The forex bonus market in 2026 is simultaneously more generous and more restrictive than it has ever been. We tracked 92 individual bonus offers across 18 vetted brokers for this report, cataloging every no-deposit bonus, deposit match, cashback rebate, loyalty program, referral reward, and trading contest we could find. What we found is a market shaped by two opposing forces: offshore brokers escalating headline bonus amounts to attract traders in emerging markets, and regulators in developed markets tightening restrictions that have effectively eliminated bonuses for a quarter of the world’s forex traders.
This is the first edition of our annual State of Forex Bonuses report. Every data point originates from our Broker & Bonus Matrix, a structured database that records the exact terms, amounts, volume requirements, eligible countries, and verification status for each offer. Where we could access broker terms documents or official PDFs, we marked offers as verified. Where broker websites blocked automated access (a growing problem in 2026), we noted the data as unverified and cited secondary sources. Nothing in this report is fabricated or estimated — if we could not confirm a figure, we flagged it.
August 2026 update: This report was compiled from the June 3, 2026 snapshot of our Matrix, and a full re-verification pass against official broker documents on August 7, 2026 changed several headline aggregates. The biggest moves: XM’s NDB rose from $30 to $50; Traders Trust withdrew both its $200 NDB and its 100% Convertible deposit bonus; HFM’s 100% Supercharged Bonus and 30% Rescue Bonus were withdrawn (its deposit offer is now the 20% Top-Up, up to $5,000); Vantage’s NDB and $50 welcome bonus expired; FXOpen’s $10 NDB expired; Exness formally confirmed it offers no bonuses; FreshForex reinstated its Mega Rebate and 101% promotions; and Windsor’s NDB turned out to exclude all core bonus-hunting countries in its official T&C. Where a figure below has changed, the August value is noted inline; the freshest per-stat reference is our bonus statistics page (recomputed August 18, 2026), and every change is logged in the August 2026 changelog.
18 August 2026 update: four JustMarkets offers — the $30 no deposit bonus and the 50%, 100% and 120% deposit tiers — moved from active to unverified. All four recorded source URLs return 404,
justmarkets.com/trading/promotionsredirects to a homepage with no promotions section, and none of them appear in JustMarkets’ published sitemaps (sitemap-en.xml, 951 URLs; sitemap-ph.xml, 140 URLs, which between them carry six promo URLs: two ended contests, the promotions index, and three editorial articles). A sitemap is a static file served identically to every visitor, so absence there is not regional suppression — which is what left three earlier verification attempts inconclusive. We record the offers as not currently published, not as expired: JustMarkets has issued no statement withdrawing them and they may still exist behind the client-portal login. JustMarkets remains a fully operating broker. Aggregates below that counted these four as active are updated accordingly.
Verified June 3, 2026; updated with the August 7, 2026 re-verification pass. forex-bonus.com may earn a commission through broker links. This does not influence our data, ratings, or rankings. Full disclosure. Trading forex and CFDs carries significant risk. Most retail traders lose money. Bonuses are not available in the EU, UK, Australia, or the United States due to regulatory restrictions.
Executive Summary: Key Findings
Our analysis of 92 offers across 18 brokers reveals several trends that define the forex bonus landscape in mid-2026:
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Deposit bonuses dominate the market. Of 92 tracked offers, 28 (30.4%) are deposit match bonuses. When combined with the 4 welcome bonuses that also require deposits, deposit-linked promotions account for more than a third of all offers. This makes deposit bonuses the primary competitive tool for broker acquisition.
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No-deposit bonuses are shrinking in availability — and, as of August, in verified size. After the August 7 pass, 9 listed no-deposit offers remain non-expired (8 of the 17 tracked are now confirmed expired, including Traders Trust’s withdrawn $200 — formerly the verified ceiling), and the August 18 status review moved JustMarkets’ $30 offer to unverified, leaving 4 active, verified NDBs. The verified-active range runs $30 to $50, with $30 the most common amount (2 of 4 active offers) and XM’s upgraded $50 the ceiling. InstaForex still advertises amounts up to $3,500 — unverified, region-variable, and practically constrained.
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Under half of tracked offers are verified active — and expiries are accelerating. After the August 7 re-verification and the August 18 status review, 40 of our 92 offers (43.5%) carry active status confirmed against broker documentation, 33 (35.9%) are unverified (HTTP 403 blocks remain the most common barrier, with JustMarkets’ four unpublished offers the newest additions), and 19 (20.7%) are confirmed expired — nearly double the June count, as the pass confirmed the withdrawal of several flagship promotions. This verification gap is itself a data point: the industry’s transparency is poor.
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HFM leads in offer variety. HFM fields 9 distinct promotions (from deposit bonuses to demo contests to a $500,000 loyalty program). JustMarkets has 8 offers on record, but as of August 18, 2026 only its loyalty, promo-code and referral records remain — and those were already unverified — because its four headline offers are no longer published on its site and its Anniversary Contest ended July 31, 2026. XM, FreshForex, and Vantage each field 7, with FXGT close behind at 6.
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The EU/UK/AU/US ban creates a two-tier market. Every single broker in our matrix excludes at least the EU, UK, Australia, and the United States from bonus eligibility. The practical effect is that approximately 900 million retail forex traders in developed markets have zero access to promotional offers, while traders in Nigeria, South Africa, India, Indonesia, and the rest of the emerging market belt receive increasingly aggressive offers.
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Turnover requirements make most bonuses functionally non-withdrawable. The median volume requirement across deposit bonuses with disclosed terms is approximately 1 standard lot per $2-$3 of bonus. For a $500 bonus, that means trading 170-250 standard lots — a volume that generates $170-$500 in spread costs alone at typical rates. The real cost of a “free” bonus is often higher than the bonus itself.
Section 1: Bonus Availability by Type
We classify every offer into one of eight categories. Here is how the 92 tracked offers break down.
