South african forex brokers with bonus

The real intention here is to trade properly and earn profits.

Actual forex bonuses

Best No Deposit Bonus Forex Brokers 2020, south african forex brokers with bonus.

One should be clear about their trading goals. Hence, we should keep our trading strategies and requirements in mind in order to put the bonus to its intended use. XM broker gives a $30 “no deposit bonus” to new traders only if you sign up for it via their special page. XM is a reputed broker so they are considered safe.

Best no deposit bonus forex brokers 2020

We've listed the top no deposit bonus forex brokers that offer bonuses ranging from $10 to $100.

In forex trading, an initial capital is required to open a live account. This capital is used to place orders in the market.

No deposit bonus by a forex broker is a service extended in form of free capital that the trader gets in his/her real trading account while starting to trade with the broker. This free capital is the bonus given by the forex broker, so you can start trading without risk of investing your money.

These “no deposit bonus” programs are mostly offered by brokers to attract new customers. But, as these “no deposit bonuses” are provided free of charge, there are certain guidelines, withdrawal restrictions etc. That depend from broker to broker.

Although there are quite many bonus programs out there, but we have only listed the no deposit bonus by forex brokers that are popular & well regulated globally.

Best no deposit bonus forex brokers in south africa for 2020

XM – $30 no deposit forex bonus

Fxopen – $10 forex bonus

FBS – $100 no deposit bonus

Tickmill – $30 no deposit bonus

Hotforex – 100% first deposit bonus (on $250+ deposit)

Best no deposit bonus forex brokers compared

We have compared the bonus conditions & terms for all the forex brokers that offer no deposit bonus to south african traders.

1. XM no deposit bonus – $30

Overall rating 9.0/10

Benchmark EUR/USD spread: on average 1.5 pips.

Welcome bonus: $30 (profits can be withdrawn)

Regulation: ASIC

Ranked #1 no deposit bonus forex broker

XM broker gives a $30 “no deposit bonus” to new traders only if you sign up for it via their special page. XM is a reputed broker so they are considered safe.

Getting XM broker’s $30 no deposit bonus is a straightforward process and the amount is credited to the trading account after registration and account verification. This bonus can be used straightaway to start trading with access to the MT4 and MT5 platforms. This account would also provide access to MT4 live trading without making any further deposits.

Note: it should be kept in mind that this bonus cannot be withdrawn, only the profits made can be withdrawn provided certain volume conditions & terms are met.

2. Tickmill no deposit bonus – $30 (not available currently in SA)

Overall rating 8.0/10

Benchmark EUR/USD spread: on average 1.6 pips.

Welcome bonus: $30 (profits can be withdrawn)

Regulation: FSCA, FCA

Ranked #2 no deposit bonus forex broker

Tickmill is a FSCA regulated forex broker, and also regulated by multiple top tier regulators including FCA. So they are considered safe.

Tickmill was founded in 2014 and offers attractive trading conditions. They provide various trading instruments like forex, stock indices & oil, precious metals and bonds. They provide MT4 and webtrader platforms. They are regulated with top tier bodies like FSA SC, FSA UK, and cysec.

Update: tickmill’s ‘no deposit bonus’ is not available for traders in south africa currently. New traders can signup for a live account with $30 as a bonus into the trading account. This trading account has trading conditions similar to the pro account, benefits of which include low spreads and commission, multiple asset classes, etc. A point worth noting here is the use of expert advisors (eas) is not allowed on welcome accounts.

Tips for wisely using the no deposit forex bonus

It is very easy to see the no deposit bonus as free cash, but it is not. In most cases (with reputed brokers) there will be many terms levied by the broker before you can withdraw any profits made with the bonus.

Traders should treat this bonus as a trading investment to learn and apply their trading strategies in real market conditions.

Following are some tips on how to best use the no deposit bonus:
1) all forex brokers that offer no deposit bonus will have the terms and conditions about it – including conditions for withdrawing profits made with the bonus. So carefully read all the terms & fine prints, understand all those conditions before signing up.

If there is any ambiguity in the terms and conditions, make sure to clarify the doubts with the broker before opting for the broker.

2) some broker may offer bonus that would seem to be really attractive. However, the broker’s reputation & regulations should be considered before choosing any such broker, even in case if it is a free bonus. An exciting bonus should not be the only point to start trading with the broker.

3) always keep in mind that the no deposit bonus is an initial capital for trading and not free cash which can be used otherwise.

The real intention here is to trade properly and earn profits. One should be clear about their trading goals. Hence, we should keep our trading strategies and requirements in mind in order to put the bonus to its intended use.

No deposit bonus is a win-win situation for both the broker and the customer. While the broker will increase its customer base, the customer can train oneself and gain useful insights from trading by using the free bonus.

However, you should be mindful of not falling into false traps and see it as investment capital. You should instead wisely use the bonus to learn trading with a reputed broker & test your strategy in real market conditions.

Frequently asked questions: no deposit bonus forex brokers

Which forex brokers offer no deposit bonus in south africa?

Many forex brokers offer no deposit bonus & most of them accept SA based traders. But we have only reviewed & tested the welcome no deposit bonus by 3 popular brokers:

XM – $30 bonus: ASIC regulated broker.

Fxopen – $10 bonus: FCA regulated broker.

FBS – $100 no deposit bonus FCA regulated broker

Can I withdraw the no deposit forex bonus?

This depends on the broker, but generally the profits made with trading bonus are withdraw-able provided some conditions are met. Almost all brokers that offer no deposit welcome bonus impose strict terms & trading volume requirements before you can withdraw any profits.

It is best to read the terms of the bonus before signing up, so that you don’t get surprises later.

Are no deposit bonus brokers safe?

Unfortunately not all brokers are safe. Most brokers that offer no deposit bonuses are not trusted. That is why it is really important to only choose a broker that is reputed & well regulated. If a regulated & popular broker is offering no deposit bonus then there are lesser risks.

