IC Markets
Written byRanjan NiskritySenior Contributor & Team Lead
Fact-checked byJowel RanaCrypto & Forex Expert
Risk reviewed byJannatul FerdaushCustomer Risk AnalystCFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. A bonus or reward does not reduce that risk. Offers change often and vary by country and entity, so confirm the live terms on the broker's site. Some links are affiliate links; they never change which offers we list or how we describe them.
Top loyalty programme offers from top-tier regulated brands
Each brand below holds at least one top-tier licence in its group. Points programmes run through the groups' international entities; volume rebates such as OANDA's and Pepperstone's are paid as trading discounts, which several top-tier regulators allow for professional or high-volume clients. Each card names the entity.
| Broker | Programme | Reward type | Tiers | Group licences |
|---|---|---|---|---|
 XM | Coins per lot | Cash, credit, tools | 5 | CySEC, ASIC |
 HFM | Points and prizes | Cash, gifts | 4 | FCA, CySEC, FSCA, DFSA |
 Vantage | Points per $1m | Cash, vouchers | 4 | ASIC, FCA, CIMA |
 OANDA | Cash rebate | Cash | 5 | CFTC/NFA, FCA, ASIC |
 Pepperstone | Commission rebate | Cash | By monthly lots | ASIC, FCA, CySEC, BaFin |
XM Traders Club Loyalty Program
Offered by XM Global; group also licensed by CySEC and ASIC
- Reward
- XM Coins on every lot
- Tiers
- 5 status levels
- Redeem for
- Cash, bonus credit or tools
- Members
- 1.5 million, per XM
The catch: Coins redeemed as bonus credit follow XM's bonus rules, so only the cash option leaves the account freely.
HFM Loyalty Program: Trophy Road
Offered by HFM's international entities; group also licensed by the FCA, CySEC, FSCA and DFSA
- Reward
- Trophy Road Points (TRP)
- Levels
- Rookie, Rising Star, Pro, Legend
- Prizes
- Cash, electronics, holidays, a supercar
- Launched
- January 2026
The catch: Points are earned through trading and set tasks; the top prizes need very high volume, so value them at the cash rate, not the headline prize.
Vantage Rewards (V-Points)
Offered by Vantage Global Limited (VFSC); group also licensed by ASIC, the FCA and CIMA
- Earn rate
- Bronze 100, Silver 150, Gold 200, Platinum 250
- Tier based on
- 90-day trading volume
- Points valid
- 12 months
- Redeem for
- Cash and vouchers
The catch: Points are earned per $1 million notional traded, so casual traders collect them slowly, and unused points expire after a year.
OANDA Elite Trader Rebates
Published for OANDA Corporation (US, CFTC and NFA); group also licensed by the FCA and ASIC
- Minimum volume
- $10 million a month
- Rebate tiers
- $5, $7, $10, $15, $17 per million
- Elite Extra
- $5 to $20 per million with a $50,000 balance
- Extras
- Free VPS, TradingView reimbursement
The catch: Clients who joined through an introducing broker cannot take part, and the rebate only starts at $10 million of monthly volume.
Pepperstone Active Trader Programme
Offered across Pepperstone's entities to qualifying high-volume clients; group licensed by ASIC, the FCA, CySEC, BaFin, DFSA and others
- Reward
- Commission rebate, from $1 per FX lot
- Paid
- Daily, the day after a trade closes
- Account
- FX trades on Razor accounts
- To stay in
- Meet volume over 3 months
The catch: The rebate rises with monthly lots, but only FX trades on Razor accounts earn it, and you drop out if volume falls over a 3-month period.
Prefer a simple rebate? Per-lot cashback schemes such as IUX LotBack and RoboForex cashback pay on smaller volumes than OANDA or Pepperstone. They are compared on our forex cashback page.
Promotions from brokers we list
The brokers FX Recap reviews run these offers. Each card links to our full write-up of the terms.
XMLoyaltyXM Loyalty Program: Traders Club Coins
Earn XM Coins on every trade across five status tiers, then redeem them for cash, bonus credit or trading tools.