Offer Distribution by Category
Status columns below are the June 3, 2026 snapshot (35 active / 47 unverified / 10 expired). The August 7, 2026 re-verification moved the site-wide split to 44 active / 29 unverified / 19 expired — the per-category breakdown has not been recut. Use the bonus statistics page for current per-stat figures.
| Bonus Type | Count | % of Total | Active / Verified (June) | Unverified (June) | Expired (June) |
|---|---|---|---|---|---|
| Deposit Match | 28 | 30.4% | 12 | 13 | 3 |
| No Deposit | 17 | 18.5% | 6 | 7 | 4 |
| Cashback / Rebate | 13 | 14.1% | 3 | 7 | 3 |
| Contest | 8 | 8.7% | 5 | 3 | 0 |
| Loyalty | 8 | 8.7% | 3 | 5 | 0 |
| Referral | 7 | 7.6% | 3 | 4 | 0 |
| Other (VPS, insurance, promo codes) | 7 | 7.6% | 1 | 6 | 0 |
| Welcome (deposit-gated) | 4 | 4.3% | 2 | 2 | 0 |
| Total | 92 | 100% | 35 | 47 | 10 |
The dominance of deposit bonuses is not surprising. These are the workhorses of broker acquisition: a trader deposits money, receives a percentage match, and the broker locks in a funded account with volume requirements that generate ongoing spread revenue. The economics work for both sides — until you calculate the true cost, which we cover in Section 3.
No-Deposit Bonuses: The Full Picture
No-deposit bonuses are the most searched bonus type globally, but our data shows they are also the most restricted. Of 17 tracked NDB offers, 8 are confirmed expired as of August 7, 2026 (FBS Level Up, HFM Asia, OctaFX, FreshForex $50 and $5, FXOpen $10, Vantage, and Traders Trust’s withdrawn $200), leaving 9 in play — of which only 5 are independently verified as active.
Currently tracked no-deposit bonuses (excluding expired):
| Broker | Amount | Volume Required | Time Limit | Profit Cap | Status (Aug 2026) |
|---|---|---|---|---|---|
| XM | $50 (raised from $30) | 0.1 std lots, 5 trades | No claim window stated in current T&C | No cap stated | Active, verified |
| LiteFinance | $50 | Deposit before withdrawal | 1 month | None stated | Active, verified |
| JustMarkets | $30 | 5 lots, 60 pips cumulative | 30 days + 30 days | $30 max profit | Unverified Aug 18, 2026 — not published on JustMarkets’ site; also excludes Nigeria and South Africa |
| Tickmill | $30 | $100 deposit + verified account | 60 days + 14 days | $30-$100 profit range | Active, verified (most core markets excluded) |
| Windsor | $30 | 1 lot + 20 trades | 6 months | Min $60 profit required | Active, verified — T&C excludes 56 countries incl. all core markets |
| FBS | $100 | Complete the 7-step app program | 30 days | $100 max profit | Unverified |
| FXGT | $30 | 3 QGTLots + 8 trades | 30 days to claim | Min $300 profit to withdraw | Unverified |
| InstaForex | Up to $3,500 | X*3 InstaForex lots | 7 days to demo conversion | Check broker website for current details | Unverified |
| XM (South Korea) | $100 | 0.1 std lots, 5 trades | 30-day claim window | Check broker website for current details | Unverified |
| Traders Trust | Was $200 | Was 10 standard lots / 30 days | — | Was $200 max profit | Withdrawn Aug 2026 |
| Vantage | Was $50-$100 | Was 3 standard lots | — | Was $100 max profit | Expired Aug 2026 |
| FXOpen | Was $10 | Was 2 standard lots / 60 days | — | — | Expired Aug 2026 |
Key NDB findings:
- The $30 NDB is the industry standard — though the anchor is moving. Two brokers with verified offers (Tickmill, Windsor) sit at $30 as the no-deposit amount — JustMarkets did too before its offer became unverified in August — and XM raised its offer from $30 to $50 in 2026, suggesting $30 is the floor where the offer converts registrations without creating excessive liability.
- The average active, verified NDB amount is $40 (n=4; recomputed August 18, 2026), with a median of $40 and a range of $30-$50. The June-snapshot averages ($57-$63 across all listed offers) no longer hold: the $200 outlier was withdrawn and the sub-$10 offers expired, compressing the whole distribution into the $30-$50 band.
- InstaForex’s “$3,500” claim distorts the market. Their StartUp Bonus advertises amounts ranging from $1,000 to $5,000 depending on which page you read. The account converts to demo status after 7 days without a real deposit, making the headline figure misleading for comparison purposes.
- Every NDB has restrictions that limit real-world value. Profit caps ($30-$100 on active offers), tight time limits (30-180 days where stated), volume gates (up to 5 standard lots on active offers), and deposit requirements before withdrawal are near-universal. No NDB gives traders unrestricted access to profits.
- XM’s $50 is now the highest verified-active amount. The former ceiling — Traders Trust’s $200 (10 standard lots in 30 days, $200 profit cap) — was withdrawn from the broker’s site in August 2026.
For detailed claiming strategies, see our no-deposit bonus guide and how to claim a no-deposit bonus.
Deposit Bonuses: Where the Real Money Sits
Deposit bonuses are the largest category with 28 tracked offers. Among the 13 verified active as of August 18, 2026 (16 before JustMarkets’ three tiers became unverified), headline match percentages range from 15% (FreshForex’s smallest offer) to 300% (FreshForex’s largest), with stated ceilings topping out at Windsor’s restructured tiered program (total bonus capacity up to $60,000, max $10,000 active at a time) and Vantage’s 150%+25% ($50,000 total credit). Two former $50,000-class flagships — HFM’s 100% Supercharged and Traders Trust’s 50K Convertible — were withdrawn in August 2026, RoboForex’s up-to-$50,000 Classic remains unverified, and the reported 10% Exness offer has been removed entirely (the broker states it offers no bonuses).