As per our check XM broker, fxopen are brokers that are regulated with at-least 1 top tier regulator & offer no deposit bonus. But you should still carefully read terms of these brokers before signing up for any of their bonus.

No deposit bonus brokers comparison summary

Here are our 3 recommended best no deposit bonus forex brokers for 2020.

Trading cfds is risky. Your capital is at risk.
Disclosure: we earn a commission if you sign up with a broker through referral links in this review. This helps us cover the expenses for running the website.

XM $30 welcome no deposit bonus

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Risk disclaimer

Risk warning: trading leveraged instruments such as forex & cfds are risky and can result in lose of your capital. Read full risk disclaimer..

South african forex no deposit bonus offers from trusted brokers

If you’re out there looking for a new forex broker to deal with, you might want to start considering working with one that offers a very beneficial bonus for trading with them. Though you might not be aware of what a forex bonus is, in which case, let us discuss the concept with you and explain why forex bonuses are some of the best and worst things south african forex broker or any other broker might offer.

The idea behind a forex no deposit bonus is simple: to attract new customers. There are many types of forex bonuses and all of them are there to attract new traders to a platform. Whether this is a welcome bonus forex broker offer or some kind of bonus received after trading a certain amount, there is no question about it, it is always there to attract a new customer. Some brokers might offer more than others and some scams might use bonus offers as a way to attract new victims, but there is always a way to find out what the intentions of the company are. I believe bonuses to be a blessing, simply because they give you more money to work with and a chance to generate more income, but I also cannot shed a feeling that they are a curse. A curse, since a bonus might make you think that it is okay to take a risk you should not be taking because the money isn’t yours, which results in more money being lost than you should have.

Though let’s get over the philosophical deliberations over what the dangers and advantages of a forex bonus are and get into the thick of it: how do you go about getting some sweet, sweet bonus money on your forex account?

What is a no deposit bonus?

First, let us explain what exactly no deposit welcome bonus is and how does it work. Unlike deposit bonuses, the no deposit bonus is usually the one that most traders are looking for in a new FX broker to work. These no deposit bonuses are welcome bonus forex brokers like to offer the least of. S outh african forex brokers with no deposit bonus will usually offer no more than 400 rand, but it will still be a significant benefit to a trader who knows what they are doing. For experienced traders, a no deposit bonus is like a free, no risk capital that can be spent on experimental currency pairs to see the results. If the capital is lost, it doesn’t mean much, but if it has returned, then the results are positive and indicate that further trading might be a good idea. The bonus can also be a nice piece of bait for the industry newcomers, who do not know which broker to start working with. While this is not a problem if you end up with a good broker, the danger of starting to trade with a scammer or a brokerage that trades against you is very real.

On the other hand, the no deposit bonus forex is also one of the best ways to start trading for a beginner trader. The cause for this is simple – new traders, with little experience, are too afraid to invest real money into forex trading. Many of them spend time working on demo accounts, trying to figure out how the market works. While a respectable endeavor, it is a limited one – a simulated market is not capable of showing the full spectrum of problems that perk up on the real market. This is why a nice no deposit bonus is a good way for a trader to move onto the market without risking their real money on the market.

How to find the best south african forex bonus

Where do you go about looking for F orex brokers with no deposit bonus offers, and how do you find them? That question is one that has bothered many before. If you are new to the industry or are simply looking for a new way to make money within it, a bonus is definitely something you might want to look into. But where?

The best forex bonus is one that is found quickly, easily applied for and easily received. To find such a bonus, all you need to do is check with a forex broker. Most international forex brokers and most south african forex brokers no deposit bonuses get updated during certain times of the year. These times are usually specific seasons when these brokers have had a certain surplus in revenue that they can reallocate towards further increasing their user base. Usually, these become welcoming bonuses for new customers and traders, encouraging them to sign up and deposit money to receive the bonus. Finding such a bonus is not that tough. All you have to do is look at the website of some of the brokers that you might be interested in. If they are offering a welcome bonus, they will usually have it promoted on their home page. If such a promotion is not present on the page, then it is probably not being offered currently.

If you can’t find a bonus with a company that you would like to work with, you might want to find and sign up for their newsletter. Brokerages usually have promotional offers for their clients, those who have signed up for their newsletters or subscribed to their social media platforms. This is where you might find nice south african forex brokers with bonus offers or some kind of alternative bonus program that might interest you.

Better safe…

Though be careful! The hard part of the process is not finding a forex bonus. Forex bonuses are usually offered in droves, and simply searching the words on google will result in a whole bunch of results on the subject. The real complicated part of the process is identifying which of these are legitimate offers and which are simple bait to attract you and then never provide you with the bonus. Whether it is a scam or an unscrupulous broker trying to attract you to trade with them, it is important to consider what kind of reputation the broker has in the south african forex broker community.

Knowing what forex bonus to pick with a south african broker

The process of choosing what bonus to pick with what broker can be a complicated one. If it is not a complicated process for you, you are not doing it right. The thing is, you have to do a lot of research before choosing to trade with a forex broker. Think of it this way, if you were making an investment into a building, that as a bonus offered you to install a pool free of charge, would you not make sure that both the house and the pool are of good quality? Would you not make sure that you are getting what you paid for?

The same goes for south african F orex brokers offering no deposit bonus . You should not invest simply because you are looking to make some free cash, but also because you believe the company to be trustworthy. All south african FX brokers offer some kind of benefit for investing with them, but not all of them offer the same kind of quality of service or reputation. A bonus and broker choice should go together and should be done with great care.

