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8 Best No Deposit Bonus Forex Brokers for 2024

Looking for top forex brokers offering no deposit bonus and other bonuses? Based on our hands-on analysis, we’ve identified 8 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Aviva Gurevich
Updated: Mar 21, 2024

List of Top Forex Brokers Offering No Deposit and Other Bonuses

Best brokers for US traders

Plus500 US - Best Overall in the US
Easy to download and navigate proprietary futures trading app. Multiple futures markets available to trade. Wide range of futures contracts: mini, micro, and standard. Extensive Futures Trading Academy educational materials.

OANDA US - Best Trading Platforms in the US
Trade from MT4, OANDA Web, TradingView, MotiveWave and MultiCharts. 68 forex pairs covering major, minor, and exotics. Cryptocurrency trading through a partnership with Paxos iBit Exchange. Cash rebates on Elite Trader Program.

eToro - Best Account Types in the US
Stock and ETF Investing Accounts. CopyTrader Cryptocurrency Accounts. Options Trading Accounts. Access eToro’s ready-made Smart Portfolios. Zero commission stock investing.

Best brokers for international traders

Tickmill - Best Overall
$30 Welcome Account no-deposit bonus. Multiple account types, including commission-free. Trading signals from Autochartist and Signal Centre. Copy trading plugins.

FXGT.com - Best Account Offering
Diverse account types. No minimum deposit requirement. Advanced trading toolkit for MT5 platform. Reliable customer support.

IronFX - Best MT4
7 STP and ECN trading accounts. 290 tradable instruments. MT4 plugins, including PMAM, Trader Copier, and Trading Central. Extensive IronFX Trading Academy resources.

OCTA - Best Low Spreads
Competitive spreads with zero swap fees. Multiple trading platforms, including MT4, MT5, OctaTrader web and mobile. Copy Trading options available.

AvaTrade - Best for Beginners
Extensive article and video trading courses in the AvaTrade Education section. Detailed platform video tutorials for MT4, MT5, Ava Web Trader, AvaSocial, and AvaOptions apps. AvaProtect risk management hedging tool. Commission-free trading accounts.

Is a Broker Offering a No-Deposit and Other Bonuses Right for You?

Choosing a broker offering a bonus, such as a no-deposit bonus, is an excellent way to start trading risk-free. It is also a perfect way to test-drive a broker’s products and services with real money and low risk. But there are other bonuses a broker may offer that can be helpful.

For example, a broker may offer a welcome bonus by matching your deposit. If you fund an account with $100, they will top it up another $100, so you can trade an account with $200. This is another excellent way to earn more if you have low funds. Other bonuses may include a refer-a-friend fee, trading contests to win a sizeable trading account, or cash rebates from your trading activity.

Unfortunately, not all forex brokers will offer bonuses. In fact, due to regulatory restrictions, traders based in the European Union, United Kingdom, and Australia are unlikely to be offered any type of bonuses.

For the rest of the world, our team of analysts has identified the best forex brokers offering a no deposit and other bonuses for this year. These brokers have been selected using our proprietary broker rating system, which analyzes over 250 data points across nine core categories.

How did FXEmpire select the Best Forex Brokers offering a no-deposit bonus?

FXEmpire's Methodology

  • We only selected brokers with a high overall score from our proprietary rating system, which analyzes 250 data points across nine core categories.
  • We checked the availability of no-deposit and other forex bonuses with each broker.
  • We verified the regulatory licenses for each of the jurisdictions the broker operates.
  • We opened live trading accounts to test the brokers’ live spreads for competitiveness.
  • We tested the trading platforms to ensure they are user-friendly and feature-rich.
  • We assessed the number of tradable instruments to ensure a diverse range of markets is available for trading.
  • We interacted with customer support to evaluate the ease of access and the helpfulness of the service.
  • We explored the different account types to ensure there are suitable options for both beginner and advanced traders.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers offering no deposit and other trading bonuses for this year. Here’s how we test.

Now let’s explore the selected brokers.

Best Overall

Tickmill

4.5
Start Trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    747
  • Fees
    Low

Founded in 2014, Tickmill stands as our top overall broker. Regulated by the FSA of Seychelles, FSCA, FCA, CySEC, DFSA, and the Labuan FSA, Tickmill provides access to over 250 tradable instruments through the MT4 and MT5 trading platforms. Additionally, the broker offers an excellent selection of supplementary tools, including Autochartist and Signal Centre.

