Who wouldn’t love to trade with free money? Well, Forex No Deposit Bonus schemes brought by several brokers have made it possible to start trading without actually depositing a dime.
Different brokers have different policies regarding how the traders can obtain those free bonuses and the conditions for withdrawal as well.
To enjoy the free bonuses, traders should totally comply with the respective broker’s policy and it is strongly recommended that the traders read the Forex No Deposit Bonus policy before applying for the bonus.
Maximum forex brokers around the world offer welcome bonuses for traders or investors. It is another way to take part in the race to attract potential clients to the brokers.
Both the amount and the method of the bonus vary depending on the structure and targets of the financial brokers.
One common method of offering bonuses by the brokers is the “on deposit” bonus. Here, you’ll have to open a real trading account and deposit real funds to receive the bonus.
In such cases, the bonus amount is determined based on the percentage set on your initial investment.
But the question is deciding to invest the real money to a broker based on its welcome bonus offerings only – sounds logical enough? Perhaps “no”.
In many cases, it has been observed that clients are struggling to cash in the initial bonus due to a complex regulation process set by the broker.
Yes, you may call it a trick as well like, you’ll get in smoothly but will face a lot of obligations while trying to get out of it with the bonus you thought was yours.
So, what is the solution? One key answer to that question could be the “no deposit bonus”. Such methods allow you to risk nothing to get something from the market at least.
Here, in this article, we’ll discuss the forex no deposit bonus, its possibilities, benefits, and essential tips on effectively handling the total process.
What is a Forex No Deposit Bonus?
A no deposit bonus in forex means you’re getting a bonus without making any deposit to the broker and more interestingly you’re allowed to use it to trade in the live markets.
Usually, these kinds of promotions run for a limited period and the amount of bonus is solely fixed by the brokers.
The “no deposit bonus” offer is an alternative way to enter the global financial market for traders who are new in forex trading and not interested risking real money to start a live account.
Such bonus schemes are often considered a better option than trading demo accounts. A demo account only gives you experience but trading with a no deposit bonus brings experience with possible profits in the account.
Usually, the size of the no deposit bonus is smaller than on deposit bonus figures, usually ranges from $5 to $100. Because brokers might not find it a profitable strategy to put a large amount of money without asking for any deposit from the client.
However, market experts fear that starting with small capital may hamper the original trading style of the individual market participants.
Why Forex Brokers Offer No Deposit Bonus?
Initially, almost all the brokers offered deposit bonuses for their clients. The main perspective behind this offering was to attract the investor and stick them to the brokers for as long as they can.
This is why the broker officials set complex rules and regulations on the use and withdrawal of the bonus. For example, you may be asked to complete a specific amount of lots to be traded before you want to withdraw the bonus from the broker.
In many cases, clients intend to do overtrading to meet such huge trade requirements and end up losing the original investment due to excessive trading pressure.
When traders started to realize that it is more important to find a legitimate broker than accepting lucrative welcome bonuses, some broker changed their strategy of offering bonuses to regain the trust and interest of the clients.
This is the reason why brokers are offering the “no deposit” bonus so that clients get assured about not losing a single penny even if they blow up a trading account.
Who is suitable for the forex No Deposit Bonus?
Well, when it is about getting real money in the account, it can be suitable for anyone. Here, we’ve listed some groups who can be most benefited from forex no deposit bonus promotions:
- Newbie Traders: A newbie trader with less experience in live trading can enroll for forex no deposit bonus. It’ll help them to have a start in the market without incurring any risk of losing money. In addition, a steady performance with the bonus trading account may lead anyone to become a top professional trader.
- Traders who recently blown their account: If you ever blow your trading account, don’t take it as an end of the world. A forex bonus without making a deposit may help you to think about starting again. Although a bonus has the limitations of its sizes and applications, at least it gives you a second chance to prove yourself right at the market.
- Traders with multiple trading accounts: If you are comfortable in trading with multiple accounts, you may also add a bonus trading account to your portfolio for greater benefits. Besides, there is no limitation on how many bonus trading accounts one should really have. Therefore, you may go for multiple no deposit bonus promotions for enhancing your trading credibilities.
Forex No Deposit Bonus without verification
Even if you’re not ready to verify your account, you may still claim your no deposit bonus on your account without any obligation of identity verification.
The brokers can offer such facilities because they are not obliged to verify you enroll as a regular client of the respective financial institute.
However, even you claim your no deposit bonus without verification, you’ll be offered to verify yourself when you’re about to withdraw funds from your account due to legal requirements.
Nowadays, many brokers are offering no deposit forex bonus without the verification of the client’s identity or physical addresses. They offer it because it makes traders more comfortable to follow such a hassle-free process to get started.
Nevertheless, Verification is required whenever you open a real trading account. This process confirms your identification and address are correct. It helps regulatory bodies to prevent money laundering and other irregular activities in the financial markets.
When you open a trading account and receive a welcome bonus you require to verify yourself at some point because the bonus you’ve got in your account will be used for real trading purposes.
Profit withdrawal in Forex No Deposit Bonus
Withdrawing no deposit bonus profits from your trading account may appear a little more complex than you usually think.
Brokers apply a lot of rules and regulations on how you operate the bonus amount including limits on how, when, and how much you can actually withdraw from your bonus trading account. They do it because no broker wants to bet money on the traders they barely know.
The smoothness of no deposit bonus withdrawal directly depends on how much profit you make with your trading account.
