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EditorEditor: Alison HeyerdahlUpdated: January 11, 2024
AuthorAuthor: Chris Cammack

Last Updated On January 11, 2024

Chris Cammack

Brokers offer no-deposit bonuses to attract new customers. No-deposit bonuses typically involve the broker providing the customer with a small amount of equity, which allows them to learn how to trade Forex without the fear of losing their own money. 

Our review team has reviewed all the top brokers in South Africa to find out which ones offer the best no-deposit bonuses. The brokers below are well-regulated and we confirmed that their bonuses are valid for South African traders. We also highlight the terms of each bonus, so that you understand the conditions attached to withdrawing your profits.  

These are the Forex Brokers with the best no-deposit bonuses in South Africa in 2024.

  • XM - $30 No Deposit Bonus
  • FBS - $140 No Deposit Bonus

Best Bonuses in South Africa 2024

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Broker Score
Official Site
Min. Deposit
Max. Leverage (Forex)
FSCA (SA) Regulation
Beginner Friendly
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
$30 No Deposit BonusUSD 51000:1 ExcellentMT4, MT5
4.33 /5
Read Review
Visit Broker >
69.21% of retail CFD accounts lose money
NoneUSD 53000:1 ExcellentMT4, MT5, FBS App

What is a Forex No Deposit Bonus?

A no-deposit Forex bonus is a bonus offered by a broker to new customers who open an account. The bonus requires no deposit, and traders can use the money to trade, but the bonus is usually not withdrawable. Profits made from trading with bonus funds can only be withdrawn once certain conditions, such as trading volume thresholds, have been met. 

Common terms and conditions of Forex bonuses

  • Forex bonuses are usually only available to new clients.
  • They are usually subject to time limits. They might, for example, only be made available if the account is validated within 30 days of the registration date.
  • The no-deposit bonus is automatically cancelled if a client withdraws money during or after the no-deposit bonus period.
  • No-deposit bonuses apply per client, so if a client holds multiple accounts, they are only eligible to receive the no-deposit bonus once, in the first account that was registered during the promotional period.
  • There might be a limit on the number of no-deposit bonuses that can be granted to family members/per household.
  • There are usually conditions relating to withdrawals.
    • For example, you might have to complete a certain number of trades within a set time period, or generate a specified amount of profit.
    • You may also have to trade 10,000 USD, or even up to 100,000 USD, for each 1 USD of the bonus. Such bonuses might be more suitable for regular traders who place dozens of trades a day, or who place trades of a large size, rather than for beginners.
  • You may be restricted regarding the currency pairs you can trade using the bonus.
  • You may also be restricted to trading with your bonus on a specific trading platform.

Below you will find short reviews of the best Forex bonuses in South Africa for 2024, highlighting their terms and conditions: 

XM – $30 No Deposit Bonus

Broker Score
4.454.45 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

For South African beginners looking for a risk-free start to trading, XM’s one-off 30 USD trading bonus is a good place to start. XM’s minimum deposit is 5 USD, so this bonus can multiply your starting capital 6 times over. While the bonus cannot be withdrawn, any profits you make can be. The bonus is automatically credited to your trading account upon sign-up. 

Bonus Terms and Conditions

  • Only available for new XM clients
  • Clients must complete the voice verification process by following the on-screen instructions.
  • Clients are only permitted to hold one “No Deposit Trading Bonus.”
  • Profits from trading on “No Deposit Trading Bonus” Accounts may be withdrawn anytime, provided that the trading volume in the relevant real trading Account reaches at least 10 micro lots (0,1 standard lots), and provided that at least 5 round turn trades have been completed.
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
  • Limited platform choice
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

FBS – $140 No Deposit Bonus

Broker Score
4.334.33 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage3000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

The FBS Level Up Bonus is a 70 USD no-deposit bonus which can be doubled to 140 USD if certain conditions are met. This Level Up bonus will especially appeal to beginner traders who don’t want to risk any of their own money. To get the 70 USD Level Up bonus, traders need to register with FBS, verify their email address and then link their Facebook account to their FBS Personal Area. To double the bonus to 140 USD, new clients will also need to download the FBS Trading Broker mobile app and follow the same steps.

