Many popular brokers like XM are offering deposit bonuses and no deposit bonuses to promote their trading services and attract new customers. No deposit bonus means getting bonus funds on the live trading account without the need to deposit your funds. This is the main difference between no deposit and deposit bonuses, as deposit bonuses usually require a minimum amount of capital for trading. Whenever a broker promotes a no deposit bonus, traders should closely read every detail of the terms and conditions for this bonus. The majority of brokers require trading volumes so large that it does not even make sense to trade on the bonus account. In this case, it is essentially the same, to trade on a demo account and then switch to a live account with your funds. Some brokers even allow no deposit bonus withdrawals, but it is quite rare. XM’s no deposit bonus has the advantage of allowing clients to withdraw profits and even the bonus itself after certain trading volumes are traded. This ability to withdraw profits without the need to accumulate large trading volumes is the major advantage of XM. 

How to use a no deposit bonus?

Just open a live trading account, make profits using Forex no deposit bonus, withdraw profits, and reward yourself for successfully starting a trading account without investing anything. These simple terms are not as simple as they seem, as there are steps before a trader can start making profits in financial markets. If a trader has a profitable trading strategy, then XM’s no deposit bonus is the most suited bonus to get without initial investment requirements. When claiming the FX no deposit bonus, withdrawing profit is the first thing to think about. Is the broker allowing traders to withdraw profits? Ensure you have read the terms and conditions in detail, not to omit something important. 

Benefits of Forex No Deposit Bonuses

Despite its disadvantages, a proper no deposit bonus like in XM’s case can be used for generating profits and withdrawing these profits. 

Using this bonus, beginner traders can start making money in financial markets, with proper knowledge, discipline, and trading strategy. Imagine no deposit bonus as a live trading account with free funds you can use for trading without the need to invest anything. This is a huge pro of no deposit bonus accounts. For traders who have no starting capital to allocate for FX trading, no deposit bonus can be life-changing. Here is a list of pros of no deposit bonus:

• Opportunity to make and withdraw profits without initial investment
• Helps new traders test their trading skills in a live market environment
• Usually requires account opening and verification, which are easy steps
• Helps traders increase their confidence and exercise consistency and discipline

Despite numerous benefits, there are still several cons of no deposit bonus, every trader must know the:

• The majority of brokers do not allow the withdrawal of a deposit bonus
• Trading volume requirements are usually large and require tens of lots of trading to withdraw profits
• The maximum profit that can be withdrawn is usually limited to just 100 USD
• No deposit bonus amount is usually small around 30 USD which is low capital for trading to become a career
• When trading with such a small capital, high leverage is required, which amplifies both potential profits and losses

The only thing remaining after reading these pros and cons is to select a proper broker that offers no deposit bonus with the ability to withdraw profits. 

Forex no deposit bonus with withdrawable profits is the most appealing option for beginners who want to test their strategies in live markets, but lack the initial capital. The best broker that also allows the withdrawal of profits generated using the no deposit bonus is the XM broker. It is regulated by a multitude of regulators and has years of successful track record for being the most reliable broker in the FX industry. But you don’t need to trust us by a word, just check any online broker review platform and see how high XM ranks in all platforms across the web. 

As we have mentioned above, the steps for starting withdrawing profits may seem simple, but they require proper preparation and practice. So, how to fully employ a deposit bonus to your advantage. 

The first step is to have a successful trading strategy, meaning it can make profits. Make sure to back-test this strategy on at least 30 trades to ensure it is profitable and consistent. 

Trading Strategies

To become a successful and professional trader, a comprehensive trading strategy is needed. Trading strategy encompasses the whole process of trading from opening to closing the position. Trading strategy promotes discipline and ensures traders follow a strict, predetermined, and tested path on the wild lands of the FX world. 

Risk Management

Before you can withdraw profits made on a deposit bonus in FX trading, you need to develop a comprehensive risk management strategy. Risk management is key when trading with low capital, and it is caused mainly by the lack of proper risk management. The trader must know how much he risks and how much he expects in profit before opening any trading position. 

• Find a reliable Forex broker like XM that offers no deposit bonus.
• If it's another broker, ensure it also allows profits withdrawal, made using FX no deposit bonus.
• Ensure the broker does not require high trading volumes for profit withdrawal
• Have a well-thought-out and tested trading strategy that has shown positive returns on both back-testing and forward-testing
• Double-check your risk management and ensure it is well-defined and addresses all the issues