FXOpen No Deposit Bonus Review

FXOpen No Deposit Bonus Review

The Experience of Receiving FXOpen No Deposit Bonus

FXOpen has a $10 no deposit bonus and I knew that because I received the bonus years ago. Yup, the bonus has a long history and has been around for years.

Since it was for a long time ago, I asked one of my friends to go to the registration process and give me a step by step review of receiving FXOpen $10 no deposit bonus.

He went through the registration process but he gave up in the middle of the process.

We’ll talk about the process completely later in this post but for receiving the bonus, you are asked to submit a document like utility bill as a confirmation of your residency information.

Obviously the documents must be in English and since my friend’s document isn’t in English, they asked him to have them translated officially so he told me that and I said no problem I’d ask someone else to do the registration.

So I asked a friend of mine in Australia to do that and he accepted. It took two days to receive the review from him because his documents needed to be verified.

He didn’t have much difficulty doing that, however, since he hadn’t read the instruction of documents’ submission, he had to send his documents again in the correct format as required.

Finally, his documents got verified and then he received the $10 bonus from FXOpen.

Before I take you through the process of registration of the bonus, you should know that there are some terms and conditions for every no deposit bonus.

FXOpen No Deposit Bonus Terms and Conditions

As I said, all the no deposit bonuses out there come with some restrictions and FXopen $10 no deposit bonus isn’t an exception.

You should know the conditions before applying for these kinds of bonuses otherwise you may end up breaking some rules and not only losing the bonus but wasting your time.

Fortunately, FXOpen no deposit bonus doesn’t have many conditions and is somehow straightforward. You just need to know a few terms and then you are all set.

FxOpen $10 no deposit bonus is not available in the US, Belgium, Algeria, Indonesia, Pakistan, Bangladesh

First off, you can only receive the bonus once. Any attempts to get that again either by you or your family members is considered the violation of bonus terms and you won’t be given the bonus.

For receiving the bonus, first, your phone number must be verified and then you need to submit two types of documents: One for confirming your identity such as passport or any other ID card. Another for verifying your residency information such as utility bills.

As I said early on, they need to be either in English or are translated into English officially — not by you.

The bonus is not withdrawable but you can withdraw the profit gained from that after trading 2 standard lots.

2 lots is still a lot for a $10 account but it’s viable and better than many other no deposit bonuses. Moreover, there is no time limitation for that.

As I said in the previous clause, there is no limitation on the time period of reaching the required lots. It means you can meet the required 2 lots within one week, one month, 6 months, etc.

Scalping, expert advisors, and even hedging are allowed for trading with the bonus.

That’s an interesting one because most of the brokers don’t allow you to trade using one or all of the mentioned strategies when you trade with their no deposit bonus.

Some allow scalping and most of them allow EAs but hedging is forbidden for trading with the no deposit bonus in the brokers that I’ve reviewed so far except for FXOpen.

How to Get FXOpen $10 No Deposit Bonus

First off you have to register an FXOpen E-Wallet here.

Then you can see the bonus in your personal area.

After that, you need to get verification for your phone number which is called grade 1 verification.

You can do that in your personal area by clicking on setting →  personal details →  ewallet verification

In the next page, you need to choose your country.

Then you have to fill out a form containing your personal data. Make sure to enter your real information because they need to be verified in the next step.

After filling out the form, you see the grade 1 verification under the above form where you need to have your phone number verified using SMS. Enter your number and hit the SMS button.

A verification code will be sent to your phone and you need to enter that in the relevant field and press the confirm button.

You‘ve done grade 1 verification. Now it’s time to do grade 2 verification where you need to send the documents related to your personal information and address to be verified.

For doing so, you need to submit 3 documents:

  1. Relevant documents for verification of your identification such as ID card, driver license, passport, or any other official documents.
  2. Relevant documents for proof of address such as bank statement or utility bill issued within the last three months.
  3. Selfie  with your ID

There are some instructions that you need to follow for submitting the correct version of the above documents.

For example, your photo of ID or your selfie with your ID should be bright and clear and all corners of it must be visible.

You can also send a 4 or 5-second video of yourself holding the ID card in your hand, instead of taking a selfie.

For more information about the correct format of the documents, you can check out here.

The verification process takes 2 working days at the most and you’ll receive an email telling you whether your documents have been verified or not. If not, you’ll be told what went wrong so that you can submit the documents again.

The next step is to open an STP account because FXopen $10 no deposit bonus is for STP type of accounts.

You can do that in your personal area. Go to add account →  trading account → STP and open an STP account.

Type of No Deposit Bonus Account

As we mentioned early on, the account that this $10 no deposit bonus is dedicated to is the STP account of FXOpen.

The spreads on this account are floating with no commission and the maximum leverage is 1:500. You can trade 50 currency pairs along with gold and silver.

The minimum lot size is 0.01 and the trading platform is MT4.

For more information, you can check this page.

Welcome Bonus $1 (Micro)

Besides the $10 no deposit bonus, FXOpen has another bonus for those who register with this broker for the first time.

They can get a $1 welcome or no deposit bonus.

The process of getting the bonus is similar to the $10 bonus with a few differences.

For example, you don’t need grade 2 verification which means your documents don’t need to be verified in order to receive this $1 bonus.

You only need grade 1 verification, which is the verification of your phone number.

Moreover, the type of account is different from the $10 bonus.

The type of account for the $1 welcome bonus is micro account of FXOpen, therefore, after opening an ewallet and having your phone number verified, you need to open a micro account if you want to receive the $1 welcome bonus.

Another difference is that unlike the $10 bonus, the $1 bonus is withdrawable itself and you can withdraw that after trading 100 micro lots, which is equal to 0.1 standard lots.

There are some limitations for scalping with micro accounts and the condition is not as favorable as the STP account.

For example, your trades must be open for several minutes when trading with a micro account while it can be a few seconds when trading with an STP account.

Other main conditions that are different between these two types of accounts are min lot size which is 0.0001 in micro accounts and also stop out and margin call are two other differences.

You can find more information on this page.

The Bottom Line

Although FXOpen $10 no deposit bonus seems nominal and is less than most of its counterpart, the conditions that you need to meet in order to withdraw its profit is better than many other no deposit bonuses.

Actually there’s no condition other than trading 2 standard lots.

Maybe the most disadvantage part is the process of verification and the form of required documents.

For example, I think it’s the only one that asks you to take a selfie with your ID or needs official translation in case the documents aren’t in English.

Other than that, the rest of the conditions seem acceptable and meeting them is achievable so FXOpen no deposit bonus is not a scam.

If you want to see more no deposit bonuses related to other forex brokers, you can check the list of forex no deposit bonus

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