AuthorBy Jeffrey Cammack
Updated: October 22, 2020

Giving away free money in the form of bonuses is common practice in the Forex trading community outside of the European Union where it is restricted.  These bonuses are just one of the ways that brokers encourage traders to try their services.  Bonuses come in the form of no-deposit bonus and deposit bonuses and can be big or small depending on the broker. 

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Here are the best Forex bonuses for 2021

Last updated on 22 Oct 2020
Updated 22 Oct 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FXTM
Min. Deposit
USD 10
4.174.17
Min. Spread
0 pips
Fx Pairs
59
Bonuses
$30 Welcome Bonus
Overall Rating
11110.54.17/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is an award-winning ECN/STP broker popular with beginner traders and experienced traders alike. Its popularity is due to the very wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts – MT4 is supported across all account types and MT5 is available on the ECN accounts. An Islamic option is available for all account types but only on the MT4 platform.

With recognition from the FCA and CySec, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
2
OctaFX
Min. Deposit
USD 50
4.104.10
Min. Spread
0 pips
Fx Pairs
28
Bonuses
Deposit Bonus
Overall Rating
11110.54.10/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
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OctaFX is a client-focused, international broker with a loyal following of Malaysian traders. The website is fully translated into Bahasa Melayu and OctaFX are always running competitions and promotions for Malaysian clients; these include a 50% first deposit bonus, demo trading contests with cash prizes and frequent lottery giveaways (prizes include scooters, laptops and other gadgets).

An Islamic option is available for all account types and new traders will like the excellent analytical section and range of useful trading tools such as AutoChartist, copy trading and an account monitoring service that lets beginners learn anonymously from successful traders. Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered.

Pros
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
Read More About OctaFX
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1 pips
Fx Pairs
50+
Bonuses
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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Founded in 2012, BDSwiss is a responsible and well-regulated broker with a local office in Kuala Lumpur, a Malay website, and a large following of Malaysian traders. It offers account types suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips.

Islamic accounts are available on all accounts except the Raw Account, MT4 and MT5 are both supported, and educational and analytical material are both excellent. Deposits and withdrawals are generally free and fast and with award-winning trading conditions, BDSwiss is a good choice for all traders.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
4
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
Fx Pairs
50+
Bonuses
Competitive Bonus
Overall Rating
11110.54.18/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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AvaTrade is a beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, and EFTs. AvaTrade has one of the best mobile trading applications in the industry and unlike many European brokers, has a local Malaysian customer support team and website. 

AvaTrade’s single account has a minimum deposit of 100 USD and offers competitive spreads for a market maker broker. This account can also be converted to an Islamic account – though spreads will be wider than on a traditional account.

AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade and AvaProtect, its own innovative risk management system.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
5
HotForex
Min. Deposit
USD 5
4.364.36
Min. Spread
0 pips
Fx Pairs
51
Bonuses
100% Credit Bonus
Overall Rating
11110.54.36/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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HotForex is an award-winning, global broker with a reputation for client satisfaction. Increasingly popular with Malaysian traders, HotForex has a dedicated Malaysian customer service team and its website is fully translated into Malay.

Trading conditions are varied across five account types, but spreads are generally tight (and are often zero pips on the market execution account). All accounts are also available as Islamic accounts, and HotForex also offers copy-trading and managed accounts.  All clients have a dedicated account manager, and deposits and withdrawals are free no matter the funding method.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
6
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Fx Pairs
57
Bonuses
$30 No Deposit Bonus
Overall Rating
11110.54.38/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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XM Group (XM) is a full dealing desk broker which offers floating spreads and suits all kinds of traders.  XM offers swap-free Islamic accounts as well as a variety of other account types to suit traders.  It is a perfect broker for scalpers, intraday traders as well as long-term traders because of the tight spreads, fast execution times and good analysis software.  XM has a low minimum deposit making this broker accessible for traders just starting out.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
7
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Fx Pairs
40
Bonuses
None
Overall Rating
11110.54.07/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
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Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap
8
GKFX Prime
Min. Deposit
USD 5
3.533.53
Min. Spread
0 pips
Fx Pairs
47
Bonuses
55% Trading Bonus
Overall Rating
1110.503.53/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. GKFX is regulated by the FCA and B.V.I FSC.
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GKFX is a new and popular broker on the Asian market, winning many of the most industry’s most respected awards – the first coming only a year after their launch in 2012.  It offers massive leverage of up to 1:1000, no minimum deposits for new traders, Islamic versions on all accounts and a strong focus on integrity and quality service for its clients.

