Brokers With No Deposit Bonuses 2024
Brokers with no deposit bonuses offer a popular financial incentive. These promotions are used by brokerages to gain new customers and to differentiate themselves from their competitors. Here we list the best brokers with a no deposit welcome bonus in July 2024.
Top Brokers With No Deposit Bonuses
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1
xChief$100 No Deposit Bonus$100 No Deposit Bonus
$100.01 Lots1:1000VFSCCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF
Here is a summary of why we recommend these brokers:
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- xChief offers STP/ECN execution with low spreads from 0.0 pips and low commission rates starting from $2.50 per side
- The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
- Traders can access a copy trading solution via the MetaQuotes Signals service
Cons
- xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
- The total range of 150+ assets is much lower than most competitors who typically offer hundreds
- The broker trails competitors when it comes to research tools and educational resources
What Is A No Deposit Bonus?
Put simply, brokers with no deposit bonuses give a cashback reward to clients for opening accounts without the need to invest personal capital. So, when you register for a live account with trusted brokers, you will not need to deposit any funds to receive the no deposit bonus. It is the opposite of a deposit bonus, which does require you to add funds to a live account to receive the incentive.
Generally speaking, you will be required to be a new account holder, rather than an existing user of the brokerage services. Nevertheless, some additional financial incentives may be offered to existing clients.
How Brokers With No Deposit Bonuses Work
Trading brokers with no deposit bonuses offer account funding as a financial incentive. The amount offered can vary, though some forex bonuses or binary options bonuses can offer thousands of dollars.
These promotions are used to attract new customers to utilise platform terminals and brokerage services. To gain no deposit bonuses, traders will be required to open a live trading account, which tends to involve an online registration form. Personal details will often be required, including email addresses and proof of residency.
Regulated brokers may also request additional details under the know-your-customer (KYC) compliance protocols. A no deposit bonus will be applied automatically to your trading account once registration is verified. Requirements to achieve the bonus may vary amongst terminals.
No Deposit Bonus Terms & Conditions
No deposit bonus terms and conditions can vary from broker to broker and it is best practice to review these before signing up. Do not be fooled by the advertising of the bonus solely as many brokers highlight unrealistic financial offers on large marketing banners, which, once you have understood the conditions, may be completely different from what is being promoted. The terms and conditions documents can be lengthy, so focus on eligibility, validity, the withdrawal process and wagering requirements.
Eligibility
What are the requirements to be able to gain the bonus? Typically brokers with no deposit bonuses offer them to new account holders only. If you had previously opened an account, you may not be eligible. Once a new account is opened and verified, the bonus should be provided. There may be additional requirements needed for traders to be offered the bonus.
Validity
When is the offer available until? You will often be required to trade the bonus amount within the period stated. This may be anywhere from the day of account opening to one month later. Stock brokers with no deposit bonuses may also only offer these incentives occasionally throughout the year vs an always-on offer.
Withdrawal
Even forex brokers with the biggest no deposit bonuses may still have withdrawal caps or even full limits on funds that can be removed from an account. If you were to successfully trade your free given funds, removing these from an account may be difficult and threshold levels may be set higher than what can realistically be achieved.
Wagering
Some no deposit bonus forex brokers apply a wagering requirement. This involves traders having to invest the bonus amount (and/or any associated withdrawal gains from this) a specific number of times or until a set threshold is met. An example could be a no deposit bonus of $10 with a 10x wagering requirement. This means you have to invest a total of $100 ($10 x 10) before the bonus funds can be reverted to cash that is available to withdraw.
We would advise contacting the broker’s customer services if anything is unclear in the no deposit bonus terms and conditions. Customer review platforms may also provide helpful feedback from other traders.
No Deposit Bonus Regulations
Local licensing will impact whether brokers can offer financial incentives. Even those regulated brokers with a real no deposit bonus may be limited to what they can offer. The Cyprus Securities and Exchange Commission (CySEC) enforces a restriction on brokers across all financial rewards, bonuses and competitions. Instead, the regulatory guidance suggests brokers can utilise lower spreads to attract new investors. This is similar across all brokers operating in jurisdictions under European MiFID II laws and within the UK.
