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CFDs 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 referral bonus offers checked this month
Every brand below holds at least one top-tier licence. Referral schemes tied to investing accounts, such as eToro's and Interactive Brokers', run under those licences; schemes tied to leveraged CFD trading run through the groups' international entities. Each card names the entity.
XM$80Open, fund and tradeFSC Belize; group CySEC, DFSA
AvaTradeUp to $250Deposit $200+, tradeCBI, ASIC, FSA Japan
eToro$50 to $500Deposit $100+CySEC
Interactive Brokers$200Deposit $10,000SEC/FINRA, FCA, ASIC
FXTM$100Trade 20,000 Tier PointsFSC Mauritius
FP Markets$50 to $200Deposit $500+, trade 2.5 lotsASIC, CySECXM Refer a Friend
Offered by XM Global (FSC Belize); group also licensed by CySEC and the DFSA
- You get
- $80 per friend, per xm.com
- When
- Once the friend meets the trading requirements
- Referral limit
- Unlimited
- How to share
- Link, code or QR
The catch: You are paid only after your friend meets XM's trading requirements, so read the referral terms before you share your link.
Best for: Traders with friends in XM's international markets
Not available to: EU, UK and Australian retail clients
AvaTrade Refer a Friend
Offered by AvaTrade's international entity (such as AVA Trade Ltd, BVI); group also licensed by the Central Bank of Ireland, ASIC and FSA Japan
- You get
- $20 per lot your friend trades
- Friend deposits
- $200 or more (up to $2,500 counts)
- Friend trades
- 1 lot per $200 deposited
- Window
- 90 days
The catch: You are paid only on the lots your friend trades within 90 days, so a friend who deposits and waits earns you nothing.
Best for: Referring active traders
Not available to: Clients of AvaTrade's EU and Australian entities
eToro Refer a Friend (Europe)
Offered by eToro (Europe) Ltd, regulated by CySEC
- You get
- $50, $100, $200 or $500
- Reward set by
- Your own qualifying balance
- Friend deposits
- $100 or more within 90 days
- Limit
- 10 rewards per tier, 50 at $500
The catch: The reward follows your own qualifying balance ($50 up to $5,000, $500 from $50,000), leveraged CFD positions do not count, and only residents of 18 listed European countries can take part.
Best for: Investors in eToro's eligible European countries
Not available to: Traders wanting a reward on leveraged CFD trading
Interactive Brokers Refer a Friend
Offered by Interactive Brokers group companies; licensed by the SEC and FINRA, FCA, CBI, ASIC and others
- You get
- $200 per referral
- Limit
- 15 a year, 30 in total
- Friend gets
- $1 of IBKR stock per $100 deposited, up to $1,000
- Friend must
- Deposit $10,000 in 30 days and hold it a year
The catch: You need at least $2,000 of net liquidation value and one securities trade, family members at the same address do not count, and residents of Japan, Denmark, Spain, Portugal, Poland, mainland China and Israel are excluded.
Best for: Referring friends who will fund a larger account
Not available to: Friends starting with small deposits
FXTM Refer a Friend
Offered by Exinity Limited (FSC Mauritius, licence C113012295)
- You get
- Up to 50,000 Reward Points ($100)
- Paid as
- 5,000 points per 2,000 Tier Points traded
- Friend earns
- Up to $500 in points
- Referral limit
- None
How it works, step by step
- Share your code from MyFXTM
- Friend enters it when depositing
- Friend trades 2,000 Tier Points within 14 days
- You earn 5,000 points per 2,000 Tier Points
The catch: You are paid in Reward Points as your friend trades, not in one lump sum, and points expire after three months. A friend who stops trading early earns you only part of the $100.
Best for: Referring friends who will trade regularly
Not available to: Clients of FXTM's EU and UK entities
FP Markets Refer a Friend
Offered by FP Markets' international entity; group also licensed by ASIC and CySEC
- You get
- $50 to $200, withdrawable
- Friend deposits
- $500 to $10,000
- Friend trades
- 2.5 to 10 lots of forex or metals
- Limit
- 3 friends a year
How it works, step by step
- Send your referral code
- Friend deposits $500 or more
- Friend trades 2.5+ lots within 30 days
- You are paid in cash
The catch: Only three referrals count each year. The tier depends on your friend's deposit and lots traded inside 30 days, trades must stay open at least five minutes, and FP Markets reviews each referral for 45 days before paying.
