To put it simply, a forex bonus is one that can be redeemed by any first-time forex trader who opens an account with a forex broker. Both deposit-required and no-deposit bonuses are available, and they both return a percentage of the trader’s initial investment.
In Africa, Latin America, and Southeast Asia, this deposit and no deposit bonuses are very popular. Regulators in the United States, Europe, and Australia have ordered that these bonuses are not made available to traders any longer.
In this article, we will take a closer look at both deposit types, and understand how they can be used by traders to boost their profits when opening a live trading account with a Forex broker.
Understanding the Forex No Deposit Bonus
Simply put, a Forex No Deposit Bonus is a transferable bonus in a real forex live account (as opposed to a demo account) that is issued by forex brokers to beginner forex traders who are just getting their feet wet in the trading world without forcing them to make any additional deposits.
Free bonuses are an excellent opportunity for traders to become familiar with the Forex market, as well as the emotions and pressure that come with trading with real funds. Bonuses that do not require a deposit are an excellent way to get started trading without the danger of losing money.
The Forex No Deposit Bonus is one of the most common and popular forms of welcome bonuses offered by most Forex Brokers across the world, and it is available to all new customers.
As already noted, this is because a No Deposit Bonus does not necessitate the deposit of any funds, it is unnecessary to be concerned about putting any of your own money in danger in order to trade in the Forex market.
If you compare it to a Deposit bonus, a No Deposit bonus is significantly less, and it normally ranges between R150 and R1500.
It is widely considered to be the finest Forex bonus type because of its logical nature: you are not risking or investing anything, yet you may still trade and win if you follow the rules of the game.
In the case that you lose money while using the no deposit bonus, you will not actually lose anything, and you will not be required to pay anything to the . It must e noted that no deposit bonuses are non-withdrawable and therefore only allow you to open trades without depositing.
In contrast, if you are unsuccessful, you will not be required to reimburse the broker for the funds he gave. Simply open a forex trading account and take advantage of the risk-free trading experience provided by a reputable broker.
Who should use a Forex No Deposit Bonus
Due to the fact that you can actually receive real money into your account, the Forex No Deposit Bonus is a great fit for almost every individual. Below, we’ve identified some of the categories of traders that stand to benefit the most from a Forex No Deposit Bonus program:
- Beginner traders: A rookie trader with little or no expertise in live trading can take advantage of no deposit bonus offers on FX trading.
Because there is no risk of losing money, making their first move into the market will be less difficult. Furthermore, maintaining consistent performance with a bonus trading account might assist in the development of a professional trading career.
- Traders who have recently suffered losses: You should never see the loss of your trading account as a catastrophe. Obtaining a forex bonus without making a deposit may persuade you to reconsider your decision to start afresh.
The most significant advantage of a no deposit bonus is that it provides you with a second opportunity to establish yourself on the market, despite the fact that it is limited in terms of amount and application.
- Traders using several accounts: If you have previous expertise trading numerous forex accounts, you could potentially boost your profits by adding a bonus trading account to your portfolio of accounts.
Generally speaking, there are no restrictions on the number of bonus trading accounts that a trader is permitted to have at any given time. So you have the option of participating in many no deposit bonus campaigns in order to increase your trading credibility.
Understanding the Forex Deposit Bonus
If you’re thinking about signing up with a new Forex broker, it’s often the case that you’ll be rewarded for your business. A Forex deposit bonus is the most common name for this type of compensation.
A deposit bonus promotion can be applied to beginners and experienced traders when a deposit is made.
Deposits are always required in order to receive a bonus like this.
To receive a Forex deposit bonus, you must first deposit money into your trading account. As soon as the transaction has been completed, the bonus is received, no matter how many times you deposit in the future. Read your broker’s T&Cs as there might be a minimum number of lots required to trade before you can withdraw the bonus amount.
When you make a deposit, you receive a bonus equal to a percentage of the amount you put in. In most cases, the deposit percentage sums are between 20% and 100%.
Typically, a Forex deposit bonus of 100% is only granted to novices, which implies that it is only available to those who are just starting out on the platform.
Between 20% and 50% are typical Forex deposit bonuses for new traders. If your Forex bonus is 100% and your deposit is R1000 you will receive a credit of R2000 to your account following the financial transaction.
Categories of Forex Deposit Bonuses
There are three major types of Forex Deposit Bonuses, as outlined below:
- First Forex Deposit Bonus: This may only be obtained by registering for a live trading account on the website. If you want to trade, you’ll need to verify that your country is not restricted on the website. Open an account by entering your personal information and selecting a currency and a deposit method. Bonuses can only be claimed after making a deposit. You can’t use it again once you’ve used it.
- Next Deposit Bonus: You may expect to see this type of promotion on a frequent basis, as it gives you benefits for every subsequent deposit. The bonus you receive will be determined by the amount of money you deposit into your account.
- Regular Deposit Bonus: Customers who have been active on the platform for an extended length of time are eligible for this perk. These customers are given bigger Forex deposit bonuses as a reward for their long-term commitment.
How to choose the best Forex bonus
When it comes to choosing a deposit or no deposit bonus in Forex, personal preference is the most important consideration. Traders can, however, follow a few rules while selecting a Forex bonus.
Consider the overall trading conditions offered
The trading platform and financial instruments, among other things, should be thoroughly examined. This is one of the most important aspects to consider when choosing a broker.
Read the terms and conditions
Traders need to thoroughly review the terms and conditions before making a decision. The Forex no deposit bonus, for example, is a choice for certain traders. Brokers who require customers to make a deposit before they can withdraw funds are not the best choice in certain situations.
Check broker reviews
Read the reviews on Forex broker review websites before signing up with a Forex broker. Traders can use this information to make an informed choice about a broker. Traders should keep in mind the potential negatives of a Forex no deposit bonus while reading broker reviews.
It would be a disadvantage if traders were restricted from making transactions and trades freely, if the withdrawal methods were not tailored to the specificities and preferences of the traders, or if the trading platform was not acceptable for the trader.
Shop around before making a decision
While a modest Forex no deposit bonus is offered by many brokerages, there may be other benefits and incentives in the near future when signing up with them. Deposit bonuses and no deposit incentives may be offered by some brokers at the same time.
It is good to compare different Forex bonuses from a variety of brokers before deciding on the best option for you.
Best Bonuses offered by Forex brokers
There are a variety of excellent bonuses offered by Forex brokers on the market today. Khwezi Trade provides traders with a selection of bonuses that can be used in tandem with leverage to boost their profits without increasing their risk.
The bonuses offered by Khwezi Trade are detailed in the table below.
|Bonus||Leverage||Margin||Deposit||Buying Power||Effective Leverage
A Forex bonus is offered by many brokers to allow both new and existing customers to boost their buying power and tradeable funds.