Summary: Forex No Deposit Bonus is a tradable bonus in the real forex live account given by forex broker to the 1st time forex traders without requiring any new deposit.
This type of no-deposit bonus is popular in South Africa, Malaysia, and Indonesia. However, it is not eligible for the residents of the US, EU, and certain other jurisdictions.
All Free Forex No Deposit Bonuses in 2023
Over the years, we have worked with many forex brokers. Not all of them are as genuine as we would like them to be. Nevertheless, we do not stop our effort to work with brokers who are personally contactable. It is crucial especially when a client needs help.
For your quick view, we have compiled a list of free forex bonuses for you. These are the forex brokers that give a free bonus. You are most welcome!
|Rank||Broker Name||Bonus Size||Expiry Date|
|#1||Penguin Boom Giveaway||$50 No Deposit Bonus||On Going|
|#2||XM Broker||XM No Deposit Bonus||On Going|
|#3||FreshForex||$2021 No Deposit Bonus||On Going|
|#4||RoboForex||Welcome Bonus 30 USD||On Going|
|#5||FXChoice||$30 No Deposit Bonus||On Going|
|#6||HF Markets||HFM No Deposit Bonus||On Going|
|#7||FBS||$140 Level Up Bonus||On Going|
|#8||Just Markets||$30 No Deposit Bonus||On Going|
|#9||InstaForex||$1500 no deposit bonus||On Going|
|#10||Tickmill||$30 Welcome Account||On Going|
|#11||AGEA||$5 No Deposit Bonus||On Going|
|#12||Forexvox||$30 No Deposit Bonus||On Going|
|#13||Baxia Markets||$30 No Deposit Bonus||On Going|
|#14||ForexChief||$100 No Deposit Bonus||On Going|
|#15||MTrading||$30 No Deposit Bonus||On Going|
|#16||NpbFX||$100 No Deposit Bonus||On Going|
|#17||TemplerFx||$30 No Deposit Bonus||On Going|
|#18||Forex.ee||$15 Welcome Bonus||On Going|
|#19||FxOpen||Welcome Bonus $10||On Going|
|#20||Admiral Markets||$100 No Deposit Bonus||On Going|
|#21||SuperForex||$50 No Deposit Bonus||On Going|
Best Forex Brokers With No Deposit Bonus in 2023
1. Penguin Boom Giveaway
Penguin Boom Giveaway is a program by Forex Penguin itself. Its goal is to find forex brokers that support no deposit bonus in an ideal manner. Often we are able to get exclusive deals from reliable forex brokers. Please note that Forex Penguin itself is not a broker. We are working with good brokers to give the best no deposit bonus to our users.
Penguin Boom Giveaway No Deposit Bonus Forex 2023
2. XM Broker
XM has been in the market since 2009. XM Global Limited is one of the entities of the XM Group with its main office is in Belize City, Belize. When it comes to the no deposit bonus, XM offers one of the best bonuses in this industry. *The $50 No Deposit Bonus is not available for clients registered under the EU regulated entity of XM Group. Regulators:
- ASIC (Australia)
- CySEC (Cyprus)
- DFSA (United Arab Emirates)
- FSC (Belize)
XM Broker No Deposit Bonus Forex 2023
Fresh Forex differentiates itself from its fellow brokers by offering a big no deposit bonus. It is founded in the year 2004. Riston Capital Ltd owns Fresh Forex and its main office is in Kingstown, St. Vincent, and the Grenadines. Fresh Forex offers its clients to trade through MT4 and MT5.
Traders can start trading with Fresh Forex for as low as $1.
FreshForex No Deposit Bonus Forex 2023
Roboforex is a brand owned by RoboMarkets Ltd located in Limassol, Cyprus. Since 2009 Roboforex has made its name by offering a wide range of services.
- ETF, Energies
- Equity Indices
- Forex Pairs
- Precious Metals
- Real Stocks
- Stock CFDs
Roboforex also offers copy trading where you can profit from the best traders by copying their trades.
- FSC (Belize)
RoboForex No Deposit Bonus Forex 2023
FXChoice is more than 10 years and it is regulated by the Financial Services Commission of Belize (FSC). They offer an Optimum account with 1:1000 leverage and a minimum deposit of $10. MT4 and MT5 platforms are available for trading.
FXChoice offers a wide range of deposit and withdrawal methods. Many promotions are available for the benefit of the traders.