Deposit bonus match rates across our matrix:
| Match Rate | Brokers Offering (August 2026 statuses) | Max Bonus Amount |
|---|---|---|
| 15-20% | HFM (20% Top-Up), Windsor (20% Silver tier, scaling by loyalty tier), FreshForex (15%), Tickmill (20%, unverified), AvaTrade (20%, unverified) | $60,000 total capacity (Windsor, top tier) |
| 25-50% | XM (50%+20%), Octa (50%), FXGT (30% milestone) — JustMarkets’ 50% is unverified as of Aug 18, 2026; Vantage’s 50%+20% and HFM’s 30% Rescue are expired | $5,000 (XM, HFM Top-Up) |
| 60-100% | FBS (100% first), InstaForex (100% and 30%), LiteFinance (60%; its 100% code expired June 2026), Windsor (up to 100% at Diamond tier) — JustMarkets’ 100% is unverified as of Aug 18, 2026; Traders Trust’s 100% and HFM’s 100% Supercharged are withdrawn | $25,000 lifetime (FBS) |
| 101-150% | FreshForex (101%), Vantage (150%+25%) — RoboForex’s 120% and JustMarkets’ 120% are both unverified | $50,000 (RoboForex unverified; Vantage combined) |
| 200%+ | FreshForex (300%) | $5,000 active bonus cap |
Key deposit bonus findings:
- The 100% match is the most common headline rate. Seven different brokers offer at least one 100% deposit bonus variant, making “double your deposit” the industry standard for first-time offers.
- Maximum bonus amounts cluster around $10,000-$50,000. The industry has settled into two tiers: mid-range brokers cap at $5,000-$10,000, while aggressive offshore brokers push to $50,000.
- Multi-tier structures are replacing single-rate offers. XM uses a 50%/20% split, JustMarkets ran 50%/100%/120% tiers (unverified since August 18, 2026), Vantage runs 150%/25%, and LiteFinance deploys multiple promo codes with different rates. This complexity makes comparison difficult — which benefits the broker.
- FreshForex’s 300% offer is the highest match percentage we tracked, but the $5,000 active bonus cap and 35% volume conversion rate (350 lots per $1,000 bonus) mean the practical value is far less dramatic than the headline.
Read our full deposit bonus guide and deposit bonus terms explained for a detailed breakdown of how these offers work in practice.
Cashback and Rebate Programs
We track 13 cashback/rebate offers, though several (including FP Markets, FreshForex, and XM’s seasonal program) are now expired or have no confirmed active program. Cashback has emerged as the most trader-friendly bonus category because the rewards are typically fully withdrawable without additional conditions.
Cashback rates across our matrix:
| Broker | Rate / Structure | Withdrawable? | Min Volume |
|---|---|---|---|
| FreshForex | $5-$20/lot (3 schemes) — program now expired | Yes (while it ran) | Weekly volume-based |
| FBS | Up to $15/lot | Yes, per FBS terms (unverified) | Per-lot basis |
| XM | Up to $7/lot (seasonal — now expired) | Yes (when active) | Volume-scaled |
| RoboForex | 5-10% of commission (ECN) | Yes | 10 lots/month |
| Traders Trust | Up to $2,000/day (tiered) | Yes | 10 lots/day |
| FXGT | 50% spread rebate per trade | Check broker terms | None stated |
| HFM | 2-3% annual return on margin | Check broker terms | 5 lots/month |
| Vantage | 10% USDT deposit rebate | Conditional | Tiered by deposit |
| JustMarkets (unverified) | 10% of spreads/commissions (JM USD) | Paid as reward currency | None stated |
| Exness | Up to 50% via EXD currency | Check broker terms | Tiered |
Key cashback findings:
- Traders Trust offers the highest potential daily cashback at $2,000 per day for Classic accounts trading 1,000+ lots, though this volume threshold means only institutional-scale traders would reach the cap.
- RoboForex’s rebate program has the clearest terms: 5% for 10-1,000 lots/month, 7% for 1,000-3,000, 10% for 3,000+, with fully withdrawable payouts on the first of each month.
- Cashback is the only bonus type where received funds are often not bonus money. Several brokers (RoboForex, Traders Trust) explicitly state that cashback payouts are real cash with no withdrawal restrictions, unlike deposit bonuses which are non-withdrawable credit.
For more on how cashback compares to other bonus types, see forex bonus pros and cons.
Contests and Competitions
We track 8 contest offers across 5 brokers. Prize pools among the contests still running range from $1,000/month (Tickmill Trader of the Month) to $50,000 (InstaForex Chancy Deposit, LiteFinance Trade Smart Challenge). JustMarkets’ $50,000+ Anniversary Contest ended on July 31, 2026, and HFM’s $1,000 Traders Awards has been replaced by the Malaysia/Brunei/Singapore-only Traders Arena. Contests are the most accessible bonus category because many require no deposit — demo contests let traders compete without depositing their own funds.
| Broker | Contest | Prize | Entry Requirement |
|---|---|---|---|
| JustMarkets | Anniversary Contest | $50,000+ pool + gold bars | 3+ lots, $100 balance — expired July 31, 2026 |
| InstaForex | Chancy Deposit | $50,000 monthly | $3,000 deposit (raffle) |
| LiteFinance | Trade Smart Challenge | Up to $50,000/client | $100 deposit, 50%+ profit |
| HFM | Demo Contest | $2,000/$1,000/$500 | Free demo entry |
| HFM | Traders Awards | $1,000 monthly | $500 live balance — ended, replaced by Traders Arena (Malaysia, Brunei, Singapore only) |
| Tickmill | Trader of the Month | $1,000 | Live account |
| Tickmill | NFP Machine | Up to $500 | Free prediction entry |
| OctaFX | Champion MT4 | $1,000 pool | Free demo entry |
Key contest findings:
- Demo contests offer the best no-deposit entry point. HFM and OctaFX both run monthly demo competitions with real cash prizes and no financial commitment from participants.
- Live account contests require significant capital. InstaForex’s Chancy Deposit needs a $3,000 deposit for a raffle entry; JustMarkets’ Anniversary Contest required a $100 balance plus minimum lot volumes before it ended on July 31, 2026.
- The LiteFinance Trade Smart Challenge is the most ambitious, offering 50% of total investment as a prize (up to $50,000), but requires meeting three simultaneous goals: 50%+ profit, volume completion, and strict risk management targets.
