A few days ago I received a call from one of my avid readers – Jacob. Obviously, he’s read all my trading guides to the point that he now feels like a pro Forex trader. (You can always tell if someone feels pro by how they talk).
Into our conversation, he mentioned opening a demo account with Olymp Trade – where he has traded for almost 1 month now. (That’s very commendable Jacob).
However, his calling intent wasn’t just to let me know that he loves the material which I post on this blog and to get my advice on where next after opening a new account; but to also find out if by chance there is any way he could start trading Forex without making a deposit.
I told him it is possible – and pointed him to the direction of three reputable Forex Brokers in my circle.
Jacob has since been silent which could mean, he opened an account with XM Forex (highly recommended) or whichever other broker he liked.
In fact, he could also be scalping as we speak.
***
You too could join him to start trading Forex without money!
Sign up today with either of the Forex brokers on our list.
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Types of Forex Broker Bonuses And Why You Should Take Them.
Forex has very many different types of bonuses with the same terms for all traders – across the board. This makes everything leveled for everyone – globally. Meaning, if a new FX client from Pakistan gets $123 welcome bonus; his South African peer will also get the same amount. And so will their Japanese, Congolese and Chinese peers.
The same ideal applies to all the other bonuses offered in different broker systems.
To best understand how these bonuses work, we will first define each offer.
Forex Welcome Bonus.
These are bonuses offered to traders for opening new accounts with specific brokers.
This bonus type is only offered once but may be attached to some terms which may include; identity verification, withdrawal only possible after reaching a specific trading volume or activation by actual minimum deposit.
Whatever conditions pegged to this bonus type, there is always good news and a good reason to claim it.
- Start trading without making a deposit and get real cash rewards when your forecasts are correct.
- You can use bonuses to increase your exposure in the market without meeting additional risks.
Forex Deposit Bonus
This bonus type requires that you make a real cash deposit before you can access your bonus rewards. They are often shown as percentages of the initial deposits. Often 10%, 20% 30% all through to 100%.
In Olymp Trade the deposit bonus is restricted to you making the deposit within the hour of registration. And the deposit bonus is 100%. However, if you don’t make it to deposit within the hour, you can always take advantage of other deposit bonuses that they also give on amounts higher than $30.
Note that most Forex Brokers who offer this type of bonus have some sought of restriction to trigger the bonus. Find out what it is in the terms and conditions sections before you commit.
Forex Demo Account
These are account types that don’t require you to make any deposit to begin trading. Ideally, they are virtual accounts that allow you to trade the markets but restrict you to withdraw the won money because these aren’t real cash. It is also important to note that Forex demo accounts aren’t bonuses but a way to introduce you to the market less any risks of financial loss.
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