FXChoice No Deposit Bonus Forex 2023
6. HF Markets
HFM or HF Markets (Previously known as HotForex) has been in the market since 2010. The company prides itself on having more than 60 international awards. HFM has more than 3.5 million live accounts opened. Many trading tools and educational courses as well as bonuses are available on HFM.
HF Markets No Deposit Bonus Forex 2023
FBS has been in the industry since 2009 and they are based in Belize. Traders can trade with FBS thru FBS Traders (Mobile App), MT4, and MT5 platforms. The minimum deposit is $1 only.
- FSC (Belize)
- CYSEC (Cyprus)
FBS No Deposit Bonus Forex 2023
8. Just Markets
Just Markets or previously known as Just Forex has customers from 197 countries and they are operating under the following core values:
- Customer First
- Passionate About Work
- Continuous Learning
JustMarkets is based in Seychelles and regulated by FSA (Seychelles).
Just Markets No Deposit Bonus Forex 2023
InstaForex has its headquarter in Kaliningrad, Russia. Since 2007, it has made its name to be one of the leading forex brokers in Asia. They are offering MT4, Mt5, as well as their own proprietary trading platforms for their traders. The demo account is available and the minimum deposit is only $1.
- FSC (The British Virgin Islands)
InstaForex No Deposit Bonus Forex 2023
Tickmill is one of the most regulated brokers in the world. Traders can access the trading instruments via MT4. Tickmill offers a full range of educational material such as webinars, seminars, ebooks, video tutorials, infographics, market analysis, and many more.
- FCA (United Kingdom)
- CYSEC (Cyprus)
- FSCA (South Africa)
- FSA (Seychelles)
- LFSA (Malaysia)
Tickmill No Deposit Bonus Forex 2023
Agea operates under the company AGEA International AD which is located in Podgorica, Montenegro. When comes to the support, it offers probably one of the best live chat support in the space. It offers two types of trading platforms: Streamsters and MT4. AGEA is listed publically on the Montenegro Stock Exchange which makes it a good choice of trading.
AGEA No Deposit Bonus Forex 2023
Understand No Deposit Bonus
We have received a lot of questions regarding the no deposit bonus. Here are some of them:
- Do you offer the best no deposit bonus?
- Where can I get a no deposit bonus which profit can be withdrawn?
- I need a trustable forex broker for the no deposit bonus.
- Is there any no deposit bonus without verification?
- Why do I need to deposit extra money when I want to withdraw the profit made from the no deposit bonus?
- Which no deposit bonus is not a scam?
- Which broker gives a free bonus?
The purpose of this guide is to answer all the questions. Enjoy the read.
Master the Basics of No Deposit Bonus Forex with ForexPenguin
TLDR; this is what you need – the simplest way to learn the basics of no deposit bonus.
Feast yourself: No Deposit Bonus Forex Youtube Video
The Ultimate Guide On How Forex No Deposit Bonus Works
Forex no deposit bonus is one of the most powerful leverages for newbie traders.
In this guide, you will find out exactly how can you utilize this type of forex bonus even in 2023.
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 10%* of active forex brokers offer no deposit bonus once you register with them.
* Note: This percentage can only be verified once Forex Penguin is done with listing down all active forex brokers.
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 free money given to them.
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 the 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 before 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 a forex trading free bonus.
It was smart for brokers to incentivize their customers to place more trades with them in the future.
Fortunately, the concept of a free bonus with 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 offers and no deposit bonus offers.
While you shouldn’t think of it as “free money” to play around with, it is 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 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 $5000.
What Can You Do With A Free Bonus No Deposit?
Now, let’s look at what taking advantage of forex no deposit bonus can do for you.
Without having to put up any of your own money (though some brokers may require a small amount of deposit 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 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 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 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 a no deposit bonus forex account, it means you are good.
You can now reinvest the profit you made from the 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.
Some accounts allow you to start trading even if you put in as little as one dollar.
Some accounts 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!
What’s The Catch?
Well, yes and no.
After analyzing and processing a couple of hundreds of no deposit bonus listings, we at Forex Penguin realize that claiming no deposit bonus and withdrawing its profit may not be the simplest thing to do.
Every forex broker has its terms and conditions. These regulations are there to protect the forex broker’s best interest as well as to prepare the traders to make a deposit and start trading.
The Penguin Meter (to be released)
While only claiming no deposit bonus is a pretty straightforward process, you start to see limitations when trading with the no deposit bonus account. Whereas, the final step of withdrawing the profit can be a lot more difficult than you think.
