Freshforex is one of the brokers offering a large welcome bonus called no deposit bonus $2020 so I decided to review it and see if it’s real and what the terms and conditions of this bonus are.
No deposit bonuses are somehow different from one another in some ways.
Some of them are withdrawable while others are not and you can just withdraw the profits gained with the help of them. Some are 5 or 10 bucks but others can be as large as 2 or 3 grand.
It’s worth noting that the larger bonus the more unfavorable conditions. For example, large no deposit bonuses are never withdrawable.
Do you think someone’s gonna give you 2 or 3 grand only to make you their clients?
You don’t, right?
…or do you?
No you don’t.
Anyway, if you think people are that much kind, or stupid, especially in this wild market, just run away because you’ll be ripped off one way or another.
Given that, Freshforex isn’t going to give you 2020 no deposit bonus without any conditions and you need to follow some terms and conditions so that you might be able to have some extra money in your account in the end.
Can You Withdraw FreshForex No Deposit Bonus 2020
No you can’t. Freshforex no deposit bonus is not withdrawable. You can trade with it and make profits, then take out the profit after meeting some conditions.
It’s basically a $2020 credit that Freshforex offers to its prospect in order to attract them. The bonus is the company’s money and you don’t have any rights to claim that.
However, as I said, you can trade with a $2020 account and if you get to make some profits in 7 days, you are allowed to withdraw that after trading a specific amount of lots — we’ll talk about that more, later in this article.
The bonus is not available for the residents of these countries: United States, Spain, UK, and North Korea
Fresh Forex $2020 No Deposit Bonus Terms & Conditions
Freshforex has set up some rules for its no deposit bonus that you need to follow in order to both receive the bonus and more importantly, withdraw the profits made over it.
I’ll list the most important conditions and the ones that you really need to know but if you want to learn more about them and see a complete version of the bonus’s terms, you can find the full version here.
In the link above, go to the bottom of the page and click full terms.
Let’s become familiar with the terms and conditions of the Freshforex 2020 welcome bonus.
It’s a welcome bonus offered to the new clients of Fresh forex, therefore, you are allowed to receive that only once.
It’s a common condition between almost all welcome bonuses. You can’t get them more than once and if you try to do that by changing your IP address or even registering with the documents of your family members, it’s considered the violation of the bonuses’ terms so you can’t receive them.
The bonus is not withdrawable and is credited to your account only for a trading purpose.
You have 7 days to trade with the $2020 credit and after that, the bonus will be removed from your account.
So there’s a 7 day time limit for trading with the bonus and making as much profit as you can. After that the $2020 bonus is removed and the profits that you’ve gained remain in your account.
In order to keep your gained profit, you need to deposit equal to the profit bonus that you want to keep.
It means that you can deposit either equal to the profit that you’ve made or you can deposit more or less than your profit. If you deposit less than your gained profit, you can keep only the portion of the gained profit equal to what you deposit.
For example, you trade with $2020 Freshforex no deposit bonus and make a $1000 profit. If you want to keep all the $1000 profit, you need to deposit $1000 so you have a $2000 account. If you deposit less, for example $500, you save $500 of your gained profit so you now have a $1000 account (your $500 deposit and $500 of the profit)
The maximum profit that you can save after trading with $2020 no deposit bonus is $5000.
So if you trade with the $2020 welcome bonus and after 7 days you make a, let’s say, $7000; you can save only $5000 of that amount.
For withdrawing your gained profit, you need to trade a specific number of lots. For every $5 to be released, you need to trade 1 lot.
For example, you trade with the $2020 Freshforex no deposit bonus and make a $1000 profit. Then you deposit $1000 so that you can keep the profit. Now to be eligible for withdrawing the $1000 profit, you need to trade 200 standard lots (1000/5).
You have 30 days to trade and save your gained profit.
This is where it becomes hard to fulfill the conditions of the bonus. If there wasn’t a time limit, it would be a lot easier to release your profit. You could release that within 6 months or even one year. I mean you could redeem the profit in the end but with a time limit like this, you might not be able to release your gained profit at all.
You need to either trade a lot of positions per day or risk too much in each trade and not follow money management which is completely wrong in trading.
You don’t need to have your documents verified at first but when you make the profits and meet the conditions; you need to have them verified in order to be eligible for withdrawal.
So basically you need to send your documents to be verified in the end. The documents that are needed for verification are proof of identification such as passport or ID card and proof of address such as utility bills or bank statements.
How to Register
For receiving the bonus first you need to open an account with Freshforex here.
Then you need to open an account.
There are three types of accounts that you can pick from:
Classic, Market Pro, ECN
Classic is the fixed spread type of account of the broker
Market Pro is the STP type of account which has floating spread and no commission
ECN has floating spread and includes a commission as well
If you need to know the spreads in advance so that you can calculate your profit and loss exactly before entering a position, you can choose classic.
If you don’t trade on the volatile situations such as important news events, you can pick the STP account because it gives you better spreads.
If you are a scalper and aim for a few pips, ECN is the type of account that suits you the best.
The minimum lot size for all the above types of accounts is 0.01 lots.
The maximum leverage for the Classic account is 1:2000 and it’s 1:1000 for STP and ECN accounts.
The Bottom Line
Freshforex $2020 no deposit bonus, like other no deposit bonuses of this size, seems to be offered solely for advertisement purpose, and meeting its conditions is really hard to achieve. I tried to show that by looking into the terms and conditions of this bonus in this review.
Now let’s summarized what we found and see whether it’s possible to earn money out of this bonus or not.
First off, you need to trade a lot of positions per day in order to reach the required lots and it makes even harder when you have to do it in a small time period of 30 days.
It wasn’t a big deal if you were supposed to trade just with the bonus but as you see in the terms and conditions section, you need to deposit money in order to keep the gained profit so if you trade aggressively and don’t follow money management, you may even lose all your money just because you want to release the bonus.
The only way that I can think of in order to get to the required lots in 30 days without breaking money management rules is to deposit more than your gained profit.
For example, you make a $1000 profit in 7 days after trading with the $2020 no deposit bonus. Now you need to deposit to keep the bonus. If you deposit $1000 or less, you’ll come across the above money management problem.
But what if you deposit $5000 or even $10000?
Now releasing the $1000 bonus within 30 days and not trading aggressively is not a tall order especially if you are a scalper or a day trader.
So I think the only way that you can release the profit of $2020 welcome bonus is by depositing 5 or 10 times of your gained profits, otherwise, you should skip this bonus and choose other no deposit bonuses.
Or just look at this bonus as a way of getting to know the different aspects of Freshforex before opening a real account.