Best Forex Brokers with No Deposit Bonus
A no deposit bonus is one of the best ways for a broker to promote its businesses. It helps attract customers with the prospect of receiving free money to trade with. However, it is more than that. No deposit bonuses allow investors to test out the services of a broker without having to put their own money on the line.
In this review, we are going to be looking at some Nigerian forex brokers with no deposit bonus. Interestingly, this bonus is also usually available in other countries as well. But before we get into the meat of this topic, we must get you up to speed with a few things.
What is No Deposit Bonus?
To understand what a no-deposit bonus is, let’s remind ourselves what a deposit bonus is. Well, a deposit bonus is the amount of money credited to a trader’s account by a broker when they make a deposit and meet the required terms and conditions. Usually, the conditions include completing the registration process and making a deposit. Each broker has their own terms and conditions that apply. In contrast, the no-deposit bonus does not require a trader to make a deposit before receiving the bonus amount. Brokers usually give this bonus out when new traders sign up and complete the verification process.
Forex No Deposit Bonus Brokers
Regulation: FSC, ASIC, CySEC, Spreads: as low as 0.6 pip
Max. leverage: 1:1000, Forex pairs: 55, Min. deposit: 5$, No Deposit Bonus: Yes, $30
XM is one of the brokers that offers Nigerian traders a no-deposit bonus. With this broker, new traders who sign up receive a $30 no-deposit bonus which is equivalent to 22,680 NGN. All a trader has to do is sign up and complete the registration process to receive the no-deposit bonus. This bonus does not need a trader to make a deposit before receiving it. Notably, you cannot withdraw this no deposit bonus but all profits made from this bonus are available for withdrawal. There are a few conditions traders have to meet to receive the no-deposit bonus.
XM.com Terms and Conditions of No-deposit Bonus
This no-deposit bonus scheme provided by XM is only available for new clients. These new clients have to complete the phone number verification process via SMS to receive the bonus amount of $30. Additionally, traders can only hold one no-deposit trading bonus account per one unique IP address. While the profits gained from the no-deposit bonus are available for withdrawal, there are conditions that apply.
For starters, the trading account holding the bonus must reach at least 10 micro-lots or 0.1 standard lots. Further, the trading account must have completed at least 5 round-turn trades. A trader can check whether they meet these conditions by logging into their account and heading to Account History.
Trading Forex and CFDs entail risk. Your capital is at risk.
Regulation: FSC, FSCA, CySEC, ASIC, Spreads: as low as 1 pip
Max. leverage: 1:3000, Forex pairs: 28, Min. deposit: 1 $
FBS is another broker that provides Nigerian traders with a no-deposit bonus. FBS runs a no-deposit bonus that can go up to $140. However, traders do not receive this whole amount in full. There are two steps to receive the full $140 amount. First, a trader can get the first $70 when they start using the FBS Web Personal Area. The second $70 bonus amount is deposited into a trader’s account when they install the FBS Trading app and sign in. Notably, traders have to confirm their email and connect to their Facebook profile as part of the process.
FBS Terms and Conditions of No-deposit Bonus
Once you receive the no-deposit bonus from FBS, there are terms and conditions you have to follow to enjoy trading with the money. For starters, you will have just 40 days during which you can use the bonus in your trades. During these 40 days, you have to trade for at least 20 days and you cannot take any break longer than 5 days. After the 40 days you are given, the bonus expires. Fortunately, any profits you make from the bonus are yours and available for withdrawal.
What Are the Benefits of No Deposit Bonus?
No deposit bonuses can be very beneficial to both traders and brokers. Let’s take a look at some of the benefits of a no-deposit bonus.
Most people probably know what a forex deposit bonus is. However, not many traders understand how a forex no deposit bonus works. Below are some of the differences between a deposit bonus and a no-deposit bonus.
Below are the main differences between forex deposit and no deposit bonus.
● Firstly, a deposit bonus requires traders to make a deposit of a certain amount before they receive the bonus from the broker. On the other hand, a no-deposit bonus does not require the trader to first make a deposit to receive the bonus.
● The amount of a deposit bonus usually depends on the deposit made by a trader. In contrast, the amount of the no-deposit bonus does not depend on any deposit made by the trader.
● To add to the previous point, a deposit bonus is usually a percentage of what a trader deposits into their trading account. However, the amount of the no-deposit bonus is usually set in stone and does not depend on the deposit a trader makes.
● No-deposit bonuses are usually for new traders and are usually given out once to each trader. Contrarily, brokers usually run deposit programs from time to time. This means that traders can receive a deposit bonus more than once as long as they meet the terms and conditions.
How To Choose A Nigerian Broker With No Deposit Bonus
There are many brokers in the market that accept Nigerian traders and offer no deposit bonuses. Below are some tips to help you select a no-deposit broker that suits your needs.
While a no-deposit bonus is very attractive, it should not be the only reason you give a broker your money. There are other important features to look at to determine the quality of the broker. These include things like the regulatory status and fees charged by the broker.
Moreover, some brokers might you to make a deposit before withdrawing any profits you make. This might be ideal for most traders. The best brokers will allow you to withdraw your earnings for free.
The no-deposit bonus will get your foot in the door. But it is the trading conditions offered by the broker that will keep you there. Remember, if you want a long-term broker, then the trading conditions are paramount to consider. The broker you choose should have low spreads and fast execution, at the very least.
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 sells itself. Traders basically receive free money to trade with into their trading accounts. On the other hand, no deposit brokers also have something to gain by running these programs. They attract customers who then get hands-on experience with their trading platform.
Nonetheless, the no deposit bonus is not the only thing to consider about a broker. Traders should also consider the trading conditions offered by the broker. Additionally, they should consider whether or not they can withdraw their profits. Remember that the no deposit bonus is not worth it if you cannot withdraw your profits.