Top 5 Best Forex Brokers with a
No Deposit Bonus

Here is an Overview of the Top 5 Best Forex Brokers who offer a No Deposit Bonus.

Please take note: No deposit Bonusses are stated as “on offer” by these 5 chosen Forex Brokers at the time of publication.

XM Group

XM Group

Trading Bonus Amount: $30

Equivalent to: 25 EUR, 20 GBP, 25 CHF, 3000 JPY, 30 AUD, 1000 RUB, 100 PLN,7000 HUF, 40 SGD, 347 ZAR

  • No deposit required
  • Automatically credited to your account
  • All profits earned can be withdrawn
  • Available to new clients
  • Non-withdrawable bonus

The XM Group provides the entire suite of MetaTrader platforms plus over 1300 tradeable instruments.

  • The XM Group is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading. XM  is authorised and regulated by the International Financial Services Commission (IFSC) (60/354/TS/19).
  • Pricing at XM Group varies by account type. 

XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank. 

Offering of Investments

The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs. 

Commissions & Fees

The commissions and fees at XM Group is depended on the type of account used. 

Spreads: In the XM Zero account, average spreads on the EUR/USD stand at 0.1 pips (according to XM Group website data, and not including commission), compared to the commission-free Standard and Micro account, which had average spreads of 1.7 pips for the same pairs.

Commissions: Even after including the USD $3.5 per side commission ($7 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 0.8 pips (0.1 spread + 0.7 RT commission), making the XM Zero account the firm’s most competitively priced offering.

Platforms & Tools

XM Group is a MetaTrader-only broker offering the standard experience which includes both MT4 and MT5. 

XM Group’s research offering consists of:

  • Content generated by an in-house team of analysts including:
  • Daily market recaps and 
  • Technical and fundamental analysis articles and videos. 
  • An economic calendar powered by Investing.com

Trading signals: The XM Group offers its trading signals hub to live account holders but, trading signals that can be automated are currently limited to the Signals Market available within the MetaTrader platform. 

Technical analysis:  The XM Group offers Tradepedia, which provides educational Forex and CFD content.

Video news analysis:  The XM Group creates daily forex news videos with market analysis explained in a TV interview-style format.

Customer Service

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.66 / 10
  • Average Professionalism Score: 5.2 / 10
  • Overall Score: 6.7 / 10
  • Ranking: 24th out of 43 brokers
IG Markets

IG Markets

IG Markets is one of the leading provider of CFDs. A £10.000 IG Markets no deposit bonus is offered with the demo account.

IG Markets

Offers and bonuses (2020)

IG Markets coupon code

IG Markets Welcome Bonus

Up to $10,000 on demo account

Get IG Markets bonus

Others Welcome Assets

Daily news and analysis

Get IG Markets bonus

IG Markets Live Session

Free trading classes

Get IG Markets bonus

IG Markets Assets

Over 17.000 markets

Get IG Markets bonus

IG offers traders a wide-ranging list of tradeable products, outstanding trading and research tools, industry-leading education, and competitive rates.  IG is considered low-risk, and is a publicly traded company which operates a regulated bank, and is authorised by six tier-1 regulators (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). IG is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin) and the IG Group is listed on the London Stock Exchange.

Platforms & Tools

IG provides an outstanding offer of trading platforms and tools. 

Flagship platform: IG’s main trading platform is its proprietary web-based platform with usability at the centre of the experience. 

Charting: The default charts within the platform offers traders advanced functionality including the ability to add an alert on a specific indicator, with a total of 28 studies available to select.

Additional platforms:  IG offers the MetaTrader4 (MT4) platform and a L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

ProRealTime charts:   Via the ProRealTime premium charting more advanced charting with nearly 100 indicators is provided.

Mobile app features include:

  • Tools: Alerts, sentiment readings, an economic calendar, watch lists, detailed market information and a well-designed layout.
  • Charting: The charting function is loaded with 28 technical indicators and drawing tools. 
  • Research: News content and signals from AutoChartist.
  • MetaTrader: MetaTrader is also available for traders who prefer the MT4 mobile app.

IG offers traders powerful research tools, competitive spreads and over 17,000 tradeable assets.

Instaforex

InstaForex

The No Deposit Bonus from InstaForex offers beginners a great opportunity to start Forex trading. With $1000 bonus traders will be able to estimate their unmatched quality of order execution in real trading conditions without running any risk. The No Deposit bonus is automatically credited once requested and is available for trading straight away. 

  • Trusted broker with 12 years of experience
  • 7,000,000+ clients are already with us
  • Easy and quick deposits and withdrawals from account
  • 400+ trading instruments
  • Order execution speed from 0.05 seconds
  • Fixed spreads with no hidden commissions
  • Leverage up to 1:1,000
  • 24/7 client support

InstaForex user likes and dislikes:

Likes

Dislikes

InstaForex TV videos are cleanly recorded, consistently delivered, and the broker’s in-house market commentary is relevant and timely

Default MetaTrader platform offered with no premium features

 

While InstaForex is authorised by the FCA, it is not regulated by the FCA

Instaforex is considered high-risk and is not publicly traded and does not operate a bank. Instaforex is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). Instaforex is regulated by the Cyprus Securities and Exchange Commission (CySEC) with 266/15 license number.

 InstaForex is a MetaTrader4-only broker – offering the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web. 

  • InstaForex features only the default functionality
  • No other third-party platforms or plugins provided to traders

iOS and Android versions of the MetaTrader 4 mobile app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.

Windsor Brokers

Windsor Brokers

Available to: New clients only.

Bonus: $30 account, no deposit required.

To get: Open account and fully verify it. 

