Top Forex No Deposit Bonuses for 2020
Many forex brokers offer a forex no deposit bonus to entice customers to sign up. This allows forex traders, especially new ones, to try out forex trading without risking their own money.
However, not all brokers offer forex no deposit bonuses, and not all the ones that do are brokers you might want to work with. Plus, the bonus amount offered differs significantly from one broker to another, as do the bonus terms and conditions.
To find out all this information, you’d need to research the market to identify the brokers that offer no deposit bonuses, determine whether they’re reliable, and look for the best forex no deposit bonuses on offer. This can take up a ridiculous amount of your time.
The good news is we’ve done all the hard work for you. We’ve gone through our list of the best forex brokers and made sure to include only the best forex bonus offers around.
Top Forex Brokers Offering No Deposit Bonuses
In the table below, you can find the top brokers that offer the most advantageous forex no deposit bonuses.
What Is a Forex No Deposit Bonus?
A forex no deposit bonus is a special bonus that some brokers offer you when you first sign up to their site. You receive the bonus pretty much immediately without having to do much else than create an account on their website.
You may have heard of deposit bonuses before and thought they share similarities with no deposit bonuses. They do, up to a point, and that’s usually regarding the terms and conditions. However, with a deposit bonus, you first have to make a deposit of a certain amount before you can claim your bonus.
With a forex no deposit bonus, the bonus becomes yours the moment you sign up, even if you never make a deposit with the broker in question. The first requirement for you to earn a bonus like this one is to register with a broker that offers a forex no deposit bonus. Fill in all your personal details, then open an account.
It is mandatory that you choose a currency you’re comfortable with, as this will be your trading account’s currency. You will also receive the bonus amount in this currency.
The free no deposit bonus amount you receive varies depending on the broker. Generally, it ranges between $20 and $150, but it can be more or less. Keep in mind that your first concern should be the reliability and quality of the broker, rather than how much the forex bonus is worth.
Of course, if you stick to our list of top forex brokers that provide the best forex no deposit bonuses, you can start trading safe in the knowledge that you won’t have anything to worry about.
What Are the Differences Between a Forex No Deposit and a Forex Deposit Bonus?
To better understand why a forex bonus without deposit isn’t the same as a traditional welcome (deposit) forex bonus, we explain the main differences between the two:
- As we’ve already established, a deposit bonus essentially requires you to make a deposit. Conversely, you don’t need to make any deposit to get your no deposit bonus forex.
- The amount you receive as a deposit bonus often depends on how much your first deposit is, or the subsequent amount/s you deposit. Since a no deposit bonus forex account is independent of you making a deposit, the bonus is yours regardless.
- A deposit bonus is often paid as a percentage of the amount you deposit, whereas the no deposit bonus is a flat sum that is not dependent on anything you do other than signing up.
- In some cases, a forex broker might provide additional deposit bonuses on other deposits you make besides the initial one. However, a forex bonus without deposit will only be issued once to a new forex account.
We always recommend that you check the terms and conditions attached to a bonus before you go ahead and claim it at the broker site of your choice.
Why Use a Forex No Deposit Bonus to Trade?
There are many forex brokers who are constantly coming up with new and enticing ways to attract customers to use their services. They are also fully aware that many new forex traders are hesitant to put their own money into the market because they’re afraid of losing it.
And while a demo account can get you some trading practice using virtual money, it’s getting you set up with a real account that will help you gain confidence as a trader.
Opening a real account to use your forex no deposit bonus gives you ample time to hone those essential trading skills without risking any of your hard-earned money. And while the process involves a fair bit more effort than setting up a demo account, it is one step closer to you depositing funds in that account.
A forex no deposit bonus also has its advantages for forex brokers who may be looking to attract new customers. Plus, if you do make money off your forex no deposit bonus, the broker is happy as ultimately they’re profiting too.
There are three main benefits to using a no deposit bonus forex account to trade:
Risk-Free Forex Trading
You can trade forex on a real account without incurring any risk because you haven’t made a deposit. A forex no deposit bonus lets you trade with the forex broker’s money, which means you won’t be losing any of your own funds.
Depending on a few factors, like the size of the no deposit bonus, your patience and consistency, and the leverage offered by the broker, you could even make a decent profit with the bonus alone. Then, if you are making a consistent profit and have managed to grow a no deposit bonus of $100 into something more significant, you might consider making a deposit to earn even more.
If you’re wondering how to trade forex with $100, or if it’s even possible, the simple answer is that you just trade in the usual way for a chance to turn that amount into a nice profit. It just requires a lot of patience.
In fact, using forex no deposit bonuses is an excellent exercise to train yourself to practice restraint, which will serve you well throughout your forex trading career.
Testing the Forex Broker
A forex no deposit bonus makes it much easier to test a forex broker’s services. A demo account only gives you limited access, but to get a no deposit bonus, you have to open a real trading account.
With a no deposit bonus forex account, you will gain access to all the services provided by the broker. This allows you to test all that they offer to see if the broker suits your trading style and specific requirements.
You won’t have to worry about reliability or similar issues, because we’ve already done all the work for you on that front. You can rest assured that you’re trading safely when you pick from our list of the best forex no deposit bonus brokers.
Experiencing Real Forex Trading and Mastering Yourself
Any professional trader will tell you that one of the most important things you can do to improve your chances of succeeding as a trader is to master your emotions.
