Forex is the biggest fiscal market in the world with trades of $5.3 trillion dollars happening daily.
If you’re ready to start trading Forex but want to do it risk-free, you’ve come to the right place. We’ll explain how to start forex trading without a deposit.
What is Forex?
Forex, short for Foreign Exchange, is a market that is larger than the US stock markets. The daily volume of forex trading is 53 times more than the New York stock exchange.
In a nutshell, you buy and sell currency to make money. If you think the Euro is going up, you choose to buy Euro. If you thought it was going to lower in value, you would sell. Simple, right?
Start Trading Forex
A lot of people are hesitant to start trading forex because of the risk. It’s not possible to make a high profit without investing some cash. If you want to earn the big bucks, you’ll need to deposit big money in an account.
Don’t be fooled by scams assuring you that you can make millions without risking a dollar of your own money. This is just not true.
However, if you want to get your toes wet just to get the hang of it, you can start forex trading without deposits of your own. Read these simple trading tips you should know before you get started.
Forex Trading Without Deposit
All forex brokers allow trades to open up demo accounts. A demo account allows you trade the markets using virtual currency.
We recommend all newbie traders start trading on a demo account before risking their hard earn cash. The ugly truth is that if you can’t consistently profit on a demo account, than you have no hope of trading real cash.
Another option for a no investment forex trading is affiliate programs.
How this works is you attract new clients who want to do forex trading. You get a bonus for each client you bring in.
The terms of each affiliate program may vary. In some cases, you get paid regardless of how well the new client does in the market. Make sure you look at the terms to see how much you can expect to earn.
Your broker will transfer money into your account each time to bring in a client. You can then use the funds in that account for forex trading or withdraw them to your bank account.
Sometimes brokers arrange contests that are demos of forex trading. You would compete against other traders in a virtual account. Depending on how much virtual money you earn, you will win real currency as a prize.
Contests allow you to gain experience trading in forex in a safe, virtual environment. If you do well, you can use your prize money to start trading forex in real life.
We hope you enjoyed learning about how to start trading forex without using your own money. The options in this post are great ways that allow you to gain experience in the forex world without spending a dime of your own money.
It’s a great way to give it a try if you are not sure if forex trading is right for you. Though you won’t make a lot of money with these zero-investment options, you can gain experience for when you invest more money later on.
Now, check out 10 best free forex signal providers.