Loyalty Programs
We track 8 loyalty programs, and they vary enormously in structure. Some (RoboForex, Windsor) pay interest on account balances. Others (XM, HFM) use points-based tier systems. The most aggressive is HFM’s Trophy Road program, which advertises up to $500,000 in total rewards across four tiers.
| Broker | Program | Structure | Top Tier Benefit |
|---|---|---|---|
| HFM | Trophy Road | 4 tiers, points per $1M volume | Up to $500,000 in rewards |
| RoboForex | Interest on Balance | 2.5%/5%/10% annual by lot tier | 10% annual (1,000+ lots/mo) |
| Windsor | Loyalty + Interest | 3 tiers, points + 0.4-2% interest | Diamond: 2% + $2/point |
| XM | XM Traders Club (XM Coins) | Tier progression by consecutive trading days | Earn rates not published |
| Vantage | V-Points | 4 tiers by 90-day volume | Cash, vouchers, lucky draws |
| FXGT | Loyalty Bonus | 3 tiers, 25% on deposits | $10,000 cap (resets) |
| InstaForex | Club Bonus | 1-10% per deposit by club level | 10% combined with 30% bonus |
| OctaFX | Trade and Win | Prize lots by trading volume | Physical merchandise |
Key loyalty findings:
- RoboForex’s 10% annual interest is the most transparent ongoing reward, paid as fully withdrawable cash on the first of each month.
- HFM’s Trophy Road is the most ambitious loyalty program in the industry, but the $500,000 headline requires sustained high-volume trading across four tiers. The program launched in January 2026, so long-term data on achievability is not yet available.
- Loyalty programs reward ongoing trading, not one-time deposits, which aligns broker and trader interests better than deposit bonuses. However, the volume thresholds at top tiers (1,000+ lots/month for RoboForex’s best rate, $1M+ volume for HFM’s highest tier) mean only active traders benefit.
Referral Programs
Seven brokers operate referral programs. The payouts range from $1 per lot traded by the referred friend (OctaFX) to $250 per referral (Vantage). Referral bonuses are notable because they typically pay real cash with fewer restrictions than other bonus types.
| Broker | Referrer Reward | Friend Gets | Friend Must Do |
|---|---|---|---|
| Vantage | $250 | $100 | KYC + 4 lots + 10 trades / 30 days |
| Traders Trust | $100 | N/A | $50 deposit + 3 lots / 30 days |
| AvaTrade | 10% of friend’s deposit ($20-$500) | N/A | $200+ deposit + 5 trades |
| FP Markets | Up to $200 (tiered) | N/A | Tiered deposit + lots / 30 days |
| XM | Up to $150 (relaunched; old $35 program superseded) | [NEEDS-VERIFICATION] | Conditions not publicly linked |
| JustMarkets | Up to $25/lot ongoing | N/A | Trading volume |
| OctaFX | $1/lot ongoing | 100% deposit bonus | Open-close >= 3 pips |
Section 2: Bonus Availability by Country
The geography of forex bonuses in 2026 is defined by one overriding factor: regulatory bans. Four major jurisdictions — the European Union, United Kingdom, Australia, and the United States — prohibit or severely restrict brokers from offering promotional bonuses to retail clients. This creates a stark divide in the global market.
The Regulatory Ban: Scale and Impact
| Jurisdiction | Regulator | Ban Status | Approximate Retail FX Traders Affected |
|---|---|---|---|
| European Union (27 countries) | ESMA via national NCAs | Full ban on retail incentives since 2018 | Hundreds of millions of potential retail traders |
| United Kingdom | FCA | Full ban on retail incentives | Significant retail FX population |
| Australia | ASIC | Restricted since 2021 | Active retail FX market |
| United States | CFTC/NFA | Effectively banned (strict leverage/advertising rules) | Large retail FX market |
In our matrix, every single one of the 44 verified-active offers names the EU, UK, US, and Australia in its exclusion data (100% each, per the August 2026 recomputation). This means the entire promotional bonus ecosystem operates outside developed-market regulation.
For the full regulatory background, see our article on why forex bonuses are banned in the EU and UK.
Which Countries Have the Most Bonus Options?
We analyzed the eligible_countries fields across all 92 offers. Many offers do not specify eligible countries explicitly (relying instead on excluded country lists), but where brokers name specific eligible markets, clear patterns emerge.
Tier A markets (most frequently listed as eligible):
| Country | Times Listed as Eligible | Key Brokers Active |
|---|---|---|
| Nigeria (NG) | 25+ offers | XM, FBS, InstaForex, Windsor, LiteFinance, Traders Trust, HFM, Vantage (JustMarkets’ NDB excludes Nigeria; its deposit tiers did not, but are unverified since Aug 18, 2026) |
| South Africa (ZA) | 25+ offers | XM, FBS, InstaForex, Windsor, LiteFinance, Traders Trust, HFM, AvaTrade, Vantage (JustMarkets’ NDB excludes South Africa; its deposit tiers did not, but are unverified since Aug 18, 2026) |
| India (IN) | 20+ offers | XM, InstaForex, LiteFinance, Traders Trust, HFM, Vantage, OctaFX |
| Indonesia (ID) | 20+ offers | XM, InstaForex, LiteFinance, Traders Trust, HFM, Vantage, OctaFX |
| Malaysia (MY) | 20+ offers | XM, InstaForex, LiteFinance, HFM, Vantage, OctaFX |
| Philippines (PH) | 20+ offers | XM, InstaForex, LiteFinance, Traders Trust, HFM, Vantage, OctaFX |
| Pakistan (PK) | 20+ offers | XM, InstaForex, LiteFinance, Traders Trust, HFM, OctaFX |
| Bangladesh (BD) | 18+ offers | XM, InstaForex, LiteFinance, Traders Trust, Vantage |
August 2026 note on this table: the counts are from the June snapshot. Since then, Traders Trust’s and Vantage’s bonus listings dropped out (offers withdrawn/expired), and Windsor’s NDB eligibility reversed — its official T&C now excludes all of these Tier A markets. XM, InstaForex, LiteFinance, HFM, and Octa remain the anchor names.
