A promotion is called a "welcome bonus", yet it is unclear whether a deposit is required. This confusion arises because the term means different things at different brokers.
Among the examples listed on this site, XS gives JPY 5,000 for identity verification alone, and Monaxa gives 50 USD for a 25 USD deposit (as of 28 October 2026).
After reading this guide, you can tell whether a deposit is needed, and what the withdrawal conditions are, without relying on the name.
Conclusion: welcome bonuses are either no-deposit or deposit type
In the data on this site, XS calls its offer the "account-opening bonus (KYC welcome bonus)", and no deposit is required. Monaxa's "Welcome Bonus $50" requires a 25 USD deposit into a dedicated account.
The same word "welcome" can therefore mean opposite things. For other brokers, check the official announcement.
- There is no common definition of a welcome bonus, so the name alone does not show whether a deposit is needed
- A no-deposit example is XS: JPY 5,000 granted on identity verification
- A deposit-type example is Monaxa: 50 USD granted for a 25 USD deposit
- In both cases the bonus is a trading credit, and the bonus itself cannot be withdrawn
- What matters is the claim conditions and withdrawal conditions, not the name
What is a welcome bonus? Differences from account-opening and no-deposit bonuses
Bonus names are easier to understand when sorted by whether a deposit is required. The list below follows the summary in this site's existing guide on bonus basics. How each name is used differs by broker.
In short, a welcome bonus is a name, not a type. Check the claim conditions to see whether a deposit is required.
Note: even a no-deposit bonus is no guarantee of growing your money. What you receive is a trading-only credit or trading funds, and you can lose it through trading losses.
To learn about the types of bonus and how they work overall, see the guide on bonus basics.
- Account-opening bonus: a bonus granted once you open an account and complete identity verification. Deposit: not required
- No-deposit bonus (also called a bonus without a deposit): a name for a bonus granted without a deposit, used with the same meaning as an account-opening bonus. Deposit: not required
- First deposit bonus: a bonus granted according to the amount of the first deposit. Deposit: required
- Welcome bonus: a name chosen by the broker, and the content differs by broker. Deposit: depends on the broker
No-deposit welcome bonuses: examples from XS, Vantage and HFM
The examples below are no-deposit offers listed on this site as of 28 October 2026, compared by claim conditions. The data was checked by this site on 19 September 2026 (XS, Vantage Trading and HFM).
XS is open to customers who live in Japan and hold Japanese nationality. The credit goes to a JPY-denominated MT5 account, which is created after identity verification is complete.
For Vantage Trading, 100 USD applies when KYC is completed within 7 days of the live account being approved. It is for new customers in eligible countries and regions.
HFM's Bonus Hunter does not have "welcome" in its name. It is still the same in that you can start trading without a deposit. The JPY 45,000 of trading funds itself cannot be withdrawn.
To compare no-deposit conditions by broker, see the column comparing account-opening bonuses on this site. You can also read the XS account-opening bonus page on this site.
- XS account-opening bonus (KYC welcome bonus): JPY 5,000 credit. Condition: identity verification (KYC) completed; no application needed. Deposit: not required
- Vantage Trading free registration bonus: 100 USD (JPY 15,000), or 70 USD (JPY 10,000) if verification is on day 8 or later. Condition: open an eligible account and complete KYC; apply from the client area. Deposit: not required
- HFM Bonus Hunter: JPY 45,000 of trading funds. Condition: open a Bonus Hunter trading account within 30 days of completing account verification. Deposit: not required
Deposit-type welcome bonuses: examples from Monaxa and AXIORY
Some offers carry the word "welcome" and still require a deposit. Monaxa is one example. The data was checked on 2 September 2026 (Monaxa) and 19 September 2026 (AXIORY).
With Monaxa, the bonus stays at 50 USD even if the deposit exceeds 25 USD. A stop out of 30% and dynamic leverage (a system where the upper limit falls as the position size grows) apply to the bonus account.
AXIORY combines a part granted without a deposit and a part that requires a deposit in a single offer. Invitations are sent automatically and cannot be requested (official FAQ). It is limited in time and listed on this site as of 28 October 2026.
