How to calculate forex bonus turnover comes down to three numbers: the bonus amount, the broker’s lot multiplier, and your average spread cost per trade. Multiply the bonus by the multiplier to get the required lots, then multiply those lots by your spread cost to find the real price of the bonus. If the spread cost exceeds the bonus value, the offer costs you money. This guide walks through the full calculation with worked examples so you can evaluate any offer in minutes.
If you are new to bonus mechanics, read how forex bonuses work first.
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What Is Bonus Turnover?
Bonus turnover is the total trading volume you must complete before a broker allows you to withdraw a bonus or its profits. Brokers impose this requirement to recover the bonus cost through your trading activity — specifically, the spread and commission revenue your trades generate.
Turnover is measured in lots (a standard lot = 100,000 units of the base currency). Brokers express it differently — a flat lot number (“trade 25 lots”), a multiplier (“trade 5x the bonus”), or a notional value (“$5,000,000 in turnover”). All describe the same concept. For a full breakdown, see deposit bonus terms explained.
Lot Sizes: The Foundation You Need First
Confusing lot types is the most common turnover calculation mistake. Here are the three standard sizes:
| Lot Type | Units of Base Currency | Pip Value (EUR/USD) |
|---|---|---|
| Standard lot (1.0) | 100,000 | ~$10 per pip |
| Mini lot (0.1) | 10,000 | ~$1 per pip |
| Micro lot (0.01) | 1,000 | ~$0.10 per pip |
When a broker says “trade 25 lots,” they almost always mean 25 standard lots. Some brokers use their own lot definitions — InstaForex, for example, defines one market lot as 10 InstaForex lots. Always confirm the lot type.
If you trade 0.1 lots (mini lots) per position and the requirement is 25 standard lots, you need 250 mini-lot trades — not 25.
The Turnover Formula: Step by Step
Here is the core calculation, broken into four steps. You will use this same process for every bonus you evaluate.
Step 1: Determine the Required Lots
Brokers express the requirement in three formats:
Format A — Flat lot number: “Trade 25 standard lots.” No conversion needed.
Format B — Multiplier of the bonus: “Trade 5x the bonus.” If the bonus is $500:
$500 x 5 = 2,500
The critical question is what “5x” means. Some brokers mean 5x in dollar value ($2,500 / $100,000 per lot = 0.025 lots). Most actually mean 5x in lots (= 2.5 or even 25 standard lots). Always read the full terms document. If the unit is unclear, contact support before depositing.
Format C — Notional dollar turnover: “Complete $5,000,000 in turnover.”
$5,000,000 / $100,000 per standard lot = 50 standard lots
Step 2: Calculate the Spread Cost per Lot
Every trade costs you the spread (the difference between the bid and ask price). The formula:
Spread cost per lot = Spread in pips x Pip value
For EUR/USD, one pip on a standard lot equals approximately $10. At a 1.5-pip spread: 1.5 x $10 = $15 per standard lot. At a 2.0-pip spread: 2.0 x $10 = $20 per standard lot. At a 3.0-pip spread: 3.0 x $10 = $30 per standard lot.
If the broker charges a separate commission (common on ECN accounts), add it. A $7 round-turn commission plus a 0.3-pip spread = $7 + $3 = $10 per lot total.
Step 3: Calculate Total Cost
Total spread cost = Required lots x Spread cost per lot
Example: 25 lots x $15 = $375 total spread cost
Step 4: Compare to the Bonus Value
Net value = Bonus amount - Total spread cost
Example: $500 bonus - $375 spread cost = $125 net value
If the result is positive, the bonus is worth claiming (assuming your trades break even on average). If negative, the offer costs you money. For a full framework, see are forex bonuses worth it.
Worked Examples: Five Bonus Scenarios
The formula is the same every time. Here are five scenarios covering small no-deposit bonuses to large deposit matches. All use EUR/USD at $10 per pip.