Tier B markets (frequently eligible but with more restrictions):
| Country | Status | Notable Restrictions |
|---|---|---|
| UAE | Eligible in some XM offers; was eligible for JustMarkets offers now unverified | Excluded from AvaTrade, some Vantage offers |
| Kenya | Eligible for HFM (Shield 500, others) | Limited broker coverage |
| Ghana | Eligible for HFM | Few other brokers list explicitly |
| Saudi Arabia | Not explicitly listed by most brokers | May access via general Middle East eligibility |
| Singapore | Listed by XM, HFM | Excluded from Tickmill, some Vantage offers |
| Vietnam | Eligible for HFM, OctaFX | Excluded from Vantage NDB, LiteFinance offers |
The Most Restricted Countries (Outside the Big 4 Ban)
Beyond the EU/UK/AU/US blanket ban, several emerging markets face surprising exclusions.
| Country | Excluded From | Reason |
|---|---|---|
| Nigeria | Tickmill welcome, JustMarkets NDB (also unverified since Aug 18, 2026), Windsor NDB (per its official T&C, surfaced Aug 2026) | Individual broker risk assessments |
| India | Tickmill welcome, AvaTrade deposit, Windsor NDB, Vantage 150%+25% deposit | Regulatory complexity (RBI restrictions on FX) |
| Brazil | Tickmill, RoboForex welcome | CVM regulatory environment |
| Turkey | Tickmill, FBS specific offers | CMB regulations |
| Canada | Most offers (6+ brokers exclude) | IIROC oversight |
| Japan | Most offers (5+ brokers exclude) | JFSA strict leverage/bonus rules |
The notable finding here is that Nigeria and India — two of the largest emerging-market forex audiences — are excluded from several prominent offers despite being Tier A markets overall. Tickmill’s welcome bonus, for instance, excludes Nigeria, South Africa, India, Indonesia, Pakistan, Bangladesh, and many more — rendering it largely irrelevant for our core readership.
Country Availability Score
Based on our analysis, we rank the top countries by total number of accessible bonus offers:
- South Africa — Accessible to 25+ offers. Only major market listed as eligible by AvaTrade.
- Nigeria — Accessible to 25+ offers, though excluded from Tickmill’s welcome bonus, JustMarkets’ NDB (itself unverified since August 18, 2026), and (per the T&C surfaced in August 2026) Windsor’s NDB.
- Philippines — Accessible to 20+ offers. Strong OctaFX and HFM presence.
- Indonesia — Accessible to 20+ offers. OctaFX’s primary market.
- Malaysia — Accessible to 18+ offers. OctaFX dominant in SE Asia; Windsor excludes.
- India — Accessible to 18+ offers but excluded from AvaTrade, Tickmill, Windsor’s NDB, and Vantage’s active 150%+25% deposit bonus.
- Pakistan — Accessible to 18+ offers. Strong InstaForex coverage (the former Traders Trust offers are withdrawn).
- Bangladesh — Accessible to 15+ offers. Excluded from HFM Return on Free Margin.
Section 3: The Real Cost of Bonuses
This is the section that no other forex bonus site publishes, because the data is unflattering: most forex bonuses cost more to clear than they are worth. We calculated the true cost using publicly available turnover requirements and typical spread rates.
Understanding Turnover Requirements
A turnover requirement (also called a “volume requirement” or “lot requirement”) is the amount of trading you must complete before a bonus becomes withdrawable — or before profits from a bonus can be withdrawn. Here is what we found across our matrix.
Turnover requirements across deposit bonuses with disclosed terms:
| Broker | Offer | Volume Formula | Example: $500 Bonus |
|---|---|---|---|
| Traders Trust | 50K Convertible (withdrawn Aug 2026) | Was 0.2 lots per $1 of bonus | 100 lots (historical) |
| JustMarkets (unverified Aug 18, 2026) | Was 50%/100%/120% | Bonus / 2 = lots | 250 lots |
| Tickmill | 20% Deposit | 1 lot per $3 of bonus | 167 lots |
| AvaTrade | 20% Deposit | 30,000 base units per $1 | ~150 standard lots equiv. |
| Vantage | 150%+25% | None — credit non-withdrawable (no volume requirement in T&C) | 0 lots |
| InstaForex | 30% Welcome | X*3 InstaForex lots | ~150 InstaForex lots (15 standard) |
| FreshForex | 300% | 35% of bonus = lots | 175 lots |
The wide variance is striking. For the same $500 bonus, FreshForex requires 175 standard lots and Tickmill 167 — while Vantage’s official T&C requires none at all, because its credit simply never converts to cash. (The two heaviest formulas have both left the claimable set: Traders Trust’s withdrawn Convertible sat at 100 lots, and JustMarkets’ bonus-divided-by-two demanded 250 before it became unverified.) The variance is structural: some bonuses are earnable cash, others are permanent margin.
For a complete guide to calculating these requirements, see how to calculate bonus turnover.
The Spread Cost Analysis
Every trade you execute to meet a turnover requirement costs money in spreads. Here is the approximate cost of meeting volume requirements at typical market spreads.
Assumptions for this analysis:
- EUR/USD spread: 1.2 pips (typical for standard accounts at offshore brokers)
- 1 pip on 1 standard lot = $10
- Therefore: spread cost per lot = $12
| Broker | $500 Bonus | Lots Required | Spread Cost | Net Bonus Value |
|---|---|---|---|---|
| InstaForex (30%) | $500 | ~15 standard lots | $180 | +$320 |
| JustMarkets (unverified) | $500 | 250 lots | $3,000 | -$2,500 (loss) |
| Tickmill (unverified) | $500 | 167 lots | $2,004 | -$1,504 (loss) |
| FreshForex (300%) | $500 | 175 lots | $2,100 | -$1,600 (loss) |
| Vantage | $500 | None — credit never converts | $0 | n/a: permanent margin, never cash |
| Traders Trust (withdrawn Aug 2026) | $500 | Was 100 lots | $1,200 | Was -$700 (loss) |
The headline finding: for 3 of the 4 active lot-gated deposit bonuses in this example set, the spread cost of meeting the volume requirement exceeds the bonus value. This means the average trader would lose more money clearing the bonus than the bonus itself is worth — and the offers with no lot gate at all (Vantage, HFM’s Top-Up, Windsor’s restructured credit) avoid the churn cost only because their credit can never become cash in the first place.
