Top 6 Reliable Forex Brokers With No Deposit Bonus In Malaysia 2021

Delving into the world of trading can be nerve-wracking and confusing for newcomers. Luckily, many forex brokers offer new members a FOREX bonus without a deposit, which can be used to start trading right away.

You may have some questions, such as: 

   How can I get a no deposit bonus to start forex trading? 

   Which brokers can I trust with my money? 

   And how can I be sure it’s not a scam? 

We’re here to quash your fears and give you confidence in your upcoming trades. Continue reading to learn more about our research on certain Malaysian forex brokers with bonuses for Malaysian traders in 2021. 

Let’s start with the most important question: which forex brokers have a free deposit bonus for Malaysian traders?

*Update: 2/1/2021

* Kindly note that this information is accurate but these characteristics might change in the future. For details, please refer to the latest update on their official websites. 

1.   forex broker: MiTrade

MiTrade’s main office is located in Australia and holds a number of awards for innovation and mobile accessibility. They provide a unique trading platform, easily accessible on the web or mobile devices. If you’re new to the world of trading forex in Malaysia, they offer a demo account that’s valid for 90 days.

The minimum deposit at MiTrade is $50 and they offer negative balance protection, ensuring your account won’t go below 0. At Mitrade there is a very low threshold amount, the minimum size per trade is as low as 0.01 lots for many markets. 

The leverage amount is up to 1:200 and they offer clients competitive spreads, zero commissions, as well as articles to help first-time traders understand the scope of forex in Malaysia.

Regulated by 

 Australian Securities and Investment Commission (ASIC)

Forex No Deposit Bonus 

Refer a Friend & Both of You Get Rewarded! You maybe get up to $500* for each referral.

>>>Take a look at the bonus program:  go to MiTrade

2.  forex broker: XM

XM Group (XM) is said to be a suitable forex broker choice for beginners as well as vets in the trading industry. At XM you have the choice of 2 trading platforms: MetaTrader 4, an award-winning platform that is mostly used for forex trading, and MetaTrader 5, a multi-asset platform for traders.

Regulated by

Cyprus Securities and Exchange Commission (CySEC)

International Financial Services Commission (IFSC)

Financial Conduct Authority (FCA)

Australian Securities and Investment Commission (ASIC)

Forex No Deposit Bonus

For details, please refer to the latest update on their official website.

3.  forex broker : Tickmill

Tickmill is based in London but operates in many countries across the world. Their MT4 platform is easily navigable and provides 50+ indicators, charting tools, and EA trading, among other features. Forex traders can benefit from 60+ currency pairs, and open a demo account to test their platform before committing. The downside is they do not have MT5 integration. 

Regulated by  

Seychelles Financial Services Authority (FSA)

Financial Conduct Authority (FCA)

Cyprus Securities and Exchange Commission (CySEC)

Forex No Deposit Bonus 

For details, please refer to the latest update on their official website.

4. forex broker:  FXOpen

FXOpen operates on MT4 and MT5 trading platforms, with a web-based option available, and a range of CFD instruments. The broker allows trade of over 50 currency pairs. Spreads vary depending on the pairs.

Regulated by  

Financial Conduct Authority (FCA)

Australian Securities and Investment Commission (ASIC)

Forex No Deposit Bonus

For details, please refer to the latest update on their official website.

5.  forex broker: Just2Trade

Just2Trade offers traders a multitude of accounts to choose from before advancing with their trades, depending on each person’s needs. They connect their clients via the WhoTrades social network app.

Spreads and commissions are low at Just2Trade, and depending on the plan chosen, there may or may not be monthly fees for your account. 

Regulated by  

Cyprus Securities and Exchange Commission (CySEC)

Forex No Deposit Bonus

For details, please refer to the latest update on their official website.

6.  forex broker: FBS

FBS broker services are based in Belize and have been on market for 2-5 years. They’re licensed for MT4 and MT5 trading platforms. FBS offers negative balance protection, giving you some security. 

Regulated by  

Cyprus Securities and Exchange Commission (CySEC)

International Financial Services Commission (IFSC)

Forex No Deposit Bonus

For details, please refer to the latest update on their official website.

Forex bonus scams are not a new problem. In review news sites you can get hundreds of forex bonus schemes, some of which even record up to thousands of dollars in bonuses with no conditions attached.

In Asia there are a number of brokers operating under Ponzi schemes (unsustainable multi-level operations), attracting traders through huge bonus programs. These exchanges launch huge bonuses but then the trader has no way to withdraw money or encounters a banking system error. So, as a forex trader, how do you know which no deposit bonus is a scam? 

How can you be sure a forex broker with no deposit bonus isn’t a scam?

The rule of thumb here is common sense. If a free deposit bonus looks too good to be true, it probably is. As you can see from our list, a typical amount is around $30 to $50 for a no deposit bonus. I’ve seen offers for 250$ or even 1,000$, which is way more than the usual amount.

The simplest, most reliable way is to choose forex free deposit bonus programs from certified brokers serving Malaysia that have been on the market for at least 3-5 years. With reputable forex brokers, the bonus will be appropriate and support many future benefits.

A couple of tips to keep your money safe:

Watch out for unlicensed brokers. If a broker is legitimate, they won’t hesitate to tell the world about how safe your money will be in their hands, with proof.

Also keep an eye out for false advertising. This means that the no deposit bonus they’re advertising should align with the terms and conditions on their page. If there’s a discrepancy, be wary of the opportunity.

Lastly, take a look at the terms and conditions to see if they are published with transparency. Transparency equals honesty: brokers offering scams have something to hide and do so with strangely-worded terms and loopholes.

Is the free deposit bonus a scam?

No. As we’ve outlined above, scams do exist, but if you pay attention to the details you will be able to spot a scam from a mile away. 

Can I withdraw a no deposit bonus?

This depends on the broker. Certain terms and conditions state you can’t directly withdraw it, but you can withdraw earnings made from the forex bonus. Oftentimes you’ll have to profit a certain amount, or turnover x number of lots, before being qualified to withdraw. Check the broker’s terms to find out.

Why do forex brokers provide free deposit bonuses?

Forex no deposit bonus is a way for brokers to get your business, and for you to start trading without requiring your own start-up capital. The bonus is enticing for people who are just starting out, or who want to try out a service without investing immediately in the Malaysian market.

If you find a quality broker with a forex no deposit bonus in 2021, it’s a win-win, as the broker wants you to make money through their business and you don’t have to risk your own equity!