This promotion is available ONLY to non-live account holders and once a new traders $30 FREE Account is approved, it will be credited with $30 trading credit.

Windsor Brokers is a forex trading services broker which was established in 1988, regulated by CySec, authorized by the in the UK, registered with the ACPR (France) & BaFin (Germany) and is MiFid compliant, and offers traders access to a wide variety of instruments in several different markets including currencies and indices. For commodity traders, Windsor Brokers offer a range of energies, metals and agricultures.

Pros

Cons

Segregates client funds

Doesn’t offer VPS 

Established in 2005

Limited range of instruments

Regulated by CySEC

Not FCA Regulated 

Min. deposit from $100

 

Windsor Brokers offer two ways to trade: Forex, Social Trading plus a variety of over 100 instruments and over 15 currency pairs on offer.

xtb best broker

XTB

Available to: New clients.

Bonus: $30 / $40 account, no deposit required.

XTB is a trusted multi-asset broker regulated in several major financial centres and provides a well-rounded, competitive offering including excellent customer service and the xStation 5 trading platform.  XTB was founded in 2002 and is publicly-traded and regulated in one tier-1 jurisdiction, making it a low-risk broker for forex and CFDs trading. XTB is regulated by several financial authorities worldwide, including the UK’s Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF) and is the top choice for 230,000+ Forex traders globally.  Traders will be happy to know this trader offers no deposit bonuses on occasion – which range between $30 and $40.

XTB offers beginner-traders a well-organized and clear education section in the form of written and video materials plus excellent trading platform tutorials.

XTB education materials include:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Quality eBooks and educational articles

Feature

XTB

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

49

CFDs – Total Offered

1894

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

XTB offers traders a Standard (for UK and Ireland residents only) and a commission-based Pro account and each account will come with its own execution method and spread model, in terms of commissions and fees.  The xStation 5 is the primary platform offering alongside the full MetaTrader 4 suite. Since xStation 5 does not support automated trading, MT4 must be used. A Mobile trading option is also on offer.

Why is a No Deposit Bonus beneficial to a Trader?

The three main benefits, when it comes to a No Deposit Bonus for traders, are as follows. 

  • A No Deposit Bonus gives beginner trader the opportunity and the chance to experience a Forex broker’s platform and to understand the structure and the inner-workings of a Forex broker before “risking” their own money.
  • The second benefit of a Forex No Deposit Bonus is that traders will be able to put their trading skills to the test in real time and conditions, honing and enhancing their proficiency in trading in order to become an experienced trader.
  • The third benefit of a Forex No Deposit Bonus is that traders will have the ability to trade risk-free without the usual fear and anxiety about losing investments and funds. 

What should a Trader look for in a No Deposit Bonus broker?

There are two main ways a trader can evaluate a Forex Brokerage firm and its validation for the no deposit bonus.  Firstly – Is the reputation of the broker trustworthy? Traders can follow up by looking at reviews of the company. Many reviews will be honest and straightforward, telling traders everything they will need to know before opening a live account. Reviews will help traders to identify the good brokers, from the bad, and answer all questions traders may have.

Secondly – is the Broker regulated?  Does the broker abide by and are they aligned with any secure, legal procedure? Most traders will look for a brokerage firm which is validated and authorized by some form of financial authority. 

Unfortunately, there is no central financial authority that supervises the Forex market, but there are reputable financial authorities as can be seen with our Top 5 choices. These financial authorities include: US Commodity Futures Trading Commission (CFTC), US National Futures Association (NFA), UK Financial Services Authority (FCA), E.U.’s Markets in Financial Instruments Directive (MiFID), etc.

What should a Trader check for when choosing a No Deposit Bonus?

Step one to follow when choosing a No Deposit Bonus is to find out whether the bonus is regulated and whether it is authorized to offer services in the local residence.  When deciding on a Forex No Deposit Bonus, traders should take a careful look at the terms and conditions of the bonus. By reading the terms and conditions, a trader will gain a more cautious understanding of all the financial transactions that follows the bonus, avoiding any surprises or hidden fees.

A trader needs to fully understand the broker’s requirements for withdrawing any potential profits. By finding out the broker’s requirements for withdrawing any potential profits, there is a level of transparency between the trader and the broker.

The final step is for traders to familiarize themselves with the required documents and procedures for verifying their account. This will allow the trader to have an in-depth understanding of the importance of account verification and identification, which will in turn protect their privacy.

Is the No deposit bonus Real or Fake?

Traders must be aware that there are unfortunately many fake Forex No Deposit Bonus websites out there, since it is a tactic for brokers to attract more attention. Whether a Forex No Deposit Bonus is real or fake can be established through taking a look at various factors.

The first factor is as easy as looking at the broker’s main website and seeing how legitimate the Broker is through the design of their website. If the broker is valid, then the structure of the website would be designed carefully and intricately and the name of the website should also be aligned with the brokerage company’s brand. Most fake brokers have complicated and unrelated names coupled with a questionable website design which offers no real information about the broker or their dealings.

Another factor is the the age of the broker (when they were established) and the offers they provide, as it would be considered invalid if the offer did not have a deadline. A scam brokerage firm will attempt to attract traffic to their website by providing offers that are too good to be true (and they usually are) and it would not have a specific end date.  As the old saying goes – If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck!

These factors will help traders to understand whether the broker offers them a true no deposit bonus, or if it’s just a click-bait ad or just a downright scam!

In Conclusion

Forex No Deposit Bonus is a credit bonus given by many Forex brokers to new traders, as an incentive to get them to open a live trading account. In this article we have shown traders various tips on how to choose the Forex no deposit bonus and what they need to know before they decide on the right broker which suits their individual needs.