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.