Just consider this: one forex broker is offering a no deposit bonus of 2750 rand as long as you start trading with them, while the other is offering a 350 no deposit bonus. Which company would you start trading with? If you are anything like me five years ago, you will be thinking that the first option sounds pretty good. In fact, it sounds a little too good. While the information provided is not enough to decide whether a company is trustworthy, one thing is true: if something sounds too good to be true, you need to make sure it is not a lie. In some cases, companies will make great promises, only to do their best to not deliver on them. The better the premise sounds, the more likely the broker is to not deliver on it. They might give you the promised money and you make more money off of it, but they will simply block you from withdrawing the money. Or they might make the promise of the bonus once you deposit some cash, but you end up never receiving the bonus and have a hard time withdrawing the money you deposited with them. Whatever it is you do, you need to know why you are picking whatever you are picking.

Something else you need to consider: what kind of terms and conditions they have for their bonuses. Usually, a broker, whether it is a south african FX brokerage or otherwise, will have some terms and conditions attached to the bonus. It might be a no withdrawal policy unless you deposit a certain amount, or unless you make a certain amount of money off of the bonus. It could be that you need to complete certain actions to be able to receive the money. It is important to know these, so you can intelligently apply and gain benefit from the bonus.

Finally, it is important to know the general no deposit bonus withdrawal conditions, associated fees and other possible money related conditions that a forex brokerage might have. If the brokerage has a nice bonus, but does not offer an agreeable spread system, has commissioned or has other aspects that you do not find to be agreeable to you, it is not recommended to try and get the bonus from the broker. Make sure to check if the broker is offering F orex no deposit bonus without verification, this should raise your suspicions and validate more research.

How to avoid south african scam forex brokers and scam bonuses

The way to avoiding the scams we have mentioned so many times up to this point is simple: do your research and know the signs. While this might seem like a complicated and time-consuming process, it is an important one nonetheless. Just like with any other kind of investment activity, you need to know what you are doing, and need to know that your money is safe. This is why you need to research the forex trading scams and treat all others with suspicion. If a broker has an underdeveloped and ugly website, is promising something that might seem too good to be true and has many negative broker reviews online, it might be a good idea to abstain from investing with them, as they are most likely to be either a scam or a very unscrupulous company. Here is a quick checklist of red flags to look for:

If their website is underdeveloped or badly optimized

If they are offering bonuses that seem unrealistic

If they are not licensed by any regulatory body

If they do not respond to chat, emails or calls

If they have bad reviews on official websites, as well as user reviews

Or if they have demonstrated any suspicious activity

These red flags should provide you with enough evidence to decide against investing with a company, despite the amazing bonuses they may offer. We have provided a number of reviews of good and bad forex brokerages in south africa on our page that you can take a look at. Those should be able to help you understand what the best forex broker qualities are and how to choose the best south african broker offering no deposit bonus.

How to get best forex deposit bonuses for south african traders?

Bonuses – we all love them, it is exciting to see the broker suggesting 100% or 200% deposit bonuses and we cannot stop thinking of how much more money we can earn with our tradings with additional money. However, not many traders are aware what exactly are forex deposit bonuses and what are the terms and conditions behind it. Before we will discuss forex bonuses lets have a short overview of what forex bonus is in general. Brokers offer a different kind of promotional bonuses to its potential customers, the idea is to make the best offering and persuade the customer to open an account with a particular broker. Some of the bonuses like forex welcome bonuses are for the new customers of the broker, however, there are types of bonuses that are applied to the users that are already trading with the broker to keep them motivated and involved in FX trading.

Bonus on deposit is arguably the most popular welcome bonus forex brokers have. The idea behind it is very simple to grab, the broker is offering a bonus when you open an account and make the first deposit. While for the no deposit bonus there is no need for the customer to make an initial deposit, for the deposit bonus it is needed, so why it is so popular? The reason is simple – with no deposit bonus, one can get a very limited amount of money as a bonus, while the bonus amount for the forex deposit bonuses can be as high as $5000. Sounds great right?! So how can you get your bonus? And most importantly what are the best south african deposit bonuses and what do you need to know before applying for the bonus?

How does deposit bonuses work?

First things first, let us explain how does the deposit bonuses exactly work. While the bonuses and terms and conditions of getting the deposit bonus can be different depending on which broker you choose to open an account with, the general scheme of how bonuses work is the same for all. Once you open an account you need to make the initial deposit, it should be of course more than the minimum deposit and less than maximum, sometimes the amount of minimum and the maximum initial deposit is different for getting the bonus. When you make the deposit the broker will activate the bonus on your account automatically or upon your request, you can accept it or deny even if it is automatically added on your account. The amount of welcome deposit bonus can be varied with the different brokers. Usually, it is from $50 to $5000 depending on the initial deposit, with some brokers it can be the percentage of the deposit the customer makes.

As you can see getting a deposit bonus is very easy. It only takes you to open an account and deposit the funds, which you might have already done, so there is nothing new with it. However, with getting the deposit bonus some of the terms and conditions are applied that you need to be well aware of. First of all, you need to trade. Of course, no broker will give you any money just so, the deposit bonus should be used for trading and many of the brokers determine the minimum trading amount you need to fulfill before you are able to withdraw the money from your account. This is why it is very important to choose the best south african broker offering a deposit bonus and get to know the terms and conditions very carefully.

Advantages and disadvantages of forex deposit bonus

The biggest advantage of the forex deposit bonus compared to the other welcome bonuses is, of course, the amount of it. While the no deposit bonus offerings are limited up to $50 mostly the deposit bonuses can be as high as $5000. It logically means that you can trade with more money and earn a bigger profit than you would be able to make with only your deposit or other bonuses. For example, if your initial deposit is $1000 and the deposit bonus applied is 30% of initial deposit you will get $300 added on your account and you can trade with $1300, meaning that the profits made will be higher.

However, sometimes the bigger is not better when we are talking about forex trading. The more money you get as a bonus could mean that you have to make more tradings than you usually do, which can be stressful for the new traders as they might not be used to actively trading. Hence, the more money on your account could lead to more loses because one has to make more trades.

