Forex Brokers with No Deposit Bonus
Forex no deposit bonuses are one of the most popular ways to trade forex online without needing to make an initial investment. As the name rightly eludes to, to start trading forex with a no deposit bonus broker, you do not need to deposit personal funds into your account. This is because the broker will supplement your account as a way to gain an edge over competitors and incentivise new traders. No deposit bonuses are usually reserved for new traders and come with a host of terms and conditions around how you can trade using the bonus along with if and when you can withdraw any profits.
What is a forex no deposit bonus?
A forex no deposit bonus is a free, first deposit that you’re given by your forex broker. This allows you to start trading forex without actually risking your own capital. It is called a no deposit bonus since you do not need to deposit anything to receive the free bonus. In this case, you get a pre-deposited account to start trading forex with a broker. Some forex brokers provide a deposit bonus that is a percentage of the amount that you deposit. E.g. If they had a 50% deposit bonus and you made a $1,000 deposit, they would supplement your account up to $1,500.
A forex bonus is a special promotion offer that is made available by a forex broker with the objective of attracting new clients to the trading products and services that they provide. Instead of offering new traders a demo account (which they may still so), they instead deposit credit into a live trading account that you can use to get a feel for what it’s like to trade without risking your own funds. Just keep in mind that a forex no deposit bonus will usually come with some conditions including:
- Have not opened an account to trade forex with the broker before
- Account verification is often required in order to receive a forex bonus
- Trading limits on the no deposit account are required to withdraw any profits
- The initial forex no deposit bonus cannot be withdrawn
How do I get a forex no deposit bonus?
Getting access to a forex no deposit bonus is actually quite straightforward. You just need to find a no deposit bonus forex broker and complete the application process. This will probably include account verification via proof of identity and residence. Once your account has been verified, you should get the login detail to your free no deposit bonus account so you can commence trading.
Forex no deposit bonus vs forex demo account
By choosing a forex broker that has a no deposit bonus offer running or provides free forex demo accounts, you can get access to free funds for trading online. The main difference between these accounts is that one uses real money whereas the other uses virtual funds. Therefore, with a no deposit bonus account, you can make real profits or losses, albeit with funds provided by your broker. On the other hand, any profit or loss on a demo account would be artificial.
Both types of forex account will allow you to gain some trading experience without making an investment or taking any risk. However, demo account conditions can differ from those that you get on a real live account. They do not often use real liquidity feeds so the forex market prices, spreads and slippage on trades can be unrealistic. Therefore, a no deposit bonus account will probably give a more accurate reflection of the live trading environment you get from a specific broker.
Demo accounts do not also take into account the trader emotions that can come into play when using a real account. If you are only trading with virtual money, you might not care too much about losses or focus as much on your trading as you would on a real account. Fear, anger and greed are all negative emotions that can significantly impact the performance and results of any forex strategy.
Best forex broker with no deposit bonus
There are a few regulated forex brokers that will offer qualifying clients a free no deposit bonus who have good forex trading conditions, including tight spreads, low commission fees and quick execution speeds. However, I find that it is often offshore brokers and unregulated brokers that have a no deposit bonus as they are not following any strict rules and regulations. I would always prefer to trade forex with a regulated forex broker as they can provide certain protections that an unregulated forex broker cannot.
You should also keep a look out for the trading platforms and apps they have, currency pairs, financial instruments, account types, execution policy, funding options, educational resources and support. You can see a selection of our best forex brokers with no deposit bonus in the table below based on many years of reviewing and testing hundreds of brokers.
Forex no deposit bonus pros & cons
- Trade forex without making a deposit
- Access to free trading funds
- Variety of different brokers to choose from
- Trial a broker before making a commitment
- Practice your trading strategies without risk
- Unregulated forex brokers tend to offer bonuses
- Strict regulations surrounding forex broker bonuses
- Restrictions on how you can use a no deposit bonus
- Limited amount of free funds to trade with
- Most likely cannot withdraw any profits
Conclusion: are forex no deposit bonus brokers worth it?
Having the appropriate forex trading skills and knowledge is extremely important regardless of whether you are a beginner just getting started or an experienced trader looking to try out a new strategy and test another broker. A forex broker with a no deposit bonus can help anyone practice their trading strategies without needing to make a deposit or take any financial risk.
However, they do come with some limitations and some might argue that a forex demo account could be just as useful. I wouldn’t personally use a no deposit bonus as a reason to choose a specific broker and probably wouldn’t even take it if they did. I don’t think I would feel comfortable with my account having restrictions on withdrawals and would rather trade with what I can afford to lose.
In my opinion, nothing can replicate the feeling that comes when trading with your own funds. A trader might be more careless when trading with a free bonus as they don’t really have anything to lose. Even if you were to make a profit with a no deposit bonus broker, chances are that you wouldn’t be able to withdraw the funds in any case.
That being said, if you are a beginner and looking to get started, I can see how a free no deposit bonus broker can be an attractive proposition. This is because you can dip your toes into the forex market to get a feel for it without drowning. If that is the case, just make sure you shop around and consider the other important factors of a broker, specifically regulation.
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