Many of the novice traders are looking to start trading Forex with no deposit bonus. This is of course attractive for many traders, because you can preview the whole trading environment, get a sense of online trading and, of course, make real profit without investing a dime. This article will give you the best Forex No Deposit Bonus Tips that will help you in choosing the appropriate bonus, completing the requirements for its withdrawal and will also explain what to do after the bonus has been transferred into your own property. Let’s find out how to get the most out of your bonus below!
Selecting the Best No Deposit Forex Bonus Deal
Before you begin to trade currencies online without a deposit, you should certainly understand one simple rule – time is money. Even though you will not need to put in your money into trading, you would always need to invest your time to complete the bonus withdrawal conditions, and if you are picking the wrong broker, you will certainly lose time, hence you will lose money too. Forex Trading Bonus recommends you to choose only a trusted bonus that is available at our list of the best bonuses for starters. So, let’s take a look below on the broker’s features that bring trust into its no deposit trading bonus.
License and Regulation
When a broker is offering you free bonus, it of course expects you to bring in real money eventually. Many brokers make such a campaign for one simple reason – let as many clients preview its trading conditions and platforms as possible. However, when it comes to actually paying money – many brokers will find lots of reasons to avoid paying you the money you have made. This is why you should only settle for a broker that is highly regulated by the major FX authorities. Such regulators include ASIC, CySEC, FCA and some European local regulators. Be advised that FX regulation from such countries as Belize, Mauritius, Seychelles and other off-shore zones are not really trusted ones.
Keep an eye on the operating company where your account will be opened. This is quite a common case where you will go for a CySEC or an FCA regulated broker, but your account will be opened in an off-shore company. It is of course always better to have an account with a regulated entity, but when it comes to a no deposit bonus Forex deals, often regulated brokers supply quite trusted services under unregulated companies. If you are puzzled about choosing a regulated and honest deal – go for plus500 bonus account.
Transparent No Deposit Forex Bonus Conditions
There is always a rule of thumb – check precisely the Terms and Conditions before you sign up for a bonus. It is much more useful to spend 5-10 minutes reading through the terms than just waste 10-20 days trying to achieve the requirements and then to find out that because of the point 12.8 of the T&C you cannot take out your bonus. Sometimes there can be pretty silly points, like: at least 25% of your volume should be completed on EUR/JPY. This is why it is absolutely necessary to check, read, understand and confirm the terms and conditions.
How to confirm T&C? First read them and make sure you understand every single detail. If you don’t, guessing is not the right way to approach it. Send an email to your account manager and request clarification. Finally, once you have a crystal clear vision – copy the terms in the document (.doc, .pdf) and then send them to you account manager and ask them to confirm this terms. This is vital, as sometimes the broker can change the terms without letting you know.
Be Prepared for an Effort
Before we have mentioned what is needed from the broker’s side to make you choose his offer. Now, let’s examine what a trader needs to do to get the bonus. Most of the brokers that offer no deposit Forex bonus offers are trying to protect against the cheaters that open multiple accounts and do anything that is possible to win at least some money. This is why most of the brokers would ask you to verify your identity and/or contact information before you be given a bonus.
If a broker asks you to upload your documents, verify your phone number or even deposit 1 USD via your credit card – do not be afraid, this means that the broker is actually expecting to pay you the money. Most of the brokers that give you free Forex bonus with no questions asked are scams.
What are Forex No Deposit Bonus Tips?
Now, as you know how to select a proper bonus, let’s take a look at the actual trading tips. Such tips should be helpful for you and will probably make you to sky rocket your no deposit bonus withdrawal.
Usually a broker will give you a bonus that ranges between 10 USD and 50 USD. Of course, in some rare cases you would be provided with some 100 USD, but such offers often have some very tricky trading terms or just have scams behind them. Usually, for releasing a bonus into your ownership you would need to trade some 5-10 lots, which can be rather hard if you balance is just around 30 USD.
If a broker gives you 30 USD bonus and the leverage of 500:1, you could trade up to 15,000 USD or 0.15 lots. Selecting a proper trading size is vital here, especially if your main point is to get the money. The best idea is to use a certain Breakout strategy that in the initial stage of bonus trading. Remember, if you lose, you are simply losing the money that were not yours..and you will not lose much time, but if you place a winning trade, you can easily triple the size of your account in minutes. This is why you should look for a good opportunity in the initial phase and trade with the maximum leverage. The best idea is to employ such an approach first 3-4 trades. However, once you have reached an account size of 200 or 300 USD, it is best to limit the size of your trading to 0.1 lot.
Another great idea from our list of the best no deposit Forex bonus tips is to trade not on one account, but actually on two. As you have already understand, the main idea is to increase your balance as fast as possible. This would supply you with an ability to trade regular volume with more security, as the used margin will be lower. This is why we would recommend to open not one but two (or more) of similar accounts, yet they should be opened with two different brokers. For example, you can open one account with Plus500 and receive 30 USD and also get another 30 USD account with XM. Then the mechanics are rather simply, on one account you place the maximum volume short order, and with another account you go long for as much as you can. If you do such a strategy on a certain NFP release, you can easily end up having one account with quite a significant volume. Then you can forget about the losing account and concentrate on trading at the winning account.
High Balance / Low Volume
You may often find yourself in the situation where you have like 500 USD on your account, but only 1 lot out of 5 completed. If your main aim is to cash out your bonus – the main no deposit forex bonus tip is to trade during low spread times and try to achieve as high volume as possible. There is even no need to achieve profit, you can simply hedge your positions. Depending on the broker’s spread, you may lose some 100 USD trading EUR/USD, but you will gain additional 4 lots of the volume. In other words, it is better to withdraw 400 USD from your account than have a chance to lose the whole balance.
Are there more No Deposit Forex Bonus Tips?
Always withdraw your bonus after you have completed the volume. Even if you like the broker, its conditions and so on. This way you can test the trust to this broker and understand if that’s the place where you want to deposit. A scam no deposit bonus offer would not allow you to withdraw, but a real deal would provide you with the money, although it may take some time.
Once you have cashed out the no deposit bonus, try to open an account and get a Forex Deposit Bonus deal. This way you will get a bonus on your account and could have another target to accomplish. Also, what is vital is to share your success (or fails) with the community. If you found this no deposit Forex bonus tips useful – let us know in the comments. If you have another tip to share – do not hesitate too. In addition to this, do comment on the offers we have reviewed and share your experience with the whole bonus trading community.