A no-deposit forex bonus can simply be defined as a tradable bonus that forex traders can earn. When forex brokers offer a no-deposit bonus, it is free trading credit given to the trader when they register a live trading account.
This no-deposit bonus exempts the trader from paying a minimum deposit when they register their account. This bonus offers traders the perfect way to learn about forex trading without risking their real money.
However, this is not a cash bonus that can be withdrawn from the trading account. Forex brokers that offer this trading bonus will have terms and conditions that must be fulfilled first.
To help forex traders withdraw from their forex no-deposit bonus, we have provided some tips and considerations to help them through the process.
Evaluate the Forex Broker
Before committing to a live trading account with any forex broker, forex traders must evaluate the broker’s offering including account types, trading platforms, trading conditions, trading terms, trading instruments offered, educational materials, and the deposit and withdrawal options.
Traders must also consider the types of bonuses that are offered and what the account verification procedure entails. When users have selected their preferred brokerage company, they can proceed to view the bonus options and what is required of them.
View and read the terms and conditions
The forex brokerage company must detail the terms and conditions of the bonus for potential customers to read. Beginner traders must ensure that they understand what they are signing up for before they consider real trading using real money.
Traders must note that there may be a No-Deposit Bonus Agreement with which they must comply. The exact terms in such an agreement can differ from one brokerage company to another, but some typical points can include:
- Every new trader who registers a live trading account with the forex broker will only receive the no-deposit once
- The no-deposit bonus will only be offered to accounts that have been fully verified
- The profit and the bonus are only withdrawable once the trading volume requirements have been fulfilled.
- Once the bonus is activated, it will be available for a certain time, typically 30 days, after which it will expire
- The brokerage company reserves the right to cancel or void trading results without providing prior notice
- Traders may be subject to a certain maximum leverage ratio while they trade using the bonus
- There may be predetermined stop-out levels applied on the no-deposit bonus
- If any fraudulent activity is detected involving the no-deposit bonus, the broker can void the bonus
Register a live trading account
Once traders have read the terms and conditions associated with the no-deposit bonus, they can proceed by registering a live trading account. The typical process involved can be completed in a few simple steps:
- Traders must complete a comprehensive online application where they must provide personal information, their residential address, employment and financial details, and other information.
- The account must be verified by the trader as part of the Know Your Customer (KYC) procedure. During this part, the trader must upload a valid identity document such as a Government ID or Passport, in addition to proof of residence.
- Once the trader’s application is received, their information will be processed, and it can take up to 72 hours for the trading account to be verified.
Receive the bonus and fulfil the criteria
Once the trading account has been verified and approved, traders will either receive their no-deposit bonus automatically, or they must submit a request to apply for the bonus.
Traders must note that the brokerage company reserves the right to refuse to credit a trader’s account with a no-deposit bonus.
Users will not be allowed to withdraw the credit from their accounts. However, traders can typically withdraw the profits that they make after they have traded a predetermined number of standard lots.
Withdraw the bonus
Once traders have fulfilled the trading volume requirements, they may be subject to some of the following conditions:
- Â There may be a minimum or maximum withdrawable amount
- The full bonus must be withdrawn as partial withdrawal will not be allowed
- Traders may be subject to credit card/debit card verification
- The broker may reject the withdrawal request without prior notice. However, this only typically happens when fraudulent activity is detected
Also read: Looking to Start Trading Forex? You Need a Reputable Broker!