Another disadvantage is that with the forex bonus on deposit you put your capital under the risk, which is not a case for the no deposit bonus. Let us explain with the example, trader X can get no deposit bonus of $50 and with only the bonus amount on his deposit he can trade without losing any of his money. If he will be successful with his traders, he will earn money, if he will make not successful trades – eventually, he will lose the money which was not from his own pocket. The case is different for the Y trader, he is trading with more money, however, the bonus he got is linked to his own money and if the trading will not go successfully for him, he will not only lose the bonus but his initial deposit money as well.

It does not mean that the forex deposit bonus is bad for you and you should not get it, but it is important to know your capabilities. If you have experience of forex trading and want to try trading with a particular broker, or simply want to increase the amount of money you want to trade with – deposit bonuses can be the best for you.

Things to consider when choosing a deposit bonus

There are choices that must be made with the great care and choosing the best deposit bonus in south africa is one of them. There are some of the things you need to consider when you decide to get the deposit bonus. Since the bonuses are promotional offerings to attract new customers, many of the scam brokers are offering them as well hoping to scam more and more people. This is why it is important to get the bonus from the best south african forex brokers offering no deposit bonuses. Usually, when people see the high bonuses they get excited and do not pay much attention to the terms and conditions that are attached to the bonuses. Here are the most important things you need to consider when viewing the offerings of the brokers.

Requested amount of trading

Everything comes with the rules and the same goes for the deposit bonuses, but it is important to know the conditions if they are fair and possible to fulfill or are designed in a way that you will not be able to gain any profit from it. However, even if the conditions are fair and well designed you need to evaluate if it is possible for you, as a trader to fulfill the conditions. The first rule of the bonuses is that you need to trade, but with the deposit bonus, it is not up to you how much you will trade.

The brokers offering a welcome deposit bonus determine the needed amount of trading. For example, if you got $100 deposit bonus, you might need to make the tradings worth of $10,000 for every $1 given as a deposit bonus. Some brokers require fewer trades, some more. You need to decide which broker is requesting the achievable amount of trades based on your experience. Also, keep in mind if the trade amount is too high for you, you can simply claim the less deposit bonus.

Time is given for trading

The requested amount of trading should be made in a certain period of time. Brokers add money on your initial deposit for you to be able to trade more, but you cannot leave the trading for some time and go back to it whenever you desire when you have the deposit bonus. Some of the brokers give traders over 180 days for trading with the bonus. Which is a reasonable time, some might give less than 90 – in this case, you need to be careful and ask yourself if you will be able to make the needed amount of trades in this short period of time. If the time given is too low – you might come across with the offering of a scam broker. Mostly the fraud brokerages offer high bonuses and give a short period of time to make sure that the customer will not be able to fulfil the terms and conditions of the deposit bonus and lose it alongside with the initial deposit. In case the amount of trades and time given is reasonable, but you still are not sure if you can make it or not – you can claim the less amount of deposit bonus.

Deposit bonus withdrawal

Unarguably the withdrawal conditions are the most tricky when it comes to the bonuses and the scam brokers are using it very well. The best south african brokers have very well defined and clear deposit withdrawal conditions. When reading the terms and conditions, or the best forex deposit bonus reviews make sure that the withdrawal conditions are written in a way that you can understand every aspect of it. What to pay attention to?

In any case, the withdrawal of the bonus is not possible and the profit made with the bonus cannot be withdrawn if you have not made a certain amount of trades.
However, the best brokers make it possible for you to withdraw part of your initial deposit, which results in the proportional decrease of the deposit bonus. If you see that the withdrawal conditions are designed in a way that it is impossible to meet the conditions or are not clear enough, you might want to stay away from this broker as it will be a scam and you will find yourself losing all the bonus and deposit money including the profits you have made.

How to get the best deposit bonus with south african FX brokers

The best way to get the best forex deposit bonus available in south africa is to find the best SA forex broker. When you want to get any bonus deposit, it is always the best idea to choose the best broker, as you will be sure that you will not get involved in scam scheme and the deposit conditions will be fair and possible o meet. We advise you to read the reviews of the best south african brokers and its bonuses. The reviews will cover all the topics you need to know about the broker, its tracking records, how reliable are they and what are the conditions of getting the deposit bonus and withdrawing the profits made from it.

Make sure that you will choose the right amount of the bonus for yourself as the more bonus you get – the more you will need to trade

Choose the broker that gives a fair period of time for the trading. If the time is so short that it requires you to trade 24/7 non-stop to meet the requirements – you might reconsider applying for it.

Read the withdrawal conditions carefully and make sure that it will be actually possible for you to withdraw your profits made from the forex deposit bonus
and you will not lose everything with the scam broker.

If you will consider this advice and spend some time on choosing the right broker with the right offering of the deposit bonus, you can no longer hesitate and apply for the best forex deposit bonus in south africa. If you are looking for the best brokers to trade with check the broker reviews on our page and stay informed about the best offering from most reliable south african brokers.

What is no deposit bonus and how to choose the best one

Welcoming bonuses are one of the most popular ways for brokers to attract customers. It has some of the best advantages you can think of – you get free money on your account that you can use for stress-free trading, it gives you the possibility to test out the broker as well as yourself and get the full experience of how trading actually works. At the same time, it is good for the brokers as they can stand out from others.

Thus, forex free no deposit bonuses are popular worldwide. But even so, sometimes it can be very hard to find a good deposit bonus as all of them come with certain conditions. Even more, there might be a scam broker behind it. Since it is a very common practice and since the no deposit bonuses are very popular I decided to explain what they are, how do they work, why it is a good idea to take it and where to find the best south african no deposit bonus conditions.

What is a no deposit bonus?

If you’ve been searching for a new broker to trade with you would see that some of them are offering welcome no deposit bonuses to new customers. It is kind of a greeting for newly registered users. The amount of these bonuses are not very high and mostly varies between ZAR 400 and ZAR 700, some broker can offer higher bonuses as well. Why would the broker offer me free money? – you might ask. There is a simple explanation for it. Offering no deposit bonuses is a very good way for brokers to attract new customers. Let’s put it this way: you have spent hours to find a good broker to start trading with, out of thousand brokers you ended up with two that you evenly like and now you need to decide between them. One of these brokers is offering the welcoming bonus of ZAR 400. The other brokerage does not have a bonus. In this situation, it would be logical if you choose the broker that is offering free no deposit bonus. The reason is quite simple, as it helps to determine the quality of the company as mentioned earlier.

