Several structures have been put in place to restore the confidence of potential traders and investors in the forex system. One of such structures, usually in the form of persuasive advertising, is the Deposit bonus offer. Let me explain.
A deposit bonus makes you entitled to an additional sum of money when you deposit a fixed sum of money. Often, the bonus you are entitled to after investment is dependent on some unique factors. Each brokerage company has its method of allocating bonuses.
For some, they have a fixed rate they give, while for others, the bonus is dependent on how much you deposit. Let’s say for every deposit you get a certain percentage of bonus. This bonus is usually between 20% -100%. Although some companies like MTrading offer a 200% bonus on deposits. However, because you can still lose all your bonuses plus the cash deposited, many people have reservations about deposit bonuses.
The Emergence of An Alternative
Nothing is more exciting than seeing a welcome no deposit bonus when you are about to sign up to a forex platform. Most brokers offer these benefits to first-time users who want to test the waters of forex.
With this feature, you do not have to deposit any money to earn your bonus. Consider this a way of integrating you seamlessly into the world of forex. You can even consider it as a life demo of the mechanisms of foreign exchange. Experience better equips you to be a pro-trader.
When you get this bonus, you can invest it by downloading the Metatrader 4 platform. This free platform allows you to have a stress-free trading experience, as you will see in the latter part of the article.
How do you get a forex bonus without depositing any money? Find out how you can kick start your forex trajectory using this benefit by continuing reading.
Steps To Get a Forex Bonus Without a Deposit (Conditions, Verification Requirements, And A How-To Guide)
Before we dive in, there’s something you should note. The entire process of giving bonuses without deposits is subjected to various terms and conditions. If you fail to fulfill one or more of these conditions, you may not be entitled to the no deposit bonus offers.
To qualify for a bonus of any type, these conditions are often set by brokers:
- You must be a new client of the brokerage company who is interested in opening a premium account with them.
- You must be a resident of any of the non-restricted countries. This is because most brokerage companies have target countries.
- You must be verified to prevent identity theft. This is usually done by providing details such as your name, phone number, area of residence, and a scanned copy of your passport.
- You should be ready to provide any additional information that your brokerage website may require from you.
- Often, you can only receive this kind of bonus ONCE.
- Most brokerage companies do not allow you to use your deposit bonus account to take part in their other marketing campaigns.
- A good number of companies do not allow you to take part in this kind of campaign if you work with them or you have any family working there.
- The policy of most companies only allows you to trade with the bonus you have received. Hence, you cannot transfer them to your other accounts or withdraw them.
- When signing up for a no deposit bonus, you should make sure you provide the correct information. It is the information that you provided during your registration that would be used for any of your brokerage company’s promotional offers.
With all types of conditions coating the use of bonuses, you should familiarize yourself with the terms of your broker beforehand. The brokerage company would not be responsible for any misunderstanding that may occur because you misconstrued their terms. Here is how you get your no deposit bonus:
- After you have created an account with a brokerage company, you receive a trading number. If this happens, you are credited immediately. However, some brokerage companies grant these bonuses to only non-restricted countries. Be sure to look out if your country falls among. If it does, you can request your bonus usually through a mail with your details.
After Receiving the Bonus, What Comes Next?
You still stand the chance of forfeiting your welcome bonus if you act in any manner inconsistent with your broker’s promotional policies. Here is how your bonus can be forfeited:
- a. If the company finds a correlation between two IP addresses belonging to you. Your bonus may be withheld or nullified, depending on the company’s policy.
- b. Ensure that you verify the time frame in which your bonus is still valid. Some companies give a time limit of 30 days, while some may go as far as 80 to 100 calendar days.
- c. In most cases, you can withdraw the profit gotten from trading with the bonus given to you by your brokerage company.
You should note that other conditions like the time frame of the trade and lot size (amount of money units traded) are deciding factors.
- d. Authentic information only. Do not provide misleading information when signing up to their website. Doing this might make you forfeit all your profits.
- Do not forget to inquire about the leverage your brokerage company offers. It has the potential to generate huge returns with a limited debt capital investment.
Other things to not include; hedging and using failure in the quote flow to carry out fraudulent activities or get guaranteed profit.
No deposit bonus offerings help to integrate prospective clients with the workings of the forex market. Also, brokerage companies seeking to increase the number of their traders often offer no deposit bonuses. It was discovered that a good number of Malaysians consider forex a beneficial investment as 4.7 million Malaysians trade forex actively. From the above figure, the number of people trading forex is commendable, but it can still be improved upon. One such way is by granting incentives like no deposit bonuses to enhance forex enthusiasm among the people.