We have identified most of the roadblocks and limitations in claiming the bonus, trading with it, and withdrawing the profit.
Soon, Forex Penguin will be creating a profitability scale (Penguin Meter) based on the difficulty level of the procedure of claiming a bonus, trading conditions, and withdrawing profit.
Hate to miss it? You can subscribe to our mailing list to receive any future updates.
Claiming A Forex No Deposit Bonus
We told you that claiming no deposit bonus is the easiest process – and it is not far from the truth.
We have identified two ways of how forex brokers generally work.
- Identity Verification
- Bonus Claim
- Bonus Claim
- Identity Verification Upon Profit Withdrawal
You would probably prefer the second model while most forex brokers are using the first model.
The first model is beneficial to forex brokers because it works as a filter. Only serious traders will be verifying their identity.
The second model is to encourage traders who do not want to go through the hassles of verification unless they have something to gain.
Type Of Identity Verifications
1. Email Verification
Email verification is the simplest form of verification. All it takes is only to click on the link sent to your inbox.
2. Phone Verification
Phone verification is also easy. The forex broker will either send you a code via SMS or voice call. It can be done within 10 seconds.
3. Proof of Identity (POI)
Proof of identity requires you to submit a color-scanned identification document. Generally, you can submit either a passport, a national ID, or a driving license ID card.
4. Proof of Residential Address (POR)
The commonly required documents are utility bills, bank account statements, a national ID with an address on it, and anything that can prove your residential address.
Usually, you only need to submit one of the documents mentioned above.
Other Restrictions In Claiming A Free Bonus
Forex brokers are very strict when it comes to this topic. Besides the verification, they also restrict the bonus to new traders only. It makes sense, of course, since that is the purpose of the entire forex bonus. If you have claimed a no deposit bonus before from the same broker, you are not eligible to claim the same type of bonus.
Not only that, your close relatives, but your housemates who share the same residential address and the same IP address also are not allowed to sign up for the free bonus.
Before you apply for any no deposit bonus, it would be great to know whether your housemate has already done so.
Trading With The No Deposit Bonus Account
After you have claimed the bonus, it is time to trade. Since you are given a free bonus to trade, you are automatically restricted by certain rules and regulations in the trading.
Below are the common limitations when we trade using a no deposit bonus:
Maximum Lot Size
This refers to the lot size of the order. Some brokers restrict their traders from opening orders with big lot sizes.
From our observation, the common lot size that is allowed is 0.01 lot.
As a trader, trading with a small lot size can be disheartening because, at the same time, traders need to fulfill a certain trading volume to be eligible to withdraw profit. It is a strategy of forex brokers to stay active with the brokerage.
Let’s do a calculation.
Disclaimer: Ahmad is a fictional character for the illustration of the no deposit bonus examples.
And the answer is 500 trades!
It certainly means Ahmad will be trading for months before he is eligible to withdraw.
And that is if he is profiting from that 500 trades.
If not, he will need to trade even more than 500 trades to be profitable.
Conclusion: Lot size limitation makes profit generation harder.
Maximum Active Positions
To make the trading even more painful, some brokers limit their clients from having a lot of simultaneous active positions.
Sometimes the pending orders are also included in the counting of the active positions.
Depending on the strategies, the limitation of active positions can harm certain trading techniques.
If a trader is trading based on the trend-following method, then he cannot open more positions at a different price to earning maximum profit.
Conclusion: Limitation of active positions can harm the trading experience of the traders.
Trading Assets Limitation
Trading assets or currency pairs are a vital part of forex trading. We can utilize the volatility of the markets to make a profit.
The limitation of the trading asset means that we will have fewer currency instruments to choose from.
Hence it badly restricts the opportunity to trade when we spot a good entry setup for a particular currency pair.
It also limits clients’ experience in trading with different currency pairs.
The main purpose of no deposit bonus is to allow clients to feel how it is when trading with the broker in live market conditions.
Conclusion: Restricting trading instruments can only harm the users’ experience in trading.
This refers to the lifetime of a no deposit bonus.
The bonus will be canceled by the forex brokers when it is expired.
A short bonus validity means that clients might not have enough time to truly engage with the account.
On the other hand, if given enough time, clients could even have the chance to trade in different market conditions.
A good period of testing a live trading account should be 30 days or more. It will give ample time to the clients to fully understand what real trading is all about.
