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The Ultimate Guide On How Forex No Deposit Bonus Works
Forex no deposit bonus is one of the most powerful leverage for newbie traders.
In this guide, you will find out exactly how can you utilize this type of forex bonus even in 2019.
Are you thinking of investing in forex but holding back because of the high risks involved?
You can practically start forex trading without any initial investments.
Because up to 75% of active forex brokers offer no deposit bonus once you register with them.
They are the ultimate welcome package that brings a new trader online and encourages them to start trading.
Most first timers are not willing to commit their money.
Therefore, the broker will show them the ropes by putting some money into the new account through forex promotion.
Of course, you do need to meet certain requirements to open an account with them.
You should also verify your brokers’ reputation before you accept one.
Naturally, the trader cannot withdraw the money.
They can only use it for trading as per the requirements of the broker.
In this guide, we will tell you everything that you need to know about forex no deposit bonuses.
You will also learn where you can go to find out about the latest no deposit free bonus opportunities.
What Is A Forex No Deposit Bonus?
Before we get into anything else, let’s make sure you understand what exactly forex no deposit bonus is.
After all, even if you are getting a great deal, you are still putting some of your money on the line.
So it always pays to do your research ahead of time – and to make sure that you know what you are getting yourself into.
The forex no deposit bonus is so called because you are not required to make any deposit prior to receiving it.
It is also given only once to welcome you onboard.
In the past, it used to be fairly common for people to get forex trading free bonus.
It was a smart way for brokers to incentivize their customers to place more trades with them in the future.
Fortunately, the concept of a free bonus no deposit is still quite common.
Is Forex No-Deposit Bonus A Welcome Bonus?
There are many reputable brokers still giving out no deposit bonuses, sometimes called a “welcome bonus”.
Side note: Welcome bonus is a term that forex brokers use to describe a forex bonus.
It can represent both deposit bonus and no deposit bonus.
While you shouldn’t think of them as “free money” to play around with, they are a way for people who are new to the forex world to practice making trades.
Forex No Deposit Bonus Without Verification
Usually, you start by giving your name and your email address (and in some cases, your phone number) to a broker.
You will need to create an account with the broker, and the details they need will vary based on their individual requirements.
Some might require some billing or passport proof of identity whereas some offer forex no deposit bonus without verification.
Side note: It is better to get your account verified to eliminate any problems that might arise when you want to make withdrawals in the future.
What happens once you have verified your personal information?
You will get a free bonus in your account.
In some cases, the forex no deposit bonus can be as high as $1,500.
What Can You Do With A Free Bonus No Deposit?
Now, let’s look at what taking advantage of a forex no deposit bonus can do for you.
Without having to put up any of your own money (though some brokers will require a deposit of $10 that you can get back), you can start to make trades.
This way, you can learn the ropes of forex trading, and if you make a mistake, you won’t have to pay for that error yourself.
And yes, you will be trading with actual money, not just fake, digital Monopoly money.
So, what are you able to trade specifically?
You will be pleased to learn that bonuses are a great way to practice trading on commodities, forex, and even cryptocurrencies.
We know that this no deposit bonus sounds like a serious win for you as the trader, but a loss for the broker.
However, you need to remember that their goal is to get people comfortable with the idea of forex trading.
When you know that it’s not actually your own money that’s up for a loss, you’ll be much more likely to practice – and get hooked.
Once you get the hang of it, you will be surprised by not just how lucrative, but also how fun trading forex can be.
But What About My Profits?
So far in this guide, we have only spoken about how forex no deposit bonuses will benefit you if you lose money.
Of course, we also know you want to understand what happens if you actually make a profit!
Will you be able to claim it?
Or because it was never really your money in the first place, will it go right back to the broker?
One of the best things about taking advantage of these opportunities is that you will actually be able to keep the profits that you make.
Yes, by keeping, we mean you can withdraw the profit you have made.
You can decide to use what you have earned to invest back into trading forex.
Or, if you feel like you have caught a lucky break, but forex trading isn’t really for you?
Don’t worry – you can withdraw and move on.
Start Forex Trading Using Your Profit
If you are earning money from no deposit bonus forex account, it means you are good.
You can now reinvest the profit you made from no deposit account into different types of forex trading accounts.
You will be able to set your goals, as well as the amount of your initial deposit.
There are accounts that allow you to start trading even if you put in as little as one dollar.
There are accounts that have zero spread, as well as options that will allow you to get a precise look at your potential profit.