You’ve probably heard that a trading plan is essential to succeed. But you also need to be fully aware that such a plan is worthless if you don’t stick to it. Make sure you enter only when the market meets the conditions you’ve laid out, and that you always exit as per your plan, even if it means incurring a loss. You should also put a stop loss in place and leave it alone.
Unfortunately, most trading plans fail not because they’re poorly structured, but because traders don’t stick to them as they get carried away.
For example, you enter the market according to your plan with a stop loss in place. Then, the market reverses. You let your emotions get the better of you, and you remove the stop loss because you’re convinced the market will reverse and you’ll make a profit. An hour later, you’ve lost half your account. If you don’t let your emotions get in the way, you might incur a small loss, but it’s one you can very easily recover from.
The real problem is that trading on a demo account isn’t all that effective in learning to master your emotions. You know you aren’t trading with real money, so the consequences don’t exist. When there are no consequences, it’s much easier to be detached and to stick to your plan.
On the other hand, with a no deposit bonus you trade with real money. You also know that even the funds aren’t really yours, there are still consequences. If you lose the bonus, you won’t be able to trade anymore. However, if you do well, you can make a profit and that money will eventually become yours.
So, you’ll experience similar emotions as you would with depositing your own money. This makes it an excellent opportunity for you to become a better trader by learning to master your emotions without any risk to yourself.
How to Claim a Forex No Deposit Bonus
How you can claim the forex no deposit bonus differs from one broker to another. The one universal condition is that this no deposit bonus is only awarded to people who open new accounts, and those accounts cannot be demo ones.
The first step is to go through the sign-up process for a live trading account with the broker you’ve opted for. This might mean answering questions about trading, your goals, your income sources, and so on. It could also involve submitting documentation to prove your identity and address. Some brokers even require phone verification.
Once your account is set up, it’s time to claim your bonus. Most brokers will give you the forex no deposit bonus for free, while others will require you to submit a request. Make sure to read the terms and conditions so you know what you need to do if you don’t receive your bonus automatically.
You should read the terms and conditions anyway, because once you have the bonus, you can’t just do anything you like with it. Another universal condition is that the bonus can only be used to trade with. In other words, you can never withdraw that money, but you can use it to turn a profit.
Also, look out for any other terms you need to be aware of. These tend to differ depending on the broker and may concern bonus withdrawal limits and bonus leverage, among other conditions.
Top Tips to Pick the Best Bonus for You
If you stick to our recommendations of the top forex brokers available online, choosing a forex no deposit bonus will largely be a matter of personal preference. After all, we provide you with our in-depth forex broker reviews so you don’t have to spend ages trawling websites and forums. You’re better off using that time to trade your money.
We’ve provided quite a few forex no deposit bonus broker options for you here on this page. Below are a few additional tips to help you decide which one/s you should trade with.
Don’t Focus Solely on the Amount
Your first instinct might be to pick the broker that offers the highest forex no deposit bonus for 2020. However, that’s not the wisest strategy. You could be working with this broker for years to come, and there’s much more to choosing the right broker than the bonuses on offer.
We advise you to look into their trading platform and ancillary services, among other things. This will help you determine whether the broker site you’re considering fully suits your trading style.
Check the Terms and Conditions
Read the terms and conditions carefully to ensure that you are happy with them. For example, you may decide to try to make money only with the forex no deposit bonus. In that case, a broker that requires you to make a deposit before you can withdraw is not going to be the best option for you.
Look Up Other Offers and Promotions
Some brokers might offer a lower forex no deposit bonus, but there could be more offers and promotions down the line. For instance, it’s not impossible for a broker to offer a no deposit bonus along with deposit bonuses. That would award you one bonus when you sign up and another when you make a deposit.
Read Our Expert Reviews
Before you register at a forex broker site, make sure to read our review of that broker. We uncover valuable information that will help you determine whether you are making the right choice.
Remember, while a no deposit bonus forex account is great, it won’t count for anything if the terms and conditions are so strict that you can’t ever touch the money, the withdrawal options don’t align with your specific circumstances, or the trading platform is not to your liking.
Now that you know what forex no deposit bonuses are, you can check out our list of the top forex no deposit bonus 2020 brokers, select the best site for you, and sign up to get your bonus.
Is a no deposit bonus really free money?
A no deposit bonus is free money in the sense that you can use it to trade to make a profit. It is not free money that you can withdraw the moment you receive it. In fact, you will never be able to withdraw the bonus itself. You will only be able to withdraw the profits, and only once certain terms and conditions are met.
What should I check when choosing a bonus?
You should definitely check the amount being offered, but you shouldn’t stop there. You need to check the terms and conditions that apply. These including the if, how, and when you can withdraw any profits you make, the leverage being offered on the bonus, and any other restrictions that apply.
Reading our honest reviews of each forex broker will help you identify which of these sites best meets your needs and aligns with your trading goals.
Can I get my forex bonus if I trading on mobile?
The platform you use for trading will not affect your forex no deposit bonus. It is generally conditional on opening your first live trading account with a broker. However, make sure to read the fine print because conditions differ significantly from one broker to the next.
Should I always accept a forex bonus?
It depends. If you agree with the conditions and restrictions, then there’s no reason not to accept the bonus. However, if the conditions seem too restrictive and are likely to cause more problems, either say no to the forex no deposit bonus or better yet, move on to another broker.
Which forex brokers give a no deposit bonus?
View our list of the best forex no deposit bonus offers and brokers for 2020. Then, proceed to read our broker reviews to help you choose the one that suits you best.
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