Forex No Deposit Bonus

What is Forex No Deposit Bonus?

A forex no deposit bonus is an age-old and standard bonus given to new foreign exchange traders during their initial trade using the broker’s webpage. The bonus cannot be withdrawn as the primary objective of the bonus is to attract new clients to do forex trading.

To be able to avail of a no deposit bonus, you must first find a broker who offers such bonus. As soon as you find one, register on the broker’s page, filling in the form with your personal details to open an account.

Afterward, determine the currency with which you would want to manage your account. Your bonus will be given to you based on the currency you choose to enroll your account in. There is a fixed amount of bonus a first time trader is given and depending on the broker, this could range between $20 and $150. The no deposit bonus is so-called because the trader is not required to do a deposit to avail of the bonus. The only requirement is your registration with the broker.

How Does the Forex Bonus Work?

After opening an account, you may already claim the no deposit bonus which could enable you to do at least 2 trades. The bonus cannot be withdrawn by itself. To withdraw, brokers would sometimes have the minimum requirement of the account balance being at least 3 to 4 times the amount of the original bonus. Thus, until this is realized, practically no withdrawals will be allowed.

Forex No Deposit Bonus Differentiated From Forex Deposit Bonus

The no deposit bonus is given as soon as the account is opened (given only at opening of the account), even if no deposit is made. The bonus is a fixed amount (which may range from $20 to $150), depending on which broker you choose to register with.

On the other hand, the deposit bonus is a certain percentage given to the new trader based on the amount he deposits with the broker. It is the deposit that triggers the giving of the deposit bonus: thus no deposit, no bonus. For forex deposit bonus, you may also get the bonus after each deposit made after the first deposit.

Identifying the Best Forex No Deposit Broker

Choosing the broker that offers the best no deposit bonus could be overwhelming. The following tips would give you an idea how to make a shortlist of these brokers.

  • No deposit bonuses should not be the main determinant of a good broker. Some brokers offer big no deposit bonuses to attract inexperienced traders, to the latter’s detriment. Find a broker that offers on top of the no deposit bonus, good forex combo features, and simple non-limiting promos.
  • Keep abreast of forex broker reviews. This could give you impartial advice based on clients’ actual experiences with brokers.
  • Join forex forums to take advantage of best practices and advice of seasoned forex traders. Keep an open mind: remember that if you are just starting, your risk appetite might not be at par with those of the seasoned ones.

Forex no deposit bonus is a great way to start learning about foreign currency trading as it gives you the opportunity to allow some risks without actually losing anything. But like any other risky ventures, decisions should be made keeping a level head. It will be wise to trade subtly at first and reserve your aggressiveness later if you have already mastered enough skill to face the challenges of the trade.

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