If you have found your way to this page, you already know what a forex no deposit bonus is: it is a type of bonus that allows you to receive bonus money for trading without depositing any funds of your own.
But you might be wondering whether or not a forex no deposit bonus is right for you. Do you meet the requirements to claim one? And will it be useful in your situation? In this post, we will answer those questions in detail.
Requirements to Claim a Forex No Deposit Bonus
First of all, let’s start by going over the basic requirements to be eligible for a no deposit forex bonus. You will need to:
- Sign up with a broker that offers a no deposit bonus.
- Be a new customer.
- Understand the terms and conditions.
Let’s discuss these in more detail.
1. Sign up with a broker that offers a no deposit bonus.
Not every forex broker offers no deposit bonuses. So, the first thing you will need to do is find one that does.
To make that easy for you, we have put together a vetted list of highly-rated forex brokers offering no deposit bonuses.
2. Be a new customer.
Forex no deposit bonuses are generally aimed at new customers who have never made a deposit before with that broker.
Hypothetically, this would not necessarily need to be the case. Any bonus you can claim without making a deposit is a no deposit bonus. But they are almost always welcome offers.
So, if you are brand new to a broker that offers a no deposit bonus, you probably qualify for it. If you have deposited and traded there in the past, you probably are not.
3. Understand the terms and conditions.
While not technically an eligibility requirement, we strongly suggest that you only accept a forex no deposit bonus after you read and understand the bonus terms and conditions.
In fact, we recommend this no matter what type of bonus you are thinking of claiming.
Here are a couple of common restrictions on forex no deposit bonuses you may not be aware of:
- The bonus may be “sticky” and not eligible for withdrawal.
- Although your winnings will usually be eligible for withdrawal, they generally only become so after you eventually do make a deposit.
Once you know about the restrictions, you can decide if you want the bonus. Then you can move forward without any confusion.
Who Can Benefit from a Forex No Deposit Bonus?
We have now talked about who can claim forex no deposit bonuses. But is a forex no deposit bonus right for you?
Just about anyone who could use some extra money for trading could benefit from a no deposit bonus. But we would say that those who stand to benefit the most fall into these two categories:
1. Anyone who wants to test drive a trading platform without risking money.
2. Traders with low budgets or no money to start trading.
Let’s talk a little more about each.
1. Anyone who wants to test drive a trading platform without risking money.
Let’s say you found a forex broker that interests you. But you are still not sure whether you will like trading on their platform or not. You do not want to deposit any money with the broker until you feel comfortable and confident moving forward.
If the broker offers demo testing, that is one way you can try them out, but accepting a no deposit bonus is another option.
When you accept the bonus, you will be trading with the chance to win real money. You will be able to test out all the different platform features as well as the speed of order execution.
Of course, you may still have to make a deposit to claim the money you won while conducting these tests. However once you have verified the quality of the trading experience using the bonus, you may feel more comfortable making your deposit and proceeding.
2. Traders with low budgets or no money to start trading.
Traders who do not have a lot of money with which to start their forex accounts arguably will get the largest benefit out of claiming a no deposit bonus.
We do recommend that you start out with demo trading just to get your feet wet. But once you are profitable in the demo, accepting a no deposit bonus is a great next step in your trading journey.
You will not yet be risking your own money, but if you do well, you can keep your winnings in your account and use them to fund your future trades.
Again, you will eventually have to make a deposit in order to withdraw, but you can keep trading and earning money in the meantime using the bonus. Eventually, you will hopefully save enough to make that first deposit, at which point you will have given yourself a nice head start building up your account.
For traders with no money to fund an account, a no deposit bonus can make the difference in being able to start growing an account now versus waiting weeks or months to do it.
Summary
Let’s wrap up what we have learned about who can make use of forex no deposit bonuses. Based on what we went over, we can list some recommendations to help you decide whether or not to claim a no deposit bonus.
Accept a forex no deposit bonus if …
- You are a new customer with a broker offering such a bonus.
- You have no money to trade but want to start growing your account immediately.
- You have some money for trading but could use more.
- You want to test out the platform, but also give yourself a chance to win real money while you do.
- You read, comprehend, and are comfortable with the terms and conditions for the bonus.
Reject a forex no deposit bonus if …
- For whatever reason, you do not feel comfortable with the terms and conditions.
To be honest, it is pretty hard to come up with significant drawbacks to no deposit bonuses. The vast majority of traders can benefit from them.
Where to Find Forex No Deposit Bonuses
Excited to start trading now with a forex no deposit bonus? Check out our list of recommended forex brokers offering no deposit bonuses to claim yours. It is time to start building up your account.
