Brokers With No Deposit Bonuses

Brokers with no deposit bonuses offer free trading capital when you open an account. They are used by brokerages to entice new investors while aspiring traders can use offers to test a platform before depositing funds. Yet despite the obvious appeal, no deposit bonuses can come with strict withdrawal terms and conditions. In this article, we list the top brokers with no deposit bonuses in 2024. We also explain how deals typically work, alongside common regulatory restrictions.

How No Deposit Bonuses Work

A no deposit bonus is a welcome offer that provides new clients with free capital when they register for an account. Bonuses can range from $10 up to several hundred dollars. Importantly, bonus capital can be used to speculate on a firm’s range of products and does not require any upfront capital from the client.

But while you don’t have to make a deposit to receive a bonus, there are often conditions that must be met before funds can be withdrawn. Typical requirements include trading a certain number of lots or waiting a set period, for example one month, before requesting a withdrawal. You may also need to complete account verification and provide identity documentation.

Comparing No Deposit Bonus Schemes

Brokers with no deposit bonuses offer various amounts, trading requirements and withdrawal terms. So before you sign up and start trading, take into account the following:

Bonus Size

The size of the bonus will be the key consideration for most investors. A larger bonus will mean you have more capital to spend on various markets and more opportunities to generate profits. The top brokers offer no deposit bonuses between $50 and $200 that can be used on a range of markets, from forex and stocks to cryptos.

Note, some brands offer no deposit bonuses up to several thousand dollars but these usually come with unrealistic trading conditions.

Regulatory Status

No deposit welcome bonuses are banned in the EU following the MiFID II regulation that is enforced by the European Securities and Markets Authority. Regulators essentially cracked down on misleading promotions with unfair terms and conditions. The UK Financial Conduct Authority (FCA) and the Australian Securities & Investments Commission (ASIC) also prohibit licensed brokers from offering such deals.

With this in mind, many traders in the EU and UK will need to sign up with offshore firms to claim no deposit bonus offers. Fortunately, some established brands have set up legal entities that operate outside of the reach of European regulators, for example, with headquarters in St Vincent and the Grenadines or Malaysia, among others.

Withdrawal Requirements

Brokers with no deposit bonuses often impose restrictions on how you can withdraw funds. Investors will typically have to complete a certain number of trades on particular markets, for example forex, before they can apply for a withdrawal. You may also have to turn a profit from the bonus capital before you can claim funds. In addition, traders may have to wait for a fixed period before they can withdraw cash. Finally, it is worth checking whether identity documents need to be submitted before the brokerage will process payments.

Trading Markets

You should aim to find a broker with a no deposit bonus that offers access to the markets and instruments that you want to trade. For example, if you wish to invest in the best companies in South Africa, you should find South African stock brokers with a no deposit bonus offer.

If you do not yet know what you want to trade, then finding a brokerage that offers access to a range of markets is sensible. This way you can trade anything from binary options and cryptocurrencies to forex, equities and ETFs.

Expiry

Also check whether there is a specific period in which you need to meet registration requirements or volume conditions. Fortunately, most no deposit bonus offers run for several months, however, if you sign up towards the end of the offer, you may only have a few weeks to open an account and meet volume requirements.

Age & Reputation

With many scams operating in retail trading circles, it is important to sign up with a trusted brand. The best platforms have been operating for at least two years and have strong user reviews. Unknown firms with huge no deposit bonus offers should be approached with caution – these may be scams. Importantly, we recommend signing up with regulated brokers without poor customer ratings to reduce the risk of being scammed.

Platform & Tools

No deposit bonuses are an excellent way to test a broker’s trading platforms and investing tools. For beginners, in particular, bonus capital can be used to get familiar with popular terminals like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both solutions offer customizable charts, a suite of technical indicators, free signals, copy trading and more. Bonus capital can also be used on the MetaTrader 4 mobile app at supporting firms.

MetaTrader 4

Bottom Line on Brokers With No Deposit Bonuses

Brokers with no deposit bonuses are popular with new investors. They can offer a cash injection to kickstart your trading journey. However, with often strict withdrawal terms and conditions, it is important to carefully research offers before signing up. We also recommend only using promotions offered by reputable and reliable brands.

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