Here’s a list of the forex brokers offering no deposit bonus or free bonus in 2020. you can also see if they really give you the bonus by checking out the review section on the table which is based on my experience.
There’s a concise version of the terms and conditions of the forex brokers’ no deposit bonuses in the table as well.
Forex Brokers with No Deposit Bonus
After 5 lots
|Only 0.01 & leverage 1:100||Get Bonus
Up to earned profit
|NO||after depositing min $100&3 lots per $1||7 days||n/a|
|lot size(0.01–1000)MAX leverage 1:1000||Get Bonus
|YES||MAX $50 after 20 lots ||3 months||YES|
|lot size(0.01–100)MAX leverage 1:1000||Get Bonus
|*ID&POD||NO||MAX $50 one lot for every dollar||Unlimited||NO|
|MAX lot size 0.5 MAX leverage 1:200||Get Bonus
|*ID&POD||No||MAX $100 one lot for every dollar||Unlimited||NO|
|MAX lot size 0.5 MAX leverage 1:200||Get Bonus
After 2 lots
|lot size(0.01– ∞)|
MAX leverage 1:500
|*ID&POD||YES, after making a $5 profit||Unlimited, after making a $5 profit||Unlimited||NO|
|lot size(0.01– 10)|
MAX leverage 1:100
|NO||Unlimited without restrictions||Unlimited||YES|
|lot size(0.01–500)MAX leverage 1:1000||Get Bonus
* ID is your identification documents such as passport, ID card, driver’s license, and etc. POD is proof of address such as utility bills, bank account statement or any official documents that have your address on.
** Some no deposit bonuses need some kind of deposit. For more information read this part of the following post
For More Information about the different parts of the no deposit bonus list, you can read the following post. You can also find the section you want on the table of contents below.
You can also watch this video which is a summary of this post and the conditions of these no deposit brokers.
What Is Forex No Deposit Bonus?
Forex no deposit bonus is somehow free money that some brokers offer in order to attract clients.
It’s a welcome bonus that brokers offer to their new clients so you can only receive that once.
Not only can’t you receive the bonus for yourself more than once, but you also can’t ask for the bonus with the identification of your family members. We’ll talk about this more in the next section.
For receiving forex no deposit bonus, you don’t need to deposit any money first. In most cases, you don’t need to deposit any money at all.
You can trade and make profit with the bonus account and then you can withdraw either the profit or both the bonus and the profit gained from the bonus.
Do You Need to Deposit Any Money to Get No Deposit Bonus?
That’s a weird question, isn’t it? If it’s called no deposit, why I might need to deposit any money?
Well, normally you don’t need to deposit any money to receive the bonus or even withdraw it. You can trade using the bonus and then either withdraw the profit or in some cases withdraw both the bonus and the profit.
You can call it a free no deposit bonus.
On the other hand, there are some bonuses that you need to deposit a small amount of money to get the bonus. For example, you want to use a $30 bonus but first, you have to deposit $10 to be eligible for receiving that.
There are several reasons that brokers give for this deposit.
Sometimes the small deposit acts as a verification method for your account. If this is the case, you can withdraw your money after receiving the bonus in some cases.
In another type of such a requirement, the amount of bonus is far more than usual such as $500 or 1000. In these cases, you have a limited time to trade with the bonus account and make as much profit as you can, then deposit up to the profit you’ve gained.
For example, the bonus is $1000. You have 7 days to trade and make as much money as you can. You make $500 within the 7 days. Now, you have to deposit $500 to keep the $500 profit or you can deposit less but you can keep less profit.
if you deposit $300 in the example above, your profit becomes $300 instead of $500.
For more information about the specific conditions of these bonuses, go to the review related to the broker by clicking on the see review button in the list.
Forex No Deposit Bonus Terms and Conditions
Although Forex no deposit bonus is a good opportunity to build your account and find some money for trading, the conditions of trading with these types of accounts are not completely similar to usual accounts.
In other words, no deposit bonuses come with some terms and conditions designed by forex brokers.
