Take a chance and learn to trade forex with zero investments! Sign up. 2. Open a Welcome account. A $30 bonus will be at your disposal once you open a. A No-Deposit Bonus is tradable money applied for new clients, The money is added in the form of BONUS by Forex Broker to attract new traders. Practice live. A Forex Bonus refers to a special promotion offer made available by a Broker with the objective of introducing new clients to its services offered, attracting. HAPPY ETHEREAL ART

Type Of Identity Verifications 1. Email Verification Email verification is the simplest form of verification. All it takes is only to click on the link sent to your inbox. Phone Verification Phone verification is also easy. The forex broker will either send you a code via SMS or voice call.

It can be done within 10 seconds. Proof of Identity POI Proof of identity requires you to submit a color-scanned identification document. Generally, you can submit either a passport, a national ID, or a driving license ID card. Proof of Residential Address POR The commonly required documents are utility bills, bank account statements, a national ID with an address on it, and anything that can prove your residential address. Usually, you only need to submit one of the documents mentioned above.

Besides the verification, they also restrict the bonus to new traders only. It makes sense, of course, since that is the purpose of the entire forex bonus. If you have claimed a no deposit bonus before from the same broker, you are not eligible to claim the same type of bonus. Not only that, your close relatives, but your housemates who share the same residential address and the same IP address also are not allowed to sign up for the free bonus.

Before you apply for any no deposit bonus, it would be great to know whether your housemate has already done so. Since you are given a free bonus to trade, you are automatically restricted by certain rules and regulations in the trading. Below are the common limitations when we trade using a no deposit bonus: Maximum Lot Size This refers to the lot size of the order.

Some brokers restrict their traders from opening orders with big lot sizes. From our observation, the common lot size that is allowed is 0. As a trader, trading with a small lot size can be disheartening because, at the same time, traders need to fulfill a certain trading volume to be eligible to withdraw profit. It is a strategy of forex brokers to stay active with the brokerage.

Disclaimer: Ahmad is a fictional character for the illustration of the no deposit bonus examples. Example 1: Ahmad acquired no deposit bonus from broker XYZ. To be eligible for profit withdrawal, Ahmad is required to trade 5 lots. But he is only allowed to open every position with 0. How many positions should Ahmad open to fulfill that 5 lots requirement? And the answer is trades! It certainly means Ahmad will be trading for months before he is eligible to withdraw.

And that is if he is profiting from that trades. If not, he will need to trade even more than trades to be profitable. Conclusion: Lot size limitation makes profit generation harder. Maximum Active Positions To make the trading even more painful, some brokers limit their clients from having a lot of simultaneous active positions.

Sometimes the pending orders are also included in the counting of the active positions. Depending on the strategies, the limitation of active positions can harm certain trading techniques. If a trader is trading based on the trend-following method, then he cannot open more positions at a different price to earning maximum profit.

Conclusion: Limitation of active positions can harm the trading experience of the traders. Trading Assets Limitation Trading assets or currency pairs are a vital part of forex trading. We can utilize the volatility of the markets to make a profit. The limitation of the trading asset means that we will have fewer currency instruments to choose from. Hence it badly restricts the opportunity to trade when we spot a good entry setup for a particular currency pair. The main purpose of no deposit bonus is to allow clients to feel how it is when trading with the broker in live market conditions.

Bonus Validity This refers to the lifetime of a no deposit bonus. The bonus will be canceled by the forex brokers when it is expired. A short bonus validity means that clients might not have enough time to truly engage with the account. On the other hand, if given enough time, clients could even have the chance to trade in different market conditions.

A good period of testing a live trading account should be 30 days or more. It will give ample time to the clients to fully understand what real trading is all about. After all, no deposit bonus is designed for new traders to have a taste of how forex trading works. Conclusion: Short bonus validity is not a go. Hedging Is Not Allowed Hedging in forex trading simply means having 2 open trades in different directions. A few moments later, he opened a sell order at 1.

Having an active long position buy order and an active short position sell order means Ahmad is hedging the market. The purpose of hedging usually is to temporarily eliminate the risk of being in the market. Sometimes hedging is used as a part of a certain trading strategy. Restricting hedging would mean that the traders need to look for other trading methods. Conclusion: Without hedging being permitted, traders will have difficulty trading in both different directions simultaneously.

Scalping Is Not Allowed Scalping is a method that traders use to earn a small profit usually pips multiple times in a day. They also will hold the position for a very short time. Usually, traders use this method during high market volatility such as during the release of economic data and news. It is popular among traders because it has the potential to catch a lot of pips in the shortest time.

Of course, it is also a way to empty the account very fast. For every open position, you will have to pay some spread cost. It must be used wisely if you do not want to suffer a margin call. Conclusion: Since it is a popular method among traders, limiting its use will certainly cause trouble for traders. Limited Leverage What leverage means is that we can use a small amount of money to trade a larger position. Example 3: Ahmad is given the leverage of in his forex account.

