A no deposit bonus is a reward offered to traders without making a deposit by a broker. It is often known as a complimentary bonus without a deposit, as traders are offered a free bonus without a deposit being made. These bonuses are highly popular because the trader can gain a bonus without risking any funds. However, the no deposit bonuses comprise smaller sums that are credited in comparison to a deposit bonus.
Traders can claim the no deposit bonus with a forex broker by opening an account and verifying their identity, then the forex broker funds their account with the no deposit bonus. It is credited instantly to the trader’s accounts for trading the bonus funds.
The brokers make the deposits once traders activate their live account on the platform, which allows them to understand the live trading conditions and explore different options without jeopardizing their funds. This enables novice and seasoned traders to utilize the bonus fund and develop in-depth knowledge about the brokerage platform and its systems. The accessibility of a free bonus varies depending on the broker.
What is a No Deposit Forex Bonus?
A no deposit forex bonus is a cash award that is deposited by the broker into the forex trader’s account, without requiring an initial deposit into the trading account by the trader.
Just like the deposit bonuses in Forex (which require you to deposit first), the no-deposit bonus is used strictly for trading purposes and can only be withdrawn from the account on fulfillment of the broker’s trade volume requirements.
Typically, the no-deposit forex bonuses are not as large as the deposit bonuses. They range from between $10 and $200, depending on the broker. They are actually meant to introduce new traders into the world of real money trading and are not meant to be used for profit-oriented trading. Think of it as a form of live, real money practice account where you keep all the gains. If you lose money, you have lost nothing.
What Should I Do to Get My Bonus?
Most of the no-deposit forex bonuses in the market can be obtained as exclusive offers through affiliate partners of the forex brokers that offer them. The forex brokers who award the no-deposit forex bonuses directly are typically in the minority.
What is the Difference Between No Deposit Bonuses and Deposit Bonuses?
No-deposit forex bonuses do not require an initial deposit into the trading account before they are awarded. This factor distinguishes the no-deposit forex bonus from the deposit bonus, which like the name implies, requires a deposit from the trader before it is awarded.
No-deposit forex bonuses are smaller in size as they mostly serve for live account practice.
What Other Bonus and Promotion Types Do Brokers Offer?
Other bonuses and promotions may be given out by brokers occasionally.
- The cashback is the commonest bonus which a trader can get. Although this requires that some previous deposit would have been made by the trader, cashbacks are a good way to earn back any money that has been lost in previous trades. These are provided by brokers automatically without requiring further deposits.
- Trade contest awards do not require a previous deposit. You can participate in various trade contests on broker platforms for a share of the prizes. Cash prizes are usually awarded to traders as a no-deposit bonus. All you need is to ensure your account KYC documents are in place and you can claim your award if you win.
- Some brokers provide traders with tools they need to trade with on fulfillment of certain conditions such as attaining certain trade volumes within a specified time frame.
Best Forex Brokers in Kenya
Choosing the right forex broker is a pivotal decision for any trader. It’s the bridge between you and the global financial markets. In this comprehensive listing, we’ve curated information on some of the most reputable brokers operating in Kenya. Each broker offers unique features, account types, and trading platforms, catering to a diverse range of traders.
From FXPesa’s user-friendly multichannel support to FxPro’s extensive platform options, and EXNESS’s convenient Mpesa integration – explore the key offerings of these brokers to make an informed choice for your trading journey. Dive into our detailed analyses to find the perfect fit for your trading style and preferences.
| Broker | Minimum Deposit | Leverage | Spreads | Regulation(s) | Account Types | Mobile Trading |
|---|---|---|---|---|---|---|
| FXPesa | $5 | Up to 1:500 | From 1.4 pips (Executive) | FCA, SCA, CySec | Executive, Premiere, Demo | Yes |
| FxPro | $100 | Up to 1:200 | From 0.6 pips (Pro) | CySEC, FSCA, SCB, FCA | Standard, Pro, Raw+, Elite | Yes |
| HFM | $5 | Up to 1:2000 | From 0.5 pips (PRO) | FCA, DFSA, FSCA, FSA, CMA | Premium, Pro, Zero | Yes |
| Exness | $10 | Up to 1:400 | From 0.3 pips (Standard) | CMA, FSA,CBCS,FSC, FSCA, CySEC, FCA | Standard, Standard Cent, Professional | Yes |
| FXTM | $10 | Up to 1:2000 | From 0.0 pips (Advantage) | FSC, CMA | MICRO, ADVANTAGE, ADVANTAGE PLUS | Yes |
| XM | $5 | Up to 1:1000 | From 1.0 pips (Micro) | FSC | Micro, Standard, XM Ultra Low, Shares | Yes |
FXPesa
FXPesa offers a straightforward process for opening online trading accounts, boasting multichannel support. This feature is beneficial for traders who prefer flexibility and accessibility across various devices. The initial steps involve sharing personal details and verification through Kenyan ID or international documents, which adds a layer of security to the account creation process.