Best for: Referring one or two serious traders a year
Not available to: Clients of FP Markets' ASIC and CySEC entities
Referring many traders? An affiliate or introducing-broker programme may fit better than refer-a-friend. Exness, for example, advertises up to 40% revenue share or CPA of up to $1,850 per client. Affiliates must follow advertising rules in each country they promote to.
Watch on video
Refer-a-friend programmes, explained on video
XM Refer a Friend · 1:26
FXTM Refer a Friend · 1:45
FP Markets Refer a Friend · 1:45
AvaTrade Refer a Friend · 1:43
How a forex referral bonus works
A forex referral bonus, or refer-a-friend reward, pays an existing client when someone they invite opens and funds an account. You share a personal link from your client area; your friend signs up through it and meets the qualifying rules, and the broker pays you, and sometimes your friend, a fixed amount.
The qualifying rules are where schemes differ. AvaTrade pays $20 for each lot your friend trades within 90 days; Interactive Brokers pays $200 but needs your friend to deposit $10,000 and hold it for a year; eToro scales the reward from $50 to $500 by your own balance.
Referral bonuses are separate from welcome bonuses, though your friend may be able to claim both. Heavy referrers usually move to a broker's affiliate or introducing-broker programme, which pays a share of revenue instead of a flat reward.
Types of referral reward
The structure decides who earns and how much work your friend must do.
| Type | How it works | Example | Best for |
|---|---|---|---|
| Flat cash per friend | A fixed amount once the friend qualifies | XM $80, IBKR $200 | Simple, predictable rewards |
| Per-lot reward | Paid on the friend's trading volume | AvaTrade $20 per lot | Referring active traders |
| Tiered by referrer | Your balance sets the reward | eToro $50 to $500 | Larger account holders |
| Two-sided reward | Both you and your friend receive a reward | XM, Interactive Brokers | Friends who both benefit |
| Affiliate / IB | Revenue share or CPA for many clients | Exness partner programme | Content creators and IBs |
Flat cash per friend
- How it works
- A fixed amount once the friend qualifies
- Example
- XM $80, IBKR $200
- Best for
- Simple, predictable rewards
Per-lot reward
- How it works
- Paid on the friend's trading volume
- Example
- AvaTrade $20 per lot
- Best for
- Referring active traders
Tiered by referrer
- How it works
- Your balance sets the reward
- Example
- eToro $50 to $500
- Best for
- Larger account holders
Two-sided reward
- How it works
- Both you and your friend receive a reward
- Example
- XM, Interactive Brokers
- Best for
- Friends who both benefit
Affiliate / IB
- How it works
- Revenue share or CPA for many clients
- Example
- Exness partner programme
- Best for
- Content creators and IBs
Swipe for each type
Referral 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.
Deposit size, lots traded and holding period all vary. A $10,000 hold (IBKR) and a $200 deposit (AvaTrade) suit very different friends.
Most schemes give the friend 30 to 90 days. Miss it and no reward is paid.
Interactive Brokers limits rewards to 15 a year and 30 in total. Check yearly and lifetime limits.
You may need a minimum balance (IBKR's $2,000 net liquidation value) or an active account.
A withdrawable cash reward is worth more than bonus credit with trading conditions.
eToro's EU scheme lists eligible countries; IBKR excludes several. Your friend's country must qualify too.
The friend must use your link at sign-up. Registering first and adding the link later usually voids the reward.
Referring yourself, household members or duplicate accounts breaks every scheme's terms and can close both accounts.
How to refer a friend the right way
- Use the broker yourself first
Only refer a broker whose withdrawals, support and spreads you have tested with your own money.
- Check your friend can join
Confirm the broker serves their country and which entity they will sign with.
- Share the link from your client area
Rewards track through your personal link or code. Sign-ups without it don't count.
- Explain the qualifying rules
Tell your friend the deposit and trading targets, and that leveraged trading carries a high risk of loss.
- Track progress in the referral report
Most brokers show each friend's status and what is still needed.
- Keep a record of rewards
Note dates and amounts for tax and in case a payment goes missing.
Referral bonus questions, answered properly
Is a referral bonus the same as an IB or affiliate deal?
