A no-deposit bonus can be a great way to test live trading conditions. Unfortunately, they are also heavily misunderstood. While many bonuses may look generous on paper, you find other onerous requirements regarding regulation, execution, transparency, and withdrawals.
After reviewing over 330 brokers in the last decade, we have seen many attractive bonuses. But not all of them were really worth the value. For this article, we’ve selected the brokers that offer a real deal, saving your capital. With each broker, we opened a live trading account, examined their no-deposit and other bonuses, and tested their trading platforms and live spreads to see how they perform in real trading conditions. See below our list of the best no-deposit brokers.
*AvaTrade doesn’t allow CFD trading in Spain; only Futures are available.
Using FXEmpire’s comprehensive methodology, our team of experts has identified the best forex brokers offering no deposit and other trading bonuses for this year.
Now let’s explore the selected brokers.
Founded in 2014, Tickmill stands as our top overall broker as it’s regulated by several global authorities, including the European CySEC. Tickmill offers over 650+ CFD instruments from powerful trading platforms with excellent supplementary tools, including Autochartist and Signal Center.
Bonus Features:
Tickmill offers a $30 no-deposit bonus through its Welcome Account. To use the bonus, you just need to open this account and trade over a 60-day period – no initial deposit is necessary. I discovered that the bonus itself cannot be withdrawn, but any profits between $30 and $100 can be transferred to a Tickmill Wallet. The broker also offers trading contests and cashback rebates.
My research showed that Tickmill provides a well-rounded trading environment for both new and experienced traders. I appreciated its strong lineup of trading platforms, selection of account types with a $100 minimum deposit each, integrated content from Acuity and Signal Center for trading ideas, and the Advanced Trading Tool Kit for MT4 and MT5.
FXTM was founded in 2011 and operates globally under the supervision of several regulators. It offers over 1,460 CFDs, futures contracts, and real stocks that can be accessed on MetaTrader 4, MetaTrader 5, and FTXM’s own mobile app. The broker stands out with its high retail leverage of up to 1:3000 and AI-powered signals from Acuity.
Bonus Features:
While FXTM does not offer a direct no-deposit bonus, it does provide access to the FXTM Rewards program, which allows you to earn points and climb tiers. Then, you can redeem these tiers for trading funds or, in some cases, withdraw as cash. You can earn tier points through each lot traded on your account, as well as by referring a friend.
During our live test, I found FXTM’s leverage to be one of its standout features. You can trade with up to 1:3000 leverage (the leverage varies by region) on certain instruments, which will allow you to control a larger position size with smaller capital. But be careful: profits and losses are calculated on the total value of the position, so leverage amplifies both winning and losing trades.
With access to MT4 and MT5 for desktop, web, and mobile, alongside the FXTM proprietary mobile app, VPS hosting for automated trading, and multiple different types of trading accounts, FXTM is a solid choice for high-leverage traders.
IronFX was founded in 2010 and offers over 310 CFD instruments. MT4- enthusiasts will appreciate IronFX for its extensive MT4 enhancements, including plugins, copy trading tools, and access to advanced indicators.
Bonus Features:
The IronFX MT4 platform is available across desktop, web, and mobile, offering full support of automated trading via Expert Advisors and access to the MetaTrader Marketplace for ready-to-buy automated strategies and indicators. I found that IronFX gives access to additional MT4 with plugins from Trading Central, including extra indicators, trading signals, and portfolio management tools.
For those looking for copy trading solutions, IronFX provides the TradeCopier service, which gives access to a leaderboard with hundreds of strategies of successful traders. You can view the performance of each signal provider and have their trades copied onto your own MT4 account automatically.
AvaTrade was founded in 2006 and is a top broker for beginner traders thanks to its strong educational offering, user-friendly platforms, and built-in risk management tools.