There could be various reasons for making these kinds of conditions….
…but the main reason could be:
They don’t like to give away money to someone who doesn’t bring profit to them. I’m not saying they want to deceive you or not to necessarily give you the bonus if you are profitable but like every other business, it’s a matter of give-and-take.
They expect you to give them profit by trading normally and give them spread, no matter if you win or lose, but if you use a strategy that may cause them trouble in any way just to get the bonus and then disappear, you might cross their line and have problems with them.
They also like the clients that use this bonus as a way of knowing the different aspects of the brokers.
Those kinds of clients will deposit more money later and trade with a larger account, therefore, the brokers can make chubbier profits.
All in all, whether you just want to gain the bonus or you decide to become familiar with the broker, you probably won’t have problems with them if you go by the terms and conditions of their no deposit bonuses.
Common Terms and Conditions
There are some common clauses that you see in all terms and conditions of the forex no deposit bonuses.
As I said in the previous section, you can’t ask for the bonus more than once and none of your family members can ask for the same bonus either.
Even if someone else requests for the bonus through your device (computer, mobile, etc.), or via your internet service (the same IP address); they won’t give you the bonus and even if they will in the first place, they’ll cancel that later.
With that said, you are prohibited to use any kinds of internet proxies such as VPN, VPS, or any other methods that hide or change your IP address.
The next condition is that they withhold an absolute right to either reject your request for the no deposit bonus or cancel that at any time and at their own discretion without giving you the reason and based on the rules.
They probably wouldn’t do that if you follow their rules because first, they don’t want to lose good clients and second, they don’t want to see massive defamatory reviews throughout the internet.
The mentioned rules are in common between all the forex brokers offering no deposit bonus but there are some conditions that vary from broker to broker.
That’s why I’ve made this comparison table and concise review of forex no deposit bonuses for different brokers so you can have a better understanding of the bonuses in general and their different terms and conditions in particular.
You can also see more in-depth reviews specifically for the no deposit bonus of the brokers by clicking on the see review button in the list.
I’m going to talk about the different conditions that you see in the table but before that, I think it’s worth mentioning that:
How Do I Review Brokers Offering Forex No Deposit Bonus
All these no deposit reviews are based on my experience with the forex brokers from requesting and receiving or not receiving the bonus to going through terms and conditions of them.
I’ve also asked them various questions via email and live chat in case of ambiguity or unavailability of information regarding the terms and conditions of the bonus.
The next metric I consider is brokers’ regulation. It’s hard to trust brokers without being regulated by at least one regulatory body.
Even some regulated brokers act insincerely towards some clients let alone non-regulated ones.
Anyway, I’ve just started testing the brokers offering no deposit bonuses so I’ll add more to the list. You can visit this page every now and then to find more.
In case you have doubts about any of them, you can either read the conditions on their website or ask them by yourself.
All in all, use the information on this page at your own discretion.
Now let’s take a closer look at the parts of the forex no deposit bonus list or table.
Forex No Deposit Bonus Withdrawal and Profit withdrawal
There is a difference between brokers on withdrawablity (I’m not sure it’s even a word) of the no deposit bonus itself.
Some brokers’ bonus is withdrawable and you can take it out of your account after trading a specific amount of lots. In other words, although you can withdraw the bonus, you can’t withdraw that right away but you can trade and release that.
On the other hand, some brokers’ bonus is not withdrawable whatsoever. It’s only designed so that you can trade and make a profit out of that.
After that, you can withdraw the profit but again, you can’t take it out without meeting some conditions. In this type of bonus, you also need to trade a required number of lots before withdrawing the profit.
Most brokers’ no deposit bonus is in the second category where you can only withdraw the profit, not the bonus itself; however, there are a few brokers that offer the withdrawable bonus.
You can find this in the bonus and profit withdrawal column of the list.
Sometimes, there’s a limitation on the period you can trade with the forex no deposit bonus account. Not all brokers have this condition but most of them do.
To be honest, I haven’t found any meaningful connection between the bonus duration and other factors of the bonus.