How do no deposit bonuses work?

Welcoming bonuses are easy to get and easy to use as well. After registration, in many cases, you will need to verify your account. However, you can find forex no deposit bonus without verification as well. When you finish the whole registration process the bonus amount will be transferred to your account automatically. Usually, it takes a short time but in some cases, it might take up to 24 hours. The best thing is that you do not need to deposit any money on your account in order to receive it. When the bonus is transfered, you can start trading immediately. You do not need to worry about losing if your trades end up being a loss, however, if you trade successfully you will receive the profits. This is another big advantage of the no deposit bonus. Speaking of advantages, let’s discuss it more broadly.

Advantages of forex no deposit bonuses

A great thing about no deposit bonuses is that it is equally accessible for both experienced and beginner traders. Everyone can claim and use the welcoming bonus when creating an account with the new broker. It also means that traders with all the levels of experience and even without any of it – can find something that is good in it.

Stress is one of the major factors that hinder the traders while trading, it happens to everyone but is most common among the inexperienced traders. The stress is of course due to the risk of losing the trade and therefore losing the money. While trading with no deposit bonus one can be free from the risk and stress. Did you lose all the bonus money? That’s okay. It was not the money from your pocket. Therefore there’s nothing to worry about.

You get the profit

There are other ways to trade without risks and stress, but all of them have the same thing in common -they are not profitable. It is mostly done with demo/practice account. With the forex no deposit bonuses you can trade without stress and at the same time get real profit from it.

You get to know the broker

Getting to know the broker is one of the benefits of the welcoming bonuses. Even if you devote a lot of time towards choosing the right broker, the trading experience could be completely different from the results of your research. Using no deposit forex bonuses offered by south african brokers is a good way to determine if it is a reliable broker, if conditions, support, and withdrawal terms are acceptable for you before you decide to commit to long-term trading.

You test the platform

Another thing you would like to try out beforehand while still gaining the profits is the platform that the broker is offering. Just like any other features of the broker you can see if the platform suggested by it is the one you want to trade on.

As you can see, free no deposit bonus does not come only with free money to trade with but with some other great opportunities as well.

Be careful while choosing

As I have mentioned above, there is a high chance that when you have a choice between the two brokers it is more likely that you will choose the one that offers the welcoming no deposit forex bonus. Brokers know that as well. This is why there are many scam brokers that might want to attract your attention with high bonuses. Therefore there are some necessary steps you should take before applying for no deposit bonuses. First things first, the brokerage should be reliable. It is hard to choose the good broker between so many scam or not-that-good ones and it might take a lot of time. But believe me, it is better to spend more time on research in the beginning than lose time on trying to get your money back from the scam broker afterward. It might be a nightmare! Therefore choose the best broker in south africa that offers no deposit bonus to its customers before you commit to it.

To choose the legit and good no deposit bonus you need to understand the way brokers look at it. There are not many reliable brokers that are offering such bonuses, simply because it can be not profitable for them. Usually, bonuses without deposits are offered by the brokers that have had a profitable period and can afford to give ZAR 500 or so to every eligible customer that will open an account with them. Hence, if you see the broker offering high amount bonus to the customers it might be a red flag for you. In forex trading, bigger is not always better. Hence, if you are seeing one broker offering ZAR 400 and the other ZAR 3000 it is not a good idea to rush the larger amount immediately, it can very easily turn out to be a scam! So when you find it, don’t just think you got lucky, check the broker, see its website, number of traders and check the review, then ask yourself – can this broker afford the high bonus it offers?

To find the best forex free no deposit bonus you need to dig deeper. And with it, I mean the terms and conditions. The broker is not your kind relative that will give you cash on your birthday to enjoy. The bonus money you are getting comes with certain conditions that you need to fulfill to be able to profit from it. The main requirement is the trading volume. The broker is setting a certain volume of the traders that you need to make when you are using the bonus. This rule applies to every broker, but the volumes are always different. There might be two cases

1. The broker sets a deadline and volume of the trades that it is impossible for anyone to meet if the person does not have trading superpowers. If you find that the volume is too high you need to understand that it is a trap for you to deposit more and more money additionally and in the end lose it all. Just if you will somehow be able to gain some profit, the most cases withdrawal will not be possible for you.

2. It might be the case that volume is high with good brokers as well. It will be more reasonable than with the scammer brokers, but still high. If you see that the broker has reasonable volume, but still seems high for you, it means that you still lack the experience for it.

Another thing to consider is forex no deposit bonus withdrawal rules. Getting the bonus is very easy, it must be easy to get the money from the account as well. But do not be mistaken here, you cannot withdraw the initial deposit money that was given to you. At the same time, if you make profits and withdraw the money, the initial deposit will be proportionally reduced. Therefore when I talk about no deposit bonus withdrawal, I mean the withdrawal of the profits made from it.

If you have fulfilled all of the conditions that were required it should be very easy to withdraw the profit from your account. Just like in any other case. However, things are different with scam brokers. Just imagine, you get the bonus amount on your account, you trade and do everything that is required, your trades were successful so you got some profit which you want to withdraw and strange things start to happen. You make the withdrawal request but it is unavailable, you get a response that you have violated some of the laws and cannot get the money, or they transferred the money but it is nowhere, or they simply do not let you know anything and do not answer your emails or calls. Trust me, you would love to avoid it all, therefore make sure to always read the withdrawal terms and conditions well. If it is too complicated and unreal – leave it and search for a better south african forex no deposit bonus with a better company.

How to find the best south african no deposit bonus?