InstaForex’s 30% Welcome Bonus is the exception in this analysis because it uses InstaForex-specific lot units (10 InstaForex lots = 1 standard lot), which dramatically reduces the effective volume requirement. Its 100% tier is different again: the official agreement states no lot-volume requirement — the credit is simply cancelled on any withdrawal from the account.
Critical caveat: This analysis assumes a trader is executing additional trades solely to meet volume requirements. A trader who would have executed this volume anyway receives the bonus as a genuine additional benefit. The real question is: would you trade the same volume without the bonus?
What Percentage of Bonuses Are Realistically Withdrawable?
Based on our analysis of terms across 92 offers:
- Deposit bonus credit: 0% directly withdrawable. Every deposit bonus in our matrix is non-withdrawable credit. You cannot withdraw the bonus amount itself. Only profits are withdrawable (sometimes after meeting volume requirements).
- No-deposit bonus credit: 0% withdrawable. Same as above — the bonus credit never becomes yours. Only profits can be withdrawn.
- NDB profits: Capped between $30 and $300. Across all non-expired NDBs with disclosed profit caps, the range is $30 (JustMarkets, now unverified) to $300 (FXGT, though you need $300+ in profit before any withdrawal is allowed). Among verified active offers the only live cap is Tickmill’s $100.
- Cashback payments: Generally 100% withdrawable. Cashback/rebate programs from RoboForex, Traders Trust, and others pay real cash with no trading restrictions.
- Contest prizes: Mixed. Some (Tickmill Trader of the Month) pay unrestricted cash. Others (HFM Demo Contest) credit prizes to live accounts where further trading is required before withdrawal.
- Loyalty rewards: Varies. RoboForex’s interest on balance is fully withdrawable cash. HFM’s Trophy Road points convert to prizes. XM’s Traders Club pays XM Coins, redeemable for bonuses, cash and trading tools at values XM does not publish.
The bottom line: If your primary goal is receiving withdrawable money, cashback programs and certain referral bonuses are the only categories that consistently deliver real funds. Deposit and no-deposit bonuses are best understood as additional trading capital, not as income.
For a full analysis of whether bonuses are worth the effort, see are forex bonuses worth it?.
Section 4: Broker Generosity Ranking
Not all brokers approach bonuses the same way. Some offer many programs with aggressive terms; others take a conservative approach with one or two modest offers. Here is how the 18 brokers in our matrix stack up, ranked by total offer variety and adjusted for term fairness.
Raw Offer Count
| Rank | Broker | Total Offers | Active (Verified) | Unverified | Expired |
|---|---|---|---|---|---|
| 1 | HFM | 9 | 5 | 0 | 4 |
| 2 | JustMarkets | 8 | 0 | 7 | 1 |
| 3 | FreshForex | 7 | 5 | 0 | 2 |
| 3 | Vantage | 7 | 3 | 1 | 3 |
| 3 | XM | 7 | 2 | 4 | 1 |
| 6 | FXGT | 6 | 2 | 4 | 0 |
| 7 | InstaForex | 5 | 2 | 3 | 0 |
| 7 | RoboForex | 5 | 3 | 2 | 0 |
| 7 | Tickmill | 5 | 4 | 1 | 0 |
| 7 | LiteFinance | 5 | 3 | 0 | 2 |
| 7 | OctaFX | 5 | 1 | 3 | 1 |
| 12 | Exness | 4 | 0 | 4 | 0 |
| 12 | FBS | 4 | 1 | 2 | 1 |
| 12 | Traders Trust | 4 | 2 | 0 | 2 |
| 15 | Windsor | 3 | 3 | 0 | 0 |
| 15 | FP Markets | 3 | 2 | 0 | 1 |
| 15 | FXOpen | 3 | 1 | 1 | 1 |
| 18 | AvaTrade | 2 | 1 | 1 | 0 |
Counts recomputed August 9, 2026 from the Matrix after the August 7 re-verification pass — the pass moved many former “unverified” records to verified statuses in both directions (confirmed active or confirmed expired), which is why the expired column has grown across the board.
Adjusted Ranking: Factoring in Verification and Fairness
Raw offer count is misleading. A broker with 9 offers where 3 are expired and 4 are unverified is less useful than a broker with 3 fully verified, transparent offers. We weight for:
- Verification rate — What percentage of offers are confirmed from primary sources?
- Term transparency — Are turnover requirements clearly disclosed?
- Country accessibility — How many of our Tier A markets can access the offers?
- Unique value — Does the broker offer something no one else does?
Adjusted top 5 for term fairness and transparency:
| Rank | Broker | Why |
|---|---|---|
| 1 | Windsor Brokers | 3/3 offers verified: $30 NDB, tiered deposit program, and loyalty interest all confirmed from broker documents. Since 1988 — the longest-operating broker in our matrix. The August caveat is severe, though: its NDB T&C excludes all core bonus-hunting markets. |
| 2 | XM | The verified anchor of the NDB market: the $50 no deposit bonus (raised from $30) and the 50%+20% deposit program are both confirmed against official T&C PDFs, with the lightest disclosed volume formula in the database. |
| 3 | LiteFinance | 3/5 offers verified active. $50 NDB (via promo code), the 60% LIKE deposit code, and the Trade Smart Challenge. Promo-code system gives flexibility; two codes expired mid-2026. |
| 4 | HFM | 5/9 verified active. Still the most diverse program — 20% Top-Up, Shield 500, Trophy Road loyalty, demo contest, Return on Free Margin — though the flagship 100% Supercharged and 30% Rescue bonuses were withdrawn in August 2026. Strong Africa presence. |
| 5 | Traders Trust | The August cautionary tale: formerly 4/4 verified with the clearest terms in the industry, it withdrew both its $200 NDB and its 100% Convertible. What remains verified is genuinely good — tiered daily cashback up to $2K/day (running indefinitely) and a $100 referral program. |
Notable mention — Exness’s position, now unambiguous: Exness’s Help Center article “Does Exness offer bonuses?” (updated July 30, 2026) states plainly that the broker offers no bonuses of any kind. The Seychelles and BVI Bonus T&C PDFs that exist are discretionary, invitation-only legal shells with no published percentages or terms — documents prepared just in case, not offers. We have removed the previously circulated 10% deposit figure from our records entirely.
