply by the Required Volume
If the turnover requirement is 20 standard lots and your average cost per lot is $15:
Total spread cost = 20 lots x $15 = $300
Step 3: Compare to the Bonus Value
If the bonus is $200, the math is:
Net value = $200 (bonus) - $300 (spread cost) = -$100
This bonus costs you $100 more than it gives you. It has negative real value.
If the bonus is $500 with the same 20-lot requirement:
Net value = $500 - $300 = +$200
This bonus has genuine positive value.
Step 4: Factor in Your Natural Trading Volume
The spread cost only counts as a “bonus cost” if it is additional trading you would not otherwise do. If your normal trading strategy generates 20 lots per month, and the bonus requires 20 lots in 60 days, you will hit the target through normal trading. In that case, the spread cost is not an extra expense — it is trading you would have done regardless — and the bonus is almost pure profit.
If the requirement forces you to trade 3x your normal volume, those extra trades are the real cost — and they carry execution risk beyond just the spread.
Use our turnover calculator to run this calculation for any specific broker and bonus combination.
What Counts Toward the Requirement (and What Does Not)
Understanding what trades count is just as important as knowing the volume target. Brokers vary significantly here:
Instruments
Forex majors (EUR/USD, GBP/USD, USD/JPY, etc.) — almost always count at 100% value.
Forex minors and crosses — usually count at 100%, but some brokers assign a reduced weighting (e.g., 70-80%).
Metals (gold, silver) — varies widely. Some brokers count gold at full value; others at 50% or exclude it entirely. Gold is popular with bonus traders because of its volatility and high notional value per lot, which is why some brokers restrict it.
Indices and commodities — commonly counted at 10-50% of the forex lot equivalent. Trading 1 lot of the S&P 500 CFD might only contribute 0.1 to 0.5 lots toward your requirement.
Cryptocurrency CFDs — frequently excluded entirely or counted at a very reduced rate.
Always check the specific instrument weighting in the bonus terms. The turnover calculator factors in instrument weightings when they are documented in our Broker & Bonus Matrix.
Trade Duration
Some brokers impose a minimum hold time per trade. Trades closed within 1-5 minutes of opening may not count toward the requirement. This prevents a strategy of rapidly opening and closing micro-lot positions to accumulate volume without meaningful market exposure.
Hedging and Offsetting Positions
Opening a simultaneous buy and sell position on the same instrument effectively eliminates market risk while generating volume. Most brokers explicitly prohibit this and will void the bonus if they detect the pattern. Even if the terms do not mention hedging, brokers typically monitor for it.
Lot Size Minimums
Certain bonuses require a minimum lot size per trade — often 0.1 lots (a mini lot). If you normally trade micro lots (0.01), be aware that your trades may not count unless you increase your position size.
Benchmarks: Fair vs. Punishing Requirements
After analyzing turnover requirements from dozens of brokers tracked in our Broker & Bonus Matrix, here are rough benchmarks:
No Deposit Bonuses
| Requirement Level | Lots Per $1 of Bonus | Verdict |
|---|---|---|
| Low | Less than 0.05 lots per $1 | Unusually generous — verify the broker is legitimate |
| Fair | 0.05-0.15 lots per $1 | Reasonable; likely net-positive for active traders |
| High | 0.15-0.30 lots per $1 | Marginal; may cost more in spreads than the bonus is worth |
| Excessive | More than 0.30 lots per $1 | Almost certainly net-negative; avoid |
Deposit Bonuses
| Requirement Level | Lots Per $1 of Bonus | Verdict |
|---|---|---|
| Low | Less than 0.03 lots per $1 | Very favorable |
| Fair | 0.03-0.10 lots per $1 | Reasonable for active traders |
| High | 0.10-0.20 lots per $1 | Only worthwhile if you trade high volume naturally |
| Excessive | More than 0.20 lots per $1 | Net-negative for most traders |
These benchmarks assume average spread costs on major pairs. ECN accounts with tighter spreads shift the math in your favor; wide-spread accounts make it worse.
For current requirements across vetted brokers, see our Broker & Bonus Matrix. For per-offer calculations, use our turnover calculator.
Strategies for Meeting Volume Requirements Efficiently
If you have claimed a bonus and need to meet the turnover requirement, these approaches minimize the cost:
Trade the tightest-spread instruments that count at full value. EUR/USD typically has the lowest spread cost per lot. If it counts at full value toward the requirement, focus your volume there.
Use an ECN account if the bonus allows it. Lower total trading costs (spread + commission) mean less money lost to the requirement.
Trade during high-liquidity sessions. London and New York sessions offer the tightest spreads on major pairs. Asian-session spreads tend to widen, increasing your cost per lot.
Do not increase your leverage to trade larger sizes. Larger position sizes generate volume faster but also increase your market risk proportionally. A blown account has a 0% chance of meeting the requirement.
Track your progress methodically. Log each trade’s lot contribution. Some trading platforms show cumulative volume; others require manual tracking. Know exactly where you stand relative to the target and the deadline.
How to Calculate Your Own Turnover Requirement
If you want to check the real cost of a specific bonus without using our calculator, here is the complete formula. For an automated version, use our how to calculate bonus turnover guide or the turnover calculator tool.
1. Identify the required volume in standard lots
2. Estimate your average spread cost per lot ($12-18 for majors on a standard account)
3. Total cost = Required lots x Average cost per lot
4. Net bonus value = Bonus amount - Total cost
5. If net value is positive AND the volume is achievable within the deadline, the bonus is worth claimingFAQ
What is the typical turnover requirement for a forex bonus?
Requirements vary significantly by broker and bonus type. For no deposit bonuses, requirements commonly range from 3 to 20 standard lots. For deposit bonuses, they typically range from 10 to 50 standard lots depending on the bonus percentage and amount. The exact figures are broker-specific — check our Broker & Bonus Matrix for current data on vetted brokers rather than relying on generalized ranges.
Do all my trades count toward the volume requirement?
Not necessarily. Most brokers count forex major pairs at full value, but may weight minor pairs, metals, indices, and crypto differently. Trades closed within a few minutes of opening may not count. Hedged positions (simultaneous buy and sell on the same instrument) almost never count. And some bonuses require a minimum lot size per trade before it qualifies. Always check the specific counting rules in your bonus terms.
What happens if I do not meet the turnover requirement before the deadline?
The bonus credit is removed from your account. Your original deposit (if any) usually remains. What happens to profits earned during the bonus period varies by broker — some let you keep profits earned from your own capital, while others forfeit all profits associated with the bonus. The specific outcome should be stated in the bonus terms. Missing the deadline is better than overleveraging to try to meet it.
Can I meet the volume requirement using a trading bot or EA?
Many brokers allow automated trading (expert advisors) and count the volume toward the requirement. However, some bonus terms specifically exclude volume generated by EAs, scalping bots, or arbitrage strategies. Additionally, some brokers prohibit specific EA strategies like grid trading or martingale under bonus terms. Check the terms before deploying an EA against a bonus requirement.
⚠️ Risk Warning: Forex and CFD trading carries significant risk. Most retail traders lose money. Never trade with funds you cannot afford to lose.
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Written by Tim Morris · Forex industry analyst · About Tim