Okay, now you know what no deposit is, how it works and what you need to pay attention to when choosing it. But how to find the best south african no deposit bonuses available for SA traders?

First of all, and you should have already guessed it – do thorough research and avoid any promotional campaigns. The bonuses depend on how profitable the brokers are, therefore there are certain times when no deposit forex bonuses are available. If you have already chosen one or two brokers you want to trade with, make sure to check their websites time after time. Also, it is a good idea to subscribe to their newsletter, many large brokerages have newsletters that often include promotional offerings as well. This way you will always be the one who will get the latest updates first.

The best forex no-deposit bonuses in africa

Forex bonuses are cash incentives that online forex brokers offer to newly registered traders. Some brokers also offer bonuses to existing clients to encourage them to make another deposit into their trading accounts. Online brokering services offer several types of bonuses and give them away either as cash or percentages of clients’ deposit amounts.

Types of forex bonuses

The following is a brief introduction to various types of bonuses clients come across at online forex brokers:

Welcome bonus – this is the most common variety of forex bonus, given away to clients who have just loaded funds into their trading accounts.

No deposit bonus – this is a bonus given away to newly registered clients just to encourage them to start trading without risking their own money.

Loyalty bonuses – these are offers designed to reward clients who stay loyal to the forex broker.

Forex rebates – the FX broker credits to clients’ accounts a part of the commission or spread after they close positions. While some brokers credit rebates instantly, others do it on a weekly or monthly basis.

Why forex brokers offer bonuses

Forex bonuses serve multiple purposes, and here is a brief list of their benefits:

Forex bonuses give clients the feeling that the broker is interested in their welfare.

No deposit forex bonuses and welcome bonuses serve to attract new clients to online forex brokers, thus expanding their customer base.

Loyalty bonuses give existing clients an incentive to make deposits and continue trading.

Bonuses help minimize the risks of trading as you are trading with the broker’s money, not your own.

Bonuses are marketing tools that not only attract new clients to the brokering business, but also makes them feel special and welcome. In addition, they serve the purpose of client retention.

Bonuses serve the purpose of popularizing the online forex broker and help it to compete effectively with its rivals.

How forex bonuses work

To receive a forex bonus, traders have to either open a trading account or make a qualifying deposit or both. Once you have qualified for a bonus, you may have to wait for a few hours or days for the broker to credit the bonus to your account.

At this point, you should remember that the bonus you have just received is not yours to withdraw. It is still the forex broker’s money, given away as an incentive for you to trade. So you have to “work” for your bonus by completing the required volume of trade.

Top 3 forex brokers offering no deposit bonuses

There are several top-rated forex brokers that welcome south african traders with no deposit bonuses. If you are a bonus-hunting south african investor or trader, we recommend the following top 3 no-deposit forex bonus offers:

#1 get $100 at FBS

FBS offers a trade 100 bonus, which is extremely beneficial for beginners as well as experienced traders. When you claim your trade 100 bonus at FBS, you get the following three benefits:

A real account with real money so that you can start trading instantly

Complete set of educational material so that you can learn everything you need to know about forex trading

Start trading and make profits without making any deposit

The best thing about this bonus is that you can withdraw $100 of profit. All you have to do is register a bonus account and get your $100 no deposit bonus. Spend the next 30 days as an active trader at FBS. The broker wants you to trade five lots. If you succeed, you can withdraw up to $100 as profits.

The bonus offer comes with a few conditions, as follows:

This bonus is available on MT5 platforms.

The order volume is 0.01 lot.

You can open a maximum of five positions simultaneously.

#2 instaforex.Com’s $500 startup

Instaforex.Com encourages newly registered traders to start trading without making any investments or taking any risks. New customers only have to claim the FX broker’s $500 startup bonus. The steps are quite simple:

You have to open a new trading account at instaforex.Com. They don’t have to verify their details.

They don’t have to make any qualifying first deposit.

The forex broker instantly credits the bonus to their accounts.

You can trade seven classes of assets at instaforex—energy, indices, commodities, equities, currencies, metals, and cryptocurrencies. The instaforex trading environment is quite comfortable, featuring the following:

Community of over seven million traders and investors

Fast and secure deposits and withdrawals

Over 400 trading instruments

Order execution speed starts from 0.05 seconds

Fixed spreads without hidden commissions

24/7 customer support

Leverage of up to 1:1000

#3 $30 welcome account at tickmill

Tickmill offers a world class trading environment and gives customers the opportunity to use it risk-free with its $30 welcome account. New clients do not have to make any qualifying first deposits to claim these free funds. They can easily open a welcome account and get their $30 bonus. This gives customers not only a risk-free opportunity to trade, but also to withdraw their profits.

The FX broker disables trading on the welcome account at the end of 90 days after opening it.

However, traders can continue to access their welcome account for 30 more days to transfer their profit from their welcome account to a live MT4 account, which they need to create.

The welcome account is available only in USD, and the broker automatically credits $30 into the welcome account as soon as it is opened.

Forex bonus terms & conditions

As attractive as forex bonus offers sound and look, traders must understand that there is a lot of fine print involved. Before claiming a bonus or even showing any interest in it, traders have to read all this fine print, which they will find on the terms & conditions page.

Here are some of the common bonus terms & conditions:

To become eligible for a bonus, you must be a registered client of the forex broker.

Most bonus offers require a qualifying deposit.

A single bonus offer cannot be claimed multiple times.

Usually, online brokers credit bonuses in separate accounts called “bonus accounts.”

Customers can withdraw their bonus only after meeting the “minimal trading requirements,” which indicates that they should trade the required lots within a given time frame.

Bonuses have expiry dates.

Forex brokers can cancel the bonus under certain conditions.

Conclusion – should you claim a forex bonus?

Making the most of your forex bonus is not as easy as eating cake. In the first place, you should never claim a bonus without first reading the terms and conditions.