Example 1: $30 No-Deposit Bonus (0.1 Lots Required)
- Spread cost: 0.1 lots x $15 (1.5-pip spread) = $1.50
- Net value: $30 - $1.50 = +$28.50
Excellent ratio. The volume is achievable in a single session. See how to withdraw a no-deposit bonus for strategies on clearing these offers.
Example 2: $100 Deposit Bonus (5 Lots, 60-Day Deadline)
- Spread cost: 5 lots x $15 = $75
- Net value: $100 - $75 = +$25
- Daily volume: 5 lots / 44 trading days = 0.11 lots/day
Positive net value with minimal daily volume. One or two mini-lot trades per day meets the requirement comfortably.
Example 3: $500 Deposit Bonus (25 Lots, 90-Day Deadline)
- Spread cost: 25 lots x $15 = $375
- Net value: $500 - $375 = +$125
- Daily volume: 25 lots / 64 trading days = 0.39 lots/day
Still net positive. If you already trade 0.4 lots daily, this adds value without changing your behavior. If your normal volume is 0.1 lots per day, you would need to trade four times more — and that forced increase is where traders get burned.
Example 4: $500 Deposit Bonus (50 Lots, 30-Day Deadline)
Same bonus as Example 3, but double the lot requirement and a tighter deadline.
- Spread cost: 50 lots x $15 = $750
- Net value: $500 - $750 = -$250 (net loss)
- Daily volume: 50 lots / 22 trading days = 2.27 lots/day
This bonus costs you $250 more than it gives. Decline. For more on unfavorable terms, see deposit bonus terms explained.
Example 5: $2,000 Deposit Bonus (40 Lots, 3.0-Pip Spread, 180 Days)
A large bonus on a wider-spread account.
- Spread cost: 40 lots x $30 (3.0-pip spread) = $1,200
- Net value: $2,000 - $1,200 = +$800
- Daily volume: 40 lots / 128 trading days = 0.31 lots/day
Despite the wider spread, the net value is strong because the lot requirement is low relative to the bonus. Always run the calculation rather than judging by spread alone.
Comparison Table: How Turnover Costs Scale
| Bonus | Lots | Spread | Total Cost | Net Value | Worth It? |
|---|---|---|---|---|---|
| $30 | 0.1 | 1.5 pips | $1.50 | +$28.50 | Yes |
| $100 | 5 | 1.5 pips | $75 | +$25 | Yes |
| $500 | 25 | 1.5 pips | $375 | +$125 | Yes |
| $500 | 50 | 1.5 pips | $750 | -$250 | No |
| $2,000 | 40 | 3.0 pips | $1,200 | +$800 | Yes |
| $1,000 | 30 | 1.0 pips | $300 | +$700 | Yes |
| $200 | 20 | 2.0 pips | $400 | -$200 | No |
The pattern: low lot multipliers, tight spreads, and generous deadlines produce profitable bonuses. High multipliers, wide spreads, or short deadlines destroy value.
Turnover on Other Pairs
The examples use EUR/USD because it has the tightest spreads. Exotic pairs like USD/ZAR can cost $100+ per lot versus $15 on EUR/USD. Do the bulk of your volume on the tightest-spread pair available. Also verify which instruments count — some brokers exclude gold, indices, or crypto, or apply weighting factors (one lot of gold = 0.1 lots toward turnover).
Setting a Realistic Timeframe
Divide the total lots by the trading days in the deadline (a calendar month has roughly 22 trading days; 90 days has about 64). If the daily volume is close to your normal trading activity, the bonus is achievable. If it requires two to five times your usual volume, the bonus pressures you to overtrade.
Red flags: More than 1 standard lot per day on an account under $10,000 is dangerous. Watch for “no time limit” offers hiding a 90-day inactivity clause that forfeits the bonus.
Common Mistakes When Calculating Turnover
- Confusing lot types. “10 lots” in micro lots is 0.1 standard lots. “10 lots” in standard lots is 100 times larger. Always confirm which type the broker means.