Bonus Features:
AvaTrade offers a 20% deposit bonus for new clients on deposits of at least $200. Once the minimum trading volume has been met, the bonus can be withdrawn. The broker also provides access to a referral program, which allows you to earn cash rewards based on the deposits made by the users you refer.
AvaTrade boasts a great AvaTrade Academy, which features numerous articles, video courses, and platform tutorials covering topics such as day trading, swing trading, and copy trading. It also conducts regular webinars and publishes the recorded videos on its YouTube channel. Research is another strong side of AvaTrade: traders can benefit from in-depth market breakdowns and featured ideas from Trading Central.
Combined with easy-to-use mobile trading apps, copy trading tools, and commission-free trading, we consider AvaTrade to be a top choice for beginner traders.
tastyfx is part of the IG Group, a global broker founded in 1974. We consider it a top broker for US traders due to the combination of generous bonuses and cash-reward structures, strong reppuation, competitive trading costs, and a robust lineup of trading platforms.
Bonus Features:
During my research, I found tastyfx offers a welcome bonus of up to $10,000 for new clients. To qualify for the bonus, traders must deposit at least $100 within the first 10 days and then trade qualifying forex pairs within the first 30 days. The bonus will then be credited to your account at a rate of $10 per lot traded.
On top of the welcome bonus, the broker offers a Volume-Based Rebate program. If you meet the minimum monthly trading volume of $1 million notional value (or 10 lots of select USD pairs), you will automatically earn monthly trading rebates, which can help to reduce the overall cost of trading with the broker.
I also found tastyfx offers low spreads on major forex pairs. My test showed an average spread of 0.8 pips on EUR/USD, beating the industry average of 1.08 pips. With an excellent range of trading platforms, tastyfx is a top choice for US traders.
Plus500 US is part of the Plus500 Group, which was founded in 2008 and listed on the London Stock Exchange. The broker has a core focus on futures trading and has one of the best futures trading apps, offering zero platform fees and a strong range of tradable futures contracts.
Bonus Features:
During our live test, I found that the Plus500 US deposit-based bonus scales the amount you fund your account with. For example, if you deposit $100, you receive a $20 bonus, while a $10,000 deposit gives you the maximum bonus of $200. While you cannot withdraw the bonus, it can still be useful to open more trades without using all of your own capital.
The Plus500 Futures Trading App has a clear design and gives access to a wide range of futures contracts, including mini, micro, and standard futures contracts. While using the app, I found it user-friendly, so I navigated through it pretty fast. I also enjoyed that the broker charges no platform or market data fees, which makes Plus500 US a top choice for US traders.
Founded in 1996, OANDA is a multi-regulated broker that operates globally. To its US clients, OANDA gives access to 68 forex pairs and several cryptocurrencies through its own robust web platform, as well as MetaTrader 4 and TradingView.
Bonus Features:
OANDA US offers a tiered welcome bonus of up to $25,000 based on deposit size and trading volume, as detailed below:
As you may see, the tiered welcome bonus caters well to the most active traders who can meet higher trading volume and initial deposit requirements.
During our live test, I found the OANDA web platform particularly impressive as it offers tools not available in other platforms. For example, I found the order book data and position ratios indicator useful in understanding which price levels will have the most liquidity.
Combined with support for automated trading and integrated market research, OANDA US provides a comprehensive trading environment suitable for a wide range of trading styles and experience levels.
A no-deposit bonus can look like a great deal, especially if you want to try live trading without putting your own money on the line straight away. That said, these offers are very rarely as simple as they seem. In many cases, the bonus comes with many other conditions that may make it much harder to benefit from the no-deposit bonus.
When choosing a forex broker that offers a no-deposit bonus, you need to understand what the bonus actually gives you, what restrictions may come with it, and whether the broker itself is worth using in the first place. Below, I have underlined a few points to consider.
A no-deposit bonus is a promotion offered by a broker that gives you a small amount of trading credit without asking you to fund the account first. In other words, you can get access to the broker’s live market conditions using their money rather than your own.
