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Best No Deposit Bonus Forex Brokers in South Africa – Top Offer Revealed

Looking to start trading forex for free? In this guide, we have reviewed the 2020's top no deposit bonus forex brokers in South Africa.
Alan Draper Lewis
Last Updated: Jun 24, 2020
Best No Deposit Forex Bonuses in South Africa
Best No Deposit Forex Bonuses in South Africa

There are many different types of forex bonuses that brokers offer to new and existing clients, but one of the most popular forex bonuses among forex traders is the no-deposit bonus. This is a free bonus offered by some forex brokers to attract new traders to open a trading account without having to deposit funds. But how do you find the best no deposit bonus forex broker for you?

To help you get started, we have reviewed the top three brokers in South Africa that offer a no-deposit bonus. We’ll also explain the different types of no-deposit bonuses offered by brokers and show you a step by step guide on how to claim your no-deposit bonus and open a trading account.

    Best South Africa No Deposit Bonus Forex Broker 2020

    Don’t have to time to read out guide and want to claim a forex deposit bonus right away? Check out the top broker below.

    FBS: Best No Deposit Bonus Forex in South Africa

    Our Rating

    • Generous no deposit forex bonus
    • Six account types
    • Analytics & educational resources
    • CySEC regulated
    There is no guarantee you will make money with this provider.

    What is Forex No Deposit Bonus?

    A forex no-deposit bonus is a free bonus that the client receives and can trade with it, without making a deposit. This means you can start trading with a forex broker without investing your money. Bear in mind that no-deposit bonus is usually a low amount of virtual capital given to the investor in order to test the platform and the broker’s trading services.

    Nevertheless, the no-deposit bonus is the most popular forex bonus as it allows investors to start trading forex without risking their own capital.

    No Deposit Bonus Forex Brokers in South Africa

    Finding a forex broker that offers a no-deposit bonus in South Africa is a challenge and can be time-consuming. Even though the forex no deposit bonus is a great way to start trading forex, it also limits your trading and requires you to trade with many limitations.

    For that reason, we have listed the top three brokers that are authorized and regulated in South Africa, offering the best forex bonuses for new and existing clients including but not limited to no-deposit bonus.

    2. FinmaxFX – Forex Broker with a Bonuses and up to 1:200 Leverage

    Even though FinmaxFX is a relatively new forex broker that was founded in 2019, it has gained a positive reputation in the forex industry. This broker offers the highly advanced MetaTrader 5 platform and access to more than 2000 financial instruments across different markets that include forex, stocks, cryptocurrencies, and commodities. In terms of regulations and the safety of funds, FinmaxFX is licensed and regulated by VFSC and VFSC.

    FinmaxFX rewards new and existing clients, including South African investors, with a wide range of forex bonuses and promotions. The most attractive forex bonus offered by FinmaxFX is the 100% welcome bonus – This allows new users to double the deposit amount for every deposit over $100. Additionally, FinmaxFX offers the FTD bonus that includes a 50% bonus for new clients with a maximum bonus amount of 500 Euro/Dollar. Take note that the FTD bonus is not withdrawable and allows users to withdraw the profits only. Moreover, it requires a total trading volume of $10,000.

    FinmaxFX also has a bonus promotion for existing users – the second deposit bonus that includes 10% bonus by the management team, or a 15% bonus by the headdesk.

    Our Rating

    • A wide range of forex bonuses for new and existing clients
    • FinmaxFX is an innovative and a popular forex and CFD broker
    • FinmaxFX offers the highly advanced MetaTrader5 trading platform
    • Limited selection of FX currency pairs when compared to other forex brokers
    • Does not offer a volume bonus for active traders
    There is no guarantee you will make money with this provider.

    3. FXCM – Best Forex Bonus Broker for Active Traders

    FXCM is one of the leading online forex trading and CFD brokers operating in South Africa. FXCM South Africa is a subsidiary company within the FXCM group and is an FSCA-regulated, in addition to being regulated by FCA, CySEC.

    This broker an extensive selection of advanced trading platforms that include the TradeStation, MetaTrader4, and NinjaTrader. Further, FXCM offers a wide range of instruments across different markets.

    When it comes to bonuses and promotions, FXCM offers a $20 free bonus for South Africa new investors when opening an account with an initial deposit of $50. But more importantly, this broke has a monthly trading contest that rewards the winner with a $1,000 in monthly Cash Prizes & $700 in FXCM Apps Coupons.