- Ignoring spread cost. Traders see “25 lots for a $500 bonus” and think it is free. They do not realize they will pay $375 in spreads. Run the full formula every time.
- Assuming breakeven trading. The spread cost is the minimum cost of meeting turnover. Your actual cost includes trading losses, which are separate from the spread.
- Not checking which trades count. Some brokers exclude trades held under five minutes, hedged positions, or certain instruments. If your style involves scalping, your effective turnover volume may be lower than expected.
- Forgetting ECN commissions. A $7 round-turn commission on a 0.3-pip spread equals $10 per lot total cost — not $3. Always use the all-in cost.
Using the Calculation to Compare Two Offers
The metric to focus on is net value per dollar deposited.
Offer A: Deposit $500, get $500 bonus (100%), trade 25 lots at 1.5-pip spread. Net value: $500 - $375 = $125. Per dollar deposited: $125 / $500 = $0.25
Offer B: Deposit $1,000, get $500 bonus (50%), trade 15 lots at 1.2-pip spread. Net value: $500 - $180 = $320. Per dollar deposited: $320 / $1,000 = $0.32
Offer B requires a larger deposit but delivers more net value per dollar. The bonus percentage alone is a misleading metric. Learn more in our complete forex bonus guide.
Quick-Reference Turnover Cost Table
If the cost exceeds the bonus amount, the offer loses you money.
| Bonus | Lots | @ 1.0 pip | @ 1.5 pips | @ 2.0 pips | @ 3.0 pips |
|---|---|---|---|---|---|
| $50 | 1 | $10 | $15 | $20 | $30 |
| $100 | 5 | $50 | $75 | $100 | $150 |
| $500 | 25 | $250 | $375 | $500 | $750 |
| $500 | 50 | $500 | $750 | $1,000 | $1,500 |
| $1,000 | 30 | $300 | $450 | $600 | $900 |
| $2,000 | 40 | $400 | $600 | $800 | $1,200 |
Regulatory Note
Forex bonuses are banned for retail clients in the EU (ESMA), UK (FCA), Australia (ASIC), and the US (CFTC/NFA). This guide applies to traders in jurisdictions where bonuses are legal — Nigeria, South Africa, India, Indonesia, Malaysia, the Philippines, Pakistan, Bangladesh, Gulf states, and Latin America. Learn more about what a deposit bonus is.
Compare turnover requirements in our Bonus Finder.
Frequently Asked Questions
What is the formula for calculating forex bonus turnover?
The formula is: Required Lots x Spread Cost per Lot = Total Turnover Cost. Compare this total cost to the bonus amount. If the bonus exceeds the cost, the offer has positive net value. If the cost exceeds the bonus, the offer loses you money. For most EUR/USD trades, spread cost per standard lot equals the spread in pips multiplied by $10.
How many lots do I need to trade to withdraw a forex bonus?
It depends on the broker’s terms. Common ranges are 0.1 standard lots for small no-deposit bonuses to 25-100 standard lots for larger deposit bonuses. Always check the full terms document rather than the promotional headline.
What happens if I do not meet the turnover requirement in time?
Most brokers forfeit the bonus and remove it from your account. Some also confiscate profits earned using the bonus funds. A few brokers have no deadline but include an inactivity clause (commonly 90 days). Read the terms before claiming.
Does every trade count toward bonus turnover?
Not always. Some brokers exclude trades under a minimum duration (commonly five minutes), hedged positions, or certain instruments. Others count only the closing side of a trade, while some count both open and close — effectively halving your workload. Verify which trades qualify before planning.
Can I use micro lots to meet a bonus turnover requirement?
Yes. A requirement of 25 standard lots can be met with 250 mini lots (0.1 each) or 2,500 micro lots (0.01 each) — the total notional volume is the same. Micro lots offer better risk management but require more individual trades, which matters under tight deadlines.
Risk warning: Forex and CFD trading carries a high level of risk. Most retail trader accounts lose money. Only trade with funds you can afford to lose. The bonuses discussed in this article are subject to terms and conditions that may change without notice.