Once you understand forex trading and are ready for real trading, you can start creating an account for real forex trading. Forex brokers will generally provide a minimum deposit requirement so you can start trading. The good news is, you can also trade without money in the following two ways.
Forex Broker Promotion in the form of a No Deposit Bonus
The first way to be able to trade forex for beginners without capital is to register with a forex broker that provides a no deposit bonus or no deposit bonus (NDB). NDB is a promotion usually held by forex brokers to attract new traders. The broker will give a bonus in the form of real money to new registrants without having to transfer the deposit money first.
These funds can only be used for forex trading and not for cash withdrawals. The new money can be withdrawn after the trader gets to profit from forex trading using the bonus money. In addition, forex brokers will also usually determine the minimum amount of funds that can be withdrawn.
The amount of the bonus given can vary greatly and is not quite large, a maximum of only $100. Some may just give a few dollars as a bonus. However, of course, it is fairly good for forex trading without capital.
Keep in mind that not all forex brokers provide no deposit bonuses. Usually, only certain brokers who are holding promotions offer no deposit bonuses. It also usually comes with some terms and conditions that must be followed.
Participate in Forex Broker Demo Trading Contests
The second way is to take part in a demo trading contest held by a forex broker. This can be thought of as an online gaming competition. It’s just that, what is being competed is playing forex and competing to become the trader with the biggest profit.
Don’t worry about having to spend capital because what is contested is only demo trading, using virtual money that has been provided by a forex broker. You just have to open a demo account for free and start playing forex demo trading without capital to collect the maximum profit.
The broker will give prizes to several winners as determined. Not only cash to trade for real, but some forex brokers can also offer other tempting prizes.
Learn Forex For Free Before Real Trading
Trading is an activity of buying or selling investment instruments in the short term. Traders are not people who have investment goals in the medium or long term. That’s because traders are trying to get a quick profit from the difference in the selling and buying prices of a currency that has strengthened or weakened in price.
It should be noted that the decision when it is time to release or buy currency does not only rely on intuition or feeling. A trader must constantly monitor market conditions and understand currency price movements. Therefore, before going directly to real forex trading, you should first learn about forex trading.
To learn forex trading without capital, you can do it by:
- Read articles about forex trading, click for info.
- Discuss online forex forums with people who are more skilled in the field of forex trading. You can ask questions or learn from the knowledge shared by these senior traders.
- Practice forex trading using a demo account.
In order to learn how to practice forex trading with a free demo account, here are the steps to take:
- Prepare the gadget that you will use to learn forex trading in the form of a laptop, tablet, or smartphone.
- Choose a trading broker where you will learn to trade without capital. Visit the website or forex broker site, read the terms and conditions that apply.
- Create a demo account that you will use for demo forex trading.
- After receiving verification from the forex broker, you can download the application that is used to trade forex.
After registering and getting verified by a forex broker, you will have a trading account equipped with virtual money to use in forex demo trading. Of course, it’s not real money, so you don’t have to worry about losing money because of losing capital.
Even though it is only a demo account and virtual money, the market conditions displayed are real-time or according to the latest market conditions. So you can learn and feel how to trade forex online.