How to Trade Forex without Money and Even Make Money

How to Trade Forex without Money and Even Make Money

There are some ways that you can trade forex without money and in some of them you can even earn money without investing your own money, however, you won’t be rich using these methods, at least in the near future.

I think there are two general purposes that someone looks for trading forex for free or with no money.

The first one is you want to start trading but you don’t want to jump in the middle of something that you don’t know much about.

You are probably searching to see if you can get your feet wet without losing anything or at least money. Something like a trial that lets you become familiar with the whole picture to some extent so you won’t jump out of your skin over and over when trading in real condition.

If you are in this category, you’re lucky and you won’t have any problems with that because there’s a virtual type of account in forex called demo account where you can trade using fake money without spending a dime.

We’re going to talk about that more but there’s another category looking for trading forex without investing but they seek opportunities to earn money as well.

Actually, you are in the right place because there are such opportunities and in this article, you’re going to be fully aware of them as well as knowing where to find them.

How to Start Forex Trading for Free

You can open a demo account in a forex broker and then trade and practice without spending any money.

All the forex brokers in the industry provide you with a demo account free of charge. You don’t need to pay any fees in order to register for a demo account.

Just go to a broker’s website and from the menus, find demo account and then register on the page.

You don’t need to give a lot of information such as your address or any other info in some cases; just your name will suffice.

Some other brokers ask information such as your address or phone as well because they want to open a personal cabinet for you where you can open several demo and real accounts and control your trading data from there.

No matter what they ask you first, demo accounts are all free and you don’t need to pay any subscription fees for opening them.

Demo accounts are opportunities for both forex brokers and traders.

Brokers use demo accounts to attract clients and show them their services and also let you become familiar with the trading conditions so you find the courage to open real accounts and then they can make profits as you trade — forex brokers charge a very small fee for each trade you open called spread and sometimes commission.

So demo accounts are actually a learning service that forex brokers provide so that they can rip the profits after you become a real trader.

On the other hand, traders can benefit from demo accounts as well because demo accounts give them a chance to learn trading with no risk or test various strategies they adopt and develop during their learning process.

You can find a lot of forex brokers in best broker section. You don’t need to be picky about choosing a broker for opening a demo account especially if you’ve just started forex, you can change your broker whenever you want if needed, particularly after finding and developing a strategy.

How to Make Real Money in Forex without Investment

There are a few ways that you can make money through trading forex without investing your own money, however, you should know that you won’t earn a lot of money or become a millionaire by using these methods.

These methods are generally useful if you want to apply them for some specific purposes such as starting forex risk-free or being familiar with the conditions of real trading or a broker, or even test different strategies.

Although they won’t bring you a lot of money, if you are a good trader that knows trading well, been to the forex market for quite some time, and have developed some profitable strategies, it’s possible to make some money that is worth your time and energy.

Ok, let’s see what those methods are.

No Deposit Bonus

There are some forex brokers that give you some free real money for trading called no deposit bonus.

As the name implies, you don’t need to deposit any money to your account or invest any of your money to receive such bonuses.

You only need to request a no deposit bonus and if you haven’t received that from the broker yet and it’s your first time to apply for that specific bonus, you’ll be given the bonus.

The intention of forex brokers to give away such free money is to attract new clients and hope the clients who receive the bonus either make some money over it and continue trading or if they lose the bonus, they deposit their own money and keep on trading.

Everyone knows that no one gives you free stuff if they don’t benefit from that.

Although you don’t need to pay any money, it’s not completely free. I mean, you can’t withdraw that right away and without placing any trades.

I don’t think anyone thinks that way though, or do they?

No, you don’t!

You need to meet some conditions in order to be able to take out the bonus or in some cases the profits you’ve made over it.

First off, you need to know that the amounts of these kinds of bonuses are not enormous and the maximum real ones is something like $100 — in most cases something between $5 and $30.

That’s why I mentioned early on that you are not going to be rich by them.

Secondly, for being eligible to take them out of your account, you need to meet some conditions and complete some tasks.

One of the most common tasks you need to do is trading a specific number of lots.

Let’s say you receive a $50 no deposit bonus. you read the terms and conditions of the bonus and see for withdrawing it, you need to trade 1 lot for every dollar which means for withdrawing that $50, you’re required to trade 50 lots.

Sometimes, a bonus itself is not withdrawable and you can only trade and if you make profits, then you can withdraw the profits.

For instance, you receive a $100 bonus that is not withdrawable. Then you trade and make a $50 profit. If you’ve met other conditions of the bonus such as required lots, you can withdraw your $50 profit.

There are other terms and conditions that you should be aware of before requesting no deposit bonuses.

You can find everything about such bonuses from terms and conditions to the name of brokers that have such bonuses or even the reviews of the bonuses on a post I’ve written named forex no deposit bonus.

Demo Contest

One of the ways that you can trade for free and earn real money is participating in forex demo contests.

In general, there are two types of forex contests.

  1. Contests that you pay an entry fee and trade with your own real money
  2. Demo contests where you don’t need to pay any entry fees

So long as we are talking about making money in forex for free and without investment so we skip the first category and get straight to demo contests.

Some forex brokers have demo contests that are held daily, weekly, and monthly and give away prizes to the contestants who make the most profits and have the highest balances at the end of the competitions based on contest’s prize structure.

The positions that are entitled to the prizes are from 1 to even 40 or 50 in some contests.

Obviously, the first place receives the biggest chunk of prize pools and other places are awarded proportionally based on the ranking structures of the contests.

For example, in a forex demo contest with a prize pool of $1000 and 10 places reward, the first place receives $300, the second one gets $100, the third-place wins $50, and so on.

The prizes of some demo contests are real money and are given to the winners without any conditions but there are some contests in which some winners or all of them receive credits that can trade with and make profits over them, and then withdraw their profits — something like no deposit bonus that we talked about in the previous section.

For instance, a prize pool of $2000 is distributed to the first 10 contestants with the highest balances at the end of the competition.

The first place receives $350 real money that can be withdrawn without any limitation.

On the other hand, the rest of the 9 winners are given a piece of the prize pool as credits so that they can trade using their prizes and then any profits they make are theirs.

There’s another version of demo contests that has the worst conditions and you need to complete some tasks to even take out the profits you’ve made over your prize.

For example, you finish third in a demo contest and win $200 which is not withdrawable and is only tradable. Then you trade and make a $200 profit. You can only withdraw your profits if you’ve met the conditions, for example, trading 100 lots.

There are some other terms and conditions that you should be aware of before taking part in any of those contests so that you won’t waste your time breaking them.

Make sure to read the terms and conditions of demo contests to find the best ones that are worth your time.

I’ve gathered some of the demo contests on a post called forex demo contests. I removed some of the contests that have unfavorable conditions and also listed the contests along with an excerpt of their terms so that you can find the ones that suit you the most.

The Bottom Line

If you want to trade forex without risking your own money because you’ve just started trading and want to gain experience, demo accounts are your solution.

You should definitely practice enough on a demo account before going live and use real money for trading in forex, otherwise, you probably end up razing your account to the ground very soon.

If you’ve been around forex trading for some time and know how to trade and be profitable but you don’t have money so you want to trade and earn money for free, forex no deposit bonus and demo contests might be what you’re looking for.

The reason that I said “might be” is because for making money out of them, you need to be around them for some time and learn their ins and outs and also their terms and conditions so that you can win a contest or release a bonus.

Read no deposit bonus and demo contests to learn more about them.

This Post Has 2 Comments

  1. dsave

    interesting blog keep it up

    1. david

      thanks 🙂

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