Best No Deposit Bonus Forex Brokers 2021
What Exactly Is a Free No Deposit Bonus?
A vigorous competition for new clients among Forex brokers has created a new trend, No deposit Forex bonuses, which is certainly going to benefit many novice investors when starting to trade the Forex market.
A so-called “No-Deposit Bonus” is a totally free, broker sponsored funding of a trader’s new live Forex account.
All you have to do is fill in an application for opening a live trading account with a broker, and your new Forex account will be credited with real USD – the bonus money to start trading in the real market immediately. No deposit is required on your side!
How cool is that?! It is, in fact, a real value deal:
– you get to try out the broker’s platform
– you get to test your trading skills & get some experience
– you can make money on top or, if it goes wrong – lose nothing
However, there are also few other facts to know about No Deposit Bonuses:
– while the profits you make in trading are withdrawable, the bonus money itself, as a rule, can’t be withdrawn without meeting certain conditions (trading volume, further account funding etc.).
– No deposit bonuses are known to be quite small, around $25-50, which is good for a micro account. Traders should understand that their trading experience on a micro level might significantly differ from trading with a larger portfolio due to the higher financial risks involved. The proper money management of each: micro, mini and standard accounts require additional experience.
It’s NOT a no-deposit bonus, when:
– In order to start trading with free bonus money you’re asked to deposit your own money;
– When profits made during trading are not withdrawable. To be able to withdraw the bonus money itself, you can be asked to meet certain conditions (trading volume, further account funding etc.), but this should not be the case when you want to withdraw profits only.
The good and the bad: brokers learn from mistakes
As practice shows, offering a no-deposit bonus is a fast and 200% times efficient strategy to promote your brokerage: within several days to a week, everyone knows your name, even if the company is brand new. However, it’s not that simple as it may look – a badly planned/executed promotion can backfire and ultimately start building a negative reputation around the company. Therefore, we recommend that brokers carefully study the pros and cons of running a no-deposit bonus promotion in order to not repeat mistakes made by others.
We’ve prepared a few suggestions to help brokers plan their no-deposit promotions with a positive outcome:
1. Make sure you call your promotion by its name, see the paragraph above “It’s NOT a no-deposit bonus, when”. If you want traders to make a deposit in the end before any withdrawal, call it a “Deposit bonus”. This way you won’t be accused of running a wrong non-useful promo.
2. Define the circle of traders who is eligible to receive a no-deposit bonus in advance: decide whether it’s going to be a worldwide promo or an offer for certain countries. Again, this sets clear rules and cuts out any negative feedback from traders who are ineligible for a no-deposit bonus.
3. Don’t change your no-deposit bonus rules after the promo has begun. News about the bonus spread fast, and once traders start discussing it, you don’t want them to rave about new (often more complex/tight rules) that has been added midway.
We wish you success in running your next no-deposit bonus promotion!