The concept of a No Deposit Bonus Forex evolved out of a desire by online brokers to gain a competitive advantage against the many other forex brokers competing for investors. Now, many forex brokers offer this No Deposit Bonus Forex as an incentive for trading.
A few years ago, FCA, CySEC, and other regulators impose a bonus ban and introduced restrictions against any bonus payments to retail clients.
High leverage and bonuses are the best commercial incentives to attract newbies .. who have no idea about the danger of high leverage, a dual-edge sword that can work for you or against you.
Here is the most detailed No Deposit Bonus Forex guide you can find, including 5 tips to pick the best one and the most trusted no deposit bonus offers in 2021.
Table of contents
- What is a No Deposit Bonus Forex
- Forex No Deposit Bonus vs Forex Deposit Bonus?
- Why Use a Forex No Deposit Bonus to Trade?
- How to Claim a Forex No Deposit Bonus
- Top Tips to Pick the Best Bonus for You
What is a No Deposit Bonus Forex
No Deposit Bonus Forex is a popular trading way for beginners who want to increase their skills.
If you are new in this world’s biggest financial market call “Forex” and feel scared to invest so, this is the best opportunity for you to try Forex trading without any investment.
For real trading, a trader will get an amount of free bonus without requiring any deposit. If you are a professional trader and still performing well in live trading then your option is Forex Deposit Bonus.
Because of their no-strings-attached nature, Forex No Deposit Bonus is one of the most popular promotional deals. Traders and would-be traders love them because they do not assume any risk through these bonuses.
Brokers typically hand out such no deposit bonus deals with the goal of getting traders hooked on what they offer. The primary goal of every online forex broker is to “usher people in” and get them to start trading. No deposit bonuses are indeed very effective at meeting this objective.
Within their own little category, the forex no deposit bonus comes in a few different variants. Some brokers effectively hand out free money. They do it in the hopes that traders hooked through this act will continue trading with real money and offset the cost.
Such brokers may view no deposit bonuses as effective, albeit rather steep, promotional expenses.
However, traders can never cash out most no deposit bonuses. Nor can they ever pocket any of the profits resulting from such bonuses. In such cases, the bonus deal is mostly a nominal one. Its sole purpose is to give traders a chance to take a risk-free “peek inside”.
They say that there are no free rides in life. This truth applies to no deposit bonuses, with scant exceptions. Always check the turnover requirements to see how realistic they are, and if profits can be withdrawn eventually.
Bear in mind, the No Deposit Bonus Forex is also a marketing tool used to attract newbies and improve conversion rates.
Forex No Deposit Bonus vs Forex Deposit Bonus?
To better understand why a No Deposit Bonus Forex isn’t the same as a traditional welcome (deposit) forex bonus, Investing Magnates explain the main differences between the two:
- As we’ve already established, a deposit bonus essentially requires you to make a deposit. Conversely, you don’t need to make any deposit to get your no deposit bonus forex. If a deposit is requested, it is just a misleading marketing campaign. Stay away!
- The amount you receive as a deposit bonus often depends on how much your first deposit is, or the subsequent amount/s you deposit. Since a no deposit bonus forex account is independent of you making a deposit, the bonus is yours regardless.
- A deposit bonus is often paid as a percentage of the amount you deposit, whereas the no deposit bonus is a flat sum that is not dependent on anything you do other than signing up.
- In some cases, a forex broker might provide additional deposit bonuses on other deposits you make besides the initial one. However, a forex bonus without deposit will only be issued once to a new forex account.
We always recommend that you check the terms and conditions attached to a bonus before you go ahead and claim it at the broker site of your choice.
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Why Use a Forex No Deposit Bonus to Trade?
There are many forex brokers who are constantly coming up with new and enticing ways to attract customers to use their services. They are also fully aware that many new forex traders are hesitant to put their own money into the market because they’re afraid of losing it.
And while a demo account can get you some trading practice using virtual money, it’s getting you set up with a real account that will help you gain confidence as a trader.
Opening a real account to use your forex no deposit bonus gives you ample time to hone those essential trading skills without risking any of your hard-earned money. And while the process involves a fair bit more effort than setting up a forex demo account, it is one step closer to you depositing funds in that account.
A forex no deposit bonus also has its advantages for forex brokers who may be looking to attract new customers. Plus, if you do make money off your forex no deposit bonus, the broker is happy as ultimately they’re profiting too.