Bonus Features:

  • Regulators: FSA Seychelles
  • Max. Leverage: 1:500
  • No deposit bonus amount: $30
  • Bonus withdrawal: No
  • Tradable instruments: 250+ forex, indices, commodities, stocks, cryptos
  • Trading Platforms: MT4, MT5, Tickmill mobile app
  • Other bonuses:$30 Welcome Account, Trader of the Month $1,000 prize, Predict NFP Price $500 prize, IB Contest $120,000 prize, Cash rebates of $2 per lot

Tickmill offers a no-deposit bonus through its Welcome Account. Simply by registering, Tickmill will credit $30 to your account. This bonus is available for trading for 60 days but cannot be withdrawn or transferred. However, profits from the bonus — ranging from $30 to a maximum of $100 — can be transferred from the Welcome Account to Tickmill’s client wallet. Other bonuses include cash prizes and – the one I find most interesting – cash rebates of $2 per lot on the Classic Account. The more you trade, the higher the cash rebates you receive, which is an excellent way to boost overall profitability.

In addition to the 250 tradable instruments available on the MT4, MT5, and Tickmill mobile trading app, there is an excellent range of additional trading tools. These tools include Autochartist, Signal Centre, copy trading via Pelican Trading, Traders Club, Advanced Trading Toolkits, and more. Signal Centre is an exciting option for traders as it offers real-time trading signals and ideas from an FCA-regulated signal provider.

During our live fee test on the Classic Account, I found the spread for EUR/USD averaged 1.6 pips during peak trading hours in the London and New York sessions. This exceeds the industry average of 1.0 pips for a commission-free trading account. The Pro Account provides access to lower spreads, starting from 0.0 pips, and charges a commission of $2 per lot per side, offering a competitive rate compared to the industry standard of $3.50.

Pros
  • 3 different account types.
  • Multiple bonuses and promotions.
  • Autochartist, Signal Centre trading signals.
  • Copy trading via Pelican Trading and Tickmill Social.
Cons
  • Number of tradable instruments is not as large as some brokers.
Tickmill Review

Best Account Offering

FXGT.com

4
Start Trading
CFDs are complex instruments and carry a high level of risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether trading is appropriate for you. You should not invest money that you cannot afford to lose. Leveraged products may not be suitable for everyone and may result in loss of all your capital.
  • Min Deposit
    $5
  • Tradable Instruments
    130
  • Fees
    High

Established in 2019, FXGT.com is based in Seychelles and operates under three distinct entities catering to clients globally. The broker provides a diverse portfolio of over 150 instruments, spanning various asset classes. Notably, it includes unique offerings such as NFTs and synthetic cryptocurrencies.

Bonus Features:

  • Regulators: FSA Seychelles, FSCA, VFSC (all crypto activity is unlicensed)
  • Max. Leverage: 1:1000
  • Deposit bonus amount: 50%, on your first deposit
  • Bonus withdrawal: No
  • Tradable instruments: 150+ forex, indices, commodities, stocks, cryptos, synthetic cryptos, NFTs, DeFi tokens
  • Trading Platforms: MT4, MT5
  • Other bonuses: 25% unlimited loyalty bonus, 30 USD no deposit bonus

FXGT offers a 50% welcome bonus on your first (single) deposit. The maximum bonus value is $500 and only profits earned can be withdrawn. The broker also offers a 25% unlimited loyalty bonus. This provides a 25% bonus for every deposit made. The offer will reset to zero once the $10,000 limit has been exhausted, provided there is a cumulative 40 lots of trading volume. Some regions are also offered a $30 no-deposit bonus in which profits can be withdrawn after a trading volume of at least 2 lots.

One of the standout features for FXGT is the range of tradable crypto products. This includes all the major and well-known crypto CFDs, such as Bitcoin, Ethereum, and Litecoin, as well as a unique product called synthetic cryptos created by the broker. These are cryptos paired against traditional commodities, stocks, and indices. Pairs include BTC/APL (Bitcoin vs Apple) and BTC/NAS (Bitcoin vs Natural Gas). The broker also has its own GTi12 index, comprising the 12 most popular cryptos and providing a more balanced exposure to the crypto market.

During our live fee test, we found the spread for BTC/USD averaged $5.52, which beats the industry average. The full range of crypto products (cryptos, synthetics, NFTs, DeFi tokens) are only available on the FXGT Pro Account which offers zero commissions and overnight swap fees and funding options in cryptos, including BTC, ETH, USDT, ADA, and XRP.

