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Author: Samuel Lowes
Fund Manager
Samuel Lowes

No Deposit Bonuses

The term "no deposit" refers to the fact that you can open a Forex account without making a real deposit to benefit from a free money bonus. The purpose of this is to give the broker a competitive edge and attract new traders. A no deposit bonus means that you can trade on the platform before you decide whether or not to make a real money deposit.

Many Forex brokers are offering this incentive. The amounts they offer will vary, and it will take time to search for the one that offers what you are looking for. In addition to the bonus it is useful to find one that offers a demo account. This way you get lots of chance to practice before you risk your own money.

We spend our time reviewing the various brokers so if you don't have time to trawl through the different Forex brokers, fear not! Our team are experienced in Forex trading. They know what to look for, what makes a good broker and what you need. Select from our list of recommended brokers and choose the one that best suits your needs.

In this article, you will learn:

  • Why Forex brokers offer no deposit bonuses
  • The pros and cons of using this type of bonus
  • Tips for using your sign up incentive well

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Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

How to Use Your Bonus

No Deposit

When you open a Forex account, you should have a clear trading strategy. You might find that those that offer a no deposit bonus don't provide a demo account and vice versa. If you can find one that provides both and ticks all of your other boxes then this gives you a good start. So how should you use your no deposit bonus?

Testing The Platform

While you may be able to sign up for a free demo account and should if, given the opportunity, there is nothing like trading on the live platform, making real trades. The no deposit bonus allows you to try out the desktop and mobile versions of the site before you deposit your funds.

Comparing Brokers

You may be stuck between two brokers and struggling to decide which one is for you. If they both offer a no deposit bonus, you can try them both to see which one you prefer. That way you haven't had to spend your money to find out which best suits your requirements.

Try Something New

If you have experience in trading the USD/GBP for example but not the USD/AUD, then you may want to use your bonus to try this new currency pair. You may be used to trading in the more major pairs and fancy trying a pair where you might get a greater spread. Tropical pairs, as they are called, are often very profitable.

Practise Early Trades

While a no deposit bonus won't be huge, it does allow you to practise on those first few trades and get any early mistakes out of the way before you risk your own money. This way, when you eventually start trading with your money, you have more of an idea of what you are doing.

You can use the demo account to get used to trading on the platform and then you can use the bonus to make live trades. This is all before you even consider touching your own money. The two complement each other to provide you with the best trading experience.

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Why Brokers Offer Deals

A no deposit bonus is probably the most significant incentive that a Forex broker offers. Along with this form of incentive you will also see match deposits, demo accounts, refer a friend and several other incentives. They are all designed to give the broker the edge and make them stand out from all the other brokers. It can be a very competitive environment with everyone trying to corner the market and be the best.

The trouble is there is only so far that they can go. While one broker might offer a massive no deposit bonus, another broker might provide an excellent demo account. When looking for the right broker for you there will be many different choices with quite a complex range of bonuses. From $5, $10, $20, $25 to amounts stating "up to $1,500" bonus, it can be hard to know where to begin. Each broker tries to differentiate themselves in any way they can.

This is good news for you as a trader. It means that there is plenty of choices when you are searching for the perfect broker. If you can find a broker that offers a no deposit bonus, a demo account, has a mobile app and a website that provides plenty of education tools then you have pretty much everything you need. Of course you must make sure that they are trustworthy and reliable as well.

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No Deposit Pros And Cons

While there doesn't seem to be a lot that can go wrong you must ensure you pick a reliable and trustworthy broker. Let's take a look at the pros and cons of these accounts.

Pros

  • Free money to trade with and use however you wish
  • A perfect way to test a platform before you spend your own money
  • If you want to try out a different broker but already have an existing one then you can use the no deposit bonus to trial them
  • An excellent way to experiment with new strategies and currency pairs

Cons

  • Some deals may look too good to be true. Beware of those that offer very substantial amounts of money
  • Small amounts don't leave you much to trade with. Especially when you might have to spend a minimum of $5 or $10 per trade
  • The money is not withdrawable and must be traded several times. This can often mean trading $1,000 for every $1 of bonus
  • Getting drawn in by all the bonuses may end up with you opening too many accounts and not experiencing any consistency
  • Sometimes this bonus is not actually no deposit. Once you dig deeper you will see that they require you to place several real money trades before you get the deposit

As long as you are aware of the various pros and cons you can plan how to use them to your advantage. If you are just interested in withdrawing the bonus and making free money then this is not for you. Also try not to get greedy and start opening lots of accounts as this will lead to confusion and not produce any long term results.

A no deposit bonus is free money to trade with and use however you wish.

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We Find The Best Deals

While searching for the best Forex brokers that the market has to offer we look at every single aspect of trading. The most important factors are the things that you will see reviewed and researched on our site. These include mobile apps, demo accounts, type of platform and more. Another critical aspect for us is the bonuses offered. We take an interest in these bonuses so that we can present you with the most up to date and accurate information.

Our team of reviewers are all experienced when it comes to Forex trading. They are either expert traders or have extensive experience in the financial markets. We ensure that every broker is put through their paces and that no stone is left unturned. We want to make sure that we only bring you the most reliable, trustworthy brokers that offer the best all-round experience.

For those who want to trade on the go with access to educational tools and the best incentives then you will find precisely what you are looking for on our website. Our objective is that you get the best out of your trading experience. Using the information that we provide, you can draw up a shortlist then test each of the brokers by visiting their platforms to see which offers the best for you.

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Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

FAQ

How do I find the best no deposit brokers?

There are so many to choose from; it can be hard to know where to begin. That is why we review and rate the best. By browsing the brokers that we recommend you can find the very best that the market has to offer.

Can I withdraw my profit without problems?

There are strict guidelines about how a bonus can be used. Some platforms require you to trade the bonus many times before it is eligible for withdrawal. One example of this is where you must trade $1 of bonus 1,000 times.

Do these bonuses have any limitations?

Some brokers will require verification before you can trade. This includes the upload of documents to prove your identity. Other brokers may ask you to verify your mobile using a code.

Are all no deposit brokers safe and trusted?

No, which is a shame. As with all things there are good and the bad. Some brokers aren't genuine, they aren't a real broker, and they will scam you. That is why we are here.

Can I have more than one no deposit account?

Yes, you can. You can have several accounts if you wish however you must be careful. Having multiple accounts can lead to confusion and a lack of consistency with trading.

Meet The Author
Samuel Lowes
Samuel Lowes
Fund Manager

Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator. Learn more.

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