Are forex bonuses legal in Portugal?

Not for retail clients of authorized brokers. The ESMA product-intervention regime, applied by the CMVM, prohibits CFD providers from using bonuses or other incentives to attract retail clients, which is why regulated brokers serving Portugal advertise platforms and pricing instead of promotions.

Why do I still see bonus ads in Portuguese?

Because offshore entities market across borders to Portuguese speakers, both in Portugal and Brazil. Those entities are not authorized to solicit Portuguese residents, and accepting their offers means trading without EU protections. The Banco de Portugal maintains a list of entities flagged for unauthorized activity.

Can I get any legitimate broker promotion in Portugal?

Yes, on products outside the CFD intervention's scope: free-share offers from stock brokers, referral rewards on investing platforms and fee discounts all operate lawfully. They are smaller than the offshore headlines, and considerably more real.

How do I check a broker is properly authorized for Portugal?

Look the firm up in the CMVM's registers or the ESMA register of MiFID II firms, and check the Banco de Portugal unauthorized-activity list for the name doing the advertising. If the entity offering the bonus is not the entity holding the licence, that difference is the whole story.

Bonus availability

Broker bonuses in Portugal

43 bonuses we have verified as available to traders in Portugal.

Portugal applies the EU's strictest consumer protections to leveraged trading, and that includes promotions: CFD providers authorized to serve Portuguese retail clients cannot use bonuses to attract them.

Bonuses available in Portugal

#	Broker	Bonus	Type	Rating
1	eToro	US$10 to US$500 in free stocks (£ in the UK)Free stock	Free stock	4.3
2	BitMart	Referral commission on invitees' trading feesReferral	Referral	4.2
3	Tickmill	$1,000 monthly cash prizeContest	Contest	4.2
4	Fusion Markets	$50 to $250 eachReferral	Referral	4.1
5	Firstrade	$100Cashback	Cashback	4.0
6	OKX	Up to $400 in BTC (first step about $5)Sign-up reward	Sign-up reward	3.9
7	Pepperstone	Pro: $50 to $1,000 cash; retail: 20 free tradesReferral	Referral	3.8
8	Binance	$100Sign-up reward	Sign-up reward	3.7
9	Trade Republic	5 to 200 EUR stock or ETF, both sidesReferral	Referral	3.6
10	Crypto.com	About $5 to $15 in CROSign-up reward	Sign-up reward	3.5
11	Bitpanda	Up to €100Referral	Referral	3.4
12	Coinbase	$5Sign-up reward	Sign-up reward	3.4
13	FXTM	Reward Points, 500 = $1Loyalty program	Loyalty program	3.4
14	Lightyear	€15Free stock	Free stock	3.3
15	Phemex	Two random Mystery Boxes (from 10 and 20 USDT)Sign-up reward	Sign-up reward	3.3
16	KuCoin	USDT and coupons for new usersSign-up reward	Sign-up reward	3.2
17	Lightyear	€10Referral	Referral	3.2
18	M4Markets	Per-lot referral rewardReferral	Referral	3.2
19	FXTM	$10 to $100 per friend, paid in Reward PointsReferral	Referral	3.0
20	BloFin	Up to 30 USDT in futures bonusSign-up reward	Sign-up reward	2.9
21	ThinkMarkets	$15Referral	Referral	2.9
22	BTCC	About 45 USDT in vouchersSign-up reward	Sign-up reward	2.8
23	FP Markets	Up to $200Referral	Referral	2.7
24	BitMart	13 USDT in vouchers for new usersSign-up reward	Sign-up reward	2.6
25	Bitget	Futures vouchers, not cashSign-up reward	Sign-up reward	2.5
26	BYDFi	100 USDT newbie giftSign-up reward	Sign-up reward	2.5
27	Gate.io	Welcome package voucher totalSign-up reward	Sign-up reward	2.5
28	Pepperstone	20 commission-free trades (about $7 per lot)Fee discount	Fee discount	2.5
29	MEXC	USDT 40Sign-up reward	Sign-up reward	2.3
30	Bitunix	2 to 6 USDT futures bonusSign-up reward	Sign-up reward	2.0
31	WEEX	About 20 USDT in non-withdrawable vouchersSign-up reward	Sign-up reward	2.0
32	Apex Trader Funding	Up to 92% off evaluationsEvaluation discount	Evaluation discount	Perk
33	BTCC	25% of referee fees, up to 500 USDT per friendReferral	Referral	Not rated
34	eToro	Up to 3.80% a yearInterest on balance	Interest on balance	Perk
35	FP Markets	Free VPSFree VPS	Free VPS	Perk
36	FundedNext	47% off Flex futures challengesEvaluation discount	Evaluation discount	Perk
37	FundedNext	Up to 50% off Rapid futures challengesEvaluation discount	Evaluation discount	Perk
38	FundedNext	Up to 41% off small Stellar challengesEvaluation discount	Evaluation discount	Perk
39	HFM	Up to 3% a yearInterest on balance	Interest on balance	Perk
40	RoboForex	Up to 10% a yearInterest on balance	Interest on balance	Perk
41	Take Profit Trader	40% off the TestEvaluation discount	Evaluation discount	Perk
42	Topstep	15% off the first Trading CombineEvaluation discount	Evaluation discount	Perk
43	Topstep	$10 to $30 off each month on the No Activation Fee CombineEvaluation discount	Evaluation discount	Perk

