For most Forex traders, one of the hardest things to achieve is acquiring enough funds to earn the status of an independent trader. Forex brokers know their target clients, aka traders without enough funds to trade the market.
Have you ever tried meeting all requirements for a no deposit bonus? Welcome to the portal and in this post, we shall discuss the forex no deposit bonus and how to take advantage of it.
What is a forex no deposit bonus?
This is a unique opportunity for forex traders to experience a broker’s product platform in live conditions without risk. The number of online brokers is rapidly growing so is the competition amongst themselves, modern brokers run an extra mile to improve traders confidence on their platform.
The bonus itself is usually stated as not withdrawable while a certain percentage of profit becomes withdrawable if all conditions are met by the trader using the bonus.
Reasons most traders fail acquiring profits from a no deposit bonus in forex
- Traders are skeptical, they feel like someone is out there hunting for their cash, it can be anyone even reputable forex firms. Who could blame them? we have seen enough scam scandals already.
- Most traders fear they don’t have the ability to trade. Their inability to trade and their lack of minimum required commitment capital makes it impossible for them to fully earn profit from their free bonus.
- Other traders out there are very greedy, they get discouraged when they come to understand their end of the bargain. How could we judge them if they value their time a little bit more, or they are cash loaded already.
Think from a brokers perspective, what is the purpose of the forex bonus?
We already discussed that brokers are crushing each other when it comes to capturing new clients and growing their firms. It makes sense to assume that they want to increase sales by offering a unique opportunity for new traders to test the platform on live conditions. That’s one offer beyond demo account.
It is important to know that the purpose is for you to learn the platform, and rewarding you once time has proven your loyalty to the platform. Sorry if you were hunting for a free buck online, you can’t get it from a bunch of highly organized team of professionals.
Key details to note for capturing free no deposit bonuses offered by forex brokers
- Understand the terms and conditions
As a forex trader, take this as a contract between you and a broker. Read it carefully but don’t get intimidated. It contains information on how you can realistically qualify for the bonus.
- Be patient when building commitment
Instaforex offers a no deposit bonus, one of their terms is that once you have made 10% profit from the bonus funds, the account will freeze until you deposit an amount equal to the 10% profit you’ve just created from the bonus.
The commitment funds are deposited on a separate account from the no deposit bonus account. To qualify for the bonus you have to trade a stated number of lots using your own funds.
Terms offered by other brokers are totally different, but they are designed to buy your commitment to the platform.
- Trust in a trading strategy
Trading your own funds with the purpose of qualifying for the profit you made from the bonus is not that difficult when you have a defined strategy.
Just temporarily take your funds from your broker that won’t give you a bonus until you have achieved your goal. Traders who know how to trade find this as a bargain.
We believe forex is the future, help us build a financially free generation by sharing this resource. Thank you so much for visiting the portal, did you enjoy reading? have your own input live on the comment box below.