IUXCashbackIUX Cashback: LotBack Rebate Program
0.5 to 1.5 points per lot, each worth $0.50, on forex and metals trades held for at least five minutes.
HFMDeposit bonusHFM 100% Deposit Bonus up to $50,000
100% of each deposit as tradable credit, up to $50,000, plus a $2 per lot rebate on gold. Credit is removed dollar for dollar when you withdraw.
XMCompetitionXM Demo Trading Competition
Free-entry demo contests for new traders, including a $25,000 weekly prize pool shared by 100 winners, plus live competitions.
How a forex loyalty bonus works
A forex loyalty bonus rewards clients for continued trading instead of a deposit. Brokers use two main models: a points programme, where each lot earns points you redeem for cash, credit or gifts (XM, HFM, Vantage), and a volume rebate, where part of the spread or commission comes back as cash once you pass a volume threshold (OANDA, Pepperstone).
Most programmes are tiered. You start at the bottom level, and your trading volume over a set window moves you up. Vantage, for example, sets your tier on 90-day volume and pays 100 to 250 V-Points per $1 million traded; OANDA's Elite Trader rebate rises from $5 to $17 per million as monthly volume grows.
Loyalty rewards lower your trading cost rather than add to your balance. Their value is best measured the same way as a cashback rebate: the cash you get back per lot, compared with the spread and commission you pay.
Types of loyalty reward
Each model suits a different trader. Compare by the cash value per lot, not by the prize list.
| Type | How it works | Example | Best for |
|---|---|---|---|
| Points per lot | Each trade earns points, redeemed later | XM Coins, HFM TRP | Regular traders at any size |
| Tiered points | Earn rate rises with rolling volume | Vantage Rewards | Traders whose volume grows |
| Volume rebate | Cash back per million traded above a threshold | OANDA Elite Trader | High-volume traders |
| Commission rebate | Part of the commission refunded daily | Pepperstone Active Trader | High-volume Razor traders |
| Per-lot cashback | A fixed amount per lot from the first trade | IUX LotBack | Smaller accounts |
Loyalty terms that decide the value
Headline figures sell the offer. These clauses decide what it is worth, and they sit in the terms, not on the banner.
Cash value per lot
Convert points to dollars at the cash-redemption rate and divide by the lots needed. That number is the true reward.
How tiers are set
Rolling volume (Vantage's 90 days) can drop you a tier after a quiet month; lifetime status cannot. Check which one applies.
Point expiry
Vantage points last 12 months. Unused points vanish, so redeem regularly.
Redemption options
Cash is the only reward that leaves the account freely. Points taken as bonus credit carry bonus withdrawal rules.
Excluded trades
Short holding times, some instruments and swap-free accounts are often left out of the earn rate.
Introducing-broker clients
OANDA's Elite Trader excludes clients referred by an introducing broker. Signing up through a partner can close the programme to you.
Which entity runs it
Points programmes usually sit with the group's international entity, not its FCA, ASIC or CySEC company.
Spread vs reward
A reward means little if the account carries a wider spread. Compare the all-in cost after the rebate.
Worked example
- His volume
Daniel trades about 25 standard lots of EUR/USD a day, roughly $55 million of notional a month.
- His tier
That volume clears the $10 million minimum with room to spare, so he qualifies for a rebate every month.
- His rebate
Assuming the $10 per million tier, the rebate comes to about $550 a month, paid as cash.
- His check
He sets that against his monthly spread cost to see the real saving before counting on it.
Loyalty rewards pay off for traders who already trade heavily. Daniel did not change his strategy to earn more; if he had, the rebate would not have covered the extra risk.
