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Compare the best forex brokers with no deposit bonuses
This beginner’s guide explains the different no deposit bonuses available and how you can find them. Find out how to pick out the best broker and get your key questions answered.
What are the best forex brokers with a no deposit bonus?
If you want to sign up for a broker right away, these are the best forex platforms that offer a no deposit bonus. You can head to their websites using the links in the table below, or keep reading to get more information first.
What is a forex broker?
It’s an online platform that acts as the middleman between you and the foreign exchange market. You need a broker to buy or sell different currency pairs and each platform comes with its own set of pros and cons.
Many of these platforms offer a bonus to entice new customers to the platform. Sometimes you have to deposit some money into your account in order to qualify for it, but it’s possible to find brokers that give you a bonus simply for signing up.
What is a no deposit bonus?
It’s a bonus that’s paid into your account as soon as you sign up for a broker. It’s in contrast to most offers, which require you to deposit a certain amount in order to access it. A no deposit bonus can be a good way of testing out a platform, or getting started on the forex market without having to put any of your own money at risk.
The bonus normally takes the form of a fixed sum and comes with some strings attached. It’s standard practice for the broker to require that you make a certain amount of trades before you can withdraw any money. Often that means you have to ‘turn over’ the initial bonus amount two or three times before you can take any money out.
Things to look out for
Along with offering a bonus you need to make sure that the broker you choose is a reliable platform that can help you get the best out of the forex market. Consider all these factors, as well as the size of the bonus offer, before signing up with a broker.
Design and ease of use
Look for a platform that makes it easy to find important information with a clean, simple interface. If you want to make trades on the go then prioritise one with a quality forex broker mobile app. If you’re a beginner, then a broker that offers up useful advice to guide you in the right direction might be best.
Currency pairs available
Foreign currencies are traded in pairs. The ‘major’ pairs include the US Dollar against seven other leading currencies. The ‘minors’ are combinations of those currencies excluding the dollar, while ‘exotics’ include currencies from developing markets that tend to be much more volatile.
The majors make up more than 85% of all trading volume in the forex market and it’s easy to find a broker that offers those. If you want to trade the minors or, especially, exotic currencies, then you might have to look more carefully in order to find a broker that offers them.
Fees and charges
Every broker charges fees for certain actions and these vary from platform to platform. The most common charge is in the form of trading fees, which might be a flat rate of a few pounds per trade or a percentage of each transaction. It’s best to prioritise as low fees as possible, especially if you intend to make lots of trades.
Forex trading is done in lots, which stands for the size of the trade. The standard lot size is $100,000, while there are smaller lots available, known as mini lots ($10,000), micro lots ($1,000), and nano lots ($100).
Most traders don’t put down the full amount on every trade themselves. Instead they use leverage to borrow money from their broker and multiply their stake up to the value of a lot. Beginners should start with one of the smaller lot sizes as it uses less leverage, which means it’s less risky.
Quick answers to key questions
Can I sign up for more than one bonus?
Each broker only lets you sign up for its bonus once. There is no limit to the number of different brokers you can sign up to in order to benefit from lots of different bonuses.
What types of bonuses are there?
No deposit bonuses tend to take the form of a lump sum of cash. Usually these bonuses are smaller than the ones on offer if you sign up for a deposit matching bonus, and often need to be ‘turned over’ a certain amount of times before you can withdraw any money.
Should I sign up for a bonus?
If you intend to trade forex and want to get a boost to your cash to start with, a bonus is a great option. It can give you a bit of cash to start trading with, or supplement your deposit so that you can make bigger trades from the off.
However a bonus shouldn’t be the only reason you sign up for a broker. You still want to find a trading platform that’s reliable and regulated and that offers you the chance to be successful. You should still restrict yourself to choosing between the best forex brokers, even if that means sacrificing a little bit in the form of a bonus.
Where can I learn more?
Invezz has all the forex news and information you need. You can learn how to trade forex and explore the pros and cons of different currency pairs. Or you can follow the latest developments in the currency markets. Alternatively, if you want to learn how foreign exchange works before anything else, you can find the most up to date courses in our education section.
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Fact-checking & references
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