An offshore (overseas) forex bonus cannot itself be withdrawn as cash. At most brokers, however, the profit you make by using the bonus as margin can be withdrawn if you meet the conditions in the terms. The basic principle is: the bonus cannot be withdrawn, but profit can.
Another point that is easy to overlook is that withdrawing funds can reduce the bonus or remove it entirely. Some brokers delete the bonus in proportion to the amount withdrawn, while others remove all of it if you withdraw before meeting the trading conditions. This article explains the difference between cushion-type and credit-type bonuses, compares the official conditions at XS, HFM, Axi and Monaxa in a table (with each broker's verification date), and lists the prohibited practices to check before you withdraw.
Can offshore forex bonuses be withdrawn? Short answer: the bonus itself no, profit depending on conditions
An offshore forex bonus is trading-only funds (credit) added to your account. Because it can be used as margin, it increases the size you can trade, but the bonus itself cannot be withdrawn. This is common to the deposit bonuses and account-opening bonuses of the brokers whose terms we could confirm for this site.
How profit made with a bonus is treated differs by broker. Under HFM's official terms, profit earned from trades using the bonus can be withdrawn without restriction. At XS, meeting the trading volume condition (number of lots) is a prerequisite for withdrawal. If you withdraw or transfer funds between accounts without meeting the condition, the bonus is cancelled.
| Item | Can it be withdrawn? | Key point |
|---|---|---|
| The bonus (credit) itself | No | At most brokers neither withdrawal nor transfer between accounts is allowed. It is used as margin and to absorb losses |
| Your own funds (deposit) | Yes | At some brokers, withdrawing deletes the bonus proportionally or removes it entirely |
| Profit made using the bonus | Depends on conditions | Assumes trading conditions such as lot volume, the time limit and the prohibited practices have not been breached |
※ The above is a general tendency. The actual treatment follows each broker's terms for each bonus.
Even at brokers that let you withdraw profit, the bonus may be deleted at the same time. What you should do depends on whether you want to keep the bonus and continue trading, or lock in profit and turn it into cash. Before you submit a withdrawal request, always check the withdrawal and bonus deletion sections of the terms.
Cushion-type vs credit-type bonuses: what is the difference?
Offshore forex bonuses are sometimes grouped by how they treat losses into a cushion type (the bonus acts as a buffer for losses) and a credit type (granted as trading-only credit). These are informal labels used in searches and explainers, not unified official terms used by brokers. Brokers use different names, so it is safest to understand the mechanism.
| Item | Cushion type | Credit type |
|---|---|---|
| Concept | The bonus absorbs floating losses and losses first, which works to protect your own funds in the account | Adds credit (margin) you can trade with. It can shrink as losses occur |
| The bonus itself | Cannot be withdrawn | Cannot be withdrawn |
| Profit | At many brokers it can be withdrawn if conditions are met | At many brokers, meeting a trading condition (such as lot volume) is a prerequisite for withdrawal |
| Bonus at withdrawal | Deleted in proportion to the amount withdrawn, or cancelled by the withdrawal | All of it lost if you withdraw before meeting the conditions, or deleted proportionally |
| Examples listed on this site | Axi JP25Axi (25% cushion type), HFM Top-Up 20% (acts as a buffer for losses) | XS account-opening bonus and first deposit bonus, Monaxa (trading-only credit) |
※ The classification is an aid to understanding the mechanism. For either type, the bonus conditions follow the broker's terms.
Cushion type: helps when you lose, but is easily cancelled by a withdrawal
With a cushion type, the bonus is included in equity when margin level is calculated, which gives you more room before the stop out. HFM's official conditions state that the bonus also acts as a buffer for losses (stop loss) and that you may lose all of it through losses. Trading oversized lots that depend on the size of the bonus becomes dangerous all at once the moment the bonus is gone.
Credit type: check the trading conditions first
With a credit type, meeting a trading volume such as 5 lots or more may be a prerequisite for withdrawal. For XS's account-opening bonus (5,000 yen), the withdrawal condition is trading of 5 lots or more on the same account (only positions held for 2 minutes or longer count). Check the trading volume condition including by when, in which instruments and with what holding time the volume is counted.
Why a withdrawal can remove an offshore forex bonus: proportional deletion vs full loss
There are broadly two ways a withdrawal can remove a bonus: proportional deletion and full loss. Even among offshore forex brokers, which one applies makes a large difference to the state of your account after the withdrawal.
Proportional deletion: the bonus shrinks by the share you withdraw
Under HFM's official terms, the same share of the bonus is deleted as the share of the withdrawable amount that you withdraw. In the example in the terms, if you withdraw 224 USD (40%) of a withdrawable amount of 560 USD (500 deposit plus 60 profit), 20 USD of the 50 USD bonus is deleted. Monaxa also deletes the bonus in proportion to the share of the effective balance withdrawn, and a full withdrawal deletes the entire bonus.