Pros
  • Unique synthetic cryptocurrencies
  • Trade NFT and DeFi tokens
  • Advanced MT5 indicator package
  • Multiple crypto deposit options
Cons
  • Limited research and education materials
FXGT.com Review

Best MT4

IronFX

4
Start Trading
Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
  • Min Deposit
    $0
  • Tradable Instruments
    321
  • Fees
    Medium

Founded in 2010, IronFX is regulated by the UK FCA, CySEC, and the FSCA. It also includes an unregulated entity in Bermuda, which is notably the only one offering a no-deposit bonus. More than 290+ tradable instruments can be traded from the MT4 platform, with additional MT4 plugins such as the Personal Multi-Account Manager (PMAM), Trade Copier, and Trading Central indicators.

Bonus Features:

  • Regulators: Unregulated
  • Max. Leverage: 1:1000
  • No deposit bonus amount: 100% Sharing Bonus
  • Bonus withdrawal: No
  • Tradable instruments: 290+ forex, indices, commodities, stocks, futures
  • Trading Platforms: MT4
  • Other bonuses: Global Trading Race $500,000 prize pool

IronFX offers a 100% Sharing Bonus from its unregulated entity based in Bermuda, Notesco Limited. This unlimited sharing bonus means that you can double your first deposit when trading. The bonus cannot be withdrawn but does last for 30 months. The top trader in each round of the Global Trading Race promotion will receive a luxury car, while the next top ten performers share in a prize pool of $500,000

More than 290 tradable instruments are available from the MT4 trading platform on PC, Mac, Web, Android, and iOS devices. The Windows PC desktop version offers the highest level of functionality, such as automated trading and access to the MetaTrader Marketplace, which has thousands of free and paid-for custom indicators and trading strategies.

The broker also offers additional MT4 plugins such as PMAM and Trader Copier. These plugins allow you to manage other people’s trading capital and have your trades copied on their accounts. The MT4 Trading Central plugin is also an excellent feature, providing access to more MT4 indicators, trading ideas, and market research.

During our live fee test on the No Commission account, I found the spread for EUR/USD during the London and New York trading sessions averaged 0.95 pips. This is better than a commission-free trading account’s industry average of 1.0 pips.

Pros
  • Multiple account types.
  • PMAM and Trader Copier MT4 plugins.
  • MT4 Trading Central plugin for trade ideas.
  • Extra suite of MT4 indicators.
Cons
  • Bonuses are only available with unregulated entity based in Bermuda.
IronFX Review

Best Low Spreads

OCTA

4.3
Start Trading
Forex margin trading involves substantial risks.
  • Min Deposit
    $25
  • Tradable Instruments
    230
  • Fees
    Low

Founded in 2011, OctaFX operates through an entity based in St. Lucia, which is unregulated, and another entity regulated by CySEC. The broker offers competitive trading fees and fast execution on the MT4 and MT5 trading platforms, providing access to over 230 tradable instruments.

Bonus Features:

  • Regulators: Unregulated
  • Max. Leverage: 1:500
  • Deposit bonus amount: 50%, applicable only to your initial deposit
  • Bonus withdrawal: Yes, but subject to minimum trading volume
  • Tradable instruments: 230+ forex, indices, commodities, stocks, cryptos
  • Trading Platforms: MT4, MT5, OctaTrader
  • Other bonuses: 4 Week MT4 Demo Contest $500 prize, Trade & Win Gifts

OctaFX offers a 50% deposit bonus on the funds you deposit when opening a new account. Traders need to deposit at least $50 to qualify. The bonus amount is locked until a minimum trading volume is reached (the bonus amount divided by two in standard lots), after which it is credited to the trader’s balance. The broker also runs a 4-week MT4 Demo Contest, with the 1st place winner receiving $500, 2nd place $200, and 3rd place $100.

During our live fee test, I found the spread for EUR/USD during the most active trading times in the London and New York sessions averaged 0.9 pips. This is better than the industry average of 1.0 pips for a commission-free trading account. Interestingly, there are no overnight swap fees, which is uncommon for a non-Islamic swap-free account.

OctaFX provides access to more than 230 tradable instruments, including forex, indices, commodities, stocks, and cryptocurrencies, available through the MT5, MT4, and OctaTrader platforms. The range of instruments may differ based on the account type, but each offers commission-free trading.