There are even some brokers that don’t have any limitations on trading period using the bonus.
You should consider this along with the required lots to see if you can meet them. If your strategy doesn’t generate enough tradable positions, you might consider going with the brokers that have longer time period or even pick the ones with an unlimited period.
Be careful, if the bonus period comes to an end, your open trades or positions will be closed automatically at the market price, so it can be a good idea to trade carefully during the last day.
Required Lots for Releasing Bonus and Profit
We’ve touched on this one to some extent. As you know now, the forex no deposit bonus and/or the profit gained from that isn’t withdrawable right away.
You need to trade a number of lots to redeem that. Again, there isn’t a common rule for determining that and every broker has its own calculation to set the number.
I think this is one of the hardest parts of the offer and somehow unfair.
Ok, this is free money, or free with some strings attached, but they can loosen up the attachments a little bit.
You definitely can’t train or hold a solid money management. It can grow bad trading habits if you are not aware of what you do and adopt that destructive habit.
However, without breaking some money management rules, it seems impossible to make a profit from some of the no-deposit bonuses.
I think the best strategy for that is to be more aggressive in the early stage and after building up the account, you can take a tighter approach.
For example, instead of risking 2 or 5 percent of your account, go with the 20 percent at first if your strategy doesn’t show you enough setups to trade.
on the other hand, if you can find more positions to trade, you can risk less percentage for each trade and the high number of trades would make up for that.
By the way, be careful not to push it by generating meaningless and countless trades and lots because your bonus will be in danger of cancelation by the broker. Maybe it could be a good idea to ask them how much risk is allowed per trade.
To sum it up, you have to find a way to meet the required lots within the time period but before that, make sure to read the conditions of the brokers so that you can pick the one that suits you the most.
Forbidden Strategies for Forex No Deposit Bonus
Expert advisors (EAs), scalping, and hedging are the main strategies that most brokers have problems with when it comes to their no deposit bonus offers.
Most of the brokers normally allow these strategies specially EAs and scalping but they don’t like them for the bonus accounts.
Why Is Scalping Not Allowed for No Deposit Bonus?
Basically, when you scalp, you send the broker lots of orders in a short period of time so they have to manage the orders quickly either by sending them to liquidity providers such as banks, financial institutions, etc. if they are NDD or fill the orders internally by matching the orders (you sell, someone buys and the broker matches it together) if the broker is DD.
In a nutshell, you bring them lots of work that should be worth it for them to do.
If you have a large account, most of the brokers don’t have any problems with scalping because first, you trade in a large number with high lots and it means more commission for them.
Secondly, it’s so much easier for them to fill larger orders than smaller ones.
For example, their liquidity provider has a $100k sell order on GBP/USD (a British has sold something to an American and received dollars and now wants to exchange it for pounds).
Now the broker wants to fill its client’s orders with that $100K. 100 buy orders, each with100 lots can do the work but how many buy orders with 0.1 lots are needed to do the same job? You’ll do the math.
If you don’t scalp and give them time, it’s not a big deal and they find smaller orders like you to match or even hedge that (fill it by themselves to find the right price) but when you send them lots of small orders with different price every minute, it becomes harder for them to find your requested price and they can’t always hedge that because they can’t calculate the risk if there are numerous orders.
You give them a very small commission or spread and lots of orders that they need to hedge so for them it’s not worth risking in some cases.
We’re not talking about one scalper here with whom the broker might have problems. They can handle some but lots of them, they might get into trouble.
Having said that, most reputable brokers don’t generally have problems with scalping nowadays even with small accounts when you want to trade with your own money.
They don’t accept scalping for their no-deposit offers because I think the bonus account holders are a big chunk of their clients. What if a part of them were scalpers with a small bonus account!!
They would probably say:
We give you free money to trade and now we have to handle lots of scalpers with small accounts as well? No thanks.
To be fair, that’s not an irrational argument and we shouldn’t blame them for that. In this case, they’re somehow right.
