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Top 5 Forex No Deposit Brokers in 2023: How to Start Trading with no Investment


Written by Senior Market Analyst Feng Zhou Feng Zhou, edited by Senior Market Analyst Stephane Dubois Stephane Dubois

First things first, allow me to explain the meaning of a Forex no deposit bonus. As the name suggests, it's a small cash bonus allocated to newly registered trading accounts without the requirement to make an initial deposit. It is a traditional promotion tool used by the selected top 5 no deposit Forex brokers as well as many others that didn’t get on this list for various reasons.

What is a Forex no deposit bonus?

Don't expect to get serious money, of course, as most such bonuses don't exceed $100, usually less. But even a modest sum like this is enough to connect with live foreign currency markets, acquire a taste for real trading, and even test one or two strategies. The key thing here is that a beginner Forex trader is allowed to make newbie mistakes without the risk of losing actual money. Therefore, a Forex no deposit bonus is more about having a safety net while learning the fundamentals rather than making serious profits.

A step-by-step guide to getting a no deposit bonus from a trusted Forex broker

Receiving the bonus in question is no more complicated than collecting a promo reward on any given online platform, whether is a Forex broker or a retail merchant. The most important thing here is to find a broker that not only offers a lucrative bonus but is also known for its trustworthiness. The history of financial markets knows many examples of when scammers baited gullible newcomers by offering enormous welcome bonuses and then disappearing into thin air with traders' personal data and the money of those who actually made a deposit.

Broker's reliability is of utmost importance

The first step is to carefully choose a Forex broker that offers the bonus. There's no point in getting involved with a provider that can't satisfy one's trading requirements in the long run. A bit of short advice on how to select a good Forex is as follows:

The bonus should be allocated to the account instantly. Some Forex brokers offer substantially larger bonuses for actually making the first deposit, even a small one of $10 - $25. For that, a new trader can receive a bonus of 3 times the initial deposit or more. But for the time being, let’s focus on the best Forex brokers with active no deposit bonuses. 

Top 5 Forex brokers that offer no deposit bonuses


InstaForex

About the broker: Established in 2007 as the InstaFintech group, InstaForex is confidently making its way to the top of the brokerage industry. The platform provides access to a variety of markets, from Forex to binary options. InstaForex offers a good selection of trading accounts: Insta.Standard and Insta.Eurica accounts as well as Cents accounts of the same type. The minimum deposit here is only $1 that can be made via bank card/wire transfer, Skrill as well as using cryptocurrencies. InstaForex is a multi-regulated Forex broker, licensed by the Financial Services Commission (FSC). The broker gives access only to the MetaTrader4 trading platform. 

InstaForex StartUp Bonus


FBS

About the broker: FBS is undoubtedly one of the top Forex brokers in Asia that boasts more than 70 international awards, including the Best Forex Broker in Asia 2020 and the Best Forex Broker Thailand 2021 & 2022. The broker received a license from the International Financial Services Commission (IFSC) and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities & Investments Commission (ASIC). It entered the industry in 2009 and gradually expanded its business network to 150 countries, now serving over 23 million Forex traders. FBS has one of the widest varieties of trading accounts, including Cent, Micro, Zero, ECN, and Crypto accounts, with minimal deposits ranging from $1 to $1000. Among the available markets are Forex (including exotic currencies), indices, precious metals, and crypto.  

FBS Level Up Bonus


FreshForex

About the broker: FreshForex began its operations in 2012 as Riston Capital Ltd. under a brokerage license acquired from the financial authority of Saint Vincent and the Grenadines. The broker has more than 280 trading instruments as 8 asset types: Forex, stocks, crypto, etc. FreshForex allows users to conduct trading using both MetaTrader 4 & 5, which is convenient. It has three account types: Classic, Market Pro, and ECN, all without minimal deposit requirements.

FreshForex No Deposit Bonus


eForex

About the broker: eForex is a broker with a solid reputation, headquartered in Tortola, British Virgin Islands. It holds a license from the British Virgin Islands Financial Services Commission (BVI FSC) and operates within the framework of the Business Companies Act of 2004. Here you can trade over 40 currency pairs and 10 CFD types with a maximum leverage of 400:1. There are 5 account types: Standard, Silver, Gold, Platinum, and Islamic, with minimum deposit requirements ranging from $200 to $2,000. But if you aren't ready to deposit just yet, eForex offers a welcome bonus for registering a new live account.

eForex Welcome Bonus


JustMarkets

About the broker: Rebranded from JustForex, JustMarkets is an award-winning broker with one of the broadest customer bases in Asia. The company, registered as Just Global Markets Ltd., operates under the Securities Dealer License issued by the Seychelles Financial Services Authority (FSA); it is regulated by the same government agency.  JustMarkets has 7 account types, all with extremely tight spreads and a leverage of up to 1:3000.

JustMarkets Welcome Bonus

Bottom line: pros and cons of Forex no deposit bonuses

To summarize, the main benefit of no deposit bonuses is that they provide a viable opportunity to learn the fundamentals of Forex trading and get acquainted with trading terminals and other features of the broker's platform without risking your own funds. Also, the advantage of using free money to trade foreign currencies, or other assets, ensures that a novice trader won't have to face psychological pressure, or even frustration, from potentially bad trades. A welcome bonus is a fine tool to hone your profit-making and risk-management skills in a no-stress mode.

The main disadvantage of no deposit bonus is that most brokers impose very strict conditions with regard to the withdrawal of profits made with the provided free money for trading Forex and other markets.

Ultimately, you would most likely have to deposit your own money to supplement the trading account in order to meet those requirements, such as trading a certain number of lots within a relatively short time. As I noted at the beginning of this top 10 no deposit brokers review, this is a part of the marketing and customer acquisition strategy with the end goal to incentivize potential users to deposit real money, the more the better. All in all, you should utilize the benefits that come with a welcome bonus, but don't view it as a free ticket to riches. 

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