Pros
  • Competitive trading fees.
  • Multiple trading platforms.
  • Video education courses.
  • Copy trading app.
Cons
  • Bonuses and promotions are only available with unregulated entity based in St. Lucia.
OCTA Review

Best for Beginners

AvaTrade

4.6
Start Trading
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

Founded in 2006, AvaTrade is an excellent option for beginner traders. Regulated by the CBI, ASIC, FSCA, ISA, CySEC, FSC BVI, and FSA Japan, AvaTrade offers a fantastic range of educational courses and risk management tools for beginners.

Bonus Features:

  • Regulators: FSC BVI, FSCA
  • Max. Leverage: 1:400
  • Deposit bonus amount: 20%, applicable only to your initial deposit
  • Bonus withdrawal: Yes, subject to minimum trading volume
  • Tradable instruments: 1,250+ forex, indices, commodities, stocks, cryptos
  • Trading Platforms: MT4, MT5, Ava Web Trader, AvaTradeGo, AvaOptions
  • Other bonuses: Refer a friend

AvaTrade offers a 20% deposit bonus to new clients on deposits of at least $200. This bonus is applicable to accounts with a base currency of USD, EUR, GBP, or AUD. To withdraw the bonus, traders must achieve a minimum trading volume of 20,000 units of the account’s base currency for every $1 of the bonus within a six-month period. The broker also offers a cash credit if you refer a friend. If the referred friend’s first deposit is between $500 and $2,000, you receive a $50 cash credit. The higher the deposit, the greater the cash credit.

During our live fee test, I found that the spread for EUR/USD during the most active trading times in the London and New York trading sessions averaged 0.9 pips. This is more competitive than the industry average of 1.0 pip for a commission-free trading account. Beginner traders may appreciate the AvaProtect risk management tool, which allows for covering losses by paying an upfront premium, effectively acting as a hedge.

Additionally, AvaTrade offers a comprehensive array of educational articles and videos in its Education section. This includes courses on Position Trading, Swing Trading, Day Trading, Short Selling, Copy Trading, and many more. The range of platform video tutorials is also impressive, covering MT4, MT5, Ava Web Trader, AvaSocial, AvaOptions, and the AvaProtect risk management tool.

Pros
  • 1,250+ tradable instruments.
  • Wide range of trading platforms.
  • Extensive trading articles and video courses.
  • Platform video tutorials.
Cons
  • A charge of $50 applies if there is no account activity for 3 months.
AvaTrade Review

Best Overall in the US

Plus500 US

4.4
Start Trading
Trading with leverage comes with a high risk and may not be suitable for everyone.
  • Min Deposit
    $100
  • Tradable Instruments
    52
  • Fees
    Low

Founded in 2008, Plus500 is listed on the London Stock Exchange. It launched its US Futures Trading App in 2022 exclusively for US residents. The broker provides a wide range of futures instruments with zero platform fees and multiple contract sizes.

Bonus Features:

  • Regulators: CFTC, NFA
  • Margin Requirement: $2,250 per contract
  • Deposit bonus amount: $20 – $200, depending on your initial deposit
  • Bonus withdrawal: No
  • Tradable instruments: Futures on forex, metals, energy, agriculture, interest rates, equity indices, crypto
  • Trading Platforms: Plus500 Futures Web Trader and Futures App

Plus500 US provides a specific bonus amount based on a new client’s initial deposit. A minimum deposit of $100 yields a $20 bonus, while a minimum deposit of $10,000 grants a $200 bonus. The bonus can only be used to offset commissions and fees.

The Plus500 Futures Trading App features a robust selection of mini, micro, and standard futures contracts across various markets, including forex, cryptocurrencies, metals, commodities, energies, interest rates, and equity indices. I discovered there are zero platform fees and zero market data fees. Additionally, the Plus500 Futures Trading Academy offers an outstanding range of educational materials and courses that are highly beneficial.

Pros
  • Easy-to-use futures trading app.
  • Zero platform fees.
  • Free real-time data.
  • Wide range of futures markets.
Cons
  • High margin requirements for some standard contracts.
Plus500 US Review

Best Trading Platforms in the US

OANDA US

4.3
Start Trading
OANDA corporation is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets.
  • Min Deposit
    $0
  • Tradable Instruments
    77
  • Fees
    Medium

Founded in 1996, OANDA is an award-winning broker regulated by multiple top-tier regulators. The broker is a sponsor of the New York Red Bulls and provides services to both retail and corporate clients. US traders have access to 68 forex pairs through an excellent range of feature-rich trading platforms.

