Forex trading in South Africa has gained popularity, and many brokers in the country are offering free bonuses to attract traders. In this article, we will highlight the top South African brokers that provide free bonuses and discuss the different types of bonuses available.
What is a free Forex bonus?
A Forex bonus is a sum of money offered by a broker to traders, allowing them to use the funds for trading purposes. There are two types of Forex bonuses: no-deposit bonuses and deposit bonuses. Let’s explore the various forms of bonuses in detail.
- Welcome Forex Bonus is given to traders who make their first trade on the platform.
- Forex No Deposit Bonus is often independent of the welcome bonus, although it can also be a part of it. Traders can receive additional funds from the broker by making a personal deposit.
- Forex Deposit Bonus is commonly offered when traders deposit money into their accounts.
Top South African Brokers with Free Bonuses
So which broker gives a free bonus in South Africa? – Here is a list:
- RoboForex
RoboForex is a trusted broker with international licenses from FSC Belize and CySEC. Their Forex no deposit bonus in South Africa is highly regarded by traders in the region. They also offer a welcome Forex bonus of $30, which requires registration, verification, and a minimum deposit.
- InstaForex
Operating since 2007, InstaForex is a global company serving over seven million traders worldwide. They offer a $2,000 no-deposit bonus, but it cannot be withdrawn. Traders need to register and verify their data to receive this bonus.
- TeleTrade
TeleTrade, established in 1994, is a well-regulated broker and a recipient of the 2018 Traders Union Award for Europe’s Best Broker. They provide a $1,000 welcome bonus, which can be withdrawn after achieving a specific trading volume. Traders must register, verify their identity, and make a minimum deposit to qualify for this bonus.
- FBS
FBS is a renowned global broker operating in 190 countries. They offer a no-deposit bonus ranging from $70 to $140, depending on the registration method. The bonus cannot be withdrawn and requires registration and verification.
- Tickmill
Tickmill is a regulated ECN and STP broker with a wide range of tradable financial instruments. They offer a $30 no-deposit bonus, which cannot be withdrawn. Traders only need to register and verify their personal data to receive this bonus.
How to Get a Free Bonus
The Traders Union provides the following steps to obtain a free bonus:
- Register on the Platform
Visit the preferred broker’s website and register by providing your email address, first and last names, and phone number. Accept the site’s terms and conditions before clicking the register button.
- Choose the Account Type
Select the desired account type, keeping in mind that a real account is necessary to receive the welcome bonus. Confirm your account selection.
- Verify your account
Registering on the platform is not enough to receive a bonus or start trading. Verification of personal information is required. To do this, go to the “Verification” tab in the right menu and click the question mark icon.
The verification menu will appear, offering two options: proof of identity or proof of address. Scanned or photographed documents will be required for both options.
After submitting the necessary documents, you’ll need to wait for the verification process to be completed. Once verified, you will receive the no-deposit bonus.
- Make a minimum deposit
To take advantage of the Forex welcome bonus or deposit bonus, you must make a minimum deposit into your account.
Conclusion
The popularity of Forex trading in South Africa has led to an increase in the number of brokers offering free bonuses to attract traders. These bonuses can provide additional capital for trading and come in various forms.
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