So, you want to trade forex, but you do not have any money to trade with. You might think that means you are stuck, but actually, you may be able to start trading right now.
Yes—we know that sounds hard to believe. But forex brokers want you to trade, so they offer some nice incentives to get you engaged with their platforms, even if you cannot afford to make a deposit yet.
In this post, we are going to explain exactly how you can start trading with no money. There are two ways you can do this:
1-Sign up for a forex no deposit bonus.
2-Participate in forex demo contests.
Let’s explain each of these options in detail. We’ll make sure you understand the benefits and limitations of each so you can choose the best path forward for starting your forex career.
Look for Brokers Offering a Forex No Deposit Bonus
A forex no deposit bonus is exactly what it sounds like it is bonus cash you can receive without having to make a deposit.
We have put together a list of forex brokers offering no-deposit bonuses here. We have been very picky about this list, only including trusted brokers with solid reputations and favorable bonus terms and conditions.
A forex no deposit bonus is not the same thing as a demo account. When you trade with a demo account, you are trading virtual money. But when you trade using no deposit bonus cash, you are trading with real money.
You cannot cash out the virtual funds you win trading with a demo account because they are not real. But you can usually cash out the money you win trading with a no deposit forex bonus.
You will have to deposit to do so (in most cases—see the bonus terms and conditions).
But that is okay because your focus right now is on building up the funds in your account so you can use them to trade.
Here is how to use the forex no deposit bonus:
1. Sign up with a broker that offers a no deposit welcome bonus to new traders.
2. Read the terms and conditions for the bonus carefully.
3. Accept the bonus.
4. The broker will credit the bonus to your account. You can begin trading immediately with those funds.
Do your best to trade as seriously as you would if the bonus cash were your own hard-earned money.
Hopefully, you will trade effectively, bringing profits into your account.
You can continue trading with the bonus cash and profits for as long as you want. So, even if it is weeks or months before you are able to save up enough money to make your first deposit, you can be growing your forex account that entire time. All of those profits are yours, and you get to keep them!
Participate in Forex Demo Contests
Another way you can start trading forex even if you do not have any money is to take part in forex demo contests.
Forex demo contests work like this:
1. You open a free demo account with a forex broker that offers contests.
2. You enter a demo contest. In some cases, you might need to sign up, while in others, you might be participating automatically just by demo trading within the contest period.
3. The contest will run for a set amount of time. During that time, trade in your demo account with virtual funds. Other traders will be doing the same thing.
4. At the end of the contest period, the broker will check which trader was most profitable. That trader will be declared the winner.
5. If you win the contest, you will receive the prize, which is usually bonus cash to fund a live trading account.
If you want to give yourself the best chance at winning a forex demo contest, trade following your system rules just as you would if you were making trades in your live account.
Many participants may not even have a trading method, or be poor at following their rules. So, if you just stick to your method, you will give yourself a great shot.
Once you have that cash bonus in your account, you can use it to start trading real money. As with no deposit bonuses, there may be some limitations that you need to be aware of, so check the terms and conditions.
There is no limit to how many times you can participate in most forex demo contests. That means that you might be able to win contests repeatedly if you are good at what you do, helping you continue to grow your live account.
The experience you gain demo trading in the contests will also be valuable. You will be practicing the same skills you will be using to trade with your live account. The more you practice in demo, the more likely you are to be profitable with live trading.
In the meantime, Start Saving Up to Fund Your Account
While you are participating in forex demo contests and trading using a no deposit bonus, you can take steps to save money so you can finally make your first deposit. Here are a few suggestions that may help.
1. Cut expenses.
If you have no money for trading right now, it is presumably because you are living month to month, and/or you only are saving enough money to put into your emergency fund or regular investments.
That means that if you want to fund your forex account, you are going to need to find a way to save more money each month. Here are a few ideas:
- Shop around to see if you can find a better deal on your utilities somewhere.
- Move in with a roommate to reduce your living expenses.
- If you have frivolous expenditures, resolve to stop spending money on what you do not need.
- If you live in an expensive apartment, consider moving somewhere more affordable.
2. Work overtime.
If you cannot find any way to cut your expenses down further, your only option will be to find a way to make more money. If your day job offers opportunities to work overtime, take them.
3. Get a side gig.
Alas, not all employers offer overtime. Some go way out of their way to avoid it, since it generally pays a higher rate like time and a half.
Another option for increasing your income is to come up with a side gig. Of course, you are hoping forex will be that side gig in the long run, but right now, you need something else.
Freelancing isn’t easy, as the market is quite crowded nowadays, especially for things that lots of people do, like writing. But even if you just get a small job here and there, over time, you can stockpile significant funds for your forex account.
4. Whatever you do, do not quit your day job.
It might sound strange to say you should not quit your day job at this time, considering you do not even have money to trade, but we have seen people do it.
They figure, “Well if I quit my job, I will have all my time for trading. I will just borrow some money or pay rent late this month and get started. Sometimes you just have to take a risk.”
But this is a recipe for disaster. Nobody becomes a profitable forex trader this way. Even if you are frustrated with your current financial situation, you need to be patient. Your day job is helping you achieve your goals, however gradually.
Start Trading Forex With No Money
Now you know that it is possible to start trading forex right away, even if you currently cannot afford to fund your account.
Claim a no-deposit bonus, compete in demo contests, and work on saving money from your day job and side gigs. It will take time and patience, but eventually, you will build up your live account.
If you are ready to take the next steps in your trading journey, check out our recommended forex brokers.