104 more offers we track are not available to residents here.

Portuguese traders still see bonus advertising constantly, because offshore entities market to Portuguese speakers across borders. Understanding which offers are legitimate, which are unreachable, and which are outright warnings signs is the point of this page.

Which bonuses you can claim

The ESMA product-intervention measures, applied in Portugal by the CMVM, prohibit CFD providers from offering monetary and non-monetary incentives to retail clients. Deposit matches, no-deposit credit, volume rebates tied to CFD trading and refer-a-friend rewards are all off the table for any broker entity authorized to serve Portuguese retail clients, which includes every EU firm passporting under MiFID II. The same regime caps leverage, mandates negative balance protection and standardizes risk warnings.

The bonuses Portuguese traders see advertised online come from offshore entities, typically registered in Seychelles, Vanuatu or St. Vincent, marketing across borders without authorization to solicit in Portugal. Accepting such an offer means leaving the EU protection framework entirely: no leverage caps, no negative balance protection, no CMVM recourse, and a dispute forum somewhere far away. That trade is almost never worth a credit bonus, and platforms on the Banco de Portugal unauthorized-activity list should be avoided outright.

What remains legitimately available is narrower but real: promotions on products outside the CFD intervention's scope, such as free-share offers from stock brokers, referral rewards on real-asset investing platforms, and fee discounts. These comply with the rules precisely because they attach to less dangerous products, which is a reasonable filter in itself.

Who regulates trading in Portugal

Comissao do Mercado de Valores Mobiliarios (CMVM) cmvm.pt ↗

Portugal's securities regulator and the national competent authority for MiFID II firms. It applies the ESMA product-intervention regime to CFDs, including the prohibition on bonuses and incentives for retail clients, and publishes risk warnings on leveraged products.
Banco de Portugal (BdP) bportugal.pt ↗

The central bank supervises banking and payments and maintains a public list of entities carrying out unauthorized financial activity in Portugal, including flagged trading platforms that solicit Portuguese residents.

Trading in Portugal

Local currency: EUR

Portuguese retail activity spans European and US equities, index funds, forex and CFDs through EU-passported brokers, and a sizeable crypto segment. SEPA transfers make funding instant and cheap, and MB WAY is supported by some platforms alongside cards and e-wallets.

Trading gains are taxed as capital gains at a flat 28% for residents, with an option to aggregate at progressive rates when beneficial, and foreign-source broker income is reported in Anexo J of the IRS return. The flat rate makes the after-tax math simple; nothing about a bonus changes it.

Frequently asked questions

Are forex bonuses legal in Portugal?: Not for retail clients of authorized brokers. The ESMA product-intervention regime, applied by the CMVM, prohibits CFD providers from using bonuses or other incentives to attract retail clients, which is why regulated brokers serving Portugal advertise platforms and pricing instead of promotions.
Why do I still see bonus ads in Portuguese?: Because offshore entities market across borders to Portuguese speakers, both in Portugal and Brazil. Those entities are not authorized to solicit Portuguese residents, and accepting their offers means trading without EU protections. The Banco de Portugal maintains a list of entities flagged for unauthorized activity.
Can I get any legitimate broker promotion in Portugal?: Yes, on products outside the CFD intervention's scope: free-share offers from stock brokers, referral rewards on investing platforms and fee discounts all operate lawfully. They are smaller than the offshore headlines, and considerably more real.
How do I check a broker is properly authorized for Portugal?: Look the firm up in the CMVM's registers or the ESMA register of MiFID II firms, and check the Banco de Portugal unauthorized-activity list for the name doing the advertising. If the entity offering the bonus is not the entity holding the licence, that difference is the whole story.

Keep exploring

Sources

Researched by the BrokerBonuses editorial team. Last reviewed 2026-07-22. · How we research

ESMA product-intervention measures on CFDs and binary options: esma.europa.eu ↗
Banco de Portugal, list of unauthorized activity: bportugal.pt ↗
PwC Portugal, personal income tax guide: pwc.pt ↗