    For high active  For high active traders, FXCM offers a perfect solution – the Active Trader Rebate Program. By choosing this account type, you may be eligible for competitive monthly cash rebates if you reach a minimum volume of USD 10 Million on a monthly bases. In that case, Rebates will be credited directly to your account in the following month.

    • FXCM offers a great program for active traders
    • A wide selection of trading platforms
    • Regulated in South Africa by the FSCA
    • Very high inactivity fee of 50 USD if there is no trading activity for one year
    • Offers a low welcome bonus
    There is no guarantee you will make money with this provider.

    What Types of Forex Bonuses are Available?

    No deposit forex bonuses are just one of many types of offers available at forex brokers. Let’s take a look at the most popular types of forex bonuses.

    No deposit forex bonus

    As mentioned earlier, the no-deposit forex bonus is one of the most popular forex trading bonuses among investors and traders. However, you should take into consideration that this type of forex bonus is beneficial for those who want to test the broker’s trading platform, the trading tools and the instruments it supports.

    Furthermore, the no-deposit forex bonus usually ranges between $20 to $200 and has limitations and restrictions in terms of the leverage ratio and the availability of withdrawing the funds. Therefore, do not expect to build an investment portfolio by using the no-deposit forex bonus. It is simply an offer designed by no deposit bonus forex brokers to help new clients to test the platform and get to know their services.

    Deposit Bonus/Welcome bonus

    A deposit bonus, also known as a welcome bonus, is a bonus offered to new clients that wish to start trading with a certain broker. Forex brokers often use this type of promotion to attract new clients and increase their client base. A forex welcome bonus is usually not available for withdrawing but is being used for trading.

    This means you will be able to trade with the capital of the bonus and withdraw the profits made with the bonus’ capital, but you will not be able to withdraw the amount of the bonus. Furthermore, forex brokers place strict requirements such as high trading volume, number of lots traded, and a specified time that you must reach in order to claim your bonus.

    Turnover Bonus

    Turnover bonuses are quite similar to rebate bonuses and allows active traders to reduce trading costs and earn additional income for every turnover made by the trader. This type of bonus is made by brokers that want to boost traders’ trading activity as they make a profit from high trading volume.

    Therefore, the higher the trading turnover made by the trader, the higher the bonus amount. For example, a broker can offer a bonus of 5 USD for a weekly turnover of $100,000. FBS and FXCM are top leading brokers in South Africa offering attractive turnover (rebates) bonus.

    Pending Bonus

    A forex pending bonus is a different type of forex bonus. Unlike a welcome bonus and no-deposit bonus, this type of bonus cannot be immediately used for trading. Instead, you need to trade to reach a certain amount and once you’ve done that, you can instantly withdraw the bonus or use it for trading. In some cases, it is a great offer, particularly for highly active traders.

    Reload Bonus

    A forex reload bonus is essentially an instant bonus offered to clients on a second or later deposits. It is, therefore, aimed at existing clients of the broker in order to maintain their trading activity.

    Logically, a forex reload bonus is very rare among forex brokers and there are only few forex brokers in the industry that still offer this type of bonus. Luckily for South African investors that are looking this type of bonus, FBS offers a Forex reload bonus.

    Tradable bonus

    A tradable forex bonus, also known as rescue/margin bonus, is a bonus that increases your trading power since it is used as additional capital in your account. A tradable bonus is a non-withdrawable bonus that requires a deposit (unlike the no-deposit bonus), but the advantage of this type of bonus is that it simply increases your leverage and the capital in your account.

    What to Look for in a Trading Account?

    By now, you have a list of trusted forex broker in South Africa that offer attractive bonuses.  However, there are other factors you’ll have to take into consideration before you choose your forex broker.

    Regulated and Trustworthy Forex Broker

    Another essential factor when choosing a forex broker is the regulatory framework and the reputation of the broker. The FSCA is the responsible authority for regulating the South African market, however, you should note that the FSCA operates in partnership with top-tier regulators such as the FCA and CySEC.

    If you are keen to trade with an FSCA regulated broker, FXCM is the broker of choice. Otherwise, FinmaxFX, and FBS are great options as well.

    Tradable Assets

    The most important factor you need to consider is what assets the broker allows you to trade on. Some investors choose a certain broker due to the selection of products, particularly exotic instruments.

    You should note that the majority of brokers commonly offer the most popular currency pairs, commodities, and stocks, however, some brokers take it a step further and also provide exotic forex pairs and other instruments such as the USD/ZAR.

    Even if you’re interested in trading one type of instrument right now, you might change your trading strategy in the future and therefore, it will be a smart decision to make your own research on each broker and find out what instruments it supports.

