A welcome bonus used properly could help reduce trading costs. However, some dishonest brokers offer bonuses only to then adjust the conditions so that you don't make any profit when you trade with the bonus.
Before you accept a welcome bonus, you should examine the trading conditions, track record, and regulation of the offering broker.
We have completed our checks & XM South Africa is the best overall forex broker with a bonus on deposits, with other good brokers as runners-up.
Top brokers with welcome bonuses in South Africa
- XM South Africa – Best overall welcome bonus forex broker in South Africa
- HF Markets–Welcome bonus forex $50 deposit & above
- Admiral Markets–Withdrawable 100% welcome bonus forex $25 deposit & above
- IFX Brokers–100% welcome bonus forex up to $5,000
- KhweziTrade – 100% Welcome bonus forex up to 10,000 ZAR
Terms & conditions of top welcome bonus forex brokers
The exchange rate used to convert the minimum deposit in USD to ZAR is 1 USD = 18.60 ZAR. All our listed forex brokers with welcome bonuses are FSCA regulated.
| 📛
Brokers with welcome bonuses |
🎁Deposit to receive a bonus | 🎁Bonus name | 💰Bonus amount | 🎁Bonus eligibility | ⚖
Terms for withdrawing the bonus |
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Welcome bonus sites |
| XM
|
From $5 or 93 ZAR | XM 50% & 20% Bonus Program | Up to $5,000 | New & old clients | Withdrawals mean the bonus is deducted in the same proportion | https://www.xmza.com/ |
| HF Markets
|
From $50 or 700 ZAR | HFM 50% welcome bonus | $1,000 or 14,000 ZAR | New clients | 50% of a withdrawn amount will be deducted from the bonus | https://www.hfm.com/za |
| Admiral Markets
|
From $25 or 500 ZAR | Admirals 100% welcome bonus | Up to $ 5,000 | New & old clients | Withdrawal depends on weekly trading volume | www.admiralmarkets.com |
| IFX Brokers
|
Any amount | IFX 100% welcome bonus | $5,000 | New clients | No withdrawal conditions | https://ifxbrokers.com/ |
| KhweziTrade
|
Any amount | Khwezi Trade 100% welcome bonus | 10,000 ZAR | New clients | No withdrawal conditions | https://khwezitrade.co.za/ |
#1. XM South Africa – Best overall welcome bonus forex broker in South Africa
XM (ZA) Pty LTD is a regulated forex broker by FSCA. The XM Ultra-low Trading Account type is not eligible for this bonus. The minimum deposit for the XM bonus is $5.
Pros and Cons of XM Bonus
| Pros | Cons |
| A low minimum deposit of $5 (92 ZAR) | Ultra Low and Shares Account are not eligible for the bonus |
| Utilizes a two-tiered bonus system: 50% &20% | |
| Bonus is accessible to both old and new clients | |
| Bonus is not deducted in a lump sum when you withdraw. Instead, it is removed in proportion to your withdrawals |
How much is XM bonus?
The XM bonus amount is up to $5,000. When you make the XM minimum deposit of $5 & above, you get instantly credited with 50% of your deposit amount, but note that this 50% cannot exceed $500.
If you make a deposit so large that your earned bonus is more than $500, you will get 50% of it up to $500; & the rest at 20%.
For example, if you deposited $2,000, you will get a two-tier bonus of $500 (meaning 50% of $1,000) and $200 (meaning 20% of $1,000)
Who is eligible for the XM Bonus?
The bonus is available to new & old clients aged 18 & above who open a live trading account with XM South Africa, excluding Ultra Low Micro, Ultra Low Standard, and Shares account types.
The account types eligible for the bonus are the Micro and Standard accounts. The Micro account is suitable for beginners and has the following features:
- You need to put in at least $5 to get started.
- The smallest amount of units you can trade is 1,000.
- You can increase your trading power up to 1,000 times the amount of money you put in.
- You'll get good deals on main money pairs, starting from 1 pip.
- You won't have to pay any extra fees for trading.
- The main currency used for trading is ZAR.
The Standard account is good for intermediate traders. It includes:
- You need to put in at least $5 to get started.
- The smallest amount of units you can trade is 100,000.
- You can increase your trading power up to 1,000 times the amount of money you put in.
- You'll get good deals on main money pairs, like the Micro Account.
- You won't have to pay any extra fees for trading.
- The main currency used for trading is ZAR.
How can I take out the bonus?
You can only take out the profits you made from trading with the bonus. The XM bonus itself can't be taken out or moved to another account.
To take out money, log in to the XM mobile app or website, go to your personal area, then select how you want to take out the money.
You have to do some trading before you can take out the XM bonus. If you want to take out X% of your account balance, XM will take out the same X% amount of the bonus you got.
For example, if you got a $700 bonus and your account balance is $2,000 after trading, to take out $1,000 or 50%, XM will take out $350. This means 50% of the $700 bonus will be taken out.
How to not be part of the XM Bonus program
To leave the XM bonus program, send a message to customer support telling them you want to leave the bonus. They will tell you when they've done what you asked.