As you continue to gain experience in trading, you can upgrade and play around with different kinds of accounts.
In short – the sky is the limit!
Are There Any Catches?
Well, yes and no.
First, you are expected to meet a few requirements after signing up.
Depending on the broker, you will have to meet a trading volume.
The trading volume will have to achieve a certain profit before you can withdraw the bonus.
It is different from a demo trading account.
A no deposit bonus forex account allows you to test your strengths and weaknesses in a real volatile Forex market without risking your own money.
In the event you are unable to keep trading, then the broker will withdraw the bonus.
However, once you have traded two to three times the value of the bonus, you can withdraw the bonus as well as your profits.
Before trying it out, make sure you pick the right broker to trade with.
What To Look For In A No Deposit Bonus Forex Broker
There are many free bonus forex brokers in the market offering no deposit bonus forex trading.
This will bring some confusion when you are trying to make a decision.
Remember to check all available brokers online and in your area, and evaluate them individually before you get started.
The reputation of a broker depends on traders who have dealt with them in the past.
Traders will not hesitate to tell all if they lose money through rogue dealing with a broker.
They will leave reviews so that the next person knows what they are dealing with.
Google your chosen broker with the following keywords to reveal any hidden skeletons in the closet: “forex broker name” + review, scam, fraud. Example: Forex Broker Name Scam
You can also check offline.
People in your circle who had experiences with forex trading will happily share their invaluable insights.
They will also recommend their broker to you.
A good recommendation from an acquaintance could save you a lot of time and troubles.
The reputation of a broker depends on their alignment with the law.
You want to work with a broker who has been approved and certified by the right authority.
We are sure you don’t want to lose your investments.
A regulatory authority assures the economic strength of the broker and its integrity towards its traders.
Without regulation, traders are left without any resources to back up the legality of the broker they are using.
Some countries have strict rules about forex brokers running forex operations.
They already have organizations in place to regulate companies which do business in their countries.
Unfortunately, there is no central organization to oversee the forex market.
Some notable regulators include US Commodity Futures Trading Commission (CFTC), US National Futures Association (NFA), UK Financial Services Authority (FSA), E.U.’s Markets in Financial Instruments Directive (MiFID), etc.
Where To Find The Forex No Deposit Bonus New Deal
When looking for a broker who offers a no deposit bonus deal, the conditions above will suffice.
They need to be certified to carry out business in your country.
They should have a good reputation.
Think of what you want in a long-term business partner.
If the trial period goes well, you will be working with them in the long run.
Choosing a good broker is only the first step towards getting into the game.
The second part is making a comparison.
Different brokers have different trading conditions and deposit bonus amounts.
Our portal ForexPenguin.com lists the amount of money given by the various brokers and updates this information on a regular basis.
Check it out frequently to help you make the best choice of the day.
After that, you can check out the communities of traders to see the latest offers available.
This way, you can take full advantage of them.
Traders in online forex communities are generous with information.
You can even get tips on how to best use a forex bonus.
Differences Between A Forex No Deposit Bonus, A Demo Account, And A Forex Deposit Bonus
A demo account is widely used to give a rookie the feel of trading with real money.
Demo accounts have a fictitious sum of money in them but possess features of a real trading account that you need to build experience.
They offer no deposits – just trading experience and insight.
A forex no-deposit account does not ask you to deposit any money with your new dealer.
Rather, it gives you some money to get started upon registration.
The money is not accessible.
You need to trade with it a few times as per the requirements of the broker to access the bonus or profit derived from trading with it.
They are offered by most brokers.
It is meant to entice newbie traders to register and start trading without the fear of losing any money.
It is offered as a specific amount – again at the discretion of the broker – and paid as such.
A forex deposit bonus is, as the name suggests – you pay a deposit to trade and the bonus is either offered at the beginning of the trading session or later.
The bonus will be a percentage of your deposit.
The broker should let you know the percentage at the beginning of trading.
If they don’t, make sure you check with them before you start investing.
Choosing The Right Bonus
The right bonus is subjective, but the basics to look at are amounts offered and conditions.
Even though the bonus targets new traders, the intention is to get the trader to be as active as possible.
Before settling on a no deposit bonus, you will want to check the list of bonuses available on that day by the various brokers so you can get the highest amount.
Terms and conditions will also be a vital issue when making your choice.
What is required of you by the broker?
Most brokers will require that you make at least four trading transactions before you can access the money.