After all, no deposit bonus is designed for new traders to have a taste of how forex trading works.
Conclusion: Short bonus validity is not a go.
Hedging Is Not Allowed
Hedging in forex trading simply means having 2 open trades in different directions.
The purpose of hedging usually is to temporarily eliminate the risk of being in the market.
Since both orders will cancel one another’s profits, it serves as a short-term relief for the trader.
Sometimes hedging is used as a part of a certain trading strategy.
Restricting hedging would mean that the traders need to look for other trading methods.
Conclusion: Without hedging being permitted, traders will have difficulty trading in both different directions simultaneously.
Scalping Is Not Allowed
Scalping is a method that traders use to earn a small profit (usually 5-10 pips) multiple times in a day.
They also will hold the position for a very short time.
Usually, traders use this method during high market volatility such as during the release of economic data and news.
It is popular among traders because it has the potential to catch a lot of pips in the shortest time.
Of course, it is also a way to empty the account very fast. For every open position, you will have to pay some spread cost. It must be used wisely if you do not want to suffer a margin call.
Conclusion: Since it is a popular method among traders, limiting its use will certainly cause trouble for traders.
What leverage means is that we can use a small amount of money to trade a larger position.
Leverage is the reason why Forex is so popular.
Limiting leverage can cause a very bad trading experience for the traders. They cannot open a bigger position than they desire.
It also lowers the trading volume, hence it will take a bigger number of trades to fulfill the withdrawal requirement.
Conclusion: Limited leverage is a tactic that goes against traders.
Expert Advisors (EAs) Are Not Allowed
Expert advisors trading is also known as robot trading.
It simplifies the trading process a lot by doing almost everything in the trading.
This includes opening and closing a trade, generating a tradable signal, analyzing market conditions using indicators, etc.
There are some good EAs in the market.
Undoubtedly, robot trading is interesting to anyone who does not have prior experience in forex trading.
It is hands-free and hassle-free. Once it is set up, EA will handle the trading from the very start.
Limiting the usage of EA is like limiting the usage of an elevator – instead of pressing a button to get you to the top of the building, you are asked to walk the stairs.
Conclusion: This is downgrading the advancement of forex technology. Hence, it is not a choice if you are an EA lover.
Profit Withdrawal From The No Deposit Bonus
One of the most obvious things is that in most cases, you won’t be allowed to withdraw a deposit-free bonus.
So what is the point of having it?
If you are making a profit from it, you can withdraw the profit.
But experiences tell us that it is not that easy to withdraw the profit you made from a free bonus.
To make your life easier and to serve as a foundation for Penguin Meter, we have come out with an extensive list of eligibility for profit withdrawal.
Trading volume refers to the total amount of lot size that a trader completed.
Most forex brokers set the trading volume as the parameter of whether a trader is eligible for withdrawal. The main reason for doing that is to encourage traders to trade more.
The fact is; trading more does not mean you can earn more.
Some of the forex brokers even set the trading volume threshold to 100 lots. This scenario is almost like a mission impossible.
A moderate trading volume requirement such as 5 lots – is fine.
But this also correlates with the maximum lot size permitted per trade and the maximum leverage allowed.
In example 1, the permitted lot size was 0.01 lot. In this situation, even a trading volume of 5 lots is too much.
Conclusion: Higher trading volume requirement is not a good thing for traders.
Active Trading Days
An active trading day simply means that there is at least one open and closed position for the day.
Based on the example above, to achieve an active trading day, we need to close at least one position a day (Of course you cannot close a position without first opening it).
This requirement forces the traders to trade more; sometimes out of the compulsion of fulfilling the active day requirement.
Conclusion: Traders need to be super active in trading to fulfill active trading days. It is not a pleasant idea to have.
Extra Deposit Required
It is initially advertised as a no deposit bonus.
But when it comes to the profit withdrawal step, you are suddenly required to deposit a certain amount of money to be eligible for the profit withdrawal.
Do not be surprised!
This is a common example of what is happening in most cases.
The purpose of the forex brokers is very clear. They want you to stay with them and trade with them. As we told you at the beginning of this guide, the main reason for the no deposit bonus is to entice you to trade in the forex market.
From our experience, the traders are usually required to deposit an equal amount of profit.
Traders then need to trade with the deposit to fulfill a certain amount of trading volume.
Conclusion: If a no deposit bonus needs a deposit at the end, why is it called no deposit bonus in the first place?