A number of useful tools are also available, including AutoChartist and Trading Central – alongside ZuluTrade and Autotrade for those who prefer social trading – and the MT4 platform is fully supported, with hedging and scalping allowed.

Pros
  • Innovative trading tools
  • Wide range of assets
  • Low minimum deposit
Cons
  • Expensive withdrawals
  • Limited education
Read More About GKFX Prime

Forex Bonuses Explained

Many top Forex brokers offer several different bonuses, such as:

  • Deposit bonus
  • No deposit bonus
  • A trading bonus
  • Some custom bonuses specific to that broker

Almost every broker on the market offers a deposit bonus to give new investors an incentive to open a trading account.  A standard forex bonus is triggered when a client deposits money and they are then eligible to get the bonus either in a fixed amount or a percentage of the size of the deposit.

Why Some Brokers Have No Bonuses

Some regulators stop Forex brokers from offering incentive bonuses to new clients. On June 1st, 2018, ESMA chair Steven Maijoor announced:

The measures ESMA has taken today are a significant step towards greater investor protection in the EU.  The new measures on CFDs will, for the first time, ensure that investors cannot lose more money than they put in, restrict the use of leverage and incentives, and provide understandable risk warnings for investors.

This meant that for the first time, European-regulated brokers were not allowed to offer incentives to traders as a part of a marketing strategy.

ESMA, in a Question and Answers (pdf – page 59) paper published on 31 March 2017, went further to say that they believe brokers offering incentives are doing so in a way that is not in the best interest of their clients.  They say

Especially in light of the above poor practices observed in this sector of the market, ESMA is of the opinion that it is unlikely that a firm offering bonuses that are designed to incentivise retail clients to trade in complex speculative products such as CFDs, binary options and rolling spot forex could demonstrate to its NCA that it is acting honestly, fairly and professionally and in the best interests of its retail clients, taking into account that the nature of the products means that they are not appropriate for a majority of retail clients. NCAs should therefore monitor that the practice of offering such bonuses is avoided in relation to these products.

This restriction is still in place and applies to all brokerage companies that are regulated by EU entities. These companies will not be allowed to offer bonuses to clients, even if the client maintains residency outside of the EU.  This restriction does not apply however to daughter companies which are not regulated within the EU.

Bonus Conditions

Bonuses are marketing tools used widely outside of the European Union in order to attract new clients. There is always a catch connected to these bonuses, and clients will need to read the terms and conditions to be sure of the requirements needed in order to be awarded the full bonus amount.

These conditions often require that a client be an active trader for an extended period before becoming eligible to withdraw the bonus, or that the trader engages in a set number of trades before the bonus is released into the trading account.

While these conditions will vary from broker to broker, do not expect to be able to use, trade or withdraw the bonus during your initial period with your new broker.

Deposit Bonuses

If a broker’s bonus is offering you 200% of your initial deposit, that means your $250 outlay will enable you to trade with $500. You are safe to assume that this is a little bit of leverage being offered to you without you having to worry about the drastic consequences that arise after making a wrong investment decision.

You have to carefully monitor exactly what the brokers are doing because some of them may decide to take back the money and any of the profits that are being generated through the deposit bonus without notifying you. This is very rare, but just an example that highlights that you should have read all the rules.

Think Past the Bonus

By providing you with some money to lose with a clear conscience, brokers are effectively enticing you into opening an online trading account. There are certain broker safeguards put in place so that you do not withdraw the deposit before trading a set amount, but other than that I would only encourage a trader to read the rules of when the deposit can be made, and make sure that the no deposit bonus is not the only reason you are signing up with that specific broker.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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