No. A refer-a-friend reward is a flat amount for a handful of friends, paid to clients. Affiliate and introducing-broker deals pay commission or a share of revenue on many clients, need a partner agreement, and come with advertising rules in each country you promote to.
Can you refer friends in another country?
Only where the broker accepts them. Your friend signs with the entity that serves their country, and that entity's terms decide whether you get paid. eToro's scheme, for example, covers residents of 18 listed European countries only.
Does a referral reward count as a bonus on your account?
It depends on the scheme. FP Markets pays cash you can withdraw, while FXTM pays Reward Points that convert at 500 points per $1. Points and credits can carry their own expiry rules, so check before you count on them.
Can you post your referral link on social media?
Usually yes, but promotion rules apply. In the UK, the FCA's guidance on financial promotions on social media treats posts that encourage people to trade as promotions, and unlicensed "finfluencers" have faced action. Keep posts factual, add the broker's risk warning and never promise returns.
Why was my referral not paid?
The common reasons are a friend who signed up without your link, a deposit or lot target missed inside the window, a friend in an excluded country, or a duplicate account. Ask support for the referral report before you chase it.
Do you pay tax on referral rewards?
In many countries referral rewards count as income. Rules differ, so keep a record of what you receive and ask a tax adviser if the amounts are meaningful.
Worked example
Illustrative case: Priya, 34, Kuala LumpurThe name is invented; the numbers follow AvaTrade's published refer-a-friend rules.
- The referral
Priya shares her AvaTrade link with a colleague, who opens an account and deposits $1,000.
- The qualifying trades
At 1 lot per $200 deposited, the colleague needs 5 lots within 90 days for the full reward.
- The payout
The colleague trades 3 lots in 90 days, so Priya receives $60 rather than $100.
- What she learned
She now explains the lot requirement up front, so friends know what counts.
A referral reward depends on your friend's behaviour, not yours. Refer people who were going to trade anyway, and never push anyone to trade to unlock your reward.
Where a referral bonus is allowed
Top-tier regulators protect retail clients partly by limiting incentives. That is why most of these offers run through entities outside Europe, the UK and Australia.
| Region | Regulator | Status | Detail |
|---|---|---|---|
| European Union | ESMA, CySEC and national regulators | Limited | Incentives on retail CFDs are banned; refer-a-friend schemes on investing products (eToro EU excludes leveraged CFDs) remain. |
| United Kingdom | FCA | Limited | Retail CFD incentives are banned; financial promotions rules also apply to anyone sharing a referral link. |
| Australia | ASIC | Limited | Retail CFD incentives banned since 2021; share-trading referral schemes exist. |
| United States | SEC, FINRA, CFTC | Allowed | Allowed with disclosures; Interactive Brokers runs its scheme under US rules. |
| Asia, Africa, LatAm | Local regulators and offshore entities | Allowed | Where most CFD referral schemes such as XM's and AvaTrade's are open. |
European Union
- Regulator
- ESMA, CySEC and national regulators
- Status
- Limited
- Detail
- Incentives on retail CFDs are banned; refer-a-friend schemes on investing products (eToro EU excludes leveraged CFDs) remain.
United Kingdom
- Regulator
- FCA
- Status
- Limited
- Detail
- Retail CFD incentives are banned; financial promotions rules also apply to anyone sharing a referral link.
Australia
- Regulator
- ASIC
- Status
- Limited
- Detail
- Retail CFD incentives banned since 2021; share-trading referral schemes exist.
United States
- Regulator
- SEC, FINRA, CFTC
- Status
- Allowed
- Detail
- Allowed with disclosures; Interactive Brokers runs its scheme under US rules.
Asia, Africa, LatAm
- Regulator
- Local regulators and offshore entities
- Status
- Allowed
- Detail
- Where most CFD referral schemes such as XM's and AvaTrade's are open.
Swipe through the regions
Sharing a referral link can count as a financial promotion. In the UK and several other markets, posting links publicly on social media carries rules, so keep referrals to people you know.
Is a referral bonus worth it?
- You already use the broker and would recommend it anyway.
- Your friend was planning to open an account.
- The reward is cash and the friend's rules are realistic.
- Both of you live in eligible countries.
- You would be recommending a broker for the reward alone.
- Your friend is new to trading and unaware of the risks.
- The friend must trade heavily for you to be paid.
- You plan to post links publicly where promotion rules apply.