Subscribe To Penguin Meter Updates
After 5 examples, Ahmad is devastated by all the rules and regulations set by the forex brokers.
He decided to stick with Forex Penguin and subscribed to the newsletter.
He is waiting for Penguin Meter to choose a better no deposit bonus.
If you are like Ahmad, please subscribe to our newsletter for more updates.
The Common Forex No Deposit Bonus Abusive Strategies
It is not uncommon for non-deposit bonus brokers to complain about bonus abuse by their clients. As we work closely with most of the forex brokers listed on Forex Penguin, we have the first insight into what is really going on behind the scenes.
These abusive strategies have often discouraged a good forex broker from offering its first-time clients the trading incentive in the form of no deposit bonus.
In this section, all information is written for educational purposes and it is not to be repeated. We also hope that through this guide, we can help honest forex brokers to find some alternative ways to combat the abuser.
Hence, the no deposit bonus promotion can continue and bring benefits to genuine first-time traders.
Multiple Bonus Sign Up
Forex no deposit bonus is clearly a popular way for new traders to start learning forex while not using their own money. It also attracts some syndicates to pocket this golden opportunity.
Since most forex brokers are aware of the multiple bonus sign-up abuse, they have strict rules to go against it.
Unfortunately, for every rule, there will be creative ways to break it. We received reports that especially in the poorer countries, there are people who collect or buy KYC documents in bulk.
KYC stands for “Know Your Customer”. The documents include scanned copies of international passports, national id cards, government-issued driving licenses, household utility bills, bank statements, and more.
Once they have the KYC documents, it is easy to impersonate the KYC document owners and sign up for the new bonuses.
Depending on the market conditions, some of these bonuses could generate profits and some will lose. The abuser then can withdraw the profits and move on to the next brokers who offer new bonuses.
Such activities have caused the forex brokers to lose money, hence they are discouraged from hosting the no deposit bonus anymore.
Bonus Accounts Hedging / Arbitrage
Hedging in general means having two open positions simultaneously in the opposite direction. This creates a zero-sum game, in which there will be no loss in total.
Bonus accounts hedging or sometimes also known as bonus arbitrage refers to the activities of hedging two bonus accounts with the purpose to gain profit from one account and losing the other one. Since the bonus is given by the broker, the account on the losing side has no monetary impact on the account holder.
On the other hand, the account that has gained profit is eligible for withdrawal.
The accounts used for the hedging can be from the same forex broker or two different brokers with almost the same bonus size and trading conditions such as leverage, minimum lot size, and stop-out level.
This method is banned by the forex brokers because it is deemed cheating and clearly violates the sole purpose of the no deposit bonus, which is to give the opportunity to the new clients to try out the forex broker without their own deposit.
Ways For Forex Brokers To Combat The Bonus Abusers
To survive in the ever-changing environment, forex brokers need to be resilient and creative. To combat the abusive bonus hoarders, some forex brokers have introduced a set of more stringent rules and regulations.
We summarize these carefully designed restrictions in the following section along with the explanation.
IP Address Restriction
Most of the forex brokers will not grant any no deposit bonus if there is an existing IP in the subnet that has already received the bonus. This is a simplified filter to discourage the same person from creating new accounts. The same IP subnet can be the workplace, internet café, university, and even the home internet.
Family Members’ Restriction
Often, we encounter forex brokers who do not allow members from the same family to receive a no deposit bonus. This is because there is a high potential for a person to use his family members’ identity to acquire another no deposit bonus.
Some of the countries are not on the list of recipients. This is due to the high fraud activities in that country. To simplify matters, the whole nation is barred from receiving the bonus.
KYC Documents Dated Not More Than 3 Months Old
In the event of impersonation, the old KYC documents are not valid anymore for identity and residential address verification. This can discourage the abusers from creating new accounts because they have to constantly recollect or rebuy the newly updated KYC documents.
Extra Deposit To Acquire A Bonus
It has become a trend that a small deposit is required to receive a no deposit bonus. This can separate genuine traders from fraudulent ones. The downside of this restriction is that it might discourage the real trader from even signing up with the broker.
There are many more ways that we have not mentioned here.
It is crucial to know that abusing the privilege of no deposit bonus cannot make one rich and there is no point to cheat when we can earn from forex by educating ourselves better.
What To Look For In A No Deposit Bonus Forex Broker
Before trying it out, make sure you pick the right broker to trade with.
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 trouble.