Bonus Features:

  • Regulators: CFTC, NFA
  • Max. Leverage: 1:50
  • Deposit bonus amount: Up to $10,000
  • Bonus withdrawal: Yes
  • Tradable instruments: Forex, Metals, Cryptocurrencies
  • Trading Platforms: MT4, OANDA Web, TradingView, MotiveWave, MultiCharts

OANDA offers a welcome bonus of up to $10,000. To qualify for the Tier-1 bonus, clients must deposit at least $1,500 and maintain this balance for the first 60 days. Once the minimum trade volume requirement of $100,000 is met, the Tier-1 bonus is $500. The Tier-2 bonus requires a $50,000 minimum deposit and a trade volume of $50 million to trigger a $10,000 welcome bonus.

The broker provides an excellent range of top trading platforms suitable for beginners, professionals, and algorithmic traders. The MT4, MotiveWave, and MultiCharts platforms are designed for advanced traders and include features such as automated trading and backtesting capabilities. TradingView is a social trading platform with over 50 million active monthly users, offering trade ideas and excellent charting capabilities.

I found the award-winning OANDA Web platform fantastic for all types of traders, including innovative tools such as market depth, order book flow, position ratios, and a news aggregator. In our live fee test, the spread for EUR/USD averaged 1.45 pips, which is higher than the industry average of 1.0 pips for a zero-commission trading account.

Pros
  • 5 trading platforms available.
  • Commission-free trading accounts.
  • Elite Trader Program for cash rebates.
  • News aggregator in OANDA Web platform.
Cons
  • Some of the trading platforms may overwhelm beginners.
OANDA US Review

Best Account Types in the US

eToro

4.3
Start Trading
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk
  • Min Deposit
    $50
  • Tradable Instruments
    3705
  • Fees
    High

Founded in 2007, eToro has grown to become one of the largest brokers in the world, boasting over 30 million members across 140 countries. Regulated by multiple top-tier authorities, eToro offers accounts for investing in stocks, ETFs, cryptocurrencies, and options.

Bonus Features:

  • Regulators: CFTC, NFA
  • Max. Leverage: 1:1
  • Deposit bonus amount: $30
  • Bonus withdrawal: Yes
  • Tradable instruments: Stocks, ETFs, Cryptos, Options
  • Trading Platforms: eToro Web, eToro Options App

eToro offers a Refer a Friend bonus for US traders. To qualify, the referred friend must be a new eToro client residing in the US. Once they deposit $100 into their account, both you and your friend will receive a $30 bonus. The eToro Options App also provides rewards for making your first deposit, referring a friend, and trading options contracts. Each point is equivalent to one cent, and points can be redeemed for cash at the start of each month.

I found that the broker provides an excellent range of account types for US traders. This includes a stock investing account with 0% commission on 2,079 stocks. Cryptocurrency traders can open accounts to buy 80 cryptocurrencies and use the eToro Money Crypto Wallet to store them securely. For those interested in options trading, the eToro Options App offers zero commission and contract fees, and you can earn 4.9% on your cash balance.

One of the most popular aspects of eToro is the CopyTrader product. This enables you to view the performance of other cryptocurrency traders and copy their trades onto your account, helping to diversify your capital. You can also join the Popular Investor Program to have other traders copy you and try to build another income stream from your copy earnings.

Pros
  • 0% stock investing.
  • eToro Options App.
  • CopyTrader product for crypto.
  • Feature-rich trading platform.
Cons
  • No leveraged forex pairs to trade on.
eToro Review

How to Choose the Best Forex Broker Offering No Deposit Bonus?

Here is a quick guide on how to choose the best broker offering a no-deposit bonus.

1. Is the broker well-regulated?

When choosing a broker, it is important to assess how safe they are to trade with. Trading with a regulated broker ensures a higher level of safety for your funds, as these brokers must adhere to strict regulatory standards and laws.

However, not all regulated brokers are the same. In our broker rating reviews, regulators are categorized into three tiers:

  • Tier-1 regulators consist of well-known financial authorities like the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and others.
  • Tier-2 regulators are less renowned but maintain high standards, such as the Dubai Financial Services Authority (DFSA) and the Financial Markets Authority of New Zealand (FMA), among others.
  • Tier-3 regulators are typically from more offshore-oriented countries, including the Vanuatu Financial Services Commission (VFSC) and the Securities Commission of the Bahamas (SCB), among others.