You should also remember that you cannot make any withdrawal request until and unless you meet the “minimum trading requirements” of the bonus. You have to trade a lot, depending on the bonus terms and conditions, before you can be allowed to make a withdrawal.

You should also satisfy these requires before the bonus expires. That means a lot of trading, which may not be possible for new traders who either don’t know much about trading or just don’t want to take too many risks.

So, we strongly recommend reading the bonus terms and conditions and clearing all your doubts with the customer support team before claiming a forex bonus. Accept the bonus only if you feel that it will be of any use to you.

How to get best forex deposit bonuses for south african traders?

How does deposit bonuses work?

Advantages and disadvantages of forex deposit bonus

Things to consider when choosing a deposit bonus

Requested amount of trading

Time is given for trading

Deposit bonus withdrawal

How to get the best deposit bonus with south african FX brokers

Make sure that you will choose the right amount of the bonus for yourself as the more bonus you get – the more you will need to trade

Choose the broker that gives a fair period of time for the trading. If the time is so short that it requires you to trade 24/7 non-stop to meet the requirements – you might reconsider applying for it.

Read the withdrawal conditions carefully and make sure that it will be actually possible for you to withdraw your profits made from the forex deposit bonus
and you will not lose everything with the scam broker.

Find forex brokers in south africa

When you consider forex trading, the first countries that spring to mind are the USA, UK, and canada. However, forex trading can take place wherever you may be located. This type of buying and selling may involve trillions of dollars, but it takes place in the virtual world. There is no physical location where the transactions take place. The ZAR/rand is not the most popular currency on the forex market, but the number of forex traders in south africa has rapidly increased over recent years.

Before you start trading on the forex market in south africa there is one important step to take. Finding the best south african forex broker to work with. It’s vital to choose a broker that has been registered and is regulated by the south african financial services board. You’ll find it much easier to sleep at night is your broker is locally registered. There is nothing wrong with choosing a broker that is registered and regulated in another country. The choice is yours.

How are forex brokers in south africa regulated?

Financial institutions in south africa, as in many other countries, fall under the direction of a regulatory body. The financial services board is there to ensure and monitor operations of forex brokers in south africa. The board makes sure that monetary transactions undertaken in the forex market are safe and run smoothly. The overall activities of forex brokers in south africa are watched over by the financial advisory and intermediary services. Both these bodies make use of strict and reliable regulations. As yet there are still few south african based forex brokers, but more enter the market regularly.

Choosing the best forex broker in south africa

Choosing the best broker in south africa for forex trading is a vital first step. They will form a vital part of your trading equation and essentially be your business partner. The broker you choose should install a feeling of trust and meet your individual needs as a trader. There are some important factors to take into consideration.

Our recommended forex brokers

Is the broker regulated?
This may seem like an obvious question, but you’d be surprised how many unregulated forex brokers there are out there. The most reliable forex brokers in south africa will be regulated and supervised by a local or international body. A broker that isn’t regulated can do just as they please, which isn’t likely to work in your favor. It’s much safer to go with a broker that can be trusted. A broker that sticks to the rules and meets certain standards is the most positive sign they take their business very seriously.

Does the broker offer low spreads?
The spread is the difference between the bid and ask price of a particular currency pair. If a particular broker is offering high spreads this should be seen as a red flag. High spreads are a way for brokers to make a profit, but it’s at your expense. A better option will be to pick a broker offering low spreads.

Is high leverage on offer?
Leverage allows a trader to trade large amounts of currency with a smaller deposit. Thereby increasing a trader’s buying power. It is usually expressed as a ratio. A ratio of 1:500 means buying power is increased 500 times. Say for example, you make a deposit of $1,000, the broker will match it to make $500,000 of buying power. If a broker is offering high leverage more opportunities will be opened up for making a profitable trade. If you have a small amount of capital then taking advantage of high leverage could maximize profits. But on the flip side, just as profits can be maximized, so can loses. Which is why it’s important to handle leverage carefully and not become dependant on it and use it continuously. Especially if you don’t really need to.

Speed of execution
the forex market is a fast paced world, where split second decisions sometimes need to be actioned quickly. It’s vital that the forex broker you choose can act in a fast, efficient manner on your behalf. The slightest delay has the potential for far reaching results, and ultimately loss of profit.

A variety of accounts to choose from
if a broker has a variety of account types to choose from, this should be considered a bonus. All traders are different and a broker who offers a wide range of accounts can cater to the needs of traders with varying financial abilities, aspirations and needs. If a broker is offering a free demo account, then get in there and start practicing. Run a mile in the other direction if this isn’t an option. Using a demo account is the best way to learn the ins and outs of trading and to develop and then hone your own strategy.

Reliable trading platform
A reliable platform will allow quick access to fundamental and technical analysis, be very secure, offer automated trading, along with visual features such as charts and graphs. The best brokers also use platforms that are very user-friendly. Big names in the forex trading world are metatrader 4 and metatrader 5.

Best forex brokers in south africa of 2021

Popular FSCA regulated brokers in south africa

Here’s a breakdown of some of the best and most popular forex and CFD brokers in south africa that are regulated by the FSCA.

Plus500

Avatrade

How to find the best forex broker in south africa?

In the paragraph above, we presented you with some of the best forex and CFD brokers in south africa. To understand why it is important to trade only with brokers regulated in south africa, one has to understand how the forex market in south africa is organised.

History of the south african forex market

Trading in the financial markets is not native to the african continent. Rice trading on the financial market was already going on in japan in the 1700s. Trading of some sort as far as financial assets were concerned was also going on in europe and the americas in centuries gone by. The influence of financial trading in south africa was actually boosted by the discovery of gold in the witwatersrand area of south africa in 1886. This discovery brought on the mineral revolution that saw the founding of johannesburg as a city. The mineral revolution also saw the advent of large scale prospecting of minerals such as diamonds and gold by large corporations which were awash with cash and which had the financial resources and equipment needed for deep mining.

