What Is a Forex No Deposit Bonus?
A Forex No Deposit Bonus is an incentive that brokers provide forex traders starting or opening a new account to trade on the forex. Forex is the amalgamation of foreign exchange, commonly known as forex or FX.
The best way to look at a Forex No Deposit Bonus is that companies provide them as a way to lure traders into investing in their market rather than others. It is also a way to entice newbies in forex without the high risks or loss of initial capital.
How to Apply for a Forex No Deposit Bonus
When applying for a Forex No Deposit Bonus, it is going to vary from one brokerage firm to another. The variance is that it allows these companies to stay competitive and entices new clients to use their platform over another.
Despite differences in applying, some specific approaches and procedures are consistent throughout the application process.
When applying for a Forex No Deposit Bonus, one is going to need to have their banking information, as well as proof of identification. Depending on where and how you sign up, signatures may be required, and additional proof of one’s financial status and records may be required. This is done to ensure any necessary taxes or capital gains are thoroughly accounted for.
Once the broker or trading platform receives all the necessary information, users may be eligible for a no-deposit or first-time bonus.
Standard Terms and Conditions of a Forex No Deposit Bonus
When an account with a broker is opened, a set of standard terms and conditions are indicated in the documents. Standard terms and conditions often deal with the minimum deposit, maximum withdrawal, whether there are additional fees for inactivity or trading.
It is essential when opening an account to read these documents and understand them as well. The last thing one wants to do is open up an account and find themselves subject to numerous fees.
Choosing the Best No Deposit Forex Bonus – What to Look For?
Understanding what to look for in a No Deposit Forex Bonus is going to make choosing the right one easier. When looking at a forex broker, consider the following:
- Account features
- User ease and capabilities
- Customer service
- Tradable assets
It is essential to choose a compliant broker in either the country or region you reside in or at least in the country or region for which they live. Furthermore, not being compliant in their area or the region of the investor or trader can complicate things when it comes to withdrawing capital gains.
Account features are another thing to consider: automatic withdrawals, deposits, limits on trading, etc. Understand the broker’s features you choose and determine whether or not they suit your needs.
Once you have found the broker with all the features you need, it’s important to determine whether these features are easy to use; for example, some broker platforms may have an assortment of features but are hard to use. It doesn’t matter whether or not the brokerage firm has the features if you can’t use them.
Furthermore, it is also important to consider whether or not you can access these platforms on specific devices; for example, can you trade on your mobile or smart device, or do you need to be on a computer? Most forex brokers offer a dummy account or trial period, allowing the new investor or trader to play around as though they had a full functioning platform and account.
The other two things to consider with finding the right forex broker is the number of tradable assets accessible to the investor or trader. On top of the normal tradable assets, some platforms may also have cryptocurrencies or fiats, which may appeal to some traders.
If there are issues with trading or setting up an account, investors and traders are going to want to know they can contact someone, which is equally as important as knowing how to use the platform and the number of assets.
Brokers Who Offer No Deposit Forex Bonus
The top five best companies who offer the best No Deposit Forex bonus are:
Similar to GT.IO, CMTrading is located in South Africa and deals with cryptocurrencies and fiat. CMTrading is regarded as one of the largest South African forex brokers. Their state-of-the-art software makes them a highly trusted and regarded platform.
One of the features that CMTrading offers its clients is the Smart Communication System. This service allows clients to receive up-to-date information on the stock market and direct message trading experts.
With CMTrading, first-time clients can receive up to 20% of a No Deposit Forex Bonus. New clients who deposit $1,000 and more are eligible for the Intercash International debit card.
Providing forex traders a platform since 2011, Axiory bases its entire operation on transparency and easy trading. Since 2020 the company has been providing new traders with an opportunity to earn up to $5,000 in credit. The amount of credit is half of the new client’s initial investment. This incentive encourages traders to increase their trading activity on the platform.
