Start forex with no money needed to deposit into your new account sounds like a too good to be true idea to the new forex trader, but the fact is that this is real and can give you a great start if handled correctly. Apart from the no deposit bonus, there are other types of bonuses that one needs to be aware of in order to make the most informed decision when choosing a broker. Before we plunge into no deposit bonuses, let’s take a look at the different types of bonuses available in forex trading.
1. Redeemed bonuses
These are one of the most popular bonuses available on the market today. In general, the broker offers you the bonus after the minimum required deposit is made. Another identifying features it is that it gives the trader an opportunity to claim the associated profits and issuing of an extra bonus after meeting a particular volume.
2. Technology bonus
Unlike most bonus types, this type of bonus issues a real physical item such as a watch or iPad. This is normally issued to demonstrate a hard commitment to invest in the trader in a physical way. Like most bonuses, the withdrawal can only be made after the trader achieves a particular trading volume.
3. The no deposit free bonus
Forex trading comes with the possibility of starting your trades with no money deposited in the account. This is made possible with the rewarding of a bonus, commonly known as a ‘no deposit bonus', which in other informal circles is called a ‘welcome bonus no deposit forex‘. It is granted with the purpose of providing the new member with a chance to commence trading live on the platform. A good example is a bonus issued by Forex Malaysia commonly known as ‘free no deposit bonus forex Malaysia‘. This phenomenon isn’t rare in the trading industry as most brokers offer this service online today. This is different to the traditional welcome bonus which requires the investor to make a deposit first, thus making them eligible to get a bonus which can come in as a fixed amount or a relative percentage.
The bonus furnishes the investor with an initial live contact and feel of the trading platform. Additionally, it helps the investor to start off with a lot of confidence as it provides the much needed security on his/her part through knowing that they have an extra amount they can exploit on the platform. A good example of such bonuses is the one that offers a $100 deposit commonly known as ‘forex free $100 no deposit bonus‘.
Points to think about before picking a no-deposit broker
It always helps to remember that it’s not rare for brokers to provide these kinds of bonuses to their investors. Much as it is easy to think of this as exceptional and really ‘generous ‘customer care', you should also remember that it also serves them the good purpose of protection and also keeping you on the platform by removing the initial deposit barrier.
The prospect of having money in your account may be exciting but it always pays to have a thorough look at the conditions involved in connection with the bonus being issued. Read the conditions and terms, and make sure you grasp every tiny bit of the information. If the broker is not clear on some aspects of the bonus, it is a prudent thing to clarify with the broker. If the broker doesn’t come clear on the enquired issues relating to the bonus, then ignoring the platform might be the best path to tread.
The third point worth remembering is that though some brokers may parade around the internet with the ‘good news’ of a free bonus, they may require you to complete the trading volume requirement. In general terms, don’t be involved with a broker that poses a restriction to unlock your further profits and balances unless you fill more than 1 slot.
Another important point to remember is that bonuses can apply differently in different geographical locations. It is therefore imperative to make sure that forex bonus accounts are issued in your geographical location/country.
Another point that you may need to keep in mind is that the no bonus feature may not be present in all the types of accounts provided by the broker. This necessitates a step to make sure that the account you are signing up for has this feature.
It is also important to remember that some brokers may restrict the amount that can be withdrawn from the profits made from the bonuses. Always check if there is any information relating to this.
The last point connected to this is that it important to make sure that you know exactly when the deposit can be withdrawn. This can be based on a set trading amount or any other requirement. Furthermore, it also serves a good purpose to always monitor the bonus and the broker’s activity as in some rare cases, it happens that the brokers may withdraw the amount at some time after you are established in the platform.
To sum it all up, free bonuses in forex are real and they provide a great advantage to both the broker and the trader. What the trader is tasked to do is to make sure that they don’t fall for the ‘money-in-the-bank’ trap but should rather embark on a critical analysis of the broker. Steps need to be taken to establish the legitimacy of the trader to ensure one doesn’t fall prey to the scamsters plaguing the internet today.
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