Best Forex Bonus Brokers in South Africa – Top Bonuses for 2020

With the growing popularity of forex trading platforms, it becomes difficult to choose the right broker that matches your needs. There are plenty of forex brokers out there that offer their services to residents of South Africa, and one factor you should into consideration is the forex bonus and promotions offered by the broker. Like many services in other industries, forex brokers try to incentivize investors into registering with them by offering attractive bonuses.

In this guide, we’ll present the bestforex bonus brokers in South Africa, explain what types of forex bonuses are available, and provide a step by step guide on how to open a forex bonus account today.

Best South Africa Forex Bonus 2020

Don’t have time to read our guide and want to claim a forex bonus right away? Check out the offer below.

What is a Forex Trading Bonus?

In simple terms, a forex bonus is a way of incentivizing investors for choosing to trade with a certain broker. The majority of forex brokers offer bonuses, however, there are many different kinds of bonuses. These include margin bonuses or rescue bonuses, no deposit forex bonuses, welcome bonus promotions, volume bonuses, and forex reload bonuses. 

The most important factor you’ll have to decide is what type of forex bonus is the right one for you. If you are an active trader, you most likely prefer a volume bonus, but if you are a beginner, you should consider a broker that offers a no deposit bonus or a welcome bonus.

Best Forex Bonus Brokers in South Africa

There are plenty of brokers offering top forex bonus offers to South Africa traders, but how do you know which are right for you? To help you out, we’ve reviewed many platforms and picked out the best forex bonus brokers in South Africa for 2020.

What Types of Forex Bonuses are Available?

We’ve briefly touched on the different types of forex bonus offers available in South Africa, so let’s now take a closer look at some of the most popular.

No Deposit Forex Bonus

The no-deposit frex bonus is one of the most popular bonuses offered by forex brokers, simply because it is a bonus that the broker has credited to a new investor’s account as free money. Forex brokers usually offer this type of bonus for traders who want to get familiar with the trading platform and the trading tools the broker offers without risking any money but at the same time, trade the real live markets instead of a demo account. As the majority of forex brokers are market maker brokers, they can offer free trading money as a bonus for clients, and charge the buy and sell spread.

Margin Bonus or Rescue Bonus

A margin bonus, also known as a rescue bonus, is a type of forex bonus given by the broker in order to boost the trading activity. The margin bonus allows the trader to use a specified margin amount that ranges between 10%-100% of the balance in the account, but in most cases cannot be withdrawn or counted as losses. The advantage of a margin/rescue bonus is that it increases the leverage of the investor’s account. For example, if you have $1000 in your account and the broker provides a 100% margin bonus, you will be able to trade with a total amount of $2000.

Forex Reload Bonus

A Forex reload bonus is very similar to a welcome bonus except that it is a bonus that offered on a second or later deposit, meaning it is a bonus that is given to existing clients to boost their trading activity. Bear in mind that type of bonus is not very common in the Forex world and nowadays, there are only few brokers, such as FBS, that offer a Forex reload bonus.

Factors to Consider Before Accepting the Forex Bonus

Forex bonuses can be very attractive and tempting to investors. However, there are a few factors you need to consider to ensure you chose the right bonus and broker for you.

Quality of the Forex Broker 

While it can be easy to see a great forex bonus and immedaitely want to sign up to that broker, you need to make sure you’re actually registering with a regulated and high quality broker. Things to consider include trading licenses, the range of currency pairs, the leverage ratio, fees, trading platforms, regulation, and trading tools.

If you choose one of the forex brokers on the list above, you’ll be in good hands. FinmaxFX, FXCM, and FBS are all regulated and high-quality forex brokers that not only offer attractive forex bonuses for investors in South Africa, but also come equipped with advanced trading platforms and trading tools.

Terms & Conditions of the Bonus

Once you have decided to trade with a certain broker that offers a forex bonus, you must read carefully the terms and conditions of the bonus. It’s important to remember that a forex bonus isn’t free money and there are usually requirements you need to fulfill in order to withdraw any earnings.

For example, it’s common for brokers to require users to make a certain amount of trades using a bonus in order to become eligible to withdraw any money earnt from using it. Even then, chances are that there will be a cap on how much you can withdraw.

If necessary, you should contact the support team to understand the minimum trading volume you must reach to claim the bonus, and whether you will be able to withdraw the bonus amount or only the profits made in the account.

Impact on your Trading

A forex bonus can be a great way to start your trading journey or test out a new broker. However, the fact that forex brokers give you ‘free-money’ can negatively impact your trading.

This is because it is simply not your money and you might feel like you can take more risks and trade irresponsibly. Moreover, some of the broker’s requirements will push you to make a lot of trades in order to be able to receive the bonus. For that reason, it is important that you start small and try not to focus too much on the bonus when trading.

Ease of Withdrawal

Another important factor to consider is whether you can withdraw the profits and the amount you received as a forex bonus. Keep in mind that the majority of forex brokers do no allow users to withdraw the bonus amount unless you reach a specified amount of lots, however, you might find brokers like FBS that offer a fully withdrawable forex bonus.

In general, all regulated forex brokers must comply with regulatory requirements and provide detailed terms and conditions about each bonus they offer, so it’s advisable that you read and understand the bonus’ withdrawal conditions before you start trading.

Customer Service

In cases you’re not totally clear of the terms of a forex bonus, you may want to make sure that the broker has a responsive and knowledgeable customer support team. Many brokers are heavily regulated and operate in transparency. To ensure good customer service, you should choose a broker with a tier one license from bodies like the FCA (UK) or ASIC (Australia).

Brokerage Fees and Costs

Lastly, costs and fees is another major factor when choosing a forex broker. Luckily, our recommended brokers offer a commission-free trading structure. This means you will have to pay the buy and sell spread but there are no additional trading fees. As a result, you should check the spreads that each broker offers to ensure they’re competitive.

It’s also worth checking into other fees that a forex charges. These include deposit and withdrawal fees, inactivity fees, and an overnight fee.

Pros and Cons of Bonus Forex Brokers

Conclusion

Forex bonuses can be a great way to kick off your forex trading, and they’re also helpful if you want to learn the ropes or try out a new broker without risking your own money. However, it’s important to always remember to check the terms of the bonus and the quality of the broker you’re signing up for.

If you’re looking to get started with a South Africa forex bonus broker today, we suggest FinmaxFX. With an attractive welcome offer, a good range of currency pairs and up to 1:200 leverage, this broker has plenty to offer. Simply click the link below to register your account and claim your forex bonus today!

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