This article investigates how mail based online panel recruitment can be facilitated through incentives. The analysis relies on two incentive experiments and their effects on panel recruitment and the intermediate participation in the recruitment survey. The experiments were implemented in the context of the German Emigration and Remigration Panel Study and encompass two samples of randomly sampled persons. Tested incentives include a conditional lottery, conditional monetary incentives, and the combination of unconditional money-in-hand with conditional monetary incentives. For an encompassing evaluation of the link between incentives and panel recruitment, the article further assesses the incentives’ implications for demographic composition and panel recruitment unit costs. Multivariate analysis indicates that low combined incentives (€5/€5) or, where unconditional disbursement is unfeasible, high conditional incentives (€20) are most effective in enhancing panel participation. In terms of demographic bias, low combined incentives (€5/€5) and €10 conditional incentives are the favored options. The budget options from the perspective of panel recruitment include the lottery and the €10 conditional incentive which break even at net sample sizes of 1,000.