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We have identified most of the roadblocks and limitations in claiming the bonus, trading with it, and withdrawing the profit. Soon, Forex Penguin will be creating a profitability scale Penguin Meter based on the difficulty level of the procedure of claiming a bonus, trading condition, and withdrawing profit.
We told you that claiming no deposit bonus is the easiest process — and it is not far from the truth. The first model is beneficial to forex brokers because it works as a filter. Only serious traders will be verifying their identity. The second model is to encourage traders who do not want to go through the hassles of verification unless they have something to gain. Email verification is the simplest form of verification. All it takes is only to click on the link sent to your inbox.
Phone verification is also easy. The forex broker will either send you a code via SMS or voice call. It can be done within 10 seconds. Proof of identity requires you to submit a color scanned identification document. Generally, you can submit either a passport, a national ID, or a driving license ID card. The commonly required documents are utility bills, bank account statements, a national ID with an address on it, and anything that can prove your residential address.
Forex brokers are very strict when it comes to this topic. Besides the verification, they also restrict the bonus to new traders only. It makes sense, of course, since that is the purpose of the entire forex bonus.
If you have claimed a no deposit bonus before from the same broker, you are not eligible to claim the same type of bonus.
Not only that, your close relatives, but your housemates who share the same residential address and the same IP address also are not allowed to sign up for the free bonus. Before you apply for any no deposit bonus, it would be great to know whether your housemate has already done so. After you have claimed the bonus, it is time to trade. Since you are given a free bonus to trade, you are automatically restricted to certain rules and regulations in the trading.
This refers to the lot size of the order. Some brokers restrict their traders from opening orders with big lot size. As a trader, trading with a small lot size can be disheartening because, at the same time, traders need to fulfill a certain trading volume to be eligible to withdraw profit.
It is a strategy of forex brokers to stay active with the brokerage. Disclaimer: Ahmad is a fictional character for the illustration of the no deposit bonus examples. Ahmad acquired no deposit bonus from broker XYZ.
To be eligible for profit withdrawal, Ahmad is required to trade 5 lots. But he is only allowed to open every position with 0. How many positions should Ahmad open to fulfill that 5 lots requirement? To make the trading even more painful, some brokers limit their clients from having a lot of simultaneous active positions.
Depending on the strategies, the limitation of active positions can harm certain trading techniques. If a trader is trading based on the trend following method, then he cannot open more positions at a different price to earn maximum profit.
Trading assets or currency pairs are a vital part of forex trading. We can utilize the volatility of the markets to make a profit. The limitation of the trading asset means that we will have fewer currency instruments to choose from. Hence it badly restricts the opportunity to trade when we spot a good entry setup for a particular currency pair. The main purpose of no deposit bonus is to allow clients to feel how it is when trading with the broker in live market conditions. A short bonus validity means that clients might not have enough time to truly engage with the account.
On the other hand, if given enough time, clients could even have the chance to trade in different market conditions. A good period of testing a live trading account should be 30 days or more. It will give ample time to the clients to fully understand what real trading is all about.
After all, no deposit bonus is designed for the new traders to have a taste of how forex trading works. A few moments later, he opened a sell order at 1. Having an active long position buy order and an active short position sell order means Ahmad is hedging the market.
Conclusion: Without hedging being permitted, traders will have difficulty to trade in both different directions simultaneously. Scalping is a method that traders use to earn a small profit usually pips multiple times in a day. Usually, traders use this method during high market volatility such as during the release of economic data and news.
It is popular among the traders because it has the potential to catch a lot of pips in the shortest time. Of course, it is also a way to empty the account very fast. For every opened position, you will have to pay some spread cost. It must be used wisely if you do not want to suffer a margin call. Conclusion: Since it is a popular method among traders, limiting the use of it will certainly cause trouble to traders.
Ahmad is given the leverage of in his forex account. This is why it is called leverage. It gives us the flexibility to trade more even though we do not have big capital. Limiting leverage can cause a very bad trading experience for the traders. They cannot open a bigger position that they desire.