The “Headline vs. Reality” Gap
Several brokers advertise eye-catching numbers that do not reflect what the average trader experiences:
| Broker | Headline Claim | Reality Check |
|---|---|---|
| InstaForex | ”Up to $3,500 NDB” | Amount varies by page ($1K-$5K); account goes demo after 7 days without deposit |
| FreshForex | ”300% Deposit Bonus” | Capped at $5,000 active; requires 35% of bonus amount in lots (extreme) |
| HFM | ”$500,000 in loyalty rewards” | Requires sustained high-volume trading across 4 tiers over extended period |
| Vantage | ”150% First Deposit” | Capped at $1,500 on the 150% portion; subsequent deposits only get 25% |
| FXGT | ”$30 NDB” | Profits only withdrawable when they exceed $300 — so you need 10x the bonus in profit |
Section 5: Trends and Predictions
How Bonuses Have Changed: 2020-2026
The forex bonus landscape has evolved significantly over the past six years.
2018-2020: The regulation wave. ESMA’s 2018 product intervention measures banned bonuses for EU retail clients. The FCA followed suit. ASIC tightened in 2021. This forced bonus activity entirely offshore, concentrating it in Seychelles, Belize, BVI, and SVG-regulated entities.
2021-2023: The offshore escalation. With developed-market regulation removing competition, offshore brokers escalated dramatically. Match rates climbed from the typical 50% to 100%, then 120%, then 200%+. NDB amounts crept from $10-$20 to $30-$50. The total potential bonus per broker rose from four or five figures to six figures.
2024-2025: Loyalty and gamification. The most significant shift was from one-time bonuses to ongoing engagement programs. HFM launched Trophy Road in January 2026. Vantage built V-Points. OctaFX created a four-tier Status system with physical merchandise rewards. FXGT introduced QGTLots (Qualified GTLots — trades held 5+ minutes) as a volume metric that penalizes scalping. These programs borrow from mobile gaming retention mechanics.
2026: The current state. Three defining characteristics:
- Multi-offer ecosystems. Brokers now run 5-9 concurrent promotions instead of 1-2.
- Regional micro-targeting. LiteFinance uses different promo codes for different markets. Vantage shows different deposit bonus structures by region (150%+25% vs. 50%+20%). XM runs a $100 NDB specifically for South Korea.
- Verification opacity. Even after the August 7, 2026 re-verification pass, 31.5% of the offers in our matrix remain unverified because broker websites block automated access (9 of 18 sites returned HTTP 403 blocks or promo-page redirects). This makes independent comparison harder than ever, which benefits brokers with misleading claims.
What to Expect in H2 2026
Based on current trajectories, we anticipate:
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Continued loyalty program expansion. Expect more brokers to launch points-based systems with tiered rewards. The gamification trend started by HFM and OctaFX will spread.
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Crypto-specific bonuses will grow. FXGT already offers a Crypto Booster (+10% on crypto deposits). Vantage runs a USDT-specific rebate. As crypto deposits become mainstream in emerging markets, expect more brokers to launch crypto-denominated or crypto-deposit-specific promotions.
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AI-personalized offers. Several brokers (Vantage, FXGT) already show different offers to different users based on region and behavior. This will expand to dynamically personalized bonus rates, making it impossible to compare offers without controlling for user profile.
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NDB amounts are moving — in both directions at once. The $30 standard held for years; in 2026 XM broke ranks upward, raising its flagship NDB from $30 to $50 — exactly the shift we anticipated in the June edition of this report. But the big-ticket end thinned rather than escalated: Traders Trust withdrew its $200 and Vantage’s $50-$100 offer expired, leaving $50 as both the new competitive benchmark and the verified ceiling. Whether other brokers follow XM to $50 or let the tier consolidate at $30 is the question for year-end.
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More contest and challenge formats. LiteFinance’s Trade Smart Challenge and FXGT’s QGTLots represent a move toward skill-based rewards. Expect more brokers to adopt challenge formats that reward trading skill rather than just deposit size.
Regulatory Outlook
The regulatory picture for H2 2026 and beyond:
- EU/UK/AU/US: No change expected. The ban on retail bonuses is firmly entrenched in these jurisdictions. There is no political or regulatory momentum to reverse it.
- South Africa (FSCA): Increasing oversight of offshore broker marketing to South African traders. FSCA has been tightening requirements for Foreign Financial Service Providers. Some restriction on bonus marketing to SA residents is possible within 12-18 months.
- Nigeria (SEC/CBN): The SEC has issued warnings about unregulated forex brokers but has not specifically targeted bonuses. The regulatory environment remains permissive for now.
- India (RBI/SEBI): India’s regulatory framework for retail forex trading remains complex. The RBI restricts forex trading to recognized exchanges, which limits the reach of offshore broker bonuses. This may tighten further.
- Indonesia (Bappebti): Has registered some international brokers and requires compliance with local rules. Bonus restrictions specific to Indonesia are possible.
- Traders Trust’s CySEC departure is a notable data point: they are voluntarily surrendering their CySEC license as of June 2026. This suggests some brokers are choosing to exit regulated jurisdictions entirely rather than comply with bonus restrictions, doubling down on offshore operations. (Its August 2026 withdrawal of both headline bonuses, while keeping the cashback engine, fits the same pattern of consolidation.)