This is why it is called leverage. It gives us the flexibility to trade more even though we do not have big capital. Leverage is the reason why Forex is so popular. Limiting leverage can cause a very bad trading experience for the traders. They cannot open a bigger position than they desire. It also lowers down the trading volume, hence it will take a bigger number of trades to fulfill the withdrawal requirement.

Conclusion: Limited leverage is a tactic that goes against traders. It simplifies the trading process a lot by doing almost everything in the trading. This includes opening and closing a trade, generating a tradable signal, analyzing market conditions using indicators, etc. There are some good EAs in the market. Undoubtedly, robot trading is interesting to anyone who does not have prior experience in forex trading.

It is hands-free and hassle-free. Once it is set up, EA will handle the trading from the very start. Limiting the usage of EA is like limiting the usage of an elevator — instead of pressing a button to get you to the top of the building, you are asked to walk the stairs. Conclusion: This is downgrading the advancement of forex technology.

Hence, it is not a choice if you are an EA lover. So what is the point of having it? If you are making a profit from it, you can withdraw the profit. But experiences tell us that it is not that easy to withdraw the profit you made from a free bonus. To make your life easier and to serve as a foundation for Penguin Meter, we have come out with an extensive list of eligibility for profit withdrawal.

Trading Volume Trading volume refers to the total amount of lot size that a trader completed. Most forex brokers set the trading volume as the parameter of whether a trader is eligible for withdrawal. The main reason for doing that is to encourage traders to trade more. The fact is; trading more does not mean you can earn more.

Some of the forex brokers even set the trading volume threshold to lots. This scenario is almost like a mission impossible. A moderate trading volume requirement such as 5 lots — is fine. But this also correlates with the maximum lot size permitted per trade and the maximum leverage allowed.

In example 1, the permitted lot size was 0. In this situation, even a trading volume of 5 lots is too much. Conclusion: Higher trading volume requirement is not a good thing for the traders. Active Trading Days An active trading day simply means that there is at least one open and closed position for the day. Example 4: Ahmad opened a position on day 1, but he does not close any position on that day. Instead, he closed it on day 3. What is the active trading day of Ahmad?

The answer is only 1 day. It is on day 3 that he had one open position and one closed position. Based on the example above, to achieve an active trading day, we need to close at least one position a day Of course you cannot close a position without first opening it. This requirement forces the traders to trade more; sometimes out of the compulsion of fulfilling the active day requirement. Conclusion: Traders need to be super active in trading to fulfill active trading days.

It is not a pleasant idea to have. Extra Deposit Required It is initially advertised as a no deposit bonus. But when it comes to the profit withdrawal step, you are suddenly required to deposit a certain amount of money to be eligible for the profit withdrawal. Do not be surprised! This is a common example of what is happening in most cases. The purpose of the forex brokers is very clear. They want you to stay with them and trade with them.

As we told you at the beginning of this guide, the main reason for the no deposit bonus is to entice you to trade in the forex market. From our experience, the traders are usually required to deposit an equal amount of profit. Traders then need to trade with the deposit to fulfill a certain amount of trading volume. Conclusion: If a no deposit bonus needs a deposit at the end, why is it called no deposit bonus in the first place?

Subscribe To Penguin Meter Updates After 5 examples, Ahmad is devastated by all the rules and regulations set by the forex brokers. The accessibility of a free bonus varies depending on the broker. If traders make a higher initial deposit, they unlock a greater deposit bonus.

Once they make the deposit, the broker will credit their account with the respective bonus amount. This gives investors a chance to boost their trading account and use the bonus funds to set limits for their trades. However, the brokers often list down a set of terms and conditions regarding the accessibility of the bonuses and profits made. Sometimes the brokers may demand to trade a certain amount before withdrawing the free bonus or maintain a set amount of money in their accounts for a specific period before trading them.

Hence, forex bonuses list out certain terms of conditions that one needs to be aware of before going ahead. What are the Pros and Cons of Forex Bonuses? Pros The forex no-deposit bonus allows the trading with minimal risk Most brokers set unrealistic standards and hard terms and conditions Helps maintain the trading balance with modest funds. Most of them limit the withdrawals of both profits and free bonus The deposit bonuses can be used to recover the cash deposits lost while trading The free money often leads to higher expectations and over the trading of deposit bonuses Helps in adapting to the live trading environment and manage the forex bonuses Traders are heavily restricted with rules and regulations, and they are required to follow the terms and conditions.

The deposit bonuses provide traders an option to margin their investments in larger trades How does a Bonus in Forex Work? How Forex Brokers Bonus Work? To understand how the forex works in a live trading environment, one needs to be aware of a few terms. They are: Deposit Bonus: The deposit bonus is the most sought-after. As stated earlier, the broker will match the deposit by a certain percentage —with a welcome bonus.

No-Deposit Bonus: Forex no deposit bonus rewards traders with a bonus without making a deposit. These bonuses are highly popular because the trader can gain a bonus without risking any funds. However, the no deposit bonuses comprise smaller sums that are credited in comparison to a deposit bonus. Terms and Conditions for Bonus: The Forex trading and gaining free bonus funds on the platform may sound simple, but it is not easy to cash out the profits.