That might sound like free money, but it usually is not. In most cases, the offer is just a marketing tool to attract new clients and to encourage traders to try their platform. You may be able to place real trades with the bonus, but withdrawing any profits is often where the restrictions begin.
Some bonuses are tradable only. That means the funds can be used to open positions and help support your margin requirement for a trade, but the bonus itself cannot be withdrawn.
Others allow you to withdraw profits made from the bonus, although that usually happens only after you meet specific requirements, like a certain number of lots traded.
A tradable bonus can still be useful because it gives you a bit more room to trade. Of course, a withdrawable profit offer sounds better, but it often comes with extra conditions. Be sure to carefully check the broker’s terms and conditions regarding the requirements to use the bonus.
See our guides on the best zero spread brokers and best lowest spread forex brokers.
Some no-deposit bonuses are not fully deposit-free in practice. A broker might let you open an account and start trading without making a deposit, but later it may ask you to fund the account to let you withdraw any sum.
That is where many traders can get caught out. You might trade well, build up some profit, and then discover you cannot withdraw your profits unless you deposit your own money first.
Most no-deposit bonuses come with a trading volume requirement. Usually, the broker expects you to trade a certain number of lots before the bonus or the profits from using it can be unlocked. In a way, this means you’re actually paying for the bonus anyway, as the broker will only pay it out once they’ve recovered the cost of the promotion.
If the required trading volume is high compared to the size of the bonus, then the deal may not be worth as much as you think. A small bonus with a high lot target can push traders to take too many trades or use more risk than they normally would, which typically does not end well in the long run. Look for a bonus that has a reasonable trading requirement that won’t add any performance pressure to your trading.
From my experience, nearly all no-deposit bonuses are offered by brokers regulated offshore that operate with light or no oversight. Financial bodies like the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have introduced strict rules that completely ban trading bonuses.
It doesn’t automatically mean that the broker offering a no-deposit bonus is unsafe or untrustworthy. Although you should be more vigilant when opening an account with such a broker. Read the broker’s terms and conditions carefully, look at how it protects client funds, and learn what track record it has. Also, make sure that you can easily access customer support in case of any issues.
Read more about best regulated forex brokers in our comprehensive guide.
Most no-deposit bonuses will not stay on your account forever, as many expire after 30 or 60 days. Some bonuses can also be removed sooner if your trading account is considered to be inactive.
Such deadlines can create pressure, forcing a trader to rush into positions just to meet a target before the bonus disappears. It can lead to poor decision-making and unexpected losses.
Read the terms and conditions carefully and always check how long the bonus lasts, how long you have to claim any profits, and whether there are inactivity rules that could cancel the offer without warning.
It’s easy to become fascinated by the bonuses and the benefits that provide free credit. Ultimately, the trading environment will determine your overall profitability. Be sure to check the broker’s spreads, commissions, execution speed, available instruments, and quality of trading platforms before you sign up with a broker. A poor trading environment can make it difficult to generate profits regardless of how good the bonus is.
Check out our dedicated guide on best forex trading platforms.
A no-deposit bonus can be a useful way to test a broker in a live environment, but it should never be the main reason you choose a broker.
I recommend filtering out the no-deposit bonus brokers that also offer strong regulation and safety of your funds, reliable order execution, and transparent pricing. Look for a broker that offers an intuitive and feature-rich trading platform to provide you with a solid trading environment.
In the end, the best no-deposit offers are the ones that genuinely add value without pushing you into trading differently just to unlock them. Read our detailed broker reviews to see how our analysts rate each broker.
The forex and CFD analysts and editors at FXEmpire bring together seasoned trading professionals and experienced financial journalists. Many of our experts have been featured in leading publications such as Investopedia and Forbes, and all of them combine strong industry credentials with hands-on trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later, Dan gained insight into the forex industry during his time as a Series 3 licensed futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.