Brokers With No Deposit Bonuses
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. Choosing between brokers with a no deposit welcome bonus can be difficult. Our 2024 review will discuss the features of the top brokers with no deposit bonuses, how they work, their terms and conditions and more.
Top Brokers With No Deposit BonusesA
- XM - $30 No Deposit Bonus When You Register A Real Account
- RoboForex - $30 No Deposit Bonus
- SuperForex - $88 No Deposit Bonus
- ForexChief - $100 No Deposit Bonus
- GoFX - $50 No Deposit Bonus
#1 - XM
Why We Chose XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team
- Bonus: $30 No Deposit Bonus When You Register A Real Account
- Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
- Demo Account: Yes
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
Pros
- 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
- Accessible trading accounts with a $5 minimum deposit and fast account opening
- The broker offers premium research including market sentiment, fundamental insights and strategy builders
Cons
- There is weak regulatory oversight through the global entity
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
#2 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Bonus: $30 No Deposit Bonus
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Demo Account: Yes
- Leverage: 1:2000
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
Pros
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
Cons
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
#3 - SuperForex
Why We Chose SuperForex
Established in 2013, SuperForex is an offshore CFD and forex broker offering highly leveraged trades on 400+ instruments via the popular MetaTrader 4 platform. The broker has gained clients in over 150 countries and is regulated by the Belize IFSC. With a range of STP/ECN account types, including swap-free, micro and zero spread, this broker continues to suit traders with different styles and setups. SuperForex also offers a range of welcome bonuses and trading contests.
"SuperForex will suit experienced traders looking for high leverage rates and premium membership packages. The broker also continues to stand out for its wide selection of beginner-friendly accounts, although the lack of top-tier regulation is a notable drawback."
- DayTrading Review Team
- Bonus: $88 No Deposit Bonus
- Instruments: CFDs, Forex, Stocks, Cryptos, Commodities
- Demo Account: Yes
- Leverage: 1:2000
- Platforms: MT4
- Minimum Deposit: $1
- Minimum Trade: 0.01 Lots
Pros
- You can get free access to the Pattern Graphix expert advisor software for MT4, a price pattern analysis tool which can help you save time
- Various accessible payment methods are supported, including crypto, with zero fees and fast processing times
- SuperForex offers an auto-reset balance program, which prevents trading accounts from dropping below zero
Cons
- The 0.5-pip minimum spreads in the standard ECN accounts are not as tight as some of the cheapest ECN brokers, such as Pepperstone
- The Belize IFSC is not considered a top-tier regulatory provider, so clients may receive fewer financial safeguards
#4 - ForexChief
Why We Chose ForexChief
ForexChief 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.
"ForexChief 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."
- DayTrading Review Team
- Bonus: $100 No Deposit Bonus
- Instruments: CFDs, Forex, Metals, Commodities, Stocks, Indices
- Demo Account: Yes
- Leverage: 1:1000
- Platforms: MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
Pros
- Traders can access a copy trading solution via the MetaQuotes Signals service
- The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
- ForexChief offers STP/ECN execution with low spreads from 0.0 pips and low commission rates starting from $2.50 per side
Cons
- Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
- The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
- The broker trails competitors when it comes to research tools and educational resources
#5 - GoFX
Why We Chose GoFX
GoFX is an unregulated CFD and forex broker that covers instruments from currency, stock, index, commodity and crypto markets. Traders can sign up to a variety of account types with deposits as low as $1 and will trade using the popular MetaTrader 4 platform. Exceptionally high leverage up to 1:3000 is offered on the standard account, while traders with the low-spread account can access leverage up to 1:1000.
"GoFX provides CFDs with good trading terms on a decent range of markets. It will appeal especially to traders from its native Thailand or international traders with a high-risk-high-reward trading style who seek heavily leveraged trading."
- DayTrading Review Team
- Bonus: $50 No Deposit Bonus
- Instruments: Forex, Cryptos, CFDs on Stocks, Indices & Commodities
- Demo Account: Yes
- Leverage: 1:3000
- Platforms: MT4
- Minimum Deposit: $1
- Minimum Trade: 0.01 Lots
Pros
- Demo account with easy sign-up
- 24/7 customer service
- Low minimum deposit of just $1
Cons
- No additional tools or trading features
- No proprietary trading platform or mobile app
- Weak regulatory oversight
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.