In this situation, even a trading volume of 5 lots is too much. An active trading day simply means that there is at least one open and closed position for the day.
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Ahmad opened a position on day 1, but he does not close any position on that day. Instead, he closed it on day 3. What is the active trading day of Ahmad? The answer is only 1 day. It is on day 3 that he had one open position and one closed position. Based on the example above, to achieve an active trading day, we need to close at least one position a day Of course you cannot close a position without first opening it.
This requirement forces the traders to trade more; sometimes out of the compulsion of fulfilling the active day requirement. Conclusion: Traders need to be super active in trading to fulfill active trading days. It is not a pleasant idea to have. But when it comes to the profit withdrawal step, you are suddenly required to deposit a certain amount of money to be eligible for the profit withdrawal. The purpose of the forex brokers is very clear.
They want you to stay with them and trade with them. As we told you at the beginning of this guide, the main reason for the no deposit bonus is to entice you to trade in the forex market.
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Conclusion: If a no deposit bonus needs a deposit at the end, why is it called no deposit bonus in the first place? It is not uncommon for non-deposit bonus brokers to complain about bonus abuse by their clients. As we work closely with most of the forex brokers listed on Forex Penguin, we have the first insight into what is really going on behind the scenes.
These abusive strategies have often discouraged a good forex broker from offering its first-time clients the trading incentive in the form of no deposit bonus. In this section, all information is written for educational purposes and it is not to be repeated. We also hope that through this guide, we can help honest forex brokers to find some alternative ways to combat the abuser. Hence, the no deposit bonus promotion can continue and bring benefits to genuine first-time traders.
Forex no deposit bonus is clearly a popular way for new traders to start learning forex while not using their own money.
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It also attracts some syndicates to pocket this golden opportunity. Since most of the forex brokers are aware of the multiple bonus sign up abuse, they have strict rules to go against it. Unfortunately, for every rule, there will be creative ways to break it. We received reports that especially in the poorer countries, there are people who collect or buy KYC documents in bulk.
The documents include scanned copies of international passports, national id cards, government-issued driving licenses, household utility bills, bank statements, and more. Depending on the market conditions, some of these bonuses could generate profits and some will lose. The abuser then can withdraw the profits and move on to the next brokers who offer new bonuses. Such activities have caused the forex brokers to lose money, hence they are discouraged from hosting the no deposit bonus anymore.
Hedging in general means having two open positions simultaneously in the opposite direction. This creates a zero-sum game, in which there will be no loss in total. Bonus accounts hedging or sometimes also known as bonus arbitrage refers to the activities of hedging two bonus accounts with the purpose to gain profit from one account and losing the other one. Since the bonus is given by the broker, the account on the losing side has no monetary impact on the account holder.
The accounts used for the hedging can be from the same forex broker or two different brokers with almost the same bonus size and trading conditions such as leverage, minimum lot size, and stop out level. This method is banned by the forex brokers because it is deemed cheating and clearly violates the sole purpose of the no deposit bonus, which is to give the opportunity to the new clients to try out the forex broker without their own deposit. To survive in the ever-changing environment, forex brokers need to be resilient and creative.
To combat the abusive bonus hoarders, some forex brokers have introduced a set of more stringent rules and regulations. We summarize these carefully designed restrictions in the following section along with the explanation. Most of the forex brokers will not grant any no deposit bonus if there is an existing IP in the subnet that has already received the bonus. This is a simplified filter to discourage the same person from creating new accounts. Often, we encounter forex brokers who do not allow the members from the same family to receive a no deposit bonus.
Some of the countries are not on the list of recipients. This is due to the high fraud activities in that country. To simplify matters, the whole nation is barred from receiving the bonus. In the event of impersonation, the old KYC documents are not valid anymore for the identity and residential address verification. This can discourage the abusers from creating new accounts because they have to constantly recollect or rebuy the newly updated KYC documents.
It has become a trend that a small deposit is required to receive a no deposit bonus. This can separate the genuine traders from fraud ones.
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The downside of this restriction is that it might discourage the real trader from even signing up with the broker. It is crucial to know that abusing the privilege of no deposit bonus cannot make one rich and there is no point to cheat when we can earn from forex by educating ourselves better. Remember to check all available brokers online and in your area, and evaluate them individually before you get started.
Example: Forex Broker Name Scam. People in your circle who had experiences with forex trading will happily share their invaluable insights. A regulatory authority assures the economic strength of the broker and its integrity towards its traders. Without regulation, traders are left without any resources to back up the legality of the broker they are using. They already have organizations in place to regulate companies that do business in their countries.
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Forex No Deposit Bonus
Demo accounts have a fictitious sum of money in them but possess features of a real trading account that you need to build experience. You need to trade with it a few times as per the requirements of the broker to access the bonus or profit derived from trading with it.
It is meant to entice newbie traders to register and start trading without the fear of losing any money. A forex deposit bonus is, as the name suggests — you pay a deposit to trade and the bonus is either offered at the beginning of the trading session or later. Some forex brokers just want to attract more traffic to their website and therefore they give a fake offer. Although it is not necessarily true, we can use it as an indicator of how serious the forex broker is treating its website. Responsive support from the forex broker is super important to determine whether it is a genuine one.
You can browse the forum to see whether there are complaints and how the staff handles the complaints. Here at Forex Penguin, we allow our users to rate and comment on every bonus which is listed here. If there are alarming comments online yet no representative is handling the issue, then it should be avoided at all costs.
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Based on the google keyword planner, we have identified 12 top countries that are popular with no deposit bonus forex. Forex brokers should fill in the gap and provide their users with good and fair no deposit bonuses. Think of it as the initial outlay for a venture that you are going to claim only if you successfully launch your business.
Thinking about it, your broker is giving you free money but only if you have what it takes to earn it through regular trading and patience. As a newbie, this bonus eliminates your worry of losing money at the beginning of your forex trading venture. The bonus is usually a small amount, but it is enough for small trades, depending on your broker.
If the first three or so trades are successful, you will be bold enough to add a little of your capital. Of course, getting a grasp on no deposit free bonus opportunities is just one small part of the larger forex world.