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Even though the majority of forex brokers offer demo accounts that let their customers practice with the trading platform, some also offer a welcome bonus with no need to add cash to your account. Occasionally you will need a special promotional code to enjoy such an offer, but in most cases all you need to do is visit the broker's homepage and sign up to earn your welcome gift.
How to claim a (no) deposit forex bonus
A bonus gives the customer real money to make trades and allows them to withdraw their profits, after a specified number of trades, all without risking any of their own money. It is thus a perfect way to learn how forex works without having to spend any money.
In the vast majority of cases, welcome gifts are only given to new customers who open an account and haven't made any deposits before. Before the customer can make a withdrawal, they must usually have made a minimum amount of trades as set out by the broker's bonus rules. There could also be a maximum amount of profits that the customer can withdraw if they haven't deposited any of their own funds.
The best use of these funds is to add to a position you would take anyway, increasing your margin and therefore the chance that you could profit from a trade, but most will use the bonus as an opportunity to test a trading platform in a real world scenario, as many brokers' demo accounts work on a different feed to real trading so issues such as transaction speed and slippage are not as apparent.
In order to attract new customers, some forex brokers may offer a forex deposit bonus to their customers. These deposit bonuses work in a way that is similar to what online casinos and sports betting sites offer their players. The customer makes a deposit and receives a percentage of their total deposit amount as a bonus. In most cases, the bonus would be applied instantly to the account. Forex deposit bonuses are typically given to new customers, but some brokers may make them available to existing accounts as well. The customer can then use the bonus to make trades, as it is added to the account balance. However, before being able to make a withdrawal, a customer that receives a forex deposit bonus would have to fulfill certain conditions set out by the broker. This could mean making a minimum amount of trades.
While these no deposit welcome gifts can help get you in the game - and indeed are often used as a hook by many trading companies - we're a bigger fan of deposit and trading bonuses, where you can gain an additional 100% on your initial - or even repeat - deposits to a broker. By leveraging these you can dramatically increase your flexibility in opening positions, as the additional bonus acts as a buffer against adverse trades.
While nobody will turn down a $25 signup promotion, it's clear that recieving an additional $5,000 - $10,000 when you start trading with a new broker gives you a considerable advantage, allowing you to increase the size of your trades and capture more value from the market.