- Read the scheme's terms on the broker's own site
- Check what your friend must deposit, trade or hold
- Note the qualifying window and any yearly caps
- Confirm both countries are eligible
- Make sure your friend signs up through your link
- Tell your friend about the risks of leveraged trading
Referral bonus trends in 2026
XM's June 2026 upgrade raised the referrer reward to up to $150 withdrawable with weekly payouts and no cap on invites.
eToro's April 2026 terms set the reward by the referrer's balance, rewarding established clients more.
More schemes pay the friend as well, such as IBKR's stock reward.
The FCA, ASIC and other regulators took joint action in June 2025 against unlawful promotions on social media, including referral links.
Referral bonus red flags
- Rewards that grow with recruits' deposits
Paying you from new clients' money is a pyramid structure, not a referral scheme.
- Referral pressure from an account manager
A regulated broker does not push you to recruit to unlock your own funds.
- Rewards far above the norm
Offers of $1,000 or more per friend from unknown firms are usually bait.
- Unregulated 'investment clubs'
Schemes that pay mainly for recruiting, not trading, are a common scam format.
Unsure about a firm? Check our scam broker blacklist and the regulator's own register first.
Referral bonus glossary
- Referrer
- The existing client who shares a link or code.
- Referee
- The friend who opens an account through it.
- Qualifying window
- The days the friend has to deposit and trade, such as 30 days at FP Markets.
- Tier Points
- FXTM's measure of trading volume, used to release referral rewards.
- Reward Points
- FXTM's points currency, worth $1 per 500 points.
- CPA
- Cost per acquisition: a one-off payment per client in affiliate deals.
- Revenue share
- A percentage of the broker's income from your clients, paid to affiliates and IBs.
Promotions from brokers we list
The brokers FX Recap reviews run these offers. Each card links to our full write-up of the terms.
FXTMReferralFXTM Refer a Friend: Earn Up to $100 per Friend
Up to 50,000 Reward Points, worth $100, for each friend you refer, released as they trade; no limit on friends.
FP MarketsReferralFP Markets Refer a Friend: Up to $200 per Referral
$50 to $200 per friend who deposits and trades forex or metals within 30 days; up to three referrals a year, paid as withdrawable cash.
XMReferralXM Refer a Friend Bonus: $80 for Every Friend
$80 for each friend who opens a real account and meets XM's trading requirements, with no limit on referrals.
AvaTradeWelcome bonusAvaTrade First-Deposit Bonus and Refer a Friend
A first-deposit bonus in eligible regions, released after 30,000 of volume per $1, plus 10% of a friend's deposit up to $250.
Referral bonus FAQs
What is a forex referral bonus?
A forex referral bonus is a reward a broker pays an existing client when a friend opens and funds an account through their personal link. Some schemes also reward the friend.
Which brokers pay the most per referral in 2026?
eToro's European scheme pays up to $500 depending on the referrer's balance, AvaTrade up to $250, FP Markets up to $200, Interactive Brokers $200, FXTM up to $100 and XM $80.
How does the XM refer a friend programme work?
XM pays $80 for every friend who opens a real account through your link and meets the trading requirements. There is no limit on how many friends you can refer, and you can share a link, a code or a QR code.
What does my friend need to do for me to get the AvaTrade reward?
Your friend must deposit at least $200 (up to $2,500 counts) and trade 1 lot for every $200 deposited within 90 days. You receive $20 per qualifying lot, up to $250.
Is the Interactive Brokers referral bonus worth it?
It pays $200 per referral, but your friend must deposit $10,000 within 30 days and keep it for a year, so it suits friends funding a larger account.
Can I refer myself or family members?
No. Self-referral and duplicate accounts break every scheme's terms and can lead to both accounts being closed. Some schemes also exclude household members.
Is referral income taxable?
In many countries referral rewards count as taxable income. Check local rules or ask a tax adviser.
What is the difference between a referral bonus and an affiliate programme?
A referral bonus pays a flat reward per friend to existing clients. An affiliate or IB programme pays a revenue share or CPA to partners who bring many clients, and carries marketing obligations.
Sources: Interactive Brokers refer a friend, eToro refer a friend, AvaTrade refer-a-friend terms, XM refer a friend, FXTM refer a friend, FP Markets refer a friend terms, FCA financial promotions on social media.