Tier-1 regulators provide the highest level of investor protection. For instance, brokers regulated by the UK FCA, IIROC, CySEC, and ASIC are mandated to segregate client funds from their operational capital and offer negative balance protection to prevent accounts from going below zero. Furthermore, the FCA, IIROC, and CySEC require brokers under their regulation to be part of compensation schemes to safeguard client funds in the event of broker insolvency.

Tier-1 regulators ban brokers from offering promotions to their clients in order to prevent untrained individuals from being incentivized to trade in professional markets. As a result, most brokers that offer a deposit bonus tend to be based offshore.

Many unregulated brokers will offer bonuses and promotions as they do not need to abide by any rules or regulations. Stay clear of unregulated brokers, as they offer very few investor protections. If they decide to steal your capital, there are no legal avenues to reclaim it.

To verify a broker’s regulatory status, review their legal terms and conditions and search for their registration on the regulator’s website in the country of their operation. Read more about best regulated forex brokers in our comprehensive guide.

2. Are the fees transparent and competitive?

There are a variety of fees to take into consideration when choosing a forex broker to trade with:

  • Spread: The difference between the buy and sell prices of an instrument. See our guides on the best zero spread and best lowest spread forex brokers.
  • Commission: A fee for buying or selling.
  • Overnight or swap fee: The expense of maintaining a leveraged position overnight. Find the list of the lowest swap brokers in our detailed guide.
  • Payments: Fees linked to depositing or withdrawing funds.
  • Inactivity: Charges incurred after a specific period of no trading activity.

While brokers aim to maximize their fees, your preference will naturally lie in selecting a broker with the lowest fees. You can confirm a broker’s fee structure by reviewing their fee page on the website or by contacting customer support.

3. Which account type is best?

While some brokers may present a wide array of account types, they can typically be classified as either commission-free or commission-based:

  • A commission-free trading account involves zero charges for buying or selling but might entail higher spreads.
  • A commission-based trading account charges a fee for each trade but usually offers lower spreads.

Which account type is preferable?

For a beginner trader, a commission-free trading account could be preferred as most costs are covered within the spread, thereby reducing the need for multiple risk management decisions.

Conversely, an experienced short-term trader might favor a commission-based account with lower spreads for executing trades at more precise market levels. A broker will typically offer the use of a demo account, allowing you to test which account type is most suitable for you.

4. How much leverage is available?

Selecting the appropriate leverage in forex trading is important as it magnifies both your potential gains and losses. Leverage empowers you to control a larger position size with a small initial deposit.

Tier-1 regulators such as the FCA, CySEC, ASIC, and IIROC restrict retail forex leverage to 1:30, enabling control of a $30 position with only $1 from your account. However, brokers offering a deposit bonus will generally be based offshore and will likely offer notably higher leverage.

As these brokers operate with fewer regulations, a cautious approach is necessary. While leverages such as 1:1000 or 1:3000 might appear attractive, they come with increased risks. Your profits and losses are calculated from the total trade value, not just the initial deposit.

If there is insufficient capital to maintain the total trade value, the broker will issue a margin call. In this instance, the broker will automatically close your positions, resulting in unforeseen losses. Protect your trading capital and ensure a sustainable trading career by adhering to sound risk management practices.

For traders seeking high-leverage options, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

5. What trading platforms are available?

Trading platforms significantly influence your overall performance. The platform should be easy to use and offer a diverse range of charting tools and market research capabilities. Below are several common trading platforms provided by brokers:

  • MetaTrader 4: Recognized as the primary forex trading platform, it boasts excellent charting features, technical analysis tools, and automated trading functionalities.
  • MetaTrader 5: An updated version of MT4, offering a wider array of indicators, timeframes, and market coverage.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

  • cTrader: Tailored specifically for high-frequency traders and scalpers, offering specialized tools for their trading strategies. Read more about best cTrader brokers.
  • TradingView: A browser-based social trading platform offering advanced research tools and access to global markets. See our detailed list on the best TradingView brokers.
  • In-House Proprietary Software: Some brokers may opt to invest in their proprietary trading software, offering unique features developed in-house.

