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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 from top-tier regulated brands
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.
| Broker | Reward per friend | Friend must | Limit | Regulated by |
|---|---|---|---|---|
 XM | $80 | Open, fund and trade | Unlimited | FSC Belize; group CySEC, DFSA |
 AvaTrade | Up to $250 | Deposit $200+, trade | Per friend | CBI, ASIC, FSA Japan |
 eToro | $50 to $500 | Deposit $100+ | 10 to 50 rewards | CySEC |
 Interactive Brokers | $200 | Deposit $10,000 | 15 a year, 30 total | SEC/FINRA, FCA, ASIC |
 Eightcap | $100 | Open and fund | Terms apply | ASIC, FCA, CySEC |
XM 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.
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.
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.
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.
Eightcap $100 Referral Bonus
Offered by Eightcap's international entity; group also licensed by ASIC, the FCA and CySEC
- You get
- $100 cash
- Friend must
- Open and fund a live account
- Reward type
- Cash
- Terms
- Eightcap programme terms
The catch: Only friends who open and fund a live account qualify, and availability depends on your country.
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
Promotions from brokers we list
The brokers FX Recap reviews run these offers. Each card links to our full write-up of the terms.
EightcapTrade creditEightcap Trading Credit Bonus up to $1,000
Up to $1,000 of credit for selected new clients, converted to real money at $1 per standard FX lot traded.
XMLoyaltyXM Traders Club: Earn XM Coins
Earn XM Coins on every real-account trade across five statuses, then redeem them for cash, tradable bonuses or tools.
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.
XMDeposit bonusXM 50% Deposit Bonus up to $100
50% up to $100, then up to $5,000 in deposit bonuses each month at regional rates. Withdrawals reduce the bonus proportionally.
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 funds | Eightcap $100, 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 |
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.
What the friend must do
Deposit size, lots traded and holding period all vary. A $10,000 hold (IBKR) and a $200 deposit (AvaTrade) suit very different friends.
Qualifying window
Most schemes give the friend 30 to 90 days. Miss it and no reward is paid.
Caps
Interactive Brokers limits rewards to 15 a year and 30 in total. Check yearly and lifetime limits.
Your own eligibility
You may need a minimum balance (IBKR's $2,000 net liquidation value) or an active account.
Cash or credit
A withdrawable cash reward is worth more than bonus credit with trading conditions.
Country rules
eToro's EU scheme lists eligible countries; IBKR excludes several. Your friend's country must qualify too.
Tracking
The friend must use your link at sign-up. Registering first and adding the link later usually voids the reward.
Self-referral bans
Referring yourself, household members or duplicate accounts breaks every scheme's terms and can close both accounts.
Worked example
- 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 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 | 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. |
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.
Referral bonus trends in 2026
Bigger, simpler rewards
XM's June 2026 upgrade raised the referrer reward to up to $150 withdrawable with weekly payouts and no cap on invites.
Tiered by the referrer
eToro's April 2026 terms set the reward by the referrer's balance, rewarding established clients more.
Two-sided rewards
More schemes pay the friend as well, such as IBKR's stock reward.
Scrutiny of finfluencers
The FCA, ASIC and other regulators took joint action in June 2025 against unlawful promotions on social media, including referral links.
Is a referral bonus worth it?
Good fit if
- 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.
Skip it if
- 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.
Checks before you sign up
- 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
Red flags
Paying you from new clients' money is a pyramid structure, not a referral scheme.
A regulated broker does not push you to recruit to unlock your own funds.
Offers of $1,000 or more per friend from unknown firms are usually bait.
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 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, Interactive Brokers $200, XM up to $150 and Eightcap $100.
How does the XM refer a friend programme work?
Since XM's June 2026 upgrade, referrers can earn up to $150 withdrawable per friend depending on region, the friend can get a bonus of up to $40, invites are unlimited and payouts are weekly.
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, FCA financial promotions on social media.