Forex Trading No Deposit Bonuses
The term "no deposit" refers to the fact that you can open a Forex account without making a real deposit to benefit from a free money bonus. The purpose of this is to give the broker a competitive edge and attract new traders. A no deposit bonus means that you can trade on the platform before you decide whether or not to make a real money deposit.
There are many Forex brokers offering this incentive. The amounts they offer will vary and it will take time to search for the one that offers what you are looking for. In addition to the bonus it is useful to find one that offers a demo account. This way you get lots of chance to practice before you risk your own money.
We spend our time reviewing the various brokers so if you don't have time to trawl through the various Forex brokers, fear not! Our team are experienced in Forex trading. They know what to look for, what makes a good broker and what you, need. Select from our list of recommended brokers and choose the one that best suits your needs.
Which brokers offer the best no deposit bonuses? In this guide you will learn:
- Why Forex brokers offer all new traders no deposit bonus incentives
- The benefits and drawbacks of using this type of bonus to trade Forex
- Tips for using your sign up incentive properly to succeed in Online trading
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Why Brokers Offer Deals
A no deposit bonus is probably the biggest incentive that a Forex broker offers. Along with this form of incentive you will also see match deposits, demo accounts, refer a friend and a number of other incentives. They are all designed to give the broker the edge and make them stand out from all the other brokers. It can be a very competitive environment with everyone trying to corner the market and be the best.
The trouble is there is only so far that they can go. Whilst one broker might offer a large no deposit bonus, another broker might offer a really good demo account. When looking for the right broker for you there will be many different choices with quite a complex range of bonuses. From $5, $10, $20, $25 to amounts stating "up to $1,500" bonus, it can be hard to know where to begin. Each broker tries to differentiate themselves in any way they can.
This is good news for you as a trader. It means that there is plenty of choice when you are searching for the perfect broker. If you can find a broker that offers a no deposit bonus, a demo account, has a mobile app and a website that offers plenty of education tools then you have pretty much everything you need. Of course you must make sure that they are trustworthy and reliable as well.
No Deposit Pros And Cons
Whilst there doesn't seem to be a lot that can go wrong you must ensure you pick a reliable and trustworthy broker. Let's take a look at the pros and cons of these accounts.
As long as you are aware of the various pros and cons you can plan how to use them to your advantage. If you are just interested in withdrawing the bonus and making free money then this is not for you. Also try not to get greedy and start opening lots of accounts as this will lead to confusion and not produce any long term results.
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How to Use Your Bonus
When you open a Forex account you should have a clear trading strategy. You might find that those that offer a no deposit bonus don't offer a demo account and vice versa. If you can find one that offers both and ticks all of your other boxes then this gives you a good start. So how should you use your no deposit bonus?
Testing The Platform
While you may be able to sign up for a free demo account, and should if given the opportunity, there is nothing like trading on the live platform, making real trades. The no deposit bonus gives you the opportunity to try out the desktop and mobile versions of the site before you deposit your own funds.
You may be stuck between two brokers and struggling to decide which one is for you. If they both offer a no deposit bonus, you can try them both to see which one you prefer. That way you haven't had to spend your money to find out which best suits your requirements.
Try Something New
If you have experience in trading the USD/GBP for example but not the USD/AUD then you may want to use your bonus to try this new currency pair. You may be used to trading in the more major pairs and fancy trying a pair where you might get a greater spread. Tropical pairs, as they are called, are often very profitable.
Practise Early Trades
While a no deposit bonus won't be huge, it does allow you to practise on those first few trades and get any early mistakes out of the way before you risk your own money. This way, when you eventually start trading with your money, you have more of an idea of what you are doing.
You can use the demo account to get used to trading on the platform and then you can use the bonus to make live trades. This is all before you even consider touching your own money. The two complement each other to provide you with the best trading experience.
We Find The Best Deals
Whilst searching for the best Forex brokers that the market has to offer we look at every single aspect of trading. The most important factors are the things that you will see reviewed and researched on our site. These include mobile apps, demo accounts, type of platform and more. Another key aspect for us is the bonuses offered. We take interest in these bonuses so that we can present you with the most up to date and accurate information.
Our team of reviewers are all experienced when it comes to Forex trading. They are either expert traders or have extensive experience in the financial markets. We ensure that every broker is put through their paces and that no stone is left unturned. We want to make sure that we only bring you the most reliable, trustworthy brokers that offer the best all round experience.
For those who want to trade on the go with access to education tools and the best incentives then you will find exactly what you are looking for on our website. Our objective is that you get the best out of your trading experience. Using the information that we provide, you can simply draw up a shortlist then test each of the brokers by visiting their platforms to see which offers the best for you.
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Frequently Asked Questions
How do I find the best no deposit brokers?
There are so many to choose from it can be hard to know where to begin. That is why we review and rate the best. By browsing the brokers that we recommend you can find the very best that the market has to offer ensuring you pick one that is both reliable and trustworthy. Once you have found a few no deposit brokers you can try them out to see which you prefer.
Can I withdraw my profit without problems?
It is not easy to withdraw this free bonus. There are strict guidelines about how a bonus can be used. Some platforms require you to trade the bonus many times before it is eligible for withdrawal. One example of this is where you must trade $1 of bonus 1,000 times. Other sites will have different requirements. The key here is to not sign up for the bonus in order to withdraw it. You are best advised to use it for trading.
Do these bonuses have any limitations?
As well as the aforementioned withdrawal limitations you need to be aware of a few more things. Some brokers will require verification before you can trade. This includes the upload of documents to prove your identity. Other brokers may insist that you verify your mobile using a specific code. It is also worth mentioning that you must check out that the bonus is a "no strings" bonus. There are some who require you to trade before you get the bonus.
Are all no deposit brokers safe and trusted?
No which is a shame. As with all things there are the good and the bad. Some brokers aren't genuine, they aren't a real broker and they will just scam you. That is why we are here. Our job is to find the genuine brokers and present them to you along with all the relevant information. Using our information you can choose a genuine broker that you can trade your money with peace of mind.
Can I have more than one no deposit account?
Yes you can. You can have a number of accounts if you wish however you must be careful. Having multiple accounts can lead to confusion and a lack of consistency with trading. Whilst you can open up a few accounts to test the brokers you must be careful not to get confused between the various brokers. Some of them can look very similar and some of them can look very different.