Hedging Is Not Allowed
Another strategy that is forbidden when trading with a forex no deposit bonus account is hedging.
In simple words, hedging means: trading the opposite side of your current position.
Mostly, traders do that because they want to lock their trades when it’s in the red and they’re losing money so they lock the position to reevaluate the situation.
For example, you buy EUR/USD at 1.1168. The price goes against your favor and gets to 1.1145 so you decide to sell that in order to lock your position and your loss. Then you can reanalyze and decide later which side you want to unlock.
On the other hand, you may be in the profit and suddenly the market gets highly volatile, for example as a result of important news, so you decide to lock your profit to see what will happen when the excitement subsides.
US brokers are banned from letting their clients hedge according to the US regulations but other brokers including the brokers introduced here don’t generally have any problems with that.
However, when it comes to the no deposit bonus accounts, most of them don’t allow that. I couldn’t find any logical answer for that and none of them gave me a reasonable answer.
Why Is EAs Not Allowed for Forex No Deposit Bonus?
The next method that some brokers don’t allow especially in the no deposit bonus accounts is using automated trading or as we know it in forex : EAs.
Most of the brokers don’t have any problems with EAs in general but they prohibit this kind of method for no deposit accounts.
I asked the ones that don’t allow EAs and they told me:
Because this type of account is more like a training account for beginners so EAs can’t help them to become a trader. Moreover, they don’t know automated trading well so they would probably choose the wrong and losing EAs and blow the account.
I’m not sure how convincing the answer could be but that’s one of the conditions that some of the brokers have for this type of account.
However, they said this condition is only for no deposit accounts and if you deposit your own money everything’s allowed.
In conclusion, if you don’t use any of those three methods, you probably won’t have any problems with the brokers’ no deposit accounts.
Type of Accounts
There are two important factors in the type of no deposit accounts we need to pay attention to.
As long as these types of accounts are small and in most cases we have a limited time period for releasing the required lots, having more options for lot size can be an advantage.
If we are bound to just one lot size like 0.01 and have limited time to trade, releasing required lots is absolutely hard to pull off.
However, it can be a good opportunity from training perspective because if you are a newbie, you can’t blow up your account quickly — actually you still can but it takes a little bit longer 🙂
On the other hand, if you have more choices for lot size, you can diversify your trading by using different methods as we talked earlier — you can trade with bigger lots at first and modify that when your account is chubbier.
The second important factor is leverage. Leverage is a double-edged sword. It can be both to the benefit of you and your enemy.
Having more leverage basically means having more money to trade and risking higher. You can win more if you are a profitable trader but you can raze your account to the ground sooner if you don’t know what you’re doing.
In general, for smaller accounts, you can risk more so having larger leverage can come in handy especially for no deposit bonus accounts.
In no deposit account, not only do you have a few bucks to trade but you also have a limitation on time and sometimes on lot size so you need all the possible money for that in general.
The Bottom Line
Forex No deposit bonus is an opportunity for beginners who haven’t tried live accounts and want to leave demo trading behind and become familiar with real trading. No deposit bonus can help them to achieve that without spending a dime and trade with free, but real money.
It’s also useful for the traders who want to know a broker better and see the performance of the broker in the real condition of the market.
It can also be beneficial for those who don’t have enough money to trade but they can trade profitably and make money out of trading so they have a chance to do so.
Whatever reason you have for using any forex no deposit bonus, you need to know the terms and conditions of the bonus you choose otherwise you may cross a line and cause the cancelation of that or you can’t meet the requirement as a result of unawareness and lose the bonus.
Yes and no. There are bonuses that are not withdrawable and you can only withdraw the profits gained from them. On the other hand, there are some that you can withdraw both bonuses and their profits.
You need to trade a specific number of lots in most cases in order to have permission for withdrawal. For example for a $10 bonus, you need to trade 2 lots.
The most common ones are scalping, hedging, and using EAs however, they are allowed in some cases — especially EAs.
At first, in some cases, yes but sometimes no, however, when you want to withdraw the bonuses or profits, you definitely have to submit them to be verified.