Mostly you’ll experience restrictions on trading lots, financial instruments, and trading frequencies. Some brokers set targets on total trading lots within a specific period to unlock the bonus for withdrawals.
Many brokers permanently restrict withdrawing the bonus but let you withdraw the profit made using the bonus amount.
However, you’ll need to verify yourself before you apply for the first withdrawal of either profit or bonus from your trading account.
Here, the tricky benefit is, you’ll not have to step in for the verification unnecessarily until you’re allowed to withdraw money from your account.
Since there are a bunch of restrictions on how you actually get benefited from your bonus trading fund, we recommend you thoroughly study the broker terms and conditions before you enroll for any bonus package.
Besides the official websites of the brokers, you may also check the user reviews, ratings, and rankings of the respective financial institute for a better understanding.
No Deposit Bonus Advantages/Disadvantages
Trading with no deposit bonus involves both advantages and disadvantages:
- Risk-free Business: Since no deposit bonus doesn’t require you to fund your account, you may consider it as a risk-free business. Such bonus promotions offer traders a great opportunity to have a taste of the real market tradings with real money in the account. The whole process may only cost you time and labor but not a single penny from your pocket. Although brokers always leave the door open for depositing funds, it completely depends on your wish or decision whether you’ll invest further in your trading account or not.
- Freedom of Choice: You are enjoying a no deposit bonus from a broker doesn’t mean you can’t get engaged with others. There are a lot of brokers who are offering such bonuses and you are free to accept them from as many brokers as you want. The level of freedom simply gets higher when you choose no deposit bonus offers without the requirements of verifications.
- Unlocks other Opportunities: A bonus gives you the start in live trading. If you have good progress you can build your own portfolio so that other traders can follow you making mutual benefits. So, if you’re a good performer, an opportunity to start real trading may promote you to a lot of other opportunities apart from being just an individual trader.
- Restrictions: Forex no deposit bonus involves a lot more restrictions than other bonus schemes. For brokers, it’s like betting money on traders they barely know. Therefore, they try to make sure that money is being used in the best possible way. So, it is inevitable that you may require to go through a bunch of special terms and conditions. Usually, such restrictions apply to trade lots, selected financial assets, volume, and withdrawals.
- Limited Growth: The amount of no deposit bonus is not so large, it varies from $10 to $100 depending on the brokers. Such small amounts may give you a start in the real market but are they good enough for your trading strategy. Market experts often warn about starting real trading with small capital. It increases your fear of losing money and hampers your normal trading style. If you’re a day trader, you may easily get uncomfortable doing scalping with such a tiny cap in the account.
How to find free forex bonus promotions?
Finding a free forex bonus is quite easy. Just type “free forex bonus” at the google search bar and you’ll see hundreds of suggestions from different brokers. But finding an ideal promotion from a legitimate broker is a bit tricky. Hence, to make your life easier, we have filtered some of the brokers that have lucrative free forex no deposit bonus schemes.
The truth is, we just cannot jump on any lucrative bonus offer without verifying the broker’s terms and conditions.
Before you decide to have a go with a forex bonus promotion, we recommend you to closely follow and study the broker reviews, restrictions, and global rankings based on its services.
Here, we’ve listed some latest no deposit forex bonus offers from some top popular brokers in 2021:
|XM Broker||$30 Trading Bonus|
|RoboForex||$30 Welcome Bonus|
|JustForex||Get up to 115% Bonus|
|InstaForex||Up To $1000 Startup Bonus|
|FXOpen||Get $10 in STP & $1 in Micro|
How to claim a forex no deposit bonus?
The process of receiving forex no deposit bonus varies from broker to broker. Here we’re illustrating the most common steps of claiming the bonuses:
- Visit the offer listed above in this article.
- Follow the link of the promotion.
- Register for the bonus.
- Accept the terms and conditions.
- Open a real trading account.
- Verify your identity and account information (if required).
- Receive the bonus on your account.
Frequently Asked Questions
What is Forex No Deposit Bonus?
It is the free money that you get to trade when you open a new trading account. It is available to trade even before you make any deposit in your trading account.
Which Brokers give free bonuses?
Many forex brokers provide no deposit bonus but these brokers: XM, RoboForex, InstaForex, JustForex, and FXOpen are some of the trustworthy brokers.
Can you withdraw the free bonus balance?
The profit made from No Deposit Bonus or Welcome Bonus can only be withdrawn by following the terms and conditions of the respective broker website.
Can I get Forex welcome bonus without Verification?
To get a welcome bonus, you have to fully verify your trading account and later you can claim the trading bonus into your real live account.
Can I start Fore Trading with $10?
Yes, you can start Forex Trading with $10. You are free to get started with a small sum of money. Furthermore, it also depends upon the broker. You need to check the broker policy page or chat with the representative before starting. If you are a beginner then I suggest you going with a demo account before starting the real trading then after gaining confidence get started with $50 or $100 in a real account.
A no deposit forex bonus is undoubtedly one of the most risk-free options to get started with real trading. But the biggest challenge lies with avoiding scams. Besides legitimate brokers, there are a lot of scammers as well.
Such brokers publish lucrative promotions on the web and social media to attract clients. These scammers steal the personal information of the individuals like names, addresses, phone contacts, emails, and even bank account numbers.
Therefore, reviewing the broker including its terms is a must before you decide to go for any promotion regarding the forex bonus.