Forex Trading with No Capital – Using the movement in the value of foreign currencies is one way to earn extra income. However, many people are still hesitant to try forex trading. They are worried about having to spend a lot of capital. In fact, there are several ways to trade forex without capital.
4 Ways to Get Started in Forex Trading with No Capital
Here are four ways that you can have a try at free forex trading registration.
1. Use a demo account
A demo account is a facility offered by many brokerage firms to allow prospective traders to simulate trading forex. With a demo account, you can trade Forex without making a deposit because you are using only virtual capital provided by the brokerage company.
How to register for free Forex trading with a demo account is very simple. All you need to do is to register with one of the brokerage companies that offer demo accounts using some form of identification, such as an ID card, and fill out the registration form. After successful data verification, you can start trading Forex for free with a demo account.
The advantage of using a demo account is that you can learn and find the best Forex trading strategy without being exposed to too much risk. However, the disadvantage is that the profits you make cannot be converted into cash because the demo account is only a simulation
2. Forex demo trading contests
You can try out a demo account trading contest if you already have a demo account and think you can make consistent profits. The contest is free. However, the prize is cash that can be withdrawn. This contest has several levels, ranging from beginner, intermediate to expert.
Registering with one of the brokerage companies organizing the contest is the way to register for free Forex trading with a demo account trading contest. Usually, you’ll have to meet a few requirements, such as the duration of trading, the number of lots, or the number of transactions.
The broker will select the winner who manages to win the most by winning the most lots and losing the least. The amount of prizes offered varies depending on the class and the brokerage firm hosting the contest.
3. Open a No-Deposit Bonus Account
To enable prospective traders to trade forex for free, some brokerage companies offer free capital in the form of a no deposit bonus. A no deposit bonus is a sum of money given by a brokerage company to new customers without them having to make a deposit first.
The way to register for free forex trading with a no deposit bonus is to register with one of the brokerage companies that offer no deposit bonuses. Usually, you need to have a demo account and make consistent profits before you can get a no deposit bonus.
However, there is a condition that must be met to get a no deposit bonus, which is that the profit generated from the no deposit bonus cannot be withdrawn immediately, but must be invested as trading capital. Withdrawals can only be made once you have made a certain amount of profit, usually around US$50-US$200.
4. How to Sign Up for Free Forex Trading with Affiliates
Affiliation is a cooperation program between a brokerage firm and its clients who successfully invite other people to join the firm as new clients or downline clients. With affiliation you can earn commissions and passive income every time a downline client makes a forex transaction.
Signing up with one of the brokerage companies that have an affiliate program is the way to sign up for free forex trading with an affiliate. Usually you will receive a link or referral code that you can share with others to join your downline customers.
You will be paid a commission of a certain percentage of the spread or of the transaction commission of the customers in your downline. This commission can be paid directly or used for Forex trading capital. In addition, you can also receive passive income from bonuses or rewards given by brokerage companies to active and loyal affiliate customers.