If you are looking for regulated and legit forex brokers with no deposit bonuses, you will need to find one with licensing that allows them. Such regions include the FSCA (South Africa) and the Malaysia Securities Commission. The official website of your broker’s regulator can provide bonus rules. Unregulated brokers may also provide traders with a bonus without a deposit, though you should be cautious of the terms and conditions associated with this. There may be complex rules to withdraw profits gained using such incentives. If additional personal capital funds are invested, you may not be protected by government compensation schemes.
What To Look For In Brokers With No Deposit Bonuses
With so many brokers now offering financial incentives, it can be difficult to distinguish which is the best offer. Here, we summarise what to look for when choosing the best brokers with a no deposit bonus:
Size Of Bonus
Although many other considerations should be accounted for, the size of the no deposit bonus is important. Compare what other online brokers are offering. Brokerages have varying opportunities throughout the year. No deposit bonus amounts can vary anywhere from around $10 to $250. The size of the bonus will influence your investment opportunity without having to risk personal capital.
Assets
The best brokers offering a no deposit welcome bonus will provide a variety of tradable instruments and assets across several markets. Being able to access varied trading instruments to apply the bonus is advantageous to creating a diversified portfolio. You can also try your luck at investing with the bonus amount in a market not previously entered. Assets available to use a no deposit bonus against may include stock trading, crypto, penny stocks, commodities and more.
Withdrawal Terms
There are sometimes catches with withdrawal limits when trading with a no deposit bonus. Brokers can apply specific rules before funds can be removed from a trading account. XM, for example, has terms and conditions on profits gained using such a bonus. Volume must reach at least ten micro-lots and five round turn trades must be completed.
Negative Balance Protection
Ensuring you cannot lose more capital than initially invested is an important factor. Brokers that offer negative balance protection will cover any losses that take an account balance to lower than 0. This will also be vital when trading with a bonus as you may need to cover any losses with personal capital if this exceeds more than the bonus.
Trading Platform
Reliable brokers with a no deposit bonus will offer accessible trading platforms. The best terminals will create an easy investing environment, alongside simple tracking of bonus funds and clear withdrawal limits. Industry-recognised MT4 and MT5 trading platforms are intuitive and create a simple navigational environment even for new investors with no deposit bonus funding.
Customer Service
You should be able to access customer support during trading hours. When choosing from a list of brokers with no deposit bonuses, you will want to select those with the most responsive customer support. Broker representatives can support traders in applying a bonus. Additionally, they should be able to answer any questions on the terms and conditions of the incentive, eligibility and withdrawal issues. Multilingual services can provide better support for international clients.
Final Word On Brokers With No Deposit Bonuses
Brokers with no deposit bonuses can create exciting opportunities for new traders with no financial risk or investment. The risk-free option to invest in a new asset or different platform with a no deposit bonus is beneficial and appealing. However, you should be wary of lengthy terms and conditions with sometimes difficult withdrawal terms and specific eligibility requirements. For a full list of our top recommended brokers with no deposit bonuses, see here.
FAQ
What Are Brokers With No Deposit Bonuses?
Brokers with no deposit bonuses give a cashback reward to traders without the need to invest personal capital. When traders register for a live account with such a brokerage, they do not need to deposit any funds to get trading with real capital.
What Are The Best Forex Brokers With A No Deposit Bonus In 2024?
The top 10 brokers with a no deposit bonus include XM, AvaTrade, Admiral Markets and XTB, though we have compiled a complete list here. Always review bonus terms and conditions before signing up.
How Can I Choose Between Brokers Offering A No Deposit Bonus?
With so many financial incentives being offered, it can be difficult to distinguish between brokers. We would suggest comparing the size of the bonus, applicable assets, withdrawal terms, regulation, customer service and trading platforms.
What Are The Best South African Brokers With A No Deposit Bonus?
South African brokers offering a no deposit bonus in 2024 include FXOpen, FBS and XM.
Can I Trust A Broker With A No Deposit Bonus?
Yes, there are several trusted forex brokers with no deposit bonus offers. Be sure to understand the withdrawal process, eligibility and full terms and conditions before opening an account.