It’s generally known that in order to get started in Forex, you need to put a lot of resources into it. And while these resources can be your time and energy, the most straightforward one is, of course, your money.
It’s no surprise that one regular lot is equal to 100,000 currency units – Forex trading is definitely an expensive endeavor. However, there are still some ways in which you can start trading Forex while maintaining some sort of profitability without spending hundreds of thousands of dollars.
No deposit bonus in a glance
In Forex trading you can, in fact, start trading with no money of your own or even making a deposit. With a free no deposit bonus offered by the top Forex brokers, you can start trading without a deposit with a good boost.
There is no sense in hiding the fact that FX trading is risky, especially if you are trading without proper knowledge and at least minimal experience. In an attempt to prevail over the risk of losing your money and to stay safe, it is undoubtedly better to start trading with a free forex account or no deposit bonus offered by various FX brokers. Especially if such deals are not so rare at this time and even Best Forex Brokers sometimes offer such deals.
It is always better to preview all conditions that offer you an option to trade without money of your own. So, be sure to start Forex trading without a deposit now and get yourself a good and reliable deal!
But let’s say that although you’ve learned how to start deposit free Forex trading, it’s still too risky for you. Thankfully, there is an alternative. One way to start trading with a broker is by opening a free Forex demo account for beginners. A demo account will allow you to try your hand at trading on the real market without ever touching real money. One of the best brokers to try a free Demo account with would be FXTM. If you don’t want to be working with FXTM and want access to a reliable Forex broker that offers its services around the globe, Alpari offers a similar service, including Forex trading demo accounts. If you are a US citizen that wants to trade with local brokers, then you should go for Forex.com, which offers their services within the US and is known to be one of the best brokers in the world.
How to start Forex trading without deposit: Tips & Recommendations
As a matter of fact, a lot of brokers worldwide try to offer their clients those no deposit deals, and we’ve even seen some trading apps without deposit popping up here and there. Do not perceive this as an act of generosity though, those bonuses serve as a sort of protection for them also. But still, this is good for you if you want to start Forex trading without a deposit.
Here are some of the main considerations that can help you spot a decent no deposit bonus:
- If you somehow dislike conditions and terms offered by the broker – simply skip the promotion. Let’s investigate the ways that may help you find the best bonus in FX. First of all, bonuses must be easy to understand and transparent in general conditions. If you see non-explicit information presented, avoid the promotion or ask the broker for clarification.
- If you wish to take part in the particular promotion and start a free Forex trading account with real money, then do not overlook terms and conditions. Even the smallest detail must be in your sight. A free bonus is actually not always 100% free. Some brokers may ask you to deposit some money in order to collect your profits. Indeed, such promotions are scams.
- Be attentive, because some Forex brokers can demonstrate a good opportunity with their no deposit bonus, however it may ask to complete the trading volume requirement. Stay away from the bonus that asks to complete more than 1 lot for $10 to further unlock the profits and balance.
- Bonuses can vary in terms of geographical location requirements. Therefore, ensure that FX bonus accounts of the broker are given in your country as well if you desire to join Forex trading now. Furthermore, there can be account restrictions. This means that no deposit bonuses may not always be available for every account at a particular broker. Thus, check whether you applied for the correct account.
- In addition, make sure what instruments can be traded to withdraw your profit before you begin trading as sometimes FX bonus accounts are not available for some of them. As for the withdrawal, some Forex bonus brokers limit the maximum profit available to withdraw from the account. So, do not miss this field before you start trading on your no deposit FX bonus account.
- Bonuses are frequently represented only in 1 currency equivalent. However, there are many no deposit bonuses that evaluate a similar amount in your local currency, so doing your research in order to figure out how to start Forex trading without investment is a good way for ensuring success in the long run.
How to start Forex trading without a deposit?
As one of the cases, no deposit bonus may come with SMS verification. It is recommended to make sure that you have the right phone number prior to start applying for the bonus.
One of the last tips that can help you find a trustworthy no deposit bonus, or at least help you get through a scammer, is to save the Terms and Conditions document as a .pdf file. Do this even if you deal with the best no deposit Forex bonus account. You can use the help of your account manager and ask him to confirm all the statements of the bonus promotion in which you participate.
Start Forex Trading Without Deposit: Introduction to best No Deposit Bonuses
Although there are very good no deposit bonuses offered by industry leaders and most proficient brokers, you should understand one fact: a free Forex trading bonus without deposit is most frequently offered by unqualified brokers. That is the very reason why you should be very careful not to get entangled with a scammer.
All this leads to us stressing how important it is to be attentive at all times, so be attentive to details when researching how to start trading with no deposit bonuses. Fortunately, we have examples of the best Brokers/Investment Firms.
Start Forex trading without investment: XM Forex broker
To begin with, XM is recognized by the United Kingdom-based organization – Investors in People for its powerful efforts in developing individuals to realize their entire potential and achieve both individual and corporate goals. We should also admit that this organization provides a huge amount of proven tools and resources specially designed to complement its unique framework with an aim to boost performance and indeed maximize sustainability. XM achieves this standard by showing that it is a driving force in the online trading sector and is committed to the provision of services and products of the best quality. How to start Forex trading without money? If you are interested, you can claim the XM 30 USD no deposit bonus!
Best no deposit bonuses available on the market
The best way to determine a suitable broker with no deposit bonus would be to carry out thorough research on the credibility of the best brokers on the market. Finding professional, detailed reviews on the brokers and bonuses is extremely helpful, as the reviews point out key factors to pay attention to so that none of them slip through your sight. Moreover, often those bonus programs are limited in time and are not always present on the market. Therefore, constantly updating reviews will make sure that you get acquainted with up-to-date information regularly. We have prepared a table on which broker offers the best trading app without deposit and top no deposit bonuses currently offered by the Forex market below.
No deposit bonus as an alternative – Is it worth it?
So, now that you know what no deposit bonuses are and how they work, one question remains active: is it actually worth it to sign up for one yourself? Will you get any significant benefit from it?
The answer to that question is subjective; some traders can definitely find use in this type of promotion by amassing a small account balance and then turning it into a full-blown trading career. But in order to do so, you need to be very careful not to catch a scammer instead of a legitimate promotion issuer.
As for other traders, they often prefer spending their own money, which gives them more incentive to be more careful in the market – after all, it’s their own money they’re risking.
So, suffice to say opportunities to trade without deposit have their time and place; one just has to seize that exact moment.