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 that 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 Conduct Authority (FCA), 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 toward 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 regularly.
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 only by 10% of the forex 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.
Real Forex No Deposit Bonus Vs. The Fake One
There are many fake forex no 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 ones.
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 an excellent 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 scam forex brokers cannot last long.
It is a good practice to deal only with 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 for forex brokers to have a comment section on their websites.
Its purpose is to let its customers leave their testimonials.
A legit site will not be afraid to be open and transparent.
Some forex brokers might even have their forums.
You can browse the forum to see whether there are complaints and how the staff handles the complaints.
A clean record does not mean it is 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.
Top 12 Most Popular Countries For No Deposit Forex Bonus
Based on the Google keyword planner, we have identified the 12 top countries where no deposit forex bonuses are popular.
- South Africa
We have created a chart below to better illustrate the relative popularity of no deposit bonuses in these countries.
According to the statistics, we believe there is a great need for forex bonuses in the market.
Forex brokers should fill in the gap and provide their users with good and fair no deposit bonuses.
Free Bonus Is Not Free Money
In case we didn’t make it clear enough, a forex no deposit bonus 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 long-term relationship with you. That is why they encourage your participation by giving you money to help you start.
You don’t have to spend a single dime to claim the bonus. But if you claim one, you do have to earn the right to withdraw your winnings by meeting the turnover requirements.
Think of it as the initial outlay for a venture that you are going to claim only if you successfully launch your business.
Essentially, 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.
The profits are all yours if you can earn them by meeting the specified requirements. If you are allowed to withdraw the bonus itself, it is also yours after you meet the requirements.
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 don’t have the capital to give it a shot.
The bonus is usually a small amount, but it is enough for small 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 have nothing to lose – but you might also discover a lucrative and fun new pursuit.
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? Then subscribe to our newsletter.
Frequently Asked Questions About The No Deposit Bonus
✅ What is a forex no deposit bonus?
Forex no deposit bonus is a tradable bonus in a real forex live account given by forex brokers to first-time forex traders without requiring any new deposit.
✅ Is there any no deposit bonus without verification?
Yes, Instaforex is offering a no deposit bonus without verification.
✅ What is the best no deposit bonus?
Penguin Boom Giveaway aims to be the best forex no deposit bonus. However, it is still under development and traders can sign up for the waiting list. Currently, the top brokers we recommend offering the best bonuses include XM, Instaforex, Agea, and Vantage Markets.
✅ What are the terms and conditions to get a no deposit bonus?
Each broker has its own set of terms and conditions. It is best to refer to those terms before applying for the forex bonus. Some examples of terms and conditions include bonus validity, trading volumes, extra deposit, and country of origin.
✅ How do I withdraw the no deposit bonus?
Generally, you cannot withdraw a no deposit bonus because it is an exclusive opportunity for first-time users to experience trading. Nevertheless, the profit made from the no deposit bonus trading can be withdrawn upon fulfillment of the terms and conditions. Some no deposit bonuses may also be withdrawable, though they are generally very small.
✅ Can I do forex trading without money?
Yes, you can do so by looking for no deposit bonus offers by forex brokers. It is a good practice to check the terms and conditions of the no deposit bonus before proceeding.
That said, you are not going to be able to build up a large account this way. If you are looking for serious profit, you are going to need to put your own capital into your account eventually.
✅ How do I get the no deposit bonus for forex?
Generally, you will have to open an account with the broker, go through the verification process and apply for the no deposit bonus once your account is verified. Keep in mind that every broker has its own process as well as individual terms and conditions.
✅ What is the amount of no deposit bonus that I can get?
The amount of no deposit bonus typically ranges from $5 to $5,000. The most common amounts are $30, $50, and $100.
✅ Can I actually make money with a no deposit bonus?
Yes, provided that you have sufficient trading skills and a good no deposit bonus.
✅ Why am I not eligible for the no deposit bonus?
You may always refer to the terms and conditions of your broker of choice as there are certain eligibility criteria to fulfill. These terms help to prevent fraud. Most commonly, you are not eligible if someone has already obtained the no-deposit bonus using a similar or nearby IP address (family members or neighbors). Other examples include country restrictions or if you already have an existing trading account.
Latest No Deposit Bonus Forex 2023
We post daily forex no deposit bonuses from various brokers, so we encourage you to check us out every day for all available offers.
Keep checking back with us for the forex bonuses and news you can’t afford to miss.
Is this guide helpful? Please share it.