There are three main benefits to using a no deposit bonus forex account to trade:
Risk-Free Forex Trading
You can trade forex on a real account without incurring any risk because you haven’t made a deposit. A forex no deposit bonus lets you trade with the forex broker’s money, which means you won’t be losing any of your own funds.
Depending on a few factors, like the size of the no deposit bonus, your patience and consistency, and the leverage offered by the broker, you could even make a decent profit with the bonus alone. Then, if you are making a consistent profit and have managed to grow a no deposit bonus of $100 into something more significant, you might consider making a deposit to earn even more.
If you’re wondering how to trade forex with $100, or if it’s even possible, the simple answer is that you just trade in the usual way for a chance to turn that amount into a nice profit. It just requires a lot of patience.
In fact, using forex no deposit bonuses is an excellent exercise to train yourself to practice restraint, which will serve you well throughout your forex trading career.
Testing the Forex Broker
Forex no deposit bonus makes it much easier to test a forex broker’s services. A demo account only gives you limited access, but to get a no deposit bonus, you have to open a real trading account.
With a no deposit bonus forex account, you will gain access to all the services provided by the broker. This allows you to test all that they offer to see if the broker suits your trading style and specific requirements.
You won’t have to worry about reliability or similar issues, because we’ve already done all the work for you on that front. You can rest assured that you’re trading safely when you pick from our list of the best forex no deposit bonus brokers.
Experiencing Real Forex Trading and Mastering Yourself
Any professional trader will tell you that one of the most important things you can do to improve your chances of succeeding as a trader is to master your emotions.
You’ve probably heard that a trading plan is essential to succeed. But you also need to be fully aware that such a plan is worthless if you don’t stick to it. Make sure you enter only when the market meets the conditions you’ve laid out, and that you always exit as per your plan, even if it means incurring a loss. You should also put a stop loss in place and leave it alone.
Unfortunately, most trading plans fail not because they’re poorly structured, but because traders don’t stick to them as they get carried away.
For example, you enter the market according to your plan with a stop loss in place. Then, the market reverses. You let your emotions get the better of you, and you remove the stop loss because you’re convinced the market will reverse and you’ll make a profit. An hour later, you’ve lost half your account. If you don’t let your emotions get in the way, you might incur a small loss, but it’s one you can very easily recover from.
The real problem is that trading on a demo account isn’t all that effective in learning to master your emotions. You know you aren’t trading with real money, so the consequences don’t exist. When there are no consequences, it’s much easier to be detached and to stick to your plan.
On the other hand, with a no deposit bonus you trade with real money. You also know that even the funds aren’t really yours, there are still consequences. If you lose the bonus, you won’t be able to trade anymore. However, if you do well, you can make a profit and that money will eventually become yours.
So, you’ll experience similar emotions as you would with depositing your own money. This makes it an excellent opportunity for you to become a better forex trader by learning to master your emotions without any risk to yourself.
KEY TAKEAWAY: Combine a No Deposit Bonus Forex with our Forex Trading MasterClass
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How to Claim a Forex No Deposit Bonus
How you can claim the forex no deposit bonus differs from one broker to another. The one universal condition is that this no deposit bonus is only awarded to people who open new accounts, and those accounts cannot be demo ones.
The first step is to go through the sign-up process for a live trading account with the broker you’ve opted for. This might mean answering questions about trading, your goals, your income sources, and so on. It could also involve submitting documentation to prove your identity and address. Some brokers even require phone verification.
Once your account is set up, it’s time to claim your bonus. Most brokers will give you the forex no deposit bonus for free, while others will require you to submit a request. Make sure to read the terms and conditions so you know what you need to do if you don’t receive your bonus automatically.
You should read the terms and conditions anyway because once you have the bonus, you can’t just do anything you like with it. Another universal condition is that the bonus can only be used to trade with. In other words, you can never withdraw that money, but you can use it to turn a profit.
Also, look out for any other terms you need to be aware of. These tend to differ depending on the broker and may concern bonus withdrawal limits and bonus leverage, among other conditions.
Top Tips to Pick the Best Bonus for You
If you stick to our recommendations of the top forex brokers available online, choosing a forex no deposit bonus will largely be a matter of personal preference. After all, we provide you with our in-depth forex broker reviews so you don’t have to spend ages trawling websites and forums. You’re better off using that time to trade your money.