Full loss: withdrawing or transferring funds before meeting the conditions removes everything
For XS's first deposit bonus (10,000 yen), if you withdraw or transfer funds from the eligible account before meeting the trading condition (a total of 5 lots or more within 60 days), the entire bonus credit is lost. Even for the account-opening bonus (5,000 yen), the entire credit is lost at the point you withdraw profit or move funds to another account.
With Axi's 25% cushion-type deposit bonus, withdrawing from the eligible account before the end of the period cancels the bonus credit. In the official guidance, internal transfers between accounts are also treated as withdrawals. Some brokers remove the bonus even if you only moved funds to another account instead of withdrawing, so check the terms before making a transfer too.
Bonuses can also disappear for reasons other than withdrawals. Examples are a broker that automatically deletes all or part of the bonus when the account balance turns negative or reaches the stop out level (Monaxa), and a broker that closes an account with no deposits, withdrawals or trades for 60 days and the unrealised profit is lost with it (HFM). The timing of withdrawals matters, but so does not leaving the bonus unattended.
Bonus withdrawal rules at listed brokers compared: XS, HFM, Axi and Monaxa
The table sets out the withdrawal-related conditions for a representative bonus at each of the four brokers whose conditions we have confirmed on this site. The figures are data confirmed by this site from each broker's official guidance, with the verification date noted. Bonus rates and caps can change, so always check the latest terms and your account page before depositing.
| Broker / bonus | The bonus itself | Withdrawing profit | Bonus at withdrawal or transfer |
|---|---|---|---|
| XS account-opening bonus (5,000 yen) | Cannot be withdrawn | Withdrawal condition is trading of 5 lots or more on the same account (positions held 2 minutes or longer count) | The entire credit is lost at the point you withdraw profit or move funds to another account. Valid for 60 days from the grant date |
| XS first deposit bonus (10,000 yen) | Cannot be withdrawn | A total of 5 lots or more traded in FX, BTC, gold and silver within 60 days (positions held 2 minutes or longer count) | The entire credit is lost if you withdraw or transfer funds before meeting the condition. A first deposit of 20,000 yen or more is required |
| HFM Top-Up Bonus account 20% deposit bonus | Cannot be withdrawn under any circumstances | Profit earned from trades using the bonus can be withdrawn without restriction (official terms 3.13) | The bonus is deleted in proportion to the share withdrawn. An account with no deposits, withdrawals or trades for 60 days is closed, and if there is no profit the bonus reverts to the company |
| Axi 25% cushion-type deposit bonus (JP25Axi) | Cannot be withdrawn because it is trading credit | Check the official terms (the guidance does not state a separate withdrawal condition for profit apart from the credit) | The credit is cancelled if you withdraw before the end of the period. Internal transfers between accounts also count as withdrawals |
| Monaxa Lifetime Bonus (30%) | Neither withdrawal nor transfer between accounts is allowed | Profit earned from trading and your deposit can be withdrawn at any time (terms 3.a). Withdrawals from the bonus account are excluded from instant withdrawal processing | The bonus is deleted in proportion to the share withdrawn or transferred. A full withdrawal deletes the entire bonus, and it cannot be restored |
| Monaxa Welcome Bonus ($50) | Neither withdrawal nor transfer between accounts is allowed | Profit earned from trading and your deposit can be withdrawn. Transfers to other accounts within the company are not allowed | Deleted in proportion to the share withdrawn. A full withdrawal deletes the entire bonus, and it cannot be restored |
※ This is this site's summary based on the official bonus pages for XS, HFM and Monaxa, and on the guidance for Japan residents for Axi (the Schedule to Terms and Conditions provided by Axi). As of: XS, 19 September 2026; HFM, 1 September 2026; Axi, 1 October 2026; Monaxa, 2 September 2026. The latest conditions in each broker's terms and your account page take priority.
XS links withdrawal to meeting a trading volume condition, HFM and Monaxa delete the bonus in proportion to the share withdrawn, and Axi cancels the credit with the withdrawal itself. Do not choose by the size of the bonus alone; first check whether it suits when you want to withdraw and your trading style.
Axi deposit bonus: conditions and how to claim the 25% cushion type (JP25Axi) →
Monaxa bonuses: conditions and withdrawal rules for the 30% Lifetime and $50 Welcome bonuses →
Main prohibited practices that stop withdrawals or cancel offshore forex bonuses
Many problems such as I made a profit but cannot withdraw or the bonus and profit were deleted come down to unmet trading conditions or a breach of the prohibited practices in the terms. This section sets out representative prohibited practices found in each broker's terms, within the range we have confirmed for this site.
- Hedging (opening opposite positions) across multiple accounts, or using accounts inside and outside the broker (confirmed in the terms of HFM, Monaxa and Axi)
- Arbitrage trading. At HFM the bonus is deleted immediately if it is suspected, and at Axi trades deemed improper are subject to credit deletion or trade invalidation
- Taking part more than once with multiple accounts. Axi allows one entry per person, and if you enter with several accounts the bonus is granted only to the first account
- Trading via a VPS (prohibited on Monaxa bonus accounts, and subject to profit cancellation and bonus deletion)
- Scalping and high-frequency trading (may be subject to cancellation or profit invalidation under Monaxa's terms)
- Using several promotions together where combining them is prohibited (Axi does not allow combining)
Monaxa bonus accounts have a 30% stop out level and dynamic leverage (from 1:500 down to 1:50), so their conditions differ from a regular account. Using a bonus can change the trading conditions themselves, so take care not to trade as you would on a regular account.