Bonus Terms and Conditions

  • Once traders have linked their Facebook accounts, FBS will send on some basic Forex education, and a short test will have to be completed. Once the test is passed, the Level Up bonus will be available for trading –  there is no need for full account registration.
  • Profits can only be withdrawn up to the original bonus amount and only after 20 days of trading.
  • You can miss no more than five trading days.
  • You must have traded at least 5 lots in the period of 20 active trading days.
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
  • Limited range of assets
  • Extreme leverage
AlertAccepts South African Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC, ASIC, and the FSC.

How to choose the best no-deposit Forex bonus

You should consider a number of factors before choosing to accept a no-deposit bonus. These include:

  • Regulation: You need to check that the broker is legitimate and trustworthy. Is the broker regulated and is it authorised to offer services in your country of residence? Check whether it has a regulatory licence and then check with the regulator that licence is valid.
  • Terms and conditions: Read the terms and conditions of the bonus carefully. Make sure you understand the conditions related to the withdrawal of your profits. The bonus funds are often frozen, either wholly or in part, until these conditions are met. 
  • Time limits: Bonuses often come with time limits. You may, for example, have 30 days to trade the bonus funds, before it becomes invalid.
  • Eligible currency pairs: Brokers might limit the use of the bonus to certain currency pairs, again underlining the need to read the conditions carefully.
  • Bonus amount: Brokers offer different no-deposit bonus amounts. Bonus amounts range from 30 – 150 USD, depending on the broker, so it’s worth shopping around.

Can regulated brokers offer no-deposit bonuses?

Only some regulators allow brokers to offer no-deposit bonuses. Regulators such as the FCA of the UK have banned the offering of bonuses. Brokers regulated by the South African FSCA (Financial Sector Conduct Authority) are allowed to offer no-deposit bonuses. You can also use an offshore broker that is not regulated by the FSCA, but if you have a dispute with the broker, it might be difficult to gain legal redress.

Forex bonus advantages

  • You can practice trading without risking your own money: This is vital, given that Forex markets are highly complex and volatile, subject to sudden changes in price movement. Diving straight into trading your own money and little experience is a recipe for financial disaster. Using a bonus helps you build up your knowledge in a risk-free manner. You should bear in mind that the learning process may take weeks or even months.
  • Helps you determine how much time, effort and money you want to spend trading: Using a bonus can help you to find out whether you can actually make money trading Forex, and whether it’s something you like doing. It can also help you determine which strategies suit your trading style.

What other types of bonuses do brokers offer?

Brokers offer a variety of bonuses to attract new customers. They include:

Deposit bonus: This bonus can be used to trade and is given by Forex brokers when a trader makes a new deposit into a Forex account. Typical offers include “Deposit 500 USD, and we’ll give you 100 USD” or “We’ll match 100% of your deposit up to 1000 USD.”

Trading or volume bonus: This bonus is related to the volume of trades a trader carries out. To qualify, you will need to have traded the minimum monthly volume within a calendar month, and you will then get a rebate on your trades. It involves trading large amounts of money, so does not apply to beginners. For example, if you trade 300 million USD in a calendar month, you could receive a rebate of 10 USD per million dollars traded, which means your monthly rebate would be 3000 USD.

Cashback: This involves returning a portion of paid commissions to the trader’s account. Some brokers charge a flat commission fee – usually between 5 USD and 10 USD  on each trade. A broker may offer to pay back, for example, 3 USD of the 10 USD commission they charge on a trade.

Referral bonus: Some brokers pay a cash bonus into your account when you refer a friend to their platform.

Can I withdraw profits from the no-deposit bonus?

As mentioned earlier, this is one of the main disadvantages of bonuses. Forex bonus terms vary, but they generally require a trader to trade a substantial sum of money before any withdrawal can be made. You should always check the terms and conditions of the no-deposit bonus and ensure you understand the rules related to withdrawals.

Does the broker need to verify my identity before giving me the bonus?

Yes. You will be required to open an account, verify your email address, and provide the broker with a valid proof of address and identity document to receive the bonus.

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: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. 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 about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our Broker Awards and Forex Rankings Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team


Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.


Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.


Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.


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Membership #: 254900LUG07G07A31U72 - as we have shared values of efficiency, transparency, and trust associated with legal entity identification (LEI) in the handling of investments. As Finance Professionals, the LEI is the highest standard

Risk Warning

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

It is really important that you do not trade any money that you can't afford to lose because regardless of how much research you have done, or how confident you are in your trade, there will always be a time that you lose.