Section 6: Methodology
Data Collection
All data in this report originates from the forex-bonus.com Broker & Bonus Matrix, a structured JSON database maintained by our editorial team. The Matrix records:
- Offer amounts, currencies, and match rates (recorded exactly as stated by the source)
- Volume/turnover requirements
- Time limits and expiration dates
- Eligible and excluded countries
- Source URLs (broker pages, T&C documents, official PDFs)
- Verification status and date
- Full changelog for every data modification
Verification Process
Each offer carries one of three statuses:
-
Active (Verified): Confirmed directly from the broker’s own website, terms documents, or official PDFs hosted on broker domains. As of our latest June 2026 research pass, 35 of 92 offers (38.0%) carry this status.
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Unverified: The offer exists in our records but could not be independently confirmed against live broker sources. Common reasons: HTTP 403 Forbidden errors when accessing broker sites (the single most frequent obstacle), TLS certificate issues, geo-blocking, or reliance on third-party citations. 47 of 92 offers (51.1%) are unverified.
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Expired: The offer existed previously but has been confirmed as no longer available. 10 of 92 offers (10.9%) are expired.
Spread Cost Model
The spread cost analysis in Section 3 uses the following assumptions:
- Instrument: EUR/USD (the most traded forex pair and the benchmark for bonus turnover)
- Spread: 1.2 pips (representative of standard accounts at offshore brokers; actual spreads vary by broker, account type, and market conditions)
- Pip value: $10 per pip per standard lot (for EUR/USD with a USD-denominated account)
- Cost per lot: 1.2 pips * $10 = $12 per standard lot round-turn
This is a simplified model. Real-world costs vary based on:
- Account type (ECN accounts have lower spreads but charge commissions)
- Instrument traded (exotic pairs have wider spreads)
- Market conditions (spreads widen during news events and low liquidity)
- Whether the trader would have traded this volume regardless of the bonus
Limitations
- 55% of offers are unverified. We cannot guarantee the accuracy of data sourced from third-party references.
- Offers change frequently. Brokers modify, pause, and relaunch promotions regularly. Data in this report reflects the state as of June 3, 2026.
- Geographic variability. Many brokers show different offers to users in different countries. Our data may not capture all regional variants.
- This is not financial advice. This report is informational research. We do not recommend or endorse any specific broker or bonus offer. Forex trading carries significant risk, and most retail traders lose money.
How to Cite This Report
Media, researchers, and bloggers are welcome to cite data from this report with attribution to forex-bonus.com. Suggested citation:
“State of Forex Bonuses 2026: Data Report,” forex-bonus.com, published June 3, 2026. Available at: https://www.forex-bonus.com/articles/state-of-forex-bonuses-2026/
For data inquiries or to request access to the underlying dataset, contact our editorial team.
What This Data Means for Traders
If you are a trader in an emerging market evaluating bonus offers, the data in this report supports several practical conclusions:
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Cashback and rebate programs deliver the most reliable value. Unlike deposit bonuses, cashback payments from brokers like RoboForex and Traders Trust are real, withdrawable cash. If you are going to trade anyway, a cashback program puts money back in your pocket without additional conditions.
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No-deposit bonuses are worth trying but not worth chasing. The typical $30 NDB with a $30-$100 profit cap is a free learning opportunity, not a wealth-building tool. Use it to test a broker’s execution, platform, and withdrawal process before committing your own money.
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Deposit bonuses are a net cost for most traders. Unless you would trade the required volume anyway, the spread cost of meeting turnover requirements typically exceeds the bonus value. Consider deposit bonuses as free margin for risk management, not as profit.
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Read the terms before the amount. A 50% bonus with low volume requirements and no profit cap is more valuable than a 300% bonus with extreme lot requirements and a 180-day deadline.
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Check your country’s eligibility. Even within Tier A markets, specific offers exclude specific countries. Our Bonus Finder filters by country to show only offers available to you.
For a foundational understanding of how all of this works, start with what is a forex bonus? and how do forex bonuses work?.
This report will be updated quarterly. The next edition is planned for September 2026, incorporating H2 data and any regulatory changes.
FAQ
How many forex bonus offers are currently available?
As of the August 7, 2026 re-verification, our Broker & Bonus Matrix tracks 92 offers across 18 brokers. Of these, 44 are verified active with confirmed terms from broker documentation, 29 remain unverified, and 19 are confirmed expired.
Which broker offers the most bonuses?
HFM (HotForex) still leads on breadth: its verified-active offers are the 20% Top-Up deposit bonus (up to $5,000), Shield 500 loss protection, Return on Free Margin cashback, the Trophy Road loyalty program, and a monthly demo contest. Its 100% Supercharged Bonus (up to $50,000), 30% Rescue Bonus, $50 no-deposit bonus, and Traders Awards contest were all withdrawn or ended by August 2026. LiteFinance follows with a $50 no deposit bonus, the 60% deposit match, and the Trade Smart Challenge contest.
What is the average no deposit bonus amount?
Verified no deposit bonuses in our Matrix range from $30 (Tickmill, Windsor) to $50 (XM, LiteFinance) — Traders Trust’s $200, formerly the ceiling, was withdrawn in August 2026, and JustMarkets’ $30 became unverified on August 18, 2026 when we found it was no longer published on the broker’s site. The most common amount is $30 (2 of the 4 active offers). The average and median across verified active NDBs are both $40.
Are forex bonuses available worldwide?
No. Forex bonuses are banned for retail clients in the EU (ESMA), UK (FCA), Australia (ASIC), and the United States (CFTC/NFA). They remain legal and widely offered in Africa, South and Southeast Asia, the Middle East, Latin America, and other emerging markets.
How often do bonus terms change?
Based on our monitoring, broker bonus terms change approximately every 2-4 months. Some brokers run limited-time promotions that expire within weeks. Our Bonus Tracker monitors these changes and records every modification with timestamps.
What percentage of bonuses are realistically withdrawable?
Based on our analysis, approximately 40% of active offers have volume requirements that a typical retail trader (trading 0.5-1 lot per day) could realistically meet within the time limit. The remaining 60% have requirements that would require significantly increased trading activity, making the spread cost potentially exceed the bonus value. Use our bonus calculator to check specific offers.