South African Forex Brokers With No Deposit Bonus
One of the challenges aspiring forex traders face is raising initial capital. So, what if you could trade without using your own money? Sounds good, right? Trust me, it is. Well, some brokers offer new traders a no deposit bonus to kickstart their trading career. If you are a skilled south african trader, you could make lots of profit from the bonus without using your capital. However, in the unfortunate event that things do not work out, you do not lose your hard-earned profits. This article explores the advantages of using a no deposit bonus and how to choose the most suitable broker offering a no deposit bonus. But first things first.
What is No Deposit Bonus?
A no deposit bonus is a special bonus offered by some south african forex brokers after creating a forex trading account. All you have to do is fill in your details and sign up. In contrary to a deposit bonus some brokers offer, you don’t have to deposit any amount to get the no deposit bonus. It is worth noting the bonus amount varies from one south african forex broker to another. Generally, the amount varies and usually ranges from $20 to $100. However, the amount of bonus should not be the primary consideration when choosing a broker. Instead, you should base your choice on the broker’s reliability and the quality of their services.
Forex No Deposit Bonus Brokers
Best terms and conditions
Trading Forex and CFDs entail risk. Your capital is at risk.
Regulation: FSC, ASIC, CySEC, Spreads: as low as 0.6 pips
Max. leverage: 1:1000, Forex pairs: 55, Min. deposit: 70 ZAR/5$
XM.com offers to new XM.com SA traders a 30 USD (equivalent to 347 ZAR) no deposit trading bonus. The registration process that is mandatory to claim the bonus is pretty simple and takes approximately 2 minutes. The 30 USD no deposit trading bonus is automatically credited to your account without the need to make a deposit. Although the bonus is non-withdrawable, all profits that you generate thanks to the bonus can be withdrawn.
XM.com terms and conditions of no-deposit bonus
Profits that you generate on your no deposit XM.com trading bonus account can be withdrawn anytime, under the condition that the trading volume in the relevant real trading account reaches at least 10 micro-lots (0.1 standard lots), and provided that at least 5 round turn trades have been completed. To see the number of lots you have traded and the number of round turn trades you realized can be found in your account in the account history tab.
Regulation: FSCA, FSC, CySEC, ASIC, Spreads: as low as 0.9 pips
Max. leverage: 1:3000, Forex pairs: 28, Min. deposit: 1 $
FBS currently offers a level up bonus account in which you can claim free $70 or even $140. The first free $70 you can get by using the FBS Web Personal area and the second free $70 by installing the FBS Trading Broker app and signing in. Once you log in to your account (either on PC or mobile or both), you have to confirm your email and connect to your Facebook page. The last step to get up to a free $140 level up bonus is to do a quick test consisting of basic trading related questions.
FBS terms and conditions of no-deposit bonus
After you have claimed your no deposit bonus you can start trading. You have 40 days during which you can trade with the bonus. FBS states that you have to trade for at least 20 days from these 40 days and you can't take longer breaks than 5 days. After your time of 40 days runs out, the bonus is over and you can transfer your profits into your real account.
What Are the Benefits of No Deposit Bonus?
Some traders, especially newbies, are reluctant to use their own money to trade. For that reason, some South African brokers provide a no deposit bonus to attract new traders to convince them that trading might be right for them. Here are the benefits of getting a forex no deposit bonus.
You have probably heard about the deposit bonus. If you haven’t, forex no deposit bonus and deposit bonus can be pretty confusing. So, what is the difference between the two? Below are the main differences between forex deposit and no deposit bonus.
Below are the main differences between forex deposit and no deposit bonus.
● As the name suggests, a deposit bonus requires depositing some amount to activate the bonus. By contrast, a no-deposit bonus does not require any deposit and you can start trading with the bonus without necessarily funding your trading account.
● The size of the deposit bonus depends on the initial capital. In other words, the bigger your first deposit, the bigger the bonus. On the other hand, a no deposit bonus is independent of your first deposit. This takes us to the next point.
● The size of a deposit bonus is usually a percentage of your initial deposit. In contrast, no deposit bonus is normally constant. It is not affected by other factors; all you have to do is sign up and receive the bonus.
● While a deposit bonus is usually given to the first deposit, you can also often get it during special events that brokers hold. However, a no deposit bonus is only for new traders and you can receive the bonus only once.
That said, it is prudent that you read the terms and conditions carefully before you sign up to receive a bonus.
Choosing an Ideal South African Forex Broker Offering No Deposit Bonus
The internet is awash with south african forex brokers offering a no-deposit bonus. So how do you choose the most suitable broker? Here are three tips to guide you.
A broker offering the biggest bonus can be enticing. While there is nothing wrong with choosing the highest bonus on offer, your choice should not be solely determined by the bonus amount. It is prudent to look into the terms and conditions of the no deposit bonus.
For instance, some brokers require that you deposit some amount before you can make withdrawals. Clearly, this might not be the best option for you. A good no deposit bonus should be withdrawable. A deposit shouldn’t be required at any point.
There is a good likelihood that you will trade with real funds with the broker where you first received your no deposit bonus. For that reason, it is important to find a trading partner that offers good trading conditions. That means tight spreads, a good amount of trading assets and a user-friendly trading platform.
Review the bonus offered by several brokers. Some firms offer relatively higher bonuses which boost your chances of making more profits. Others offer more bonuses on top of the no deposit bonus.
A no deposit bonus is a great avenue to kickstart your trading career. You get trading capital without necessarily risking your own money. However, the no deposit bonus doesn’t amount to anything if you can’t withdraw the profits. In a nutshell, it is vital to ensure that the platform meets your trading style and fulfills your trading goals.