#2. HF Markets–Welcome bonus forex $50 deposit & above
Good and bad things about HFM Bonus
| Pros | Cons |
| The HFM bonus isn't taken out all at once when you take out money. Instead, it's taken out in relation to how much you take out. | You need to put in $50 or 700 ZAR or more to get the bonus. |
| HF Markets (SA) Pty LTD, who are a regulated broker, give out the Bonus. | You can't take out the Bonus. |
| The Welcome Bonus can be used as Stop Loss or Margin. | Only new clients can get it. |
| The Bonus is given on all deposits by new clients up to $1,000. | The Bonus can't be more than $1,000. |
How much is the bonus?
The HF Markets bonus can be up to $1,000 or 14,000 ZAR. The bonus amount depends on 50% of the first deposit you make, not a fixed amount. This way, the bonus changes to match the size of the deposit.For example, if you put in $200, you'll get a $100 bonus. This means your account will have $300 to trade with ($200 deposit + $100 bonus).
If you put in a bigger deposit, like $500, you'll get a $250 bonus. This means your account will have $750 to trade with ($500 deposit + $250 bonus).
Bigger deposits mean bigger bonuses, but the rate of 50% stays the same.
Who can get the bonus?
Only new clients
who are 18 or older and have made a live account with HF Markets South Africa, can get the 50% bonus.All HF Markets accounts, like Cent/Micro, Premium, PRO, PRO PLUS, & ZERO Spread Accounts, can get the 50% bonus. But, the Cent/Micro Account has less trading power at 1:500, while other accounts have more trading power.
How can I receive the extra reward?
You need to open a Cent/Micro, Premium, PRO, PRO PLUS or Zero Spread Account and put in $50 or more.
After depositing at least 700 ZAR (equal to $50) into the relevant account, 50% of the deposited amount will be added to your trading account.
Also, if you continue to deposit 700 ZAR or more, you'll keep getting a 50% reward on each qualifying deposit until you reach the maximum bonus limit of 14,000 ZAR (1000 USD).
How can I take out the reward?
The welcome reward cannot be withdrawn but
you can withdraw the profits or rewards earned from trading. To ask for a withdrawal, follow these simple steps: Sign in to your MyHF wallet.
- Find the “Withdraw” tab on the left-hand menu.
- If you have multiple trading accounts, choose the one registered with the welcome bonus.
- Choose your preferred payment method.
- However, it's important to note that when you make a withdrawal from your trading account, 50% of the withdrawn amount will be taken from the bonus you received.
If your account initially got a $1,000 bonus and you withdraw $200 from your trading account, $100 (50% of $200) will be taken from the $1,000 bonus amount, leaving you with $900. This process will continue until you use up the rewards.
Admiral Markets
#3. –Withdrawable 100% welcome bonus forex $25 deposit & above How much is the reward?
Admiral Market’s reward goes up to $5,000. Their 100% welcome reward will double all your deposits up to the $5,000 limit.
If you create a new trading account and make an initial deposit of $25 or 500 ZAR, you will receive a 500 ZAR reward. This reward will be added to your account balance, effectively doubling your initial investment to a total of 1,000 ZAR.
Who is eligible for the reward?
All new and existing clients
, who opt-in and make a deposit into their live trading account are eligible.The reward applies to both Trade and Zero account types which are:
MT5: This is a commission-free account with 80 currency pairs and spreads from 0.8 pips.
- MT5: This account has 80 currency pairs as well, zero spreads and commissions ranging from 1.8-3.0 USD/lot for Forex.
- MT4: This is another commission-free account with 37 currency pairs and spreads from 0.8 pips.
- MT4: This one has 45 currency pairs, zero spreads and commissions ranging from 1.8-3.0 USD/lot for Forex.
- How can I receive the reward?
New clients need to create a trading account. As you proceed with your registration, you will be required to make a minimum deposit of $25 or 500 ZAR through Admiral Markets’ payment system.
Existing clients will be required to make a fresh deposit as well but first, they will have to log in to their dashboard and click the banner promoting the 100% Welcome Bonus. You will be credited after these steps have been verified.
Internal transfers from your Wallet or other accounts won’t qualify for the reward.
Note – How can I take out the reward?
This can be done after each week’s trading session (Fridays). The amount you can withdraw is calculated based on the volume traded per session, divided by 1 million and multiplied by $10. Your total lots traded are also converted to the equivalent number of units (1 lot = 100,000 units).
If your completed trading session involved 20 lots, the calculation would be: 20 lots x 100,000 USD (per lot) / 1,000,000 x $10 = $20 USD.
$20 is transferred to your account balance at the end of the week. To withdraw, log in to the Client Portal, choose ‘Transactions’ and then ‘Withdraw’, select the preferred withdrawal method, enter the amount, and initiate the withdrawal.
