Due to their no-strings-attached nature, No Deposit forex bonuses are one of the most popular promotional deals. Tradesman and would-be traders usually love them since they do not assume any risk through these bonuses.
Within their own small category, no deposit bonuses usually come in a few different variants. Some brokers efficiently hand out free money. They do it in the belief that tradesman strung out through this act will continue trading with real money and negate the cost. Such brokers generally view no deposit bonuses as effective, although rather abrupt, promotional expenses.
Nonetheless, traders can never cash out a majority of no deposit bonuses. Also, they cannot ever pocket any of the gains resulting from such bonuses. While there is nothing a lot that can go wrong with no deposit bonuses you should make sure that you pick a reliable and trustworthy broker. Let’s have a look at some of the pros and cons of these accounts.
Pros
- It offers free money to trade with and uses nonetheless you wish
- It is generally an ideal option to test a platform before you spend your own money
- If you are looking to try out another broker but already have an existing one then you can easily use this type of bonuses to have a trial with the new one.
- It is usually an amazing way to experiment with new strategies and currency pairs
Cons
- Some deals under no deposit bonuses may look too good to be true. You must ensure to beware of those that offer very considerable amounts of money.
- You are not able to withdraw the money straight away and it must be traded many times. This can generally mean trading approximately USD 1000 for every USD 1 of bonus.
- Getting attracted by every free bonus may end up in opening a lot of accounts and not having any consistency.
- Sometimes this can be tricky as there could be instances where the bonus is not a no deposit bonus actually. Once you delve into more deep you might see that they require you to place many real money trades before you are allowed to get the deposit.
But it is quite obvious that as long as you are aware of all these pros and cons you can easily plan how to use them to your advantage. You should try not to get greedy and start opening lots of live accounts as this will lead to confusion and will never produce any fruitful long term results.