The minimum deposit to use Axiory is $10 and provides new traders and clients to the platform with a demo account. This can be helpful as it allows them to navigate through the platform to determine whether or not they are comfortable with the ease of use and what markets are accessible.
One of the biggest pros of Axiory is that it uses Ctrader and MetaTrader, both known to be highly appealing for beginner and active traders. Other pros of Axoiry include its ability to be accessible either through a desktop or smart device. There is also the option of generating a fee report and technical analysis to provide strategies for investing.
The con to Axiory is that it’s located in Belize, a country with jurisdiction over trading and finances. Unfortunately, this can make new clients wary about the platform’s legitimacy; however, Belize has demonstrated its determination to shed its negative reputation over the years, especially regarding finances and trading.
New clients of Axiory have the option of opening one of their five accounts – Nano, Standard, Max, Tera, and Alpha. Each account level has its minimum spend, deposit, and amount of commission.
Founded in 2020 in South Africa, GT.IO is a forex and CFD broker specializing mainly in the South Asian market, specifically Japan. GT.IO prides itself in being one of the few forex companies that deal with crypto and fiat. After a year in operation, GT.IO began to expand and improve its trading tools for easier use and functionality.
They have a zero-dollar withdrawal fee and an inactivity fee of $10. The minimum deposit is $5, and for new clients, there is a No Deposit Bonus of $35.
Pros for GT.IO are its 80% deposit bonus for new clients and the fast withdrawals. GT.IO is one of the few forex brokers that offer cryptocurrencies for trading.
The downfall of GT.IO is that it is limited to specific clients based on regional location. Before a client decides to use GT.IO for forex trading, it is crucial to know whether or not they are eligible to trade online.
Established in 2017, GlobeX360 has become a leading global forex platform. GlobeX360 provides quality service and technical support to their existing and new clients, given its global reach. With partners in South Africa, Kenya, Nigeria, Chile, and Australia, GlobeX360 welcomes and encourages clients to their platform with a zero-dollar minimum deposit.
An appeal to GlobeX360 is that new clients receive a 100% No Deposit Bonus, a major attraction for new clients looking to get started into trading forex.
Different levels of the GlobeX360 accounts provide additional benefits; however, one has to deposit a minimum amount for each tier to get these. The ProfessionalVIP requires a deposit of $5,000, which, compared to other forex trading platforms, is quite reasonable.
Some of the significant pros and appeal of GlobeX360 to investors and traders is its no deposit and no withdrawal fee. Investors and traders also pay a small trading fee, encouraging more activity on the platform.
While there are benefits of GlobeX360, there are a few considerations one must be aware of before opening an account, including the inactivity fee and geographical restriction. Traders and investors in the US, Canada, and Germany cannot use GlobeX360 as a platform.
Once clients have established their GlobeX360 account, the minimum trade value is 0.01, with a maximum of 50. The platform’s ease makes it such a popular service for investors and traders in other parts of the world, not to mention the low fees associated with having an account with GlobeX360.
Located in Cyprus, Markets.com has been around since 2008 and has provided and served its clients with a user-friendly trading platform. Markets.com has over 2,000 assets that its investors and traders can choose from. They are also known and credited for their strict solid regulations and procedures policies.
Existing members of Market.com enjoy the support and service of reputable brokers and a business operations mentality of transparency. The various platform tools and ease of use make them highly appealing to beginner and advanced investors.
With offices around the world, investors and traders can seek support in any of the 15 languages and anytime during the workweek. New traders and investors can dabble on Markets.com with the help of educational trading resources.
Despite offering multiple tools and resources to their clients, both new and old, Markets.com does offer one of the highest fees in forex trading.
The minimum deposit for a Markets.com account is $100; however, new clients can receive up to 35% of what their initial deposit is.
On top of dealing with an array of tradable assets, Markets.com is a broker that deals with cryptocurrency, making it easier for those well versed in the subject to trade safely and efficiently.