Should I Use a No Deposit Bonus?

The term “no deposit bonus” refers to the fact that new traders can open a Forex no deposit account to benefit from free money to trade; providing a no deposit bonus allows the broker to attract more traders as a promotional edge.

Using a no deposit bonus, one can trade with bonus money and decide whether to make a real deposit or not. It is mostly asked whether “I should use a no deposit bonus or not”. One must understand the criteria, terms, conditions, pros, and cons of using a no deposit bonus before opting for it.

Forex no deposit bonuses

Nowadays, many forex brokerages have started to provide promotional incentives such as no deposit bonuses to their customers to attract the attention of new investors. Traders get an opportunity to redeem no deposit bonuses provided by different brokerages to set them apart from the crowd. The no deposit bonuses ensure significant popularity from new traders in financial markets.

A no deposit bonus is a grant given to new traders that set their accounts via a specific brokerage. The traders can get this bonus right after making their accounts and start their trading experience without making a real deposit. The no deposit bonuses are not huge. Rather these bonuses are minimal and typically small. Still, one can avail the bonus to test the platforms of brokerages of which they are unaware.

Forex brokers offering no deposit bonus

Having a list of brokers competing in the financial markets for new customers, you may have some difficulty finding the best broker giving the suitable no deposit bonus.

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Several brokerages are granting different no deposit bonuses to the new traders. So all you need is to choose a broker and start trading without any risk of losing real money. Some of the brokerages that are giving no deposit bonuses are as follow:

InstaForex offering $1000 free Trading credits as a no deposit bonus. Click Here
XM Group provides a $30 no deposit bonus to its new customers. Click Here
FBS offers $100 as real money to new customers. Click Here

The traders can select a broker from the given list, or many other brokers present online with their specific no deposit bonuses. The next step is to open an account, providing the general details of name, country, email, etc. After completing these requirements, the bonus will automatically be added to your account from where you can start your trading experience.

How can I claim a Forex no deposit bonus?

The customers who have completed the verification of their live accounts can avail themselves of the service. A new trader does not require adding real money into his account at that moment. Some brokers demand setting up their accounts in specific base currencies, making them eligible for a no deposit bonus offer.

Some brokers have fixed maximum leverage you can use while trading with no deposit bonus as a restriction. For the verification process, the brokers demand copies or scanned documents for personal identity. The payment method and residential address are also required to be verified for the no deposit bonus account.

Terms and Conditions in Forex no deposit bonus

To acquire the complete advantage from promotional incentives like no deposit bonus or free trading credits, online traders should know the general conditions.

The first and foremost criteria are to set up a live account using a specific broker.
New traders who avail demo accounts cannot have a deposit bonus in their accounts for trading.
Some forex brokers provide these no deposit bonuses to specific jurisdictions because of financial regulation issues.
New traders have to make a live account with complete verification as a condition. That is the only way to become eligible for a no deposit bonus.
Some brokers demand to deposit real money into the accounts before providing a withdrawal option in your live account.
There may be some restrictions on the amount you can withdraw as a profit.
Most traders cannot withdraw any deposit bonus from their accounts. They can only withdraw the profits they made through it.
Also, certain live accounts may not be eligible for no deposit bonus redemption.

Pros and Cons of no deposit bonus

Using a no deposit bonus, new traders don’t have many risks in the trading market. The newcomers usually do not face problems while starting their trading experience. All you need is to choose a reliable and trustworthy broker. Here are some advantages and disadvantages of using no deposit bonus accounts.

Pros

You can get free money to start trading without putting your own money at risk.
It is the perfect way to practice trade experience at any platform before depositing real money of your own.
No deposit bonus is the best opportunity to try several other brokers while having an existing one.
Using a no deposit bonus, you can test new strategies and currency pairs without any tension of profit or loss.

Cons

Some brokers offer too good to be true deals to promote themselves. One must be aware of an extremely substantial amount of no deposit bonus.
Minimal amounts given as a no deposit bonus do not leave space to trade much in any market. So you might have to spend some amount of your own on starting trading if no deposit bonus is extremely low.
There is no option to withdraw money right away as the traders need to trade several times. For example, sometimes, you need to trade $1000 for every $1 bonus.
If you continue trying different brokers to avail of a no deposit bonus, you may end up with many accounts without any experience of consistency.
In some cases, the no deposit bonus is not an actual bonus. Once you start trading, you will see that there is the requirement of investing real money before availing of a no deposit bonus.

Bottom line

Forex brokers provide promotional incentives to new customers in the form of a no deposit bonus. You can use this bonus to start practising on any new platform, and once you get familiar with it, you can deposit your real money. There may be fewer disadvantages of no deposit bonuses if you make sure that you have read and understood the promotional terms and conditions. Knowing the pros and cons, you can reap the best advantages of a no deposit bonus.

Categories: Forex Trading Course | Author: Jason Morgan | Date: 10 January 2022

Jason Morgan

Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 15+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.

Forex Content Writer | Market Analyst

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