What Is A No Deposit Bonus In Forex?
The forex no deposit bonus is a free, first deposit that you’re given to forex traders by their brokers. The forex no deposit bonus allows you to start trading without risking your own capital.
Forex no deposit bonuses are most commonly reserved for new traders and come with a string of terms and conditions around how you can trade them and when you can withdraw your profits.
The no deposit bonus is perfect for you if you want to trade forex but you are hesitant to risk your initial deposit. No deposit bonuses are usually only given to new clients and they are given only once.
What Is A Deposit Bonus In Forex?
A deposit bonus is an incentive that a broker gives to its clients on top of their deposit. They are used as a way of thanking clients for choosing that particular broker. Sometimes the deposit bonus is given only once, and at times it is given every time the trader makes a deposit.
A trader can choose to decline both the no deposit and deposit bonuses if they so wish.
Brokers Offering No Deposit Bonus For South Africans (2021)
The No Deposit Bonus from InstaForex is an exciting opportunity to start Forex trading. With the $1000 bonus, you will be able to estimate Instaforex's unsurpassed quality of order execution in real trading conditions with no risk and personal investments.
The bonus is credited automatically once requested and is available for trading straight away. Registration takes only 15 seconds and there is no verification needed to get the bonus.
Learn more and get the bonus below.
FBS offers a no deposit bonus of up to US$140 for new traders. Simply open a Level up bonus account and get US$70 in the FBS personal area. You can double that bonus (to make it US$170) by downloading the FBS personal area app.
The bonus is instantly credited after you verify your email. You can trade the bonus for 20 days and withdraw your profits.
Learn more about the bonus below.
Superforex gives a No Deposit Bonus of $88 which is available to every customer with a live trading account that is fully verified. You don’t need to make a deposit in order to claim the bonus. Simply register & verify a live trading account.
Then click on the ”Get the No Deposit Bonus” button at the bottom of the page.
Get more details about the bonus below.
Brokers Offering Deposit Bonus For South Africans
Hotforex offers a 100% bonus on all deposits of US$250 and above. You also earn daily cash rebates of US$2 per lot. The maximum cumulative rebates amount is USD 8,000.
The bonus is automatically triggered and calculated. Learn more about the bonuses offered below.
XM now offers a two-tier bonus on your deposit, which is combined to give you a considerable $5,000 on top of your investment amount, giving you the ability to start trading with more capital. The bonus is applied to all deposits from as little as US$5 and it is instantly credited to your account.
This bonus is automatically available for all clients who deposit funds into their trading accounts until the maximum bonus amount of $5,000 has been received.
Any profits generated can be withdrawn at any point in time, however, any withdrawal of funds will result in the proportional removal of your trading bonus.
FBS Offers a 100% deposit bonus to all its client's. The bonus is tradeable for an unlimited period and you can get unlimited profit. The bonus is credited automatically upon request.
Learn more about the bonus below.
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JustForex gives up to 120% bonus for deposits. The bonus is only available once. Learn more about the bonus below.
Advantages of Deposit & No Deposit Bonuses In Forex
- They allow you to trade bigger positions and potentially amplify your profits
- The deposit bonus has an emotional aspect attached to it since it you would have deposited real funds. This makes it look less like demo money
- the no deposit bonus allows you to trade on your real account without risking any money
- some brokers allow the profits made while trading with the bonus to be withdrawn
Disadvantages of Deposit & No Deposit Bonuses In Forex
- It's not easy to withdraw the bonus because the brokers state a minimum number of lots that can be traded before you can withdraw. For example, some brokers allow you to withdraw US$1 worth of bonuses after trading 1 lot. This easily leads to overtrading
- the no deposit bonus is given only once.
- some brokers ask you to deposit funds before you can withdraw the funds made while trading with the bonus.
Conclusion On Deposit & No Deposit Bonuses
These bonuses can be a great way for you to trade live while risking little or no capital of your own. However, brokers usually place stringent conditions when it comes to withdrawing the bonus or profits made while trading with the bonus.
You should read the brokers terms and conditions before you apply and accept their bonus.
We would suggest using these bonuses as the next step from demo trading. This will allow you to have an emotional attachment to the funds and thus it will feel more like you are trading real funds.
Bonuses should not be the only reason that you choose a broker. Look at its reputation, reviews and platforms etc.
Have you traded using deposit bonuses? Or are you interested in applying for a bonus? Please share your thoughts and experiences in the comments below.