The minerals that were mined as part of south africa’s mineral revolution required a transparent marketplace where miners could trade them with dealers and large corporations. A london businessman known as benjamin minors wollan started the johannesburg exchange & chambers company, which later metamorphosed into the johannesburg stock exchange in 1887. At this time, most of the african continent was under colonial rule and there was no access for local populations to any form of financial trading. The colonialists did not set up any exchanges before the independence of many african nations. By the time most of africa started to gain independence between 1960 - 1965, south africa’s financial market was already more than 70 years old and had taken root.

South africa’s financial market has since evolved into a one-stop-shop where equities, commodities, bonds and FX instruments can be traded. No other african financial market has the degree of market depth that is offered in south africa. It is safe to say that the mineral revolution secured south africa’s status as the number one financial market destination in africa. Over time, south africa has become the major hub for FX trading and boasts of superior infrastructure and advanced regulatory processes which are far ahead of other african exchanges. There is a great potential for expansion of this market. Due to the fact that FX brokers in south africa are regulated (unlike other african markets except for kenya), south african forex brokers have come to gain the trust of traders and market participants from other regions as well as the global trading community.

Regulation of forex trading in south africa: the role of the FSCA

The south african financial market is regulated by the financial sector conduct authority (FSCA). The FSCA was created in 2018 as a spin-off of the now-defunct financial services board (FSB). The FSB was split into two new agencies of which the FSCA is one. The other agency is the prudential authority (PA), which is responsible for the regulation of the banking and prudential industry in south africa.

What does the FSCA bring to the table in terms of regulation of the south african financial markets? The FSCA is responsible for the regulation and supervision of all financial services companies and entities doing business in the forex market in south africa. The FSCA ensures the integrity and efficiency of the markets and promotes the creation of fair dealing environments by financial institutions for their clients.

The FSCA also appoints representatives to provide secretarial support to the financial services tribunal. The financial services tribunal handles cases which have been referred to it if there are complaints by the trading public against providers of brokerage services in the financial services sector. The FSCA also runs an appeal board, headed by an attorney that has legal experience of at least 10 years, or a retired judge. Members are required to have a wide knowledge of the financial services industry.

The appeal board is where persons who feel aggrieved by a prior decision of the FSCA in its capacity as a financial market regulator, can seek redress. Any entities that are aggrieved by decisions of the ombud for financial services providers, or aggrieved by decisions from an exchange, can file an appeal. The appeal board functions like an appellate court of sorts, where a previous decision by the FSCA can be challenged by either a trader or a broker.

Why trade with an FSCA-regulated forex broker?

Trading with an FSCA-regulated broker gives a large measure of protection to the trader. When you trade with an FSCA-regulated forex broker, you can be sure that the same quality of regulation applied in the EU or UK will apply to you. Verifying a forex broker that is supposedly an FSCA-regulated broker is easy. The FSCA maintains a register of brokers it regulates. On the home page by default, there is a facility where the trader can enter the name of the brokerage in question and immediately find out from the internal search engine on the FSCA website what the regulatory status of the brokerage is.

On the FSCA website home page, you are prompted to enter details of the brokerage you want to check on when the slideshow on this page shows the “financial services providers search” icon click it or use directly their website's official link - https://www.Fsca.Co.Za/fais/search_fsp.Htm. Here, enter either the name of the forex or CFD broker you want to check on or the broker's license number or the name of the CEO or other important contact of the company. Once you do that, the FSCA website will show you the details of the forex broker in question that has been licensed to do business by the FCSA in south africa. You may also contact the FSCA call centre on 0800 20 37 22.

Bonuses offered by south african forex brokers

A search of various south african forex brokers indicates that the use of bonuses, which used to be popular in years gone by, seems to have fallen out of favour. This may have to do with the crackdown on the use of bonuses by various regulators across the world. However, there are still a couple of brokers that still offer bonuses to their traders. One of such particularly popular in S.A is XM.Com, which still offers a $30 trading no deposit bonus. Unfortunately for traders from south africa, this broker is not regulated by the FSCA.

If you receive a no-deposit bonus, you are given a little money to test the trading platform or other features of the broker without making a commitment to deposit funds into a live account. Alternatively, you can receive a deposit bonus, which is a percentage of the capital that you deposit into a live account. The deposit bonus percentage will vary from one broker to another. Cashbacks are not provided by south african forex brokers.

Leverage available to FX traders from south africa

Leverage in forex simply means an enhanced ability to trade a forex pair. In practical terms, leverage is the additional capital provided by the broker to enable the trader to hold positions than would ordinarily have been possible with the trader’s capital.

The price movements of currency pairs are small; usually in the order of 0.0001 points. Compare this with the price movements of gold which can occur in whole numbers and not in decimals. To be able to convert these small decimal movements into appreciable monetary value, it is essential to trade forex with large amounts of money. Most traders cannot afford the sums required.

To set up a standard lot position on the USDZAR for instance requires a capital of $100,000. How many traders can come up with $100,000 to set up one position on the USDZAR, using a standard lot trade size? It is for this reason that forex brokers came up with the concept of leverage. By offering the trader additional capital which is collateralized using a portion of the trader's capital known as margin, the trader can initiate such large trades. Using leverage, the trader gets the full value of the trading profit or loss of the enhanced capital.

What is no deposit bonus and how to choose the best one

What is a no deposit bonus?

How do no deposit bonuses work?

Advantages of forex no deposit bonuses

You get the profit

You get to know the broker

You test the platform

As you can see, free no deposit bonus does not come only with free money to trade with but with some other great opportunities as well.

Be careful while choosing

How to find the best south african no deposit bonus?

Okay, now you know what no deposit is, how it works and what you need to pay attention to when choosing it. But how to find the best south african no deposit bonuses available for SA traders?

So, let's see, what we have: see our list of trusted forex brokers with no deposit bonus available for traders in south africa. We have compared the bonus terms, withdrawal conditions. At south african forex brokers with bonus