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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. This creates a zero-sum game, in which there will be no loss in total.
Bonus accounts hedging or sometimes also known as bonus arbitrage refers to the activities of hedging two bonus accounts with the purpose to gain profit from one account and to lose the other one.
Since the bonus is given by the broker, the account on the losing side has no monetary impact on the account holder. The accounts used for the hedging can be from the same forex broker or two different brokers with almost the same bonus size and trading conditions such as leverage, minimum lot size, and stop out level.
This method is banned by the forex brokers because it is deemed cheating and clearly violates the sole purpose of the no deposit bonus, which is to give the opportunity to the new clients to try out the forex broker without their own deposit.
To survive in the ever-changing environment, forex brokers need to be resilient and creative. To combat the abusive bonus hoarders, some forex brokers have introduced a set of more stringent rules and regulations.
Trader November 12, Trader November 11, Trader October 23, Trader October 12, Trader October 3, BestForexBonus September 21, Trader September 16, Trader September 15, BestForexBonus August 27, BestForexBonus August 21, Trader August 2, Trader July 24, Trader July 21, Trader July 17, Trader July 13, Trader July 10, Trader July 9, Trader July 8, Trader July 7, Trader July 6, Trader June 28, Trader June 24, Trader June 22, Trader June 14, Trader June 11, Trader June 9, Trader June 1, Trader May 29, Trader May 11, Trader April 29, Trader March 17, Often the bonus can be cashed on trading lot requirement.
Forex Gift — A Gift for the clients for completing certain requirements, everything from Bonus to Latest gadget. Freebies — Free stuff by Forex brokers like ebook, courses, trading materials etc.
Live contest — Contest held on Live account, Deposit requires. Refer — a-friend — Refer your friend to your broker, when your friend deposit you will get a Special Bonus.
Forum Posting: Get a small trading bonus for each of your post in forms. Last Update : December 08, Search for: Promotions Brokers. Before trying to cash out, it may be the case that you need to make a deposit first, so that you can register your banking method for withdrawal.
You can win a jackpot even if you manage to hit it using funds from your no deposit bonus. Bear in mind that some no deposits bonuses can only be used on certain games or titles though.
The bonus money you get in your account is essentially real money to play with. This means hitting a jackpot is the same scenario as if you'd deposited your own money in the first place.
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