Advantages and Disadvantages of Admiral Markets Bonus
Both existing and new clients are eligible for the bonus
| Pros | Cons |
| Conditions for withdrawal are linked to trading at least $1 million in notional value before a part of the bonus is released for withdrawal | Admiral SA Pty LTD, regulated by the FSCA in South Africa, is offering the bonus |
| The bonus will be forfeited if the trading requirements are not met within 180 days | The bonus can be withdrawn |
| Available on multiple accounts | |
| –100% welcome bonus forex up to $5,000 |
#4. IFX BrokersHow much is the bonus?
IFX Brokers doubles your money with a 100% bonus on your initial and subsequent deposits. If you deposit $1,000, an extra $1,000 will be added to your account as a bonus.
However, the maximum bonus allowance at IFX Brokers is $5,000 USD. Essentially, they will continue matching your deposits with a 100% bonus until the total bonus amount reaches the maximum.
Who is eligible for the bonus?
Traders aged 18 or above who open an IFX Brokers Standard Account qualify. This account has MT4/MT5 platforms, leverage up to 1:500, spreads from 1.3 pips, and is commission-free.
This bonus is also accessible on the IFX Cent and IFX Islamic accounts.
How do I get the bonus?
To claim the bonus, you need to open an IFX Brokers Standard Account with a minimum deposit of $10 (180 ZAR). The bonus will be credited to your account after your details have been processed.
How do I withdraw the bonus?
You cannot withdraw the bonus. Instead, you can withdraw any trading profits you’ve made through various methods. If you opt for a bank wire transfer withdrawal, follow these steps:
Pros and Cons of IFX Brokers Bonus
No minimum deposit required
| Pros | Cons |
| You must have an IFX Standard Account type to qualify for the bonus. Other account types do not qualify | The bonus is offered by FSCA-regulated IFX Brokers Holdings Pty LTD |
| The full amount of the bonus is removed in a lump sum upon withdrawal, with no proportionate removal | No trade volume conditions before you can withdraw the bonus |
| Khwezi Trade |
#5. – 100% Welcome bonus forex up to 10,000 ZARAdvantages & Disadvantages of Khwezi Trade Bonus
Khwezi Financial Services Pty LTD, an FSCA-regulated broker with an ODP license
| Pros | Cons |
| The bonus cannot exceed 10,000 Rand | The 100% bonus doubles your deposits |
| Leverage is set at 1:400 when using the bonus for trading | No minimum deposit is required to qualify for the bonus. You can deposit any amount |
| You can create multiple wallets, but forfeit the bonus when you transfer money from one wallet to another | How to avoid welcome bonus forex scams in South Africa |
Ensure the forex broker is regulated by the FSCA
- Check if the bonus is too good to be true
- Beware of challenging withdrawal conditions
- Check the minimum deposit required to qualify for the bonus
- Ensure the free trading bonus forex broker is FSCA regulated:
The Financial Sector Conduct Authority (FSCA) in South Africa supervises the actions of forex brokers in SA so they will definitely review any bonus offers to make sure it is realistic and clients are not just being tempted to open accounts.You can check if a forex broker is regulated by FSCA on the FSCA website. You need to find the broker’s FSP number on their website and then visit the FSCA website to confirm it on the Financial Service Provider (FSP) register.
Sometimes FSCA regulated brokers may offer bonus programs but when you
read the Terms & Conditions of the bonus you find out the bonus is offered by their foreign entity. For instance, Tickmill is a forex broker regulated by FSCA, but their $30 welcome bonus is given by Tickmill foreign entity in Seychelles so South Africans cannot participate.
Check if the free trading bonus terms & conditions are too good to be true
: Most forex brokers offer between 20% & 100% in bonus rewards but if you see an offer promising 500% or 1,000% in bonuses then it’s a red flag you may be dealing with a scam.The scammer’s intention could be to entice you to open an account & deposit money then they keep your funds.
Be cautious of challenging withdrawal conditions:
what’s the point of getting a free trading bonus if you cannot withdraw the profits realized from trading with the bonus? Study the terms & conditions and take note of criteria you must meet before you can withdraw. If the criteria are too complicated, the broker’s intention could be to discourage you from withdrawing your profits. Conditions like trading an unrealistic volume before you are allowed to withdraw, are all tactics that could be employed by scammers in some cases.
Check the minimum deposit required to qualify for the bonus:
the deposit required to open a trading account with the broker should not be too different from the minimum deposit required to qualify for the bonus. They should be in the same range. Frequently Asked Question
Which forex broker gives free bonus in South Africa? |
Answer |
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Which broker has 100% bonus? |
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Which broker has withdrawable bonus? |
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Who is the best welcome bonus forex broker in South Africa? |
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Which broker has welcome bonus forex $50 in South Africa? |
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Which forex broker has welcome bonus with no minimum deposit requirement? |
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Does Tickmill South Africa offer $30 no deposit welcome bonus? |
| Yes, Tickmill provides a $30 welcome bonus without requiring a deposit, but people from South Africa and Lesotho cannot participate. | Using a welcome bonus correctly could reduce trading expenses. However, some dishonest brokers give bonuses but then change the terms to prevent you from making any profit. Before accepting a welcome bonus, you should review the trading conditions, history, and regulation of the offer. |