We’ve provided quite a few forex no deposit bonus broker options for you here on this page. Below are a few additional tips to help you decide which one/s you should trade with.
We recommend you opt for a No Deposit Bonus Forex with an offshore company of a tier-one regulated broker, in order to avoid any pitfalls.
Is the only way to get a bonus and stay safe.
Don’t Focus Solely on the Amount
Your first instinct might be to pick the broker that offers the highest forex no deposit bonus for 2021. However, that’s not the wisest strategy. You could be working with this broker for years to come, and there’s much more to choosing the right forex broker than the bonuses on offer.
We advise you to look into their trading platform and ancillary services, among other things. This will help you determine whether the broker site you’re considering fully suits your trading style.
Check the Terms and Conditions
Like all promotional incentives available to online traders, Forex no deposit bonuses come with certain conditions that must be met before you can take full advantage of the free trading credits. The first and most important requirement is to set up a live trading account. New customers who register demo accounts upon arrival are generally not eligible for redemption.
What jurisdictions are available?
Some Forex brokerages cater with no deposit bonuses only to traders based in specific jurisdictions due to financial regulatory restrictions. The general rule of thumb is that all types of promotional offers are off-limits to customers registering from countries based within member states of the European Union (EU).
No Deposit Bonus Forex Withdraw Profit?
Another important condition stipulates the customer must undergo a full verification of their account to become eligible for a no deposit bonus. As far as withdrawals go, traders can cash out the profits acquired from using the free funds anytime they wish. However, most brokerages would require you to make a real-money deposit before you can request a withdrawal.
What are the restrictions?
There may be restrictions on the amount you can cash out in the form of profits. In some cases, the withdrawable sum is determined by the customer’s trading volume. For example, if 1 lot is equal to $1, you will need a trading volume of 100 lots or more before you can cash out $100.
In many instances the maximum withdrawable amount is fixed rather than trading-volume dependent. Traders sometimes have a limited time to meet these requirements, starting from the day of opting in for the offer. However, the exact timeframe customers are granted differs between brokers.
Restrictions apply to the maximum leverage customers can use when trading with a no deposit bonus but these are largely broker-specific. Some brokers would also impose limitations on the maximum trading volume allowed with an active no deposit bonus.
More often than not, the bonus amount itself is non-cashable; only the associated profits can be withdrawn. Of course, you need to trade with your personal funds to unblock the bonus-related earnings. The bonus itself is canceled when the trader sends a withdrawal request and is removed from their account. Few brokers would allow you to cash out both the bonus and its associated earnings.
Since this type of offer aims to incentivize new customers to try the platform and potentially stay with a given broker, each new registrant can apply and receive a no deposit bonus no more than once upon signing up.
The type of account you open also matters with some brokerages and so does the platform you register for. For instance, some trading sites offer this type of incentive only to customers who sign up via the MetaTrader 5 platform. Those who use MT4 are ineligible in this case.
Certain live account types may not be eligible for redeeming a no deposit bonus. The bottom line is you should always make sure you read and understand the promotional terms and conditions or else you might have your bonus forfeited due to violations.
Watch out, some no deposit bonuses have impossible conditions with unregulated brokers and are nothing else than demo accounts with papers.
Their goal is to go through all the processes and become a client. Do not waste your time and energy.
Choose a highly regulated company that provides bonuses to test the platforms, spreads and execution before investing your own money.
Look Up Other Offers and Promotions
Some brokers might offer a lower forex no deposit bonus, but there could be more offers and promotions down the line. For instance, it’s not impossible for a broker to offer a no deposit bonus along with deposit bonuses. That would award you one bonus when you sign up and another when you make a deposit.
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Read Our Expert Reviews
Before you register at a forex broker site, make sure to read our review of that broker. We uncover valuable information that will help you determine whether you are making the right choice.
Remember, while a no deposit bonus forex account is great, it won’t count for anything if the terms and conditions are so strict that you can’t ever touch the money, the withdrawal options don’t align with your specific circumstances, or the trading platform is not to your liking.
Now that you know what forex no deposit bonuses are, you can check out our list of the top forex no deposit bonus 2021 brokers, select the best site for you, and sign up to get your bonus.
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