Update: There aren’t any no deposit bonuses for Australians.
Due to the competitiveness of the industry, many brokers have started to offer no deposit binary options bonuses to attract traders to sign up with them. The concept of bonus was first introduced in forex many years ago and it is only recently that binary options brokers have started to make use of this system for promotions. It means that you get access to a demo account that is already preloaded with a sign up bonus when you sign up for a trading account.
Benefits of the No Deposit Bonuses
With the no deposit binary options bonuses, traders don’t have to deposit any money in the first place to test drive the trading platform. The bonus is completely free and you don’t have to pay any money to receive the bonus. The broker is willing to make the investment to get people to trade with them. The purpose of doing so is to encourage people who are hesitant to give binary options trading a try. It also encourages traders who already have an account to execute some trades and prevent their accounts from becoming inactive.
You can use the free signup bonus to test drive the control panel and features in the binary options trading platform. It can also be used to test the banking services of the binary options broker for deposits and withdrawal. If you don’t have any experience in binary options trading, the no deposit bonus can help you to build up your confidence.
How to Receive the No Deposit Binary Options Bonuses
To take advantage of the no deposit bonus, you must visit the sites that contain the special promotional links to the brokers that are making these offers. You have to click through one of the special promotional links to the trading account sign up page at the broker site. It is very important that you use your real details when registering for an account. Finally, you must enter the bonus code in the appropriate field on the sign up page.
Every broker has a different platform so it is necessary to compare them. You can sign up with as many binary options brokers as you want to test out their platforms and determine which one suit your trading style. Some demo accounts allow you to make a call to the account manager to ask questions.
The bonus will be deposited directly into the account after you sign up. If you did not see the bonus in your account, you should contact the representative at the customer support and tell him about it.
Withdrawal Requirements for the No Deposit Bonuses
It is important that you always read the terms and conditions before signing up with a broker that offers the no deposit bonus. You should try to sign up with a broker that offers a welcome bonus with the least requirements. No deposit bonus is definitely not for people who are serious about making money in binary options. The reason for this is that the broker usually have strict requirements on withdrawal of the profits. For example, you must reach several times the trading volume in order to withdraw.
If you plan to deposit your own money into the account later, you must keep in mind that you need to meet the trading volume requirement before they allow you to withdraw. The broker set up the requirements to prevent traders from abusing the bonus system.
You are not obliged to accept the bonus and you can tell the customer support to remove the bonus if you don’t want to accept the offer. For example, you receive a no deposit bonus of $50 and the trading volume requirement is 40x. In this scenario, you can use the $50 bonus to trade for as many times as you want until all the funds are used up. However, you will not be allowed to withdraw until you place a deposit and earn at least $2,000 from your trade.
In conclusion, a no deposit bonus is suitable for beginners who want to know their skill level in trading binary options. It is completely different than if you were to use a demo account that the broker provides. You will be able to learn a lot, for example, risk management when you have the opportunity to use the small amount of bonus for trading on a live platform.