One needs to be aware of the listed terms and conditions that brokers employ. Minimum Trade Amount to Withdraw: There is a complicated process to withdraw the bonus that is made. Traders cannot withdraw the whole sum directly from the forex broker, as this would not benefit the platform. Hence, the platform sets limits and persuades them to use the bonus funds to trade.

These bonus funds are often frozen until their conditions are met. Usually, a partial amount from the bonus is made accessible for pay-outs when they meet the requirements of trading the set amount. This is suitable for people who are: Regular traders who place dozens of trades per day. Often play through the set amount of the trades. People with typically large trade sizes. Time Limit: Traders also need to consider the time limits that the bonuses are set with.

This is a strategy followed by the platforms to make the cash out of bonuses a difficult task. Often, brokers will set a certain period. Such as- 30 days to trade the bonus funds before invalidating withdrawals. Eligible Pairs: In some instances, the forex no deposit bonus might set down restrictions on certain currency pairs. Hence, make sure to go through the terms and conditions to ensure the trading forex pair is permitted.

Supported Nationalities: Some forex brokers Australia choose to permit bonuses to only certain nationalities. Hence, traders are advised to use the domain according to the country of residence. Minimum Deposit: Most bonuses are set with a minimum deposit amount. Often, promotions only list the maximum bonus amount that can be used. Hence, ensure to go through the terms and conditions to find the preferred packages.

How to Find the Best Forex Bonus? The global foreign exchange market is vast and comprises different kinds of traders.

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Once you proceed to make the deposit, the broker will then credit your account with the respective bonus amount. When it comes to a no deposit bonus, this operates just as the name suggests — you will get the bonus without needing to make a deposit.

As we will cover in more detail further down, forex bonuses will always come with a range of terms of conditions that you need to be made aware of before signing up. Crucially, you will be required to trade a certain amount before you can withdraw the bonus funds out for real-world cash. What are the Pros and Cons of Forex Bonuses? As we briefly noted earlier, the broker will match your deposit by a certain percentage — and the bonus will have a maximum amount attached to it.

As soon as the bonus is credited — which is usually instant, you can begin trading straight away. These bonuses are highly sought after — not least because the trader can obtain the bonus without risking any funds. With that said, no deposit bonuses are typically much smaller in comparison to a matched bonus.

You open an account and then verify your identity — which is required to prevent bonus abuse. You can then start trading with your bonus funds straightaway. Terms and Conditions of a Forex Bonus Although the above examples illustrate just how lucrative forex bonuses can be, it is not simply a case of getting the bonus funds and then cashing out.

On the contrary, you need to be made aware of a number of terms and conditions that brokers typically install. On the contrary, the platform wants you to use the bonus funds to trade. As such, your bonus funds are effectively frozen until you meet certain conditions. In the vast majority of cases, you will have parts of your bonus balance released as withdrawable cash when you meet a specified trade size.

This is yet another tactic employed by platforms to make the bonus cashout process even more challenging. In most cases, brokers will give you 30 days to use the bonus funds before they are revoked. This means that any bonus funds left in your account after the expiry date will be removed. If the forex bonus comes with a time limit of fewer than 30 days, you should probably avoid it. While majors and minors are normally fine to use your bonus funds on, exotic pairs might not be covered. As such, make sure you check the terms and conditions to ensure your preferred forex pair is permitted.

This is why you should always use the domain that matches your country of residence — as brokers typically have multiple websites for different regions. Promotions usually only state the maximum bonus amount permitted, so you will need to dig through the terms and conditions to find it.

Best Forex Bonuses in — The Ultimate List So now that you are armed with the required knowledge to maximize your bonus hunting endeavours, we are now going to list our top 10 forex bonuses of Whether you are an existing Moneta Markets account holder or a new client, make a deposit then opt-in using the form below to claim your bonus today!

Visit Monetamarkets 3. With dozens of currency pairs split across the majors, minors, and exotics - its trading arena is highly extenssive. The bonus is for new customers only, and there is no time limit to worry about. In order to prevent bonus abuse, you will need to verify your account before the funds are credited.

All of you need to do to get the bonus is open an account and verify your identity. You will need to trade a minimum of 5 standard lots to be able to withdraw the bonus, plus any applicable profits. You will also know that brokers typically offer either a matched deposit bonus or a no deposit bonus.

Crucially, this centers on the amount that you will be required to trade before a withdrawal can be made. In most cases, turning a forex bonus into withdrawable cash is going to be extremely difficult. A minimum deposit amount must be made determined by the broker by the referral and a certain number of trades needs to be executed on the new account. There might also be a limited time in which referral bonuses may be utilized by traders.

This could be due to the broker seeing a decrease in activity in a given month and attempts to counter it by providing such bonuses. Additional bonuses, promotions, and rewards Many brokers also offer additional bonuses, promotions or have a rewards program offered to their loyal customers.

Trading bonuses usually serve the purpose of boosting traders to increase their trading activity in addition to trading higher volumes to gain access to bonuses that offer some cashback.

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