Furthermore, the broker supports diverse funding options including mobile money, credit cards, bank transfers, and eWallets, enhancing convenience for users. The availability of both demo and live accounts caters to traders of all experience levels. FXPesa also stands out by providing commission-free trading accounts, making it particularly appealing to those who want to minimize costs.
FxPro
FxPro distinguishes itself by offering a wide range of trading platforms, including its proprietary platform, MetaTrader 4, MetaTrader 5, and cTrader. This diversity caters to different trader preferences and levels of expertise. The broker provides various account types, each tailored to specific trading needs.
The Standard Account is accessible with an initial deposit of $100, making it accessible to a broad audience. The Pro Account, with a slightly higher initial deposit requirement, offers more competitive spreads, particularly suited for intermediate to advanced traders.
The Raw+ and Elite accounts target professional traders, offering tight spreads and enhanced rebates. Additionally, FxPro accommodates Islamic accounts, providing an inclusive trading environment.
HFM
HFM provides a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and their proprietary platform. This range of options gives traders the flexibility to choose the platform that best aligns with their preferences and trading strategies.
The broker offers three types of accounts: Premium, Pro, and Zero. Each account type caters to different trading styles and preferences, with varying minimum deposit requirements and leverage levels.
The Premium account, with no minimum deposit requirement, is suitable for traders who want to start trading without a substantial initial investment.
The Pro account, with a minimum deposit of $100, offers tighter spreads, making it appealing to more experienced traders.
The Zero account stands out for its zero spreads on Forex and Gold, appealing to scalpers and day traders.
XM Forex
XM is a forex broker that provides traders with access to the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. This choice is advantageous as it offers a familiar and robust environment for executing trades, which can be crucial for traders seeking efficiency and reliability in their trading activities.
The broker offers a range of account types, each tailored to meet the specific needs and preferences of different types of traders.
Micro Account
The Micro Account is designed with beginners in mind, offering a lower minimum deposit, competitive spreads, and the flexibility of leverage up to 1:1000. This account type is particularly accessible, allowing those who may want to start with a smaller investment to do so. Additionally, it provides hedging capabilities, which is a valuable feature for traders who employ diverse trading strategies.
Standard Account
For more experienced traders, XM provides the Standard Account. This account type offers competitive spreads and extended trade volumes, catering to those who require a higher level of trading sophistication. With leverage up to 1:1000, it provides ample room for maneuvering within the markets.
Like the Micro Account, the Standard Account also offers the option of an Islamic Account, demonstrating XM’s commitment to accommodating traders who adhere to Islamic finance principles.
XM Ultra Low Account
Traders who prioritize low spreads and versatile trading strategies may find the XM Ultra Low Account particularly appealing. With ultra-low spreads starting from 0.6 Pips and leverage up to 1:1000, this account type is tailored for those who are focused on minimizing trading costs and executing strategies with precision.
Additionally, the absence of swaps can be beneficial for traders who seek to avoid overnight financing costs. As with the other account types, an Islamic Account is an available option.
Shares Account
For those with a specific interest in trading actual shares, XM offers the Shares Account. This account type is uniquely designed for stock market enthusiasts and provides an environment without the use of leverage. With a minimum trade volume of 1 Lot, it indicates a requirement for trading full lots of shares.
However, it’s worth noting that hedging is not allowed in this account type, which may impact certain trading strategies.
Exness
Exness offers a variety of trading accounts designed to meet the needs of different types of traders. The Standard account is commission-free and suitable for a wide range of traders, while the Standard Cent account is designed for new traders who want to start with smaller trade sizes.
The Professional accounts, including Raw Spread, Zero, and Pro, cater to more experienced traders with varying spread types and commission structures. Exness provides a flexible trading environment with different leverage options and a wide range of trading instruments. The availability of Mpesa for deposits and withdrawals is a convenient feature for Kenyan traders.
FXTM
FXTM offers the popular MetaTrader 4 and MetaTrader 5 trading platforms, providing a familiar environment for traders. The broker provides three main account types: Micro, Advantage, and Advantage Plus.
The Micro account, with a minimum deposit of $10, is suitable for beginners or those who want to start with a smaller investment. The Advantage account offers competitive spreads and commissions, making it appealing to traders looking for tighter pricing.
