Two bonuses you can claim when you open an account with a Forex broker are a deposit bonus and a no-deposit bonus.
What are the differences between these bonuses, and which is better? In this post, you will learn about the pros and cons of each.
What is a Forex Deposit Bonus?
A forex deposit bonus is a bonus you receive when you deposit opening a new account.
The bonus is a match of a certain percentage that you deposited. Typically, these bonuses start at 20% on the lower end and rise to as much as 100% at the upper end.
The match will be available up to a certain limit, i.e. $100, $500 or so on.
Here are a couple of examples of what Forex deposit bonuses may look like:
- A 50% match up to $500.
- A 20% match up to $800.
- A 100% match up to $200.
- Etc.
We know that you probably have a lot of questions about forex deposit bonuses, which is why we put together a detailed guide.
Forex Deposit Bonus Pros:
- Forex deposit bonuses can be quite large in some cases. If you are able to make a large deposit, you can maximize the amount of bonus money you receive.
- You are receiving real money that you can trade with. You will be able to keep and withdraw the profits you earn trading with the bonus cash.
- In some cases, you will also be able to withdraw the bonus itself (so long as it is not “sticky”).
- You receive the funds in your account right away and can begin trading immediately.
Forex Deposit Bonus Cons:
- You need to have money to make a deposit in order to claim this type of bonus. If you have no cash of your own for trading, you cannot use it.
- The amount of the bonus may be limited if you only have a small amount to deposit.
- Rollover requirements apply to this type of bonus.
- If you are not yet sure how you feel about trading with this broker, you may feel uncomfortable making a deposit to claim the bonus.
What is a Forex No Deposit Bonus?
A forex no deposit bonus is another type of bonus that you can claim upon opening a new account with a broker.
The name explains what sets it apart from the type of bonus we have already discussed. A forex deposit bonus requires you to make a deposit. A forex no deposit bonus does not.
Instead of a match, the broker simply gives you a particular amount of bonus funds with which to trade, credited directly to your live account.
No deposit bonuses are usually smaller than deposit bonuses can be, but may be larger than you expect.
Even though some brokers keep these offers fairly low—like $30 or less, we have found a few that offer $100 or more.
You can compare the best forex no deposit bonus offers in our guide, where you will also find answers to your questions about this type of bonus.
Forex No Deposit Bonus Pros:
- You will be trading real money with a forex no deposit bonus for the chance to earn real profits that you can eventually withdraw.
- So long as the bonus itself is not “sticky”, you may be able to withdraw it as well once you meet the requirements.
- The bonus funds are instantly credited to your account, allowing you to begin trading.
- Unlike with a forex deposit bonus, no deposit is necessary to claim this bonus money. That means even if you have no money of your own with which to trade, you can use a no deposit bonus.
- You can test drive the broker while trading with the no deposit bonus cash without any risk.
Forex No Deposit Bonus Cons:
- Forex no deposit bonuses are generally pretty small. You may qualify for less than you could with a deposit bonus.
- As with deposit bonuses, no deposit bonuses carry rollover requirements.
Which Type of Bonus is Better?
Neither type of forex bonus is objectively “better” than the other. They are simply different.
What is more important is figuring out which type of bonus may suit you better.
There is also nothing wrong with claiming both a deposit bonus and a no deposit bonus. Some brokers may allow you to grab both. Plus, you can always sign up for accounts at more than one broker site so you can pick up multiple promotions.
You Might Prefer a Forex Deposit Bonus If …
- You want to claim a relatively large bonus.
- You have funds to deposit, especially a lot of funds to deposit, which would allow you to maximize your bonus funds.
- You are prepared to meet a larger rollover requirements (even if the multiplier is the same in the rollover requirements between a deposit and no deposit bonus, you will end up having to turn over more funds when starting out with a larger amount of money in your account. Such would likely be the case with a deposit bonus).
- You feel comfortable making a deposit with the broker you are looking at.
You Might Prefer a Forex No Deposit Bonus If …
- You are okay with a smaller bonus.
- You do not have any funds to deposit yet into your account.
- You would prefer a smaller rollover requirement (turning over $30 5x would be easier and faster than turning over $300 5x, for example).
- You simply do not want to make a deposit yet. Perhaps you still do not trust this particular site, and want a chance to experiment with it using bonus cash first.
Find the Best Forex Deposit and No Deposit Bonuses
If you are ready to start trading forex with a hefty bonus with reasonable rollover requirements, take a look at our vetted lists of offers in our deposit and no deposit guides. Enjoy trading!
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