If your broker gives you a unique referral code, you can invite your friends and earn rewards when they sign up using your link. In this article, we reveal our 15 Best Referral Bonus Forex Brokers and review the pros and cons of trading with each broker.
What is a referral program?
A referral program is a special ongoing promotion that allows you to earn income or credits in your trading account when new clients join using your unique referral link. Some brokers will also reward your referral for joining.
Referral programs usually have specific terms and conditions and in most cases, a certain amount must be deposited or traded before a referral reward will be paid out.
Referral programs are usually open to anyone, but becoming an affiliate can increase the compensation you receive, so if you have many followers on social media then joining an affiliate program and referring your followers could be very rewarding.
Referral programs are also a fun way to trade with friends and family, especially if you are new to trading or if you want some help testing out your strategies.
What is a Forex referral bonus?
Instead of offering a once-off bonus only, you can keep earning extra income through a referral program and this also gives new traders an opportunity to build some capital while they learn how to trade.
A Forex referral bonus is the value of the reward you will receive for each successful referral. Some brokers offer a scaling bonus that increases when you referral makes a bigger deposit, but many brokers offer a fixed referral bonus.
Forex referral bonuses range anywhere from $5 to $50 or more. This bonus will be credited to your account and can be used to trade. In some cases, referral bonuses are withdrawable.
How can you earn money from a referral program?
Sending your referral link to friends and family is not the only way you can earn rewards. You can also:
- Make a website and promote your link on your site
- Promote your link through social media
- Promote your link through paid advertising on a Facebook page
FXPrimus
Overall Rating USD 0 CySEC, VFSC 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency USD, EUR, GBP, SGD, PLN Yes 1:1000 🛒 Instruments Forex, Metals, Energies, Equities, Cryptocurrencies, Indices, Futures 🏛️ Visit Broker
4.1/5
Minimum Deposit
Regulators
Islamic Account
Leverage
FXPrimus is regulated by CySEC and VFSC, and they offer more than 200 Forex pairs, Metals, Energies, Equities, Cryptocurrencies, Indices and Futures.
FXPrimus has more than 300,000 clients from over 140 countries and they have been in the trading industry for 12 years.
FXPrimus offers 4 types of trading accounts and no minimum deposit is required to trade with them.
You can fund your FXPrimus account using USD, SGD, PLN, GBP and EUR, and they offer commission-free accounts.
FXPrimus Pros and Cons:
| ✔️Pros | ❌Cons |
| Tight spreads | No USA clients |
| Multiple accounts & platforms | |
| Negative balance protection | |
| Commission-free accounts |
Vantage FX
Overall Rating USD 200 ASIC, FCA, CIMA 📱 Platforms MT4, MT5, Vantage app, Protrader, Metaquotes apps, ZuluTrade, DupliTrade, MyFxBook ₿ Crypto No 💵 Account Currency AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD Yes 1:500 🛒 Instruments Forex, Indices, Energy, Soft commodities, Metals, CFDs 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
Vantage FX is a beginner-friendly, regulated broker and clients can maximise their earrings with an active trader program, referral rewards and a welcome bonus.
Clients will be required to deposit 200 USD to trade with Vantage FX and accounts can be funded using JPY, HKD, GBP, NZD, AUD, USD, SGD, CAD or EUR.
Vantage FX can be used with several different trading platforms, including MetaTrader 4 and 5, Metaquotes, Zulutrade, Myfxbook, Duplitrade and the proprietary Vantage FX platform.
Vantage FX Pros and Cons:
| ✔️Pros | ❌Cons |
| 9 base currencies | High minimum deposit |
| Tier-1 regulations | Commission fees on ⅔ accounts |
| Many platforms |
ActivTrades
USD 500 FCA, CBS 📱 Platforms MT4, MT5, ActivTrader ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, CHF Yes 1:30 🛒 Instruments Indices, Forex, Commodities, Crypto, Shares 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
ActivTrades is an FCA-regulated Forex broker that was founded in 2001. This award-winning broker has a clean track record, great educational resources and enables traders to use MetaTrader 4 and 5.
ActivTrades facilitates the trading of Forex pairs, indices, Commodities, Shares and ETFs. Traders are guaranteed to have low spreads and access to powerful trading tools.
ActivTrades provides excellent customer service and assistance is available in 14 international languages.