It also lowers down the trading volume, hence it will take a bigger number of trades to fulfill the withdrawal requirement. This includes opening and closing a trade, generating a tradable signal, analyzing market conditions using indicators, etc. Undoubtedly, robot trading is interesting to anyone who does not have prior experience in forex trading.
It is hands-free and hassle-free. Once it is set up, EA will handle the trading from the very start. Limiting the usage of EA is like limiting the usage of an elevator — instead of pressing a button to get you to the top of the building, you are asked to walk the stairs.
Conclusion: This is downgrading the advancement of forex technology. Hence, it is not a choice if you are an EA lover. But experiences tell us that it is not that easy to withdraw the profit you made from a free bonus. To make your life easier and to serve as a foundation for Penguin Meter, we have come out with an extensive list of the eligibility of profit withdrawal.
Most of the forex brokers set the trading volume as the parameter whether a trader is eligible for withdrawal. The main reason for doing that is to encourage traders to trade more. Some of the forex brokers even set the trading volume threshold to lots.
This scenario is almost like a mission impossible. But this also correlates with the maximum lot size permitted per trade and the maximum leverage allowed. In example 1, the permitted lot size was 0.
In this situation, even a trading volume of 5 lots is too much. An active trading day simply means that there is at least one open and closed position for the day. Ahmad opened a position on day 1, but he does not close any position on that day. Instead, he closed it on day 3. What is the active trading day of Ahmad? The answer is only 1 day. It is on day 3 that he had one open position and one closed position.
Based on the example above, to achieve an active trading day, we need to close at least one position a day Of course you cannot close a position without first opening it. This requirement forces the traders to trade more; sometimes out of the compulsion of fulfilling the active day requirement.
Conclusion: Traders need to be super active in trading to fulfill active trading days. It is not a pleasant idea to have. But when it comes to the profit withdrawal step, you are suddenly required to deposit a certain amount of money to be eligible for the profit withdrawal. The purpose of the forex brokers is very clear. They want you to stay with them and trade with them. As we told you at the beginning of this guide, the main reason for the no deposit bonus is to entice you to trade in the forex market.
Conclusion: If a no deposit bonus needs a deposit at the end, why is it called no deposit bonus in the first place? It is not uncommon for non-deposit bonus brokers to complain about bonus abuse by their clients. As we work closely with most of the forex brokers listed on Forex Penguin, we have the first insight about what is really going on behind the scenes.
These abusive strategies have often discouraged a good forex broker from offering its first-time clients the trading incentive in the form of no deposit bonus. In this section, all information is written for educational purposes and it is not to be repeated. We also hope that through this guide, we can help honest forex brokers to find some alternative ways to combat the abuser. Hence, the no deposit bonus promotion can continue and bring benefits to genuine first-time traders.
Forex no deposit bonus is clearly a popular way for new traders to start learning forex while not using their own money. It also attracts some syndicates to pocket this golden opportunity. Since most of the forex brokers are aware of the multiple bonus sign up abuse, they have strict rules to go against it.
Unfortunately, for every rule, there will be creative ways to break it. We received reports that especially in the poorer countries, there are people who collect or buy KYC documents in bulk. The documents include scanned copies of international passports, national id cards, government-issued driving license, household utility bills, bank statements, and more.
Depending on the market conditions, some of these bonuses could generate profits and some will lose. The abuser then can withdraw the profits and move on to the next brokers who offer new bonuses. Such activities have caused the forex brokers to lose money, hence they are discouraged from hosting the no deposit bonus anymore.
Hedging in general means having two open positions simultaneously in the opposite direction. No Deposit Bonus. The binary options no deposit bonus is really simple, it is a risk free bonus from binary brokers that traders can get only via a confirmed registration on a binary trading broker website.
Welcome Bonus. No Deposit of funds is required for this promotion. A Binary Options no deposit bonus is a forex welcome bonus. So, without thinking we can call it is a good chance to gather real-life trading experience with various brokers and platform ideas Binary options bonuses come in a variety of shapes and sizes. Our store in Albuquerque, NM is open.
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