Forex No-Deposit Bonuses: How to Get Them
Forex bonuses as we know them today came into effect in 2006 when the first brokers realized that one way to keep clients signing up then motivating them to fund accounts was to give them bonuses. Six years down the road, traders have gradually become desensitized to these deposit bonuses. Not only have customer's blindness to forex promos and bonuses become a problem, but many traders have simply become too scared of making big commitments to trading accounts following the global financial crisis of 2008. Brokers have realized this and have decided to deploy a brand new way of giving bonuses in the market.
Hence enter the no-deposit forex bonuses. A few brokers have realized that one of the best ways to attract traders these days is to give them money to trade a live account. This helps them overcome their fear of commitment and also serves to give them an opportunity to test the live forex market risk-free.
So let us take a look at what brokers provide traders with no-deposit bonuses.
a) Admiral Markets
Admiral markets provides traders with no-deposit bonuses of between 50 and 100 Euros to trade forex with.
b) Plus 500
Plus500 provides a no-deposit bonus of 25 Euros.
c) FXCM Micro
To residents of Ireland and the United Kingdom, there is the 50 GBP no-deposit forex bonus. FXCM is looking to re-brand itself and get back its old customers it lost after the CFTC penalty of 2010, and this micro account is one way of achieving this. So take advantage of this offer now that FXCM is feeling generous.
d) ICM Capital
ICM Capital recently arranged a no-deposit bonus offering of $100 to citizens of selected countries.
eToro has formed a partnership with Intellitraders to present a unique $100 no-deposit bonus. Traders who can open a demo account and grow it by 15% will get $50 into a live account, and if the trader can grow the demo account by another 15%, the trader gets another $50 live account deposit. To enjoy this bonus offering, the trader must open the live account using the affiliate link of Intellitraders on eToro.
There are several other brokers who give no-deposit bonuses of between $10 and $25. Brokers like Everest Markets, IFC Markets and Forexcent fall into this category.
Benefits of No-Deposit Bonuses
The main benefit of the no-deposit forex bonus is that it allows traders access to the real-money forex market risk-free. By allowing traders to test what the real market conditions are without using any of their own money, traders can test their trading skills for real, just the way pilots train in simulators.
For traders who do not have the initial capital, the no-deposit bonus can be a ticket to generate tangible capital. Indeed, anyone who has followed this blog from the beginning can take a $50 or $100 no-deposit bonus account, and grow it over a period of one year using the compounding plan. Most of these brokers offer micro accounts where the trade size allowed is 0.01 lots, thus reducing the trader's risk.
These bonuses come with conditions though, and the trader must look at the terms and conditions of the no-deposit bonus offerings before taking them so there are no surprises along the way.