ActivTrades Pros and Cons:
| ✔️Pros | ❌Cons |
| Negative Balance Protection offered | No access to US clients |
| Advanced trading tools provided | Account options are limited |
| Regulated and secure | No fixed spread accounts |
| Proprietary platform available |
InstaForex
Overall Rating USD 1 FSC, BVI, CySEC 📱 Platforms MT4, MT5, InstaTick Trader ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:1000 🛒 Instruments Forex, Stocks, Indices, Metals, Oil, Gas, Commodity Futures, Crypto, InstaFutures 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
InstaForex caters to beginners, experienced investors, and partners and affiliates. This broker is licensed and regulated by the FSC and SIBA. InstaForex provides MT 4 and 5 platforms, trading bonuses, advanced research and analysis data and tools and demo accounts for beginners.
InstaForex is unique in the way it categorizes trading accounts, as the website is designed based on the trader’s experience level, making it easier for new traders to learn with tools and information that is relevant.
Investors have access to more advanced features, such as PAMM systems and ForexCopy. Tradeable instruments include Forex, Stocks, Indices, Metals, Oil, Gas, Futures and Crypto.
Instaforex Pros and Cons:
| ✔️Pros | ❌Cons |
| More than 300 tradeable instruments | No access to US citizens |
| Zero-commission accounts | leverage is restricted for EU clients |
| Well-regulated broker | customer support may be delayed at times |
FBS
16,000,000+ Traders Overall Rating USD 1 CySEC, IFSC, FSCA, ASIC 📱 Platfroms MT4, MT5, FBS trader, CopyTrade ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:30 🛒 Instruments Forex, Indices, Stocks, Metals, Energies, Crypto Welcome bonus 🏛️ Visit Broker FBS has launched a new type of account specifically for trading cryptocurrencies. The new Crypto account has over 100 instruments with digital currencies. BTC, LTC, and ETH are just some of the instruments that will be available for trading against other cryptocurrencies or against more traditional currencies, commodities, and other instruments.
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
FBS accommodates all styles of trading and is regulated by ASIC, IFSC, CySEC and FSCA.
This broker offers multiple account types and accounts can be funded using USD or EUR.
A minimum deposit of only 1 USD is required and flexible payment methods are provided.
This broker is compatible with MetaTrader 4 and 5, as well as CopyTrade and FBS Trade.
FBS Pros and Cons:
| ✔️Pros | ❌Cons |
| 17 mil clients | Low maximum leverage |
| Low minimum deposit | 2 base currencies |
| 5 accounts | Swap Free only available on some accounts |
| Trading bonuses |
City Index
Overall Rating £50 IIROC, JFSA, ASIC, FCA, CFTC MT4, City Index app ₿ Crypto No USD, CHF, EUR, GBP, HUF, AUD, JPY, PLN Yes 1:30 🛒 Instruments Indices, Shares, Forex, Metals Bonds, Options, Commodities 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators
Platform
Account Currency Islamic Account Leverage
City Index is a London-based Forex broker and it is listed on the New York Stock Exchange and it is regulated by the ASIC, FCA and MAS.
City Index traders have access to more than 12,000 markets where they can trade Indices, Commodities, Shares and Forex.
City Index has a unique trading academy that was designed specifically for new traders. Experienced traders have access to more advanced market research and analysis tools.
City Index Pros and Cons:
| ✔️Pros | ❌Cons |
| Index CFDs and Forex have low fees | Product offering may feel restricted |
| Account registration is swift and easy | CFD fees are high |
| Withdrawals and deposits are free | Minimum deposit is high |
| Wide range of research tools | Penalty fee for inactivity |
| Highly regulated broker |
HFM (HotForex)
Overall Rating USD 5 FCA, FSA, FSCA, DFSA, CySEC, FSC 📱 Platfoms MT4, MT5 ₿ Crypto No 💵 Account Currency USD, ZAR, USD, NGN Yes 1:1000 🛒 Instruments Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Stocks, ETFs 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
HFM operates under the supervision of four top-tier regulatory bodies and has provided online trading solutions since 2010.
HFM is a Forex and CFD broker and is trusted by more than 500,00 Forex traders globally.
HFM offers the opportunity to choose from 6 unique account types and supports Copy Trading.
Professional traders have access to flexible account structures and beginners can practice using their innovative demo accounts.
All HFM traders can use Autochartist and advanced trading tools for analysis, research and trade management.
HFM Pros and Cons:
| ✔️Pros | ❌Cons |
| No fees for deposits and withdrawals. | Only 2 supported base currencies |
| Compatible with MetaTrader platforms | No video tutorials |
| Scalping allowed | |
| Beginner-friendly |
OANDA
Overall Rating Open and fund your OANDA account (min$25) and get a welcome bonus up to $5,000!
