The “free money” that brokers give new traders who want to start trading forex on a live account is known as forex no deposit bonus. As a “welcome bonus,” it is only granted to new traders. The ability to start trading forex immediately without making an initial commitment is provided by a no-deposit bonus, regarded as significant leverage for beginning traders. It does have guidelines and limitations, and new traders must meet specific requirements to be eligible for the bonus.
Reviews of each broker are provided below the list, along with an explanation of how and why each broker was chosen. These are the best south African forex brokers for 2022.
Best Brokers with the best Bonuses In South Africa
The Best brokers with welcome bonus in South Africa are:
- 50% welcome bonus at HFM (HotForex)
- 20% welcome bonus at AvaTrade
- 50% Welcome Bonus at easyMarkets
- No Deposit Welcome Account at Tickmill
The HFM (HotForex) welcome bonus is 50%.
Beginner traders who desire a free Forex trading account with one of the safest brokers in the world could take advantage of HFM’s 50% Welcome Bonus. A 100 USD investment becomes 150 USD right away thanks to HFM’s 50% Welcome Bonus, which promptly credits 50% of the new client’s initial deposit to their account.
The bonus is accessible on HFM’s five trading accounts, but traders must make a minimum deposit of 50 USD to be eligible. You must register with HFM and complete thorough identification verification to claim the incentive. Additional benefits include the 100% Credit Bonus and the 30% Rescue Bonus.
AvaTrade – 20% Welcome Bonus
The 200 USD deposit required for AvaTrade’s 20% Welcome Bonus makes it ideal for traders who wish to boost their margin without putting their own money in danger. Only new AvaTrade customers who open accounts with a minimum 200 USD deposit in USD, EUR, AUD, or GBP are eligible for this offer. AvaTrade is the best south African forex brokers with a welcome bonus. AvaTrade complete registration and identification verification are prerequisites for claiming the bonus. After trading a minimum of 20 lots in six months, the prize can be withdrawn.
Additionally, new traders should be aware that the bonus’s maximum value is 10,000 USD, necessitating a deposit of 50,000 USD. Choose from some of the top Forex trading platforms like MT4, MT5, or AvaTrade’s award-winning mobile app AvaTradeGO with the 20 Welcome Bonus at Avatrade.
easyMarkets – 50% Welcome Bonus
The easyMarkets 50% Welcome Bonus might be a tempting choice for traders who want to deposit 200 USD or more. EasyMarkets provides a 30% Welcome Bonus to all new traders; however, if you make a more significant first deposit, the Welcome Bonus increases to 50%.
Deposits under $200 receive a 30% incentive, whereas deposits between $200 and $1,000 receive a 50% bonus. Strangely, deposits between $1,000 and $5,000 only receive a 40% bonus, which translates to a maximum benefit of USD 2,000.
However, regardless of size, your bonus cannot be cashed out and can only be utilized for trading; this is true for all earnings. Additionally, traders should be aware that the prize will be deleted if the bonus account is idle for 30 days.
Tickmill – No Deposit Welcome Account
Any South African citizen may open it; neither complete registration nor identity verification is necessary. The Welcome Account can only be used for 60 days, during which any gains up to USD 100 can be withdrawn but not the 30 USD bonus. The Welcome Account will be terminated following any withdrawal. The world’s most affordable trading account, the Tickmill Pro Account, can only be opened with payments.
Investors should be informed that Expert Advisors cannot be employed even while using the MT4 trading platform and that the Welcome Account is only available in USD. Remember that traders must sign up for a Tickmill account and provide identification verification to withdraw or transfer money from the Welcome Account.
Despite requiring a deposit, the Forex welcome bonus in South Africa can occasionally be more profitable than the no-deposit bonus. It is a good idea to compare the terms of the various bonuses that various brokers offer. The broker can revoke the Welcome bonus Forex in South Africa anytime and without cause. Most frequently, it takes place as a result of a trader breaking the bonus utilization restrictions.