If the withdrawal itself is not going through, causes other than the bonus are also possible, such as identity verification not being completed, the rule of withdrawing by the same method as the deposit, or a name mismatch. These are covered by cause in a separate article.
Five points to check before using a bonus, and how to start
- 01Check the eligible account and the type of bonus
HFM applies only to the Top-Up Bonus account, and Monaxa only to the Lifetime Bonus account and Welcome Bonus account. Depositing into a regular account does not trigger the bonus, so check the account before you deposit.
- 02Check the withdrawal conditions (trading volume and period)
As with XS's 5 lots and 60 days, both a lot volume and a deadline may be required. Check down to what counts toward the volume (instrument and holding time).
- 03Check how the bonus is treated at withdrawal or transfer
Check in the terms whether it is deleted proportionally, lost in full or cancelled. You also need to check whether transfers between accounts are treated as withdrawals.
- 04Check the prohibited practices and the rules on combining promotions
Check in advance whether your trading style breaches the terms, including hedging, VPS, scalping and combining with other promotions.
- 05Set a trade size you can sustain with your own funds alone
You can lose the whole bonus through losses. The basic approach is to decide trade size based on your own funds, excluding the bonus.
If you want to see the types of bonus and the offers currently running in one place, the bonus and campaign list and the beginner guide are useful. A bonus widens the entrance to trading, but it does not guarantee profit or withdrawal. Offshore forex is leveraged trading, and losses can exceed your principal.
Offshore forex bonuses and campaigns currently running →
Offshore forex bonus basics (beginner guide) →
In Japan, profit from offshore forex is generally treated as miscellaneous income under aggregate (progressive) taxation, but how the bonus portion is treated can vary depending on individual circumstances. For a final decision, check with your local tax office or a tax accountant.
Frequently asked questions
Q. Can offshore forex bonuses be withdrawn?
A. The bonus itself cannot be withdrawn. However, profit earned from trades using the bonus may be withdrawable if you meet the conditions in the broker's terms. HFM allows profit to be withdrawn without restriction (official terms 3.13), while XS requires trading of 5 lots or more as the withdrawal condition. Conditions differ by broker and bonus, so check the terms.
Q. Why can I not withdraw an offshore forex bonus?
A. The main causes are an unmet trading volume condition (for example XS's 5 lots), an expired validity period (XS: 60 days from the grant date), incomplete identity verification, and a breach of the prohibited practices (hedging, VPS, arbitrage and so on). If you cannot withdraw, first check the withdrawal conditions in the terms and what your account page shows.
Q. Why does a withdrawal make the bonus disappear?
A. Because a bonus is trading-only funds and is not meant to back cash that is being withdrawn. Treatment differs by broker: HFM and Monaxa delete the bonus in proportion to the share withdrawn, XS removes it entirely if you withdraw or transfer funds before meeting the conditions, and Axi cancels the credit if you withdraw before the end of the period.
Q. What is a cushion-type bonus?
A. It is an informal label for a type in which the bonus acts as a buffer when you lose, which works to protect your own funds. Axi's 25% cushion-type deposit bonus (JP25Axi) is an example, with credit of 25% of the deposit up to $500 granted. The credit itself cannot be withdrawn, however, and it is cancelled if you withdraw before the end of the period.
Q. Is profit made with a bonus taxable?
A. In Japan, profit from offshore forex is generally treated as miscellaneous income under aggregate (progressive) taxation. How the bonus portion is treated can vary depending on individual circumstances, so for a final decision check with your local tax office or a tax accountant.
Q. What happens if I move funds from a bonus account to another account?
A. It depends on the broker. Axi treats internal transfers between accounts as withdrawals and cancels the credit. XS removes the entire credit at the point funds are moved to another account. Monaxa does not allow the bonus itself to be transferred between accounts (and Welcome Bonus accounts cannot transfer to other accounts within the company either), and the bonus is deleted in proportion to the share withdrawn or transferred.
Sources and conditions
- XS official: account-opening bonus (conditions verified on 19 September 2026) →
- XS official: first deposit bonus (conditions verified on 19 September 2026) →
- HFM official: bonuses and promotions (conditions verified on 1 September 2026) →
- Monaxa official: promotions and bonuses (conditions verified on 2 September 2026) →
- Axi deposit bonus: conditions of the 25% cushion type (this site, based on guidance provided by Axi) →
- Bonus and campaign list (this site) →
- Offshore forex bonus basics (beginner guide) →
FX Textbook is an independent information site, not a broker or provider of personal investment advice. Forex and CFDs involve risk. You may lose some or all of your invested capital. No trading result is guaranteed.
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