Note: with Monaxa, pay attention to the account you deposit into. A deposit into Standard, Pro, Zero or Cent does not earn the welcome bonus. Deposit into the dedicated Welcome Bonus account.
You can read the conditions of Monaxa's Welcome Bonus $50 on its page on this site.
- Monaxa Welcome Bonus $50 (always available): 50 USD trading-only credit. Deposit: 25 USD in a single first new deposit into the dedicated MT4/MT5 Welcome Bonus account. Eligible: people aged 18 or over who have never deposited before and have completed identity verification
- AXIORY 15th anniversary live trading starter pack (limited-time, until 31 December 2026): JPY 15,000 with no deposit, plus 100% of the first deposit (up to JPY 100,000). Deposit: Stage 1 needs no deposit; Stage 2 is the first deposit into the same account. Eligible: new customers who received an invitation email from AXIORY only
Steps to receive a welcome bonus
Step 1: Check who is eligible and which account qualifies. Eligible people and account types are set for each bonus. XS is for customers who live in Japan and hold Japanese nationality, AXIORY is for new customers who received an invitation email, and Monaxa uses the dedicated Welcome Bonus account.
Step 2: Open an account and complete identity verification. For no-deposit bonuses, completing identity verification is the condition for the grant. Check the guide on identity verification for how to prepare documents.
Step 3: Check whether you need to apply or take any action. XS grants automatically with no application. For Vantage Trading, you apply from the client area, and for AXIORY, you receive it with a dedicated badge through the link in the invitation email.
Step 4: For a deposit-type bonus, deposit as the conditions state. With Monaxa, deposit 25 USD in a single payment into the Welcome Bonus account. The grant is automatic, and in rare cases it can take up to 48 business hours.
Step 5: Check in your account that the bonus was granted. Check that the credit appears in the account. If it does not, use the guide that helps you isolate the cause.
- Step 1: confirm eligible people and the eligible account
- Step 2: open an account and complete identity verification
- Step 3: confirm whether an application or other claim action is needed
- Step 4: for a deposit-type bonus, deposit exactly as the conditions state
- Step 5: confirm in your account that the credit was granted
Withdrawal conditions for welcome bonuses by broker
What is granted is a credit, and the bonus itself cannot be withdrawn. What can be withdrawn is profit and similar amounts that meet the conditions. The data was checked on 19 September 2026 (XS, Vantage Trading, HFM and AXIORY) and 2 September 2026 (Monaxa).
Key point: before you press the withdrawal button, check how the bonus is handled. With some brokers, the credit disappears as soon as you withdraw profit. Before any withdrawal or fund transfer, read the "withdrawal" and "bonus removal" sections of the terms.
For more on bonus withdrawal rules (withdrawal conditions, proportional removal and prohibited acts), see the column on bonus withdrawal rules on this site.
- XS: trade 5 lots or more in the same account; only positions held for 2 minutes or more count. When you withdraw profit or move funds to another account, the whole credit is lost
- Vantage Trading: without a deposit, trade 3 standard lots or more; withdrawable profit is up to 70 USD (JPY 10,000). With a deposit, no cap per single trade. Each trade must be held for 5 minutes or more. If you withdraw anything other than profit, the credit already granted is deducted proportionally
- Monaxa: profit earned from trading and the deposited amount can be withdrawn; withdrawals from the bonus account are excluded from instant withdrawal processing. Bonus is removed in proportion to the withdrawal ratio; a full withdrawal removes the whole bonus
- AXIORY: deposit JPY 20,000 or more in a single payment, then trade 1.0 lot or more of FX currency pairs in the same account. A withdrawal or fund transfer before this is achieved removes the remaining credit and the profit earned with the bonus
- HFM Bonus Hunter: trading funds cannot be withdrawn. Transfer profit to a Top-Up Bonus account and convert it to a 100% deposit bonus; after conversion the Top-Up Bonus terms apply, and the bonus is removed proportionally when you withdraw
One welcome bonus per person: cautions on second claims and multiple accounts
Welcome-type bonuses are one per person in principle. The data on this site says the following.
A second claim, or claiming repeatedly across multiple accounts, can breach the terms. Some brokers set out that a breach can lead to removal of eligibility and deletion of credit and profit.