    Leverage

    Leverage is a great tool if used properly as it simply allows you to trade with higher capital than initially deposited. But leverage is also considered as a double edged sword because it increases your winning and losing positions equally.

    Nevertheless, if you find the right balance of leverage ratio and trading style, you can benefit from using this tool. For example, scalping traders usually use a high leverage ratio as they are holding trades for a few seconds or minutes.

    For that purpose, FBS can be an ideal broker as it provides a leverage ratio of up to 1:3000. However, you should always tread carefully when using leverage, as it significantly increases the risk of losing your money.

    Bonus Terms and Conditions

    Many unregulated no deposit bonus forex brokers are offering generous bonuses with unclear bonus terms and conditions. That is another reason why you must trade with a regulated and authorized forex broker that has the obligation to present reliable data and credit you with the bonus once you meed the requirements.

    But if you decide to trade with a regulated broker, you must read carefully and understand the terms and conditions of the bonus before you start trading. This will allow you to manage your account in a better way and know when you can withdraw the bonus funds.

    Brokerage Fees and Costs

    Cost is a major factor when choosing a forex broker. Essentially, forex brokers charge trading fees and financing fees but in recent years many brokers in the market have changed the pricing structure to commission-free policy.

    Regardless, it would be wise to choose a forex broker according to your trading strategy. If you decide to apply scalping or day trading strategy, you might want to find a forex broker that allows you to trade with extremely low spreads or one that has a rebate (turnover) program such as FXCM or FBS. That can significantly reduce the trading costs and allows you to get an additional weekly/monthly income.

    Trading Platform

    By providing an advanced trading platform, a forex broker makes it possible for a trader to analyze the market, place orders in the market, and effectively manage the account. While a poor platform can make you lose money, a good platform can help you to become a better trader. Like any other factor, a trading platform should match your needs and trading style.

    If you’re a beginner, you may want to choose a broker that offers a user-friendly proprietary platform. If you are looking for an advanced and professional trading platform – the MetaTrader4, MetaTrader5, and the NinjaTrader are some of the best forex trading platforms available in the market.

    Interested in other types of trading? Check out our guides to CFD trading and Bitcoin trading in South Africa, or learn how to buy shares.

    Conclusion

    No deposit forex bonuses can be a great way to get into trading without putting any of your own money on the line. They’re also the ideal way to try out a broker for free. However, it’s important to remember that most no deposit bonus forex brokers impose terms that limit how much you can withdraw from your bonus. It’s also worth noting that forex no deposit bonus offers are one the less common types of offers available at South Africa brokers.

    If you do want to choose a broker that regularly offers no deposit forex bonuses in 2020, as well as a range of other exciting offers, we recommend registering with FBS. Simply click the link below to create an account today.

    FBS: Best No Deposit Bonus Forex in South Africa

    Our Rating

    • Generous no deposit forex bonus
    • Six account types
    • Analytics & educational resources
    • CySEC regulated
    There is no guarantee you will make money with this provider.

    FAQs

    How do you claim a forex bonus?

    Simply find a trusted broker that offers a forex bonus, open a trading account, fund your account and you will be able to claim your bonus. However, in some cases, the broker will credit you with the bonus funds but you are not eligible to withdraw these funds or the profits made with the capital of the bonus unless you meed to bonus requirements that are stated on the bonus terms and conditions policy.

    Does a forex no deposit bonus mean you get free trading money?

    In a way, yes. However, it's important to distinguish free trading money and free money. While no deposit forex bonuses allow you to make real money trades for free, they aren't free money that you can simply withdraw right away.

    How to find the best forex bonus?

    It is not a simple task as you have so many options out there. However, it's advisable that you narrow down your list to highly regulated and well-reputed forex brokers and try to avoid untrustworthy forex and CFD brokers offering scam bonuses and promotions. If you are a beginner then search for a welcome bonus. If you an experienced trader with a high volume operation, then you might want to consider a turnover (rebates/cashback) bonus.

    Can I withdraw profits made from a no-deposit forex bonus?

    Yes, you can. But the process is not that simple. Usually, there is a volume of trading you must meet before you can withdraw the profits made in your account. Further, a bonus trading account has many limitations compared to regular accounts such as lower leverage, a limited selection of products and tools, and many more. If you encounter a no-deposit bonus with a list of limitations and restrictions, you should definitely consider a deposit bonus instead of a no-deposit bonus.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Alan Draper Lewis

    Alan is a content writer and editor who has experience covering a wide range of topics, from finance to gambling.