Not all traders know that it is possible to start working on forex without investing a single penny of your funds. And whether you can make money on it depends only on you. In any case, your chances will increase after reading this article.
Today there is no need to beg for money from parents for the first deposit, to be hunchbacked as a loader, and even more so to run headlong to the bank, trying by hook or by crook to get a loan. It is enough to choose a reliable forex broker and carefully read all of its terms and conditions. Forex trading without a deposit in Pakistan means choosing a no deposit bonus (a small amount), participating in tournaments (solid prizes, but you have to beat many competitors on the way), or trading on a demo account to learn.
However, you always need a handsome deposit in your forex trading account if you want to trade the real markets and make enough profit. The amount of deposit is subjective for everyone depending on affordability and risk tolerance.
Let’s find out the details of how a Pakistani forex trader can start trading without a deposit.
Demo Account
Opening a demo account on forex is easy and convenient for a beginner trader. Without risking your funds, you can have the opportunity to try yourself in the international forex market.
For those who are just beginning to be interested in working in the forex market, as a trader, it is strongly recommended to open a demo forex account.
Many of you are wondering, is it possible to make money on the forex market? We can state with full responsibility that it is quite possible to earn, and your earnings, at one point, may exceed the income from your main job, but the risk factor is also high in the market.
Of course, for novice traders, the forex market is not at all easy. It is necessary to undergo training, at least to study the available free lessons, books, watch videos, take courses, become a regular participant at specialized forums. But all this is just theory, and you need a forex demo account for practice.
OctaFX Demo Account
A demo account with OctaFX will allow you to familiarize yourself and study in detail the MetaTrader 4 trading platform and configure it for the most comfortable working conditions in the future. You can try your hand at the forex market without the risk of losing money, explore the capabilities of the trading terminal, test your strategies and test theoretical knowledge, as well as acquire the necessary skills and abilities and evaluate the quality of service provided by OctaFX.
When opening a demo account, the most optimal for you will be to indicate the exact amount that you will be ready to deposit to a real trading account in the future. This will make it easier for you to navigate and work out the most effective trading strategy.
The demo account with OctaFX is not limited in time. It does not expire, as in the case of other brokers. With the help of a demo account, you will slowly practice making trades and working with orders. You will be able to create and test your trading strategy without using real money and, accordingly, without financial risk.
Participation in Contests
Participation in contests provides an opportunity to learn how to trade on forex and win from $10 to $5000 in one contest. These funds can be used in real trading on the currency exchange and sometimes withdrawn from a brokerage company. It isn’t easy to win, but in addition to winning, the process itself is interesting, so why not test your strength.
It is advisable to start with the shortest contests. They can last only a few hours or days and only after that move on to longer options. In addition, it is a participation in no deposit contests that helps beginners cool their ardor and not lose a large amount in real trading.
Tickmill NFP Contest
Tickmill is a regulated broker that offers a contest with very simple rules. During each NFP week, the broker selects one instrument and offers you to guess its price on our MT4 platform exactly 30 minutes after the release of the NFP report. The trader who accurately determines the figure receives $ 500 to his trading account. If no one hits the bull’s eye, then the trader with the closest forecast receives a prize of $200.
The promotion is held on the Woobox platform. Just make a prediction and include your trading account number and your full name from Monday 0:00 to Friday 15:00 during NFP week.
Welcome Bonus
As the name suggests, the no deposit bonus gives you a bonus without requiring you to make a deposit. These bonuses are in high demand because a trader can get a bonus without risking any funds. With that said, no deposit bonuses are usually a lot less compared to the agreed bonus.
While the discussion above demonstrates how lucrative forex bonuses can be, it is not just a case of earning bonus funds and then cashing them out. On the contrary, you should be aware of several conditions that brokers usually set.
The biggest thing stopping you from withdrawing your forex bonus is the minimum trading volume. Let’s say you deposit $500 and receive a $250 bonus (50% bonus), which increases your starting balance to $750. If you could withdraw that $750 straight from the forex broker to your bank account, it wouldn’t be a very good business model for the platform. On the contrary, the platform wants you to use bonus funds to trade.
Thus, your bonus funds are effectively frozen until you fulfil certain conditions. In the vast majority of cases, a portion of your bonus balance will be released for withdrawals when you reach a certain amount of traded volume. For example, a broker might release $1 of your bonus for every $10,000 you trade.
Roboforex Welcome Bonus
The $30 welcome bonus is additional funds for RoboForex clients who have passed full verification. Join the promo offer and get the start-up capital to trade at the lowest cost for your investment.
In trading, both the Client’s funds and bonus funds can be used without any restrictions. In this case, additional funds can be used during the drawdown. They will not be debited if the account’s balance is less than the additional funds until Stop Out occurs.
The Client can withdraw his funds and profit from the account without restrictions. However, the bonus cannot be withdrawn.
Example.
You deposited 1,000 cents into your account and received 3,000 cents as a welcome bonus. After trading, your profit is 1000 cents. Under the terms of the program, the amount available for withdrawal will include your profit in the amount of 1,000 cents and your funds in the amount of 1,000 cents.
During the drawdown, the Client’s funds will be debited first, including in cases where deposits were made after receiving the welcome bonus.
Best Alternative to Demo and Bonus
Although demo accounts and no deposit bonuses may help you to take a start but eventually, you have to deposit some funds if you want to start real trading. The best alternative is to start with a regulated broker and requires a very low minimum deposit.
FBS
The broker itself has been providing services since 2009. Apart from low floating spreads, there are no requirements for deposits as such. You can top them up with a cent or deposit $ 1. They promise a quick withdrawal of the earned money. In the normal functioning of the site, applications are processed within 10 minutes.
Additionally, FBS removed any commissions for withdrawing funds. Also, if something is withdrawn when the money is credited to the account, the broker will cover the difference. This is convenient for those who want to make the most of the small amounts of money they have invested.
Conclusion of Trading in Pakistan without Deposit
You can start forex trading without investing anything from your own pocket. You can go for a demo account, a no deposit bonus, or a trading competition. Alternatively, you can choose a regulated forex broker that allows you to trade with a low deposit.