What is No Deposit Bonus?
Forex brokers want to attract new clients or new traders. It leads them in competition. Every brokers offer No-deposit Forex bonuses, which is certainly going to benefit many new forex traders. On the other hand, A no deposit bonus means you don't have to deposit any money yourself to get the bonus. Only requirements are that you never had an account at the broker before and commonly the broker also only issues one bonus per household. This is all very understandable, since free forex money always attracts a lot of fraud.
We strongly advise you not to engage in any fake activities, because brokers have a lot of experience in fraud prevention and also let each other know about traders who have committed deceptive acts, effectively shutting you out from any future forex bonuses at a host of forex brokers.
However, if you never had an account at a forex broker offering a no deposit, don't hesitate to grab it; it's 100% free forex money.
A forex no deposit bonus is a real money bonus that you get without making a deposit yourself first. Forex brokers rarely offer it because you can't become a very active trader if you're not willing to put up some money of your own. But occasionally forex brokers approach us with a no deposit bonus because they want a lot of traders to try out their trading platform.
An Important advice for taking no deposit bonus : if ever you have to choose between a big first deposit bonus and a modest no deposit bonus, choose the big deposit bonus. A $20-$25 no deposit bonus is nice but if it means you're shut out of a $200 and more instant forex bonus you'd be stealing from yourself.
How do I get a forex no deposit bonus?
The specifics for getting a forex no deposit bonus are different for every broker, but generally it comes down to this:
- Create an account at the forex broker. At Forex Bonus Free, you can do this by clicking on Get This Bonus.
- Follow the rules. A forex no deposit bonus is always offered for new traders only, and only one bonus per household.
However, there are also few other facts to know about No Deposit Bonuses:
- While the profits you make in trading are withdrawable, the bonus money itself, as a rule, can't be withdrawn without meeting certain conditions (trading volume, further account funding etc.).
- No deposit bonuses are known to be quite small, around $25-50, which is good for a micro account. Traders should understand that their trading experience on a micro level might significantly differ from trading with a larger portfolio due to higher financial risks involved. Proper money management of each: micro, mini and standard accounts require additional experience.
How to claim a no deposit forex bonus :
- Choose a a great bonus offer
- Register at the broker's site.
- Verify your identity and telephone
- Make a deposit to earn a bigger bonus
- Start trading with your welcome bonus
A bonus gives the customer real money to make trades and allows them to withdraw their profits, after a specified number of trades, all without risking any of their own money. It is thus a perfect way to learn how forex works without having to spend any money.
In the vast majority of cases, welcome gifts are only given to new customers who open an account and haven't made any deposits before. Before the customer can make a withdrawal, they must usually have made a minimum amount of trades as set out by the broker's bonus rules. There could also be a maximum amount of profits that the customer can withdraw if they haven't deposited any of their own funds.
The best use of these funds is to add to a position you would take anyway, increasing your margin and therefore the chance that you could profit from a trade, but most will use the bonus as an opportunity to test a trading platform in a real world scenario, as many brokers' demo accounts work on a different feed to real trading so issues such as transaction speed and slippage are not as apparent
When can I cash out a forex no deposit bonus?
You can't cash out the no deposit bonus as soon as it's been given. in fact, 99% of the time the bonus will be deducted immediately when you even try to cash it out. This is understandable, since you didn't get the free forex money to run with it, the idea is that you use it to try out the trading platform of the forex broker that offers the no deposit.
Normally you'll have to trade a number of positions before you can cash out the bonus. But if you're serious about trying to become a succesful forex trader - and why wouldn't you, as it can make you rich- you shouldn't concern yourself too much with cashing out $20 or 30 euro. Instead, set yourself the goal of cashing out $10,000...:).