3.9/5
OANDA is an American-based Financial Services Provider and it was founded in 1996. This brokerage was the first to have a fully automated trading platform.
OANDA has offices in America, London and Europe, and has clients from more than 196 countries.
OANDA is licensed and regulated by ASIC, FCA, IIROC, MFS, FIBO, BVIFSC, NFA and MAS.
Traders can trade with over 100 instruments and no minimum deposit is required.
OANDA Pros and Cons:
| ✔️Pros | ❌Cons |
| Accounts are quick and easy to open | Only FX and CFDs |
| Forex fees are low | Bank transfers have high withdrawal fees |
| Web trading platform is user-friendly | Customer service is unreliable |
| Withdrawals are mostly free | Account creation delayed by administration |
| No minimum deposit |
Dukascopy
USD 100 FINMA, FCMC, JFSA 📱 Platforms JForex, MT4 ₿ Crypto Yes 💵 Account Currency SEK, SGD, TRY, XAU, ZAR, USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH Yes 1:2000 🛒 Instruments Forex, Metals, Energy, Crypto, Indexes, Bonds, Stocks, ETFs 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
Dukascopy is a member of the Swiss Banking Group and it provides trading accounts, Binary Options accounts, Crypto profit programs and wealth management services.
Dukascopy’s tradable instruments include Commodities, Indices, Bonds, Stocks, Binaries, Crypto and ETFs.
Dukascopy offers bonus programs and automated trading software, with a community for all types of traders and a TV section with market updates, analyses and entertainment.
Dukascopy Pros and Cons:
| ✔️Pros | ❌Cons |
| Multiple currency accounts | Commission fees are high |
| Accurate news and analyses provided | Withdrawals are not free |
| Advanced market research features | High minimum deposit |
| Variety of trading platforms |
LiteFinance
Overall Rating USD 50 CySEC 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, EUR, MBT, USD, EUR, MBT Yes 1:1000 🛒 Instruments Forex, Metals, Oil, Stocks, NASDAQ CFDs, NYSE CFDs, Crypto 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
LiteFinance was founded over 15 years ago and has established itself as a reliable ECN and Forex broker with a trusted reputation.
Not only are there tons of benefits to trading with this broker, but it is also a great option for social traders.
LiteFinance accommodates beginners by providing a comprehensive library of educational content, trading guides and articles, and also offers a demo account to practice on.
LiteFinance can be used to access over 5 major stock exchanges, including NASDAQ, NYSE, EURONEXT and more, and offers a variety of trading tools for research, charting and analysis.
LiteFinance also hosts several different contests, but what makes this broker unique is that one of the contests offers a cash prize for responsible and profitable trading on a demo contest account.
LiteFinance Pros and Cons:
| ✔️Pros | ❌Cons |
| Accommodates for social traders | Limited product offering |
| Expert analysis provided | Not available to US citizens |
| Compatible with MT4 and MT5 | |
| Low minimum deposit |
Instaforex
Overall Rating USD 1 FSC, BVI, CySEC 📱 Platforms MT4, MT5, InstaTick Trader ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:1000 🛒 Instruments Forex, Stocks, Indices, Metals, Oil, Gas, Commodity Futures, Crypto, InstaFutures 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
Instaforex offers more than 300 instruments and a 30-55% no-deposit bonus is applied every time you make a deposit.
You can access the latest market news from the Instaforex media centre and educational resources are provided for beginners.
Instaforex offers more than 100 currency pairs and multiple accounts, including Cent accounts.
InstaForex Pros and Cons:
| ✔️Pros | ❌Cons |
| Low minimum deposit | 2 base currencies |
| Multiple platforms | No USA clients |
| Negative Balance Protection | |
| 24/7 support |
Swissquote
Overall Rating USD 1000 FINMA, FCA, DFSA, SFC, MFSA, MAS 📱 Platforms Advanced Trader, MT4, MT5 ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, CHF, JPY, AUD, CAD, NZD, PLN, SEK, DKK, NOK, HUF, TRY, ZAR, SGD, MXN, HKD, THB, ILS, AED Yes 1:100 🛒 Instruments Forex, Stocks, Commodities, Bonds, Indices, Crypto 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
Swissquote was founded in 2000, operating from international offices and offering a multi-asset investment portfolio solution. There is a total of 3 million tradeable assets across 60 stock exchanges, including Stocks, ETFs, Swiss DOTS, Options and Futures, Cryptocurrencies, Bonds, Forex and IPOs trading.
