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- 1. Compare the best forex brokers with bonuses in 2023
- 2. Best forex brokers with bonuses overall for 2023
- 3. What are the best forex brokers with bonuses?
- 4. Top 4 forex brokers with bonuses, reviewed
- 5. What is a forex broker
- 6. Things to look out for
- 7. Quick answers to key questions
- 8. Should I sign up for a bonus?
Compare the best forex brokers with bonuses in 2023
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Here we discuss the different bonuses on offer from leading forex brokers and how to qualify for them. Get some tips on how to choose the right broker for you and find out which deals are available.
Best forex brokers with bonuses overall for 2023
- eToro: Best for beginners, copy-trading & demo-account
- OANDA: Best for trading with live market data
- Capitality: Best for trading like a pro
What are the best forex brokers with bonuses?
These brokers offer some of the best bonuses in the business. You can sign up straight away by heading to their website through the links in the table below, or keep reading to learn how to compare them first.
Top 4 forex brokers with bonuses, reviewed
1. eToro. Best for beginners, copy-trading & demo-account
1500
No. assets
$10
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.
2. Oanda. Best for trading with live market data
1500
No. assets
$10
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Oanda because its user-friendly trading platform has been built for reliability and speed. Oanda is a CFD broker where you can trade over 70 forex markets, including majors and minors. The platform is suitable for all levels of experience, has powerful analysis tools and a wide selection of educational videos.
Oanda is an award-winning broker and integrates with both the Metatrader4 and TradingView platforms. That’s in addition to its fully customisable proprietary mobile and desktop app. Oanda has been operating for over 25 years and holds regulatory licences in the UK, Europe, Asia, and Australia.
The fees: Oanda does not charge any commissions on trading. It makes it money from the Bid/Ask spread which starts at 0.7 pips. Swap charges are applied for keeping positions open overnight and vary depending on size. There is also an admin fee for swap charges starting at 1%. A £10 fee is applied to accounts inactive for 12 months.
3. Capitality. Best for trading like a pro
...
No. assets
...
Minimum deposit
Forex
Platform type
Pros & Cons
Overview
We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.
The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.
The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.
What is a forex broker
It’s a website that lets you trade the currency markets. The broker is the middleman through which you have to place your trades and each different platform offers its own pros and cons. Traditionally, forex brokers let you trade using contracts for difference (CFDs), are regulated, and have been operating for many years.
Many FX brokers have a sign up offer to entice new users to the platform. That might come in the form of a deposit matching bonus, a certain number of free trades, or a cash incentive that’s paid into your account as soon as you sign up.
Things to look out for
When you’re choosing a broker you want to consider the overall experience along with the bonus on offer. The idea is that you want to use the platform to make trades as well as benefit from a starter deal, like a no-deposit bonus broker. Consider these factors when you’re deciding which one to use.
Design and ease of use
You want to be able to find your way around the site. It should be easy to use on desktop and on mobile, ideally with its own forex trading app, and clearly display all of the most important information, such as the currencies available.
Currency pairs available
Foreigh currency pairs are divided up into three groups, known as the ‘majors’, ‘minors’, and ‘exotics’. Most people trade the majors, which include the US Dollar paired with currencies like the British Pound and the Euro. The seven currencies that make up the majors account for more than 85% of trading volume.
If you want to trade the minors – any of the leading currencies except the US dollar – or the exotics – much smaller and more volatile currencies such as the Thai Baht – then you need to make sure the broker offers them before you sign up.
Deposit limits
Some brokers require a minimum deposit in order to start using it. That’s usually as little as $50-100 but it can occasionally be a lot more. Sometimes the broker might only offer a bonus on deposits over a certain amount as well. That might mean you have to deposit more than $1000 in order to benefit from the bonus.
Fees and charges
Every broker charges a fee each time you trade and may include charges on other actions such as deposits and withdrawals as well. As a general rule you should prioritise the lowest trading fees possible, as they can really mount up if you plan to be an active trader.
Lot sizes
Forex is traded in lots, with the standard lot size being $100,000. Usually traders don’t put down that amount of money all at once, instead they use leverage to borrow money from a broker in order to make a trade of that size.
Different brokers offer different lot sizes, though, and if you want to steer clear of too much leverage you can look for a platform that lets you trade in micro or nano lots, which are $1,000 and $100 respectively.
Quick answers to key questions
Can I sign up for more than one bonus?
You can only use a bonus once per broker. You have to verify your account in order to sign up and they won’t let you sign up twice. However, you can sign up for lots of different brokers and benefit from each of their bonuses.
What types of bonuses are there?
The most common ones are deposit-matching bonuses. In that case the broker matches the value of your first deposit. There are some others available too, a broker might let you trade 40 or 50 times for free, or some offer a no-deposit bonus where you can access it simply by signing up.
Should I sign up for a bonus?
If you are going to trade forex anyway then it might pay to take advantage of a bonus to help you get started. A bonus can be a good way of boosting the initial money in your account so that you can make more trades, or of making a few risk-free trades as you learn the ropes.
Even if a broker offers a nice bonus, though, you should take time to research it and make sure it’s a reliable platform that you can trust. If you plan on trading for a while then you need to find a top broker that you still want to use long after the bonus has run out.
Where can I learn more?
Here at Invezz, we have all the information you need to be successful in the foreign exchange market. You can get to grips with all the different currency pairs available, follow the latest forex news, or learn the basics of the market in our education section.
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Navigation
- 1. Compare the best forex brokers with bonuses in 2023
- 2. Best forex brokers with bonuses overall for 2023
- 3. What are the best forex brokers with bonuses?
- 4. Top 4 forex brokers with bonuses, reviewed
- 5. What is a forex broker
- 6. Things to look out for
- 7. Quick answers to key questions
- 8. Should I sign up for a bonus?