7 Best No Deposit Bonus Forex Brokers for 2024

List of Top Forex Brokers Offering No Deposit and Other Bonuses

Best brokers for US traders

Best brokers for international traders

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?

• 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.

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.

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