IPO is a unique approach to trading where an Initial public Offering is announced for shares being sold by a company for the first time, and traders are given an opportunity to invest capital into a growing company.
Swissquote is also a Coinbase exchange and provides an innovative, customizable e-trading platform with a daily analysis of securities, a securities watchlist and relevant news updates.
Swissquote Pros and Cons:
| ✔️Pros | ❌Cons |
| Credible and highly regulated | Designed for experienced traders |
| Great selection of products | High trading fees |
| Superior research and analysis tools | Specific research tools need to be purchased |
Axiory
USD 0 IFSC, MFSC, FCA 📱 Platforms MT4, MT5, cTrader, Axiory CopyTrade App ₿ Crypto No 💵 Account Currency EUR, USD Yes 1:777 🛒 Instruments Forex, Gold, Metals, Energies, Oil, CFD indices, CFD stocks, ETFs 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
Axiory offers 3 types of swap-free accounts.
Axiory charges a small commission fee instead of charging swaps.
You can have an unlimited number of open/pending orders and all accounts except the Alpha account can be used for hedging.
Your swap-free account can be used on MT4.
Axiory Pros and Cons:
| ✔️Pros | ❌Cons |
| 3 swap-free account types | 2 account currencies |
| Beginner-friendly | No crypto |
| Multiple platforms |
OctaFx
Overall Rating USD 100 FSA, SVGFSA 📱 Platforms MT4, MT5, OctaFX app ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:500 🛒 Instruments Forex, CFDs, Stocks, Commodities, Cryptocurrencies 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators Islamic Account Leverage
Established in 2011, OctaFx cemented its position in the Forex world by providing broker services that appeal to both the expert Forex trader as well as the novice.
Traders will experience great platforms on mobile and web, and customer support is great at resolving any of your queries.
Creating an account is a digital process that is hassle-free and will allow you to access their solid range of educational and research tools.
OctaFX Pros and Cons:
| ✔️Pros | ❌Cons |
| Great selection of trading accounts | Limited withdrawal choices |
| Good research tools | Penalties for inactivity |
XM
Overall Rating USD 5 ESMA, CySEC, ASIC, FCA, IFSC, DFSA 📱 Platforms Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto No 💵 Account Currency USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB Yes 1:1000 🛒 Instruments Commodities, Forex, Stocks, Crypto, Metals, Shares, Energies 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
XM is a highly regulated and licensed broker with a multilingual support staff team. The product offering includes more than 1,000 tradeable assets on 16 innovative platforms.
XM traders can enjoy low spreads on over 55 Currency pairs, CFD Stocks in more than 600 international companies, and CFDs on Indices, Commodities, Metals and Energies.
XM has won many global awards and has nearly 4 million clients.
XM Pros and Cons:
| ✔️Pros | ❌Cons |
| Good reputation and trading history | No fixed spreads |
| More than 7 asset classes and 1000+ instruments | Penalty fees for inactivity |
| High-quality educational resources and tools | No access for US clients |
Conclusion
Boosting your account is so easy when you trade with one of these brokers. Unless you are in a rush to trade, you can build some trading capital simply by inviting your friends and followers and getting them to trade with you.
Before you can get your referral bonus, your referral must fulfill the terms and conditions of the referral program. Usually, it will mean that a specific amount must be deposited before a referral reward will be given but once that’s done, you’ll get your bonus.
This is a risk-free way to fund your account without actually depositing your own money, but it’s also a fun way to trade with family and friends.
We hope that this review of the 15 Best Referral Bonus Forex Brokers will help you find a broker that aligns with your trading goals so that you can trade with confidence.
Good luck with your trading!
FAQ
What is a referral program?
A referral program is a special ongoing promotion that allows you to earn income or credits in your trading account when new clients join using your unique referral link. Some brokers will also reward your referral for joining.
What is a Forex referral bonus?
A Forex referral bonus is the value of the reward you will receive for each successful referral. Some brokers offer a scaling bonus that increases when you referral makes a bigger deposit, but many brokers offer a fixed referral bonus.
How can you earn money from a referral program?
Sending your referral link to friends and family is not the only way you can earn rewards. You can also:
- Make a website and promote your link on your site
- Promote your link through social media
- Promote your link through paid advertising on a Facebook page