Trading five times – give or take – the value of the bonus allows the house to recoup some of its cost.
Only after you have met the set conditions will you be able to withdraw the bonus and profits accrued from it.
So, before you make that choice, you may want to look into those conditions.
Real Forex No Deposit Bonus Vs. The Fake One
There are many fake forex deposit bonus websites.
Some forex brokers just want to attract more traffic to their website and therefore they give a fake offer.
The following tips may help you tell the real no deposit bonus from the scam one.
Check The Forex Broker’s Main Website
A legit forex website will ensure the security of its users.
One of the obvious steps is to have an SSL certificate.
It is easy to identify the SSL certificate. Check the URL.
A secure site will have HTTPS in the URL instead of HTTP.
A good forex broker will have a good and brandable website name.
Although it is not necessarily true, we can use it as an indicator of how serious the forex broker is treating its website.
Most of the fake no deposit bonus forex sites will have bad and complicated names.
The age of the forex broker is also a good determining factor.
Most of the scam forex brokers cannot last long.
It is a good practice to deal only with the well-established forex brokers.
Responsive support from the forex broker is super important to determine whether it is a genuine one.
Check out whether a forex broker provides its users with a way to contact them.
If there is no way to contact them, then it is probably not a good broker.
If the response towards email or live chat is slow, then it is a no-go as well.
Locate The On-site Reviews
It is a good practice of forex brokers to have a comment section on their websites.
Its purpose is to let their customers leave their testimonials.
A legit site will not be afraid to be open and transparent.
Some forex brokers might even have their own forums.
You can browse the forum to see whether there are complaints and how the staff handle the complaints.
A clean record does not mean it is totally safe.
Bear in mind that whatever is on the brokers’ website can be easily manipulated by them.
Hence we need to check their off-site reviews as well.
Check The Off-site Reviews
A third party review site can help us to confirm whether the offers are legit.
There are many forex brokers review sites and forums on the internet.
A simple search on Google can reveal the skeleton in the closet.
Here at Forex Penguin, we allow our users to rate and comment on every bonus which is listed here.
You can use our resources to determine whether a no deposit bonus is legit.
Social Media can be another good channel to find more information about a forex broker.
If the broker is not honest, it will not escape the bad comments of the online community.
So Which Brokers To Avoid?
Now we know a little bit about how to determine a good broker.
Common sense plays a big role here.
If the forex bonus is too good to be true, then it is not true at all.
When the support is lousy, then it is not worthy of trying.
If there are alarming comments online yet no representative is handling the issue, then it should be avoided at all costs.
With these little tips, hopefully, you can find the right no deposit bonus.
Free Bonus Is Not Free Money
In case we didn’t make it clear enough, no deposit bonus forex trading is not free money.
The broker sets the pace and conditions for you to follow, to be eligible and to participate.
They are also looking forward to forging a relationship with you.
That is why they encourage your participation by giving you money to help you started.
You don’t have to spend a single dime.
Think of it as the initial outlay for a venture that you are going to claim only if you successfully launch your business.
Thinking about it, your broker is giving you free money but only if you have what it takes to earn it through regular trading and patience.
Are You Ever Going To Pay It Back?
The forex no deposit bonus is not a loan.
It is all yours if you can earn it through regular successful forex trading.
As a newbie, this bonus eliminates your worry of losing money at the beginning of your forex trading venture.
It also allows those who have the skills but doesn’t have the capital to give it a shot.
The bonus is usually a small amount, but it is enough for two or three trades, depending on your broker.
If the first three or so trades are successful, you will be bold enough to add a little of your own capital.
Depending on your broker, the new capital could also qualify for a new deposit bonus.
So, there you go, newbie trader!
This bonus eliminates the risk associated with forex trading as a beginner.
You might as well give it a try.
Understanding Forex No Deposit Bonus: What’s Next?
We hope this guide has helped you to better understand not just what a forex no deposit bonus is, but also why it’s such an awesome way to get into the market.
You literally have nothing to lose – but you might also discover a lucrative and fun new hobby.
Of course, getting a grasp on no deposit free bonus opportunities is just one small part of the larger forex world.
Do you want to hear about our promotional updates in the forex world, participate in a demo contest, and much more?
Latest No Deposit Bonus Forex 2019
We post daily forex no deposit bonus from various brokers, so we encourage you to check us out everyday for all available offers.
Keep checking back with us for the forex bonuses and news you can’t afford to miss.
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