Pros and cons of forex bonuses

This month, as always, I updated my list of different bonuses offered by brokers without any deposit. If you were reading my blog regularly, then you know that I created this list some years ago. My way into trading began when I was looking for new opportunities after traditional online income streams dried up. That time, I decided to try something new: trading in financial markets.

So, what do I want to talk about today? About bonuses that you can get from brokers without making any deposits to your account. Such of forex bonus sounds like a dream – free money to trade without risking your capital.

You’ve probably seen advertisements from brokers for offers like “free trading capital”, “no deposit bonuses” or “welcome offers”. But is it really that simple? After years of testing these offers, I’ve found both pros and cons. Let’s break it down honestly.

At the very beginning of my journey as a trader, I understood the axiom: if you do not have any experience and skills in trading, then you may simply lose your money on forex or something else.

So, what to do in such a case? To waste some months or years studying the trading theory? But, be honest, without any real practice, you simply lose your time.

Of course, you may get some practice on trading with demo accounts. Well, as for me, such demo practice is similar to studying car driving via computer games.

So, how to get real trading practice without investing real money? Nonsense, hah? No! It is a way to truly “test the waters” before making a significant financial commitment. I offer you a way you get real practice with real money in trading without any investment of your own money.

A regularly updated list of forex brokers with no deposit bonuses may help you in your trading start. So, when I understood this fact, I started to use such bonus offers for my studies on real trading.

Sometime later, I thought that my readers might need such information too. Then I began to collect these types of free bonus offers from brokers and post them on my blog.

Of course, some of these promotions may be temporary, and some of them may be permanent.

By the way, I remembered one important moment! Did you hear that some brokers may be scammed? Yes, I guess.

But do you know that such scamming brokers may continue to work for some time to steal additional money via different promo offers at last? This kind of free bonus helps to save your money in such cases, too.

So, let’s look at the main pros of such kinds of bonuses:

1. Risk-free entry into live trading: if you use free capital (bonus), then you do not need any starting capital for the beginning of your trading. If you trade profitably, over time, you will be able to turn this profit into your first trading capital. If you lose money, then you need more practice in trading, and you can take advantage of such of bonus from another broker.
2. Broker reliability test: with such offers, you may check the broker if it has been scammed or not. How? You request bonus money. Then you should trade with this free money. When you complete the bonus conditions then you may request a money withdrawal. If you get the money in your bank account, then the broker is reliable, and you may continue trading with this broker. If you do not get the cash withdrawal, then the broker is unreliable, and you have to forget about it and not risk trading via such a broker’s platform.

So, you see, there is common sense in using such a kind of bonuses for forex, binary options, commodities, cryptomarkets, and so on.

Are these free offers worth your attention?

If you review my bonus list now, you will find that there are more than 20 offers with a total value of freebies exceeding $1300. Isn’t that good?

One should not forget about the possible pitfalls of such promotions. Of course, with these bonuses, as with everything else, there are many pros and cons. As a conclusion to my philosophizing today, I made a comparative table of the pros and cons of such bonuses:

Be in touch, if you don’t want to miss new offers, and do not forget to check the blog page with this list regularly.

Good luck in trading, and remember, forex and binary options are risky, and you may lose all your money!