Where a loyalty programme is allowed
Top-tier regulators protect retail clients partly by limiting incentives. That is why the brands below run most of these offers through entities outside Europe, the UK and Australia.
| Region | Regulator | Status | Detail |
|---|---|---|---|
| European Union | ESMA, CySEC and national regulators | Limited | Bonuses on retail CFDs are banned; some firms offer cost rebates to professional clients. |
| United Kingdom | FCA | Limited | Retail incentives are banned; rebates for professional or high-volume clients are handled case by case. |
| Australia | ASIC | Limited | Retail CFD incentives banned since 2021; wholesale-client programmes exist. |
| United States | CFTC and NFA | Allowed | Volume rebates such as OANDA's Elite Trader are allowed for forex clients. |
| South Africa | FSCA | Allowed | Loyalty programmes are allowed if terms are clear. |
| Offshore hubs | FSA Seychelles, VFSC, FSC Mauritius | Allowed | Where most points-based programmes (XM, HFM, Vantage) run. |
Your country of residence decides which company in a group onboards you. A loyalty programme advertised on a brand's global site may not be open to your account.
Loyalty programme trends in 2026
Loyalty replaces big bonuses
HFM launched its Trophy Road programme in January 2026, and Vantage runs Vantage Rewards: brokers are spending more on keeping clients than on one-off welcome offers.
Gamified tiers
Named levels, progress bars and prize catalogues (HFM's Rookie to Legend) borrow from gaming apps.
Prize catalogues
Electronics, holidays and cars sit alongside cash. The cash option is almost always the better value.
Tools as rewards
OANDA reimburses TradingView and offers a free VPS; XM lets clients redeem coins for trading tools.
Is a loyalty programme worth it?
Good fit if
- You already trade often with this broker and would anyway.
- Each reward has a clear cash value per lot.
- The programme is open to your country and account type.
- Your all-in cost after the reward beats other brokers.
Skip it if
- You would trade more just to reach the next tier.
- The rewards are mostly prizes with no cash option.
- Points expire before you would realistically redeem them.
- A tighter-spread broker would cost less even without rewards.
Checks before you sign up
- Find the cash value of one point or the rebate per lot
- Check how tiers are set and how long they last
- Note point expiry and redemption options
- Confirm your country, entity and account type qualify
- Check whether signing up through a partner excludes you
- Compare the all-in cost with the reward included
Red flags
If points can only become bonus credit, the programme exists to raise your volume, not reward it.
Messages urging you to trade more before a deadline are a sales tactic, not a benefit.
A programme that will not say what a point is worth cannot be compared.
Scam brokers use VIP tiers to justify extra deposits. Check the licence first.
Unsure about a firm? Check our scam broker blacklist and the regulator's own register first.
Loyalty programme FAQs
What is a forex loyalty bonus?
A forex loyalty bonus rewards clients for continued trading. It usually takes the form of points per lot redeemed for cash, credit or gifts, or a cash rebate per million traded once you pass a volume threshold.
Which regulated brokers have loyalty programmes in 2026?
XM (Traders Club), HFM (Loyalty Program, launched January 2026), Vantage (Vantage Rewards), OANDA (Elite Trader) and Pepperstone (Active Trader) all run programmes, and each has top-tier licences in its group.
How does the XM loyalty program work?
XM clients earn XM Coins on each lot traded. There are five status tiers, with a multiplier of up to three times at the top, and coins can be redeemed for cash, bonus credit or trading tools.
What is OANDA Elite Trader?
OANDA's rebate programme for traders with at least $10 million of monthly volume. Rebates run from $5 to $17 per million, or $5 to $20 through Elite Extra with a $50,000 balance, plus a free VPS and TradingView reimbursement.
Is a loyalty bonus the same as cashback?
They overlap. Cashback pays a fixed amount per lot from the first trade; loyalty programmes usually use points or volume tiers. Both lower your trading cost rather than add capital.
Can UK or EU traders join a broker loyalty programme?
Points and bonus-style rewards are generally off-limits for retail CFD clients there. Commission rebates work as a price discount, so programmes such as Pepperstone's Active Trader are offered by some top-tier entities; confirm with the entity that holds your account.
Do loyalty points expire?
Often. Vantage points last 12 months, so check expiry and redeem before points lapse.
Is a forex loyalty programme worth it?
Yes, if you already trade heavily with the broker and can redeem for cash. No, if it tempts you to trade more than your strategy calls for.
Sources: OANDA Elite Trader, HFM Loyalty Program, Vantage Rewards, Pepperstone Active Trader, XM Loyalty Program, ASIC CFD product intervention order.