For me, it’s preferable to trade with a broker that provides multiple platforms accessible on different devices. In case one platform or device experiences downtime, I can seamlessly continue trading from an alternate device, ensuring consistent management of my account.

One effective method might be to test each trading platform through a demo account. This approach is useful in identifying the ideal trading platform for your needs. You can also check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a CFD broker?

Here are several red flags to avoid when choosing a CFD broker:

  • Unregulated Brokers: Dealing with unregulated brokers poses a huge risk as there are no established rules or oversight governing the broker’s actions, leaving your trading capital unprotected in cases of theft or bankruptcy.
  • Lack of Transparency: Difficulty in accessing a broker’s regulatory status or clear information about trading fees signals a significant warning. Trustworthy, well-regulated brokers with fair fees will want to show this information to you as it’s a major selling point for them.
  • Absence of Physical Presence: Brokers without established offices in recognized, well-established regions may not be the most reliable choice.
  • Unrealistic Profit Claims: Brokers who make exaggerated promises of significant profits are most likely not regulated and should be avoided.

How to avoid forex and CFD scams?

Regrettably, there are many scams in the forex and CFD industry. Here are some considerations to help avoid them:

  • Trade solely with brokers regulated by established financial authorities and confirm their licenses through the official regulator’s website.
  • Ensure the broker operates from a physical office in a region governed by a robust, reputable regulatory framework.
  • Confirm the availability of live customer support to assist with any issues.
  • Perform a background check by reviewing online news articles and broker reviews.
  • Opt for payment methods for deposits and withdrawals you are already familiar with.
  • Scrutinize the broker’s terms and conditions before making any commitments.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

To identify the best no-deposit forex brokers, we evaluate them using our proprietary rating system, which involves analyzing 250 data points across nine core categories. These categories include:

  • Trustworthiness: We verify a broker’s authorizations by cross-checking their operational license and regulatory standing with the respective governing body in the jurisdiction they operate.
  • Fees: We assess a broker’s trading fees for competitiveness against industry averages by opening up live trading accounts to observe their spreads firsthand.
  • Trading platform and tools: We explore each of the broker’s trading platforms and assess them for their usability, features, and tools.
  • Tradable instruments: We examine the number of tradable instruments each broker offers to ensure a broad range of markets are available to trade on.
  • Customer support: We engage with the customer support team through different channels to test the ease of access, knowledge, and helpfulness.
  • Payment methods: We explore all of the different payment methods to check that there are diverse methods and what their fees and processing times are.
  • Account types: We investigate the different elements of each account type and check their execution methods, minimum deposits, and any additional features.
  • Research and education: We thoroughly review the quality and depth of a broker’s research and educational materials provided to clients.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this guide, we also ensured each broker offers a deposit bonus option, as well as other promotional offerings.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

FAQ

A no deposit forex bonus is a bonus payment added to a trader’s account by the broker. This bonus capital can be used to start trading without requiring any deposit from the trader.
No deposit bonuses are not available in the EU, UK, and Australia due to regulatory restrictions.
Typically, there are no hidden fees associated with no-deposit bonuses. However, there are certain terms and conditions that must be met to access them.
Some brokers do allow you the withdrawal of a no-deposit bonus, while others do not. If a broker does allow withdrawal, it is typically subject to certain conditions, such as achieving a minimum trading volume.
Most brokers will allow you to use a no deposit bonus to trade all asset classes, while some may restrict it to just forex instruments.
Tickmill is a broker providing a no deposit bonus.
Tickmill is a forex broker that provides a deposit bonus of $30 from its Welcome Account.
AvaTrade is a good option for beginner traders due to its extensive educational materials. While the broker does not offer a no deposit bonus, it will provide a 20% bonus for the funds you deposit first.
Negative balance protection in forex trading is a policy in which your broker automatically closes your trades to ensure your account does not go below zero.
To verify if your broker has negative balance protection, read the legal terms and conditions of the entity you open an account with. If it is stated, they will likely offer it.
A compensation scheme provides clients access to a fund that can help to recover deposits up to a certain amount in the event the broker goes bankrupt.
If your broker is part of a compensation scheme, it will be written in the legal terms and conditions document. If it is stated, they will likely offer it.
A segregated fund holds clients’ deposits in a separate bank account from the company’s. This ensures the broker is not using client deposits to run the business.
If your broker segregates client deposits from their own, it will be written in the legal terms and conditions document. If it is stated, they will likely offer it.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.