Note: if in doubt, ask support before you apply. How terms are worded differs by broker. Whether the same person can claim on another account should be confirmed in the official terms or with support before applying.
- Vantage Trading: one per person
- Monaxa: one account per profile, per email address, per phone number, per device and per IP address
- AXIORY: one per person; the receiving account must have a zero balance and no positions
- HFM Bonus Hunter: one per person only
- XS: only the main profile is eligible
Expiry dates and conditions that cancel a welcome bonus
The data was checked on 19 September 2026 (XS, Vantage Trading, HFM and AXIORY) and 2 September 2026 (Monaxa). Time-limited offers can change or end even while listed. Check the latest official announcement before you claim.
- XS: 60 days from the grant date
- Vantage Trading: if there is no deposit or trading for 90 days on the first account, the account is archived and the bonus cannot be received. The credit disappears after more than 30 days without trading activity following receipt
- HFM Bonus Hunter: open the account within 30 days of completing verification. Transferring profit must also be done within 30 days
- Monaxa: no end date is stated. It may be cancelled automatically, for example after 1 month from the grant (terms 2.m)
- AXIORY: until 23:59 JST on 31 December 2026. Receive it within 14 days of the invitation
Checklist before you accept a welcome bonus
Decide your trading volume based on your own funds, not including the bonus. The credit can shrink with losses.
For how a bonus counts toward margin, see the guide on the cushion feature. To browse the bonuses and campaigns currently listed, see the bonus list on this site.
- I checked whether a deposit is needed in the claim conditions, not the name
- I checked who is eligible (new customers only, or conditions on nationality or residence)
- The eligible account and the account I deposit into match
- I understand the claim action: application, invitation email, code entry and so on
- I read the trading volume needed to withdraw, and which trades do not count
- I read whether withdrawals or fund transfers remove the credit
- I read the expiry date and what happens after expiry
- I read the one-per-person limit and the prohibited acts
Frequently asked questions
Q. What is a welcome bonus in forex?
A. It is the name a broker gives to a bonus, and there is no common definition. XS's account-opening bonus (KYC welcome bonus) needs no deposit, while Monaxa's Welcome Bonus $50 requires a 25 USD deposit. Check the claim conditions, not the name.
Q. Can I get a welcome bonus without depositing?
A. It depends on the broker and the promotion. Among those listed on this site, XS's JPY 5,000, Vantage Trading's up to JPY 15,000 and HFM's Bonus Hunter need no deposit. Monaxa's $50 needs a 25 USD deposit (as of 28 October 2026).
Q. Are an account-opening bonus, a no-deposit bonus and a bonus without a deposit the same thing?
A. They are names for a bonus granted without a deposit, and they are often used with the same meaning. Some offers, such as AXIORY's starter pack, combine a no-deposit part and a deposit-type part. Check the claim conditions.
Q. What are the withdrawal conditions for a welcome bonus?
A. The bonus itself cannot be withdrawn. Withdrawing profit has conditions: for example, XS requires 5 lots or more in the same account, and AXIORY requires a single deposit of JPY 20,000 or more and 1.0 lot or more of trading. They differ by broker, so check the terms.
Q. Can I claim an account-opening bonus a second time?
A. In principle it is one per person. Vantage Trading allows one per person, and HFM's Bonus Hunter is one per person only. Monaxa sets one account per profile. Claiming repeatedly across multiple accounts can breach the terms.
Q. Does a welcome bonus have an expiry date?
A. Yes. XS is 60 days from the grant date, and for HFM's Bonus Hunter you open the account within 30 days of completing verification. The limited-time AXIORY offer runs until 31 December 2026 (listed on this site as of 28 October 2026).
Sources and conditions
FX Textbook is edited from official platform documentation, broker-published information and applicable terms where available. Account conditions, services and rules can change. Confirm the current terms in the broker's registration flow before you act.
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.
NEXT STEP
Choose by conditions, not by name. Compare the listed bonuses.
Whether a deposit is needed, the eligible account and the withdrawal conditions are summarised by broker. Open the detail page of an offer to check its latest conditions.