The Advantage Plus account, with similar spreads to the Micro account but no commissions, may be attractive to traders who prioritize simplicity in their trading costs. FXTM also offers a wide range of trading instruments, including FX, metals, commodities, indices, and stock CFDs.
Forex Trading Growth in Kenya
Forex trading in Kenya has experienced rapid growth, largely fueled by factors such as:
Internet Accessibility: The increasing accessibility of the internet across Kenya has opened doors for online trading, making it convenient for individuals to participate in the forex market from anywhere in the country.
Education and Awareness: Traders in Kenya are becoming more informed and educated about the forex market through seminars, online courses, and educational resources provided by brokers and trading communities.
Regulations: The regulatory environment for forex trading in Kenya has improved, with regulatory bodies like the Capital Markets Authority (CMA) overseeing the industry. This has boosted investor confidence and attracted legitimate brokers to the market.
Economic Factors: Kenya’s strong economic growth and stable political environment have contributed to a favorable investment climate, attracting traders seeking opportunities in the forex market.
Selecting the Best Forex Broker
Selecting the best forex broker in Kenya is a crucial step for traders looking to enter the foreign exchange market. The broker you pick can make a big difference in how well your trading goes. It’s important to choose wisely for a successful experience. To make an informed decision, consider the following key criteria when evaluating forex brokers in Kenya:
1. Regulatory Compliance
First and foremost, ensure that the forex broker is fully regulated by the appropriate Kenyan authorities. In Kenya, the Capital Markets Authority (CMA) oversees and regulates forex trading. Choosing a regulated broker provides a layer of security and protection for your funds. It ensures that the broker operates with transparency and adheres to industry standards.
2. Trading Platforms
Evaluate the trading platforms offered by the broker. A trading platform that’s easy to use and dependable is really important for making trades effectively. Look for features such as real-time charts, technical analysis tools, and mobile trading apps. The availability of a platform that suits your trading style and preferences is crucial.
3. Spreads and Fees
Consider the cost of trading with the broker. Brokers typically earn money through spreads (the difference between the buy and sell prices) and, in some cases, commissions. Compare the spreads and fees of different brokers to ensure they align with your trading strategy. Lower trading costs can significantly impact your profitability over time.
4. Account Types
Check if the broker offers a variety of account types to cater to traders with different experience levels and capital sizes. Having access to a range of account options allows you to select one that aligns with your trading goals and risk tolerance.
5. Customer Support
Reliable customer support is essential, especially for traders who may encounter issues or have questions during their trading activities. Test the broker’s customer support responsiveness and availability, particularly during peak trading hours.
6. Deposit and Withdrawal Methods
Examine the deposit and withdrawal methods provided by the broker. Ensure that these methods are convenient, secure, and accessible to you. Some brokers may offer a variety of options, including bank transfers, credit cards, e-wallets, and more.
7. Educational Resources
Many reputable brokers offer educational resources, including webinars, tutorials, market analysis, and trading guides. Access to educational materials can be invaluable, especially for novice traders looking to improve their skills and understanding of the forex market.
By carefully considering these criteria, you can narrow down your options and select the best forex broker in Kenya that aligns with your trading goals, risk tolerance, and preferences. Remember that the choice of broker is a significant decision in your forex trading journey, so take the time to research and make an informed choice.
Take Your Trading to the Next Level
Selecting the right Forex broker is a critical step in any trader’s journey. Each of the brokers discussed – FXPesa, FxPro, HFM, EXNESS, FXTM, and XM – offers unique features and caters to a diverse range of traders.
Whether you’re a novice looking for accessibility or an experienced trader seeking advanced tools, these brokers provide a spectrum of options. Take the time to assess your trading style, preferences, and goals to find the broker that aligns best with your needs. Remember to stay updated with the latest offerings and regulations to ensure a seamless trading experience. Happy trading!
1. XM
2. Tickmill
3. GrandCapital
4. WindsorBrokers
Conclusion
We hope this article helped you to choose the brokers that offer a free no deposit bonus. You may also want to see our ultimate guide verifying a forex broker and our comparison of the best mpesa forex brokers.
Are you looking for the best no deposit bonus forex brokers for 2022? Here we show a list of these brokers which we have compiled after careful evaluation of various candidates. Ensure you use the no-deposit forex bonus wisely and use it to enhance your live account trading experience.
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Vincent Nyagaka is a Professional Trader, Investor, and Author. He has built an 8-figure solid business around Forex, Stocks. He was recognized as one of the top 100 entrepreneurs under the age of 30 by the United Nations. His work is featured in top publications like Entrepreneur, Forbes, Inc., FoxBusiness, and more.
