No Deposit Bonus Forex in Kenya for 2024
Kenya boasts a thriving digital economy set to contribute a whopping Ksh 1.4 trillion to its GDP by 2025. Central to this economy is forex trading, the buying and selling of currency pairs with the aim of making a profit. Through forex trading, Kenyans can earn their livelihoods without extensive academic credentials or massive investment capital.
“Forex broker” is a buzz word in many forex trading spheres. Forex brokers are companies that act as intermediaries between traders and banks with forex liquidity. Some forex brokers may offer a no-deposit bonus as an incentive to attract traders. This means traders can trade their first trade with the bonus and don’t have to risk their own capital.
There are plenty of other bonuses brokers use to woo forex traders. Today, we’ll be highlighting some of the best brokers with no deposit bonus in 2024.
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Can I withdraw the bonus amount?
Generally no, bonuses are not 'cash'. You need to trade with the bonus and achieve required trading volumes/profits before any withdrawal.
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How do I select the right type of bonus?
Consider your trading goals, experience level, budget and choose a bonus that best aligns with these factors. Read all terms to avoid unpleasant surprises.
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How long does verification take?
It can take 1-5 working days generally.
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Are there regional restrictions to bonuses?
Yes, some brokers may restrict certain regions from participating in bonus promotions due to legal limitations. Always check a broker's eligibility terms for your region.
What is a Forex Bonus?
Welcome Bonus Forex In Kenya, just like all other types of bonuses, is a marketing ploy by a broker aimed at attracting new clients. The benefit for the trader in this case is that the broker adds own funds to the first deposit of the trader. If we talk about Forex no deposit bonus Kenya, the broker adds own funds even if a trader does not deposit funds to the account.
As a rule, you cannot withdraw the bonus amount, or you need to achieve a certain (rather high) trading volume in order to be able to do that. It is, however, possible to withdraw profit that you earned by using bonus funds. That’s the main motivation for novice traders. They have an opportunity to assess convenience and functionality of the platform with minimum investment, while their profit potential increases through the bonus funds.
Forex welcome bonus
The name of the bonus explains it all – a trader can get additional funds to the account from the broker only when he makes the first deposit. The bonus is not awarded for all subsequent deposits. Therefore, in order to get this bonus, you need to fund your account by at least the minimum deposit amount.
👍 Pros
•Traders who cannot make a big initial deposit right away can have more money for trading thanks to the welcome bonus.
•The bonus provides an opportunity to assess how comfortable it is to work with the broker in real conditions with real money at a minimum risk for your budget.
•Often a welcome bonus, Forex Kenya can be used for “drawdown”, which also reduces the risks for the trader’s budget.
👎 Cons
•The bonuses of this type are not no deposit bonuses, which means that you have to deposit at least some amount on the account.
•Often, bonus funds cannot be withdrawn or you have to trade high volumes to be able to withdraw them.
•Getting free funds increases the risk of irresponsible trading and can lead to losses.
No Deposit Bonus Forex
As in the case with the welcome bonus, the name of the no deposit bonus is self-explanatory. It does not require making a deposit. Brokers provide their funds to the trader for free after registration and verification of an account. Many believe that the Forex no deposit bonus in Kenya is the best bonus, because it allows you to start trading without investing your own money.
👍 Pros
•You can start earning money in the Forex market without using your own funds.
•Traders do not carry the risk of losing their own money when trading actively with bonus funds.
•The funds provided by the broker can be used to see if the platform is suitable for you.
•These bonuses are priceless for novice traders, because they allow them to gain real experience risk-free.
👎 Cons
•Usually the bonus cannot be withdrawn, and the profit earned from it can usually be withdrawn either at a certain trading volume or after a certain time.
•Sometimes, brokers have additional conditions, under which you cannot withdraw profit earned from the bonus funds in full.
•There won’t be too much benefit from the bonus if a trader does not trade actively, because he won’t be able to withdraw profit from it.
•All brokers warn traders that Forex no deposit bonus Kenya, can be recalled.
Forex deposit bonus
This is the second most popular type of bonus after the welcome bonus. A trader makes a deposit of a certain amount and gets additional funds from the broker. The difference from the welcome bonus is that you can get a deposit bonus more than once. As a rule, these are promo bonuses, but some brokers award them for each deposit.
👍 Pros
•A trader receives additional funds to his account for free.
•Profit potential increases with additional funds.
•Deposit bonus is especially relevant if you have a small budget.
•Bonus funds can be used to explore the platform.
•You have a chance to make good money with minimum investment.
👎 Cons
•As a rule, a number of conditions must be met in order to withdraw funds from a deposit bonus.
•The bonus psychologically encourages traders to trade more actively, which could lead to losses.
•If a trader has significant capital and makes large deposits, this bonus is sometimes not important for him.
•Bonus funds can be withdrawn by the broker at any time for a variety of reasons.
9 Best Forex Bonuses in Kenya
Competition amongst forex brokers in Kenya is nothing less but cut-throat, but few have the edge over the rest. Here’s a table summarizing the creme de la creme of forex bonuses.
| # | Broker | Bonus type | Value | How to get a bonus | Regulation | Bonus |
|---|---|---|---|---|---|---|
|
1 |
No deposit |
$30 |
Register, confirm data, deposit at least $10. The bonus itself cannot be withdrawn. |
CySec, IFSC |
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|
2 |
No-deposit |
$2,000 |
Register. The bonus cannot be withdrawn. |
BVI FSC |
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|
3 |
No-deposit |
$70 or $140 |
Register, verify. $70 is given for registering on the site, $140 for registering through the app. The bonus itself cannot be withdrawn. |
CySEC |
||
|
4 |
Welcome Bonus |
20% to first deposit from $1000 |
To get Bonus from AvaTrade: ● Open account. ● Make a Deposit from 1000$. ● Get 20% to Deposit. |
Central Bank of Ireland. ASIC, B.V.I FSCA, CySec |
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|
5 |
No-deposit |
$30 |
Register, confirm the data. The bonus cannot be withdrawn. |
CySEC, ASIC, FSC, DFSA |
||
|
6 |
Welcoming |
$1,000 and more |
Register, confirm data, deposit at least $1,000. The bonus can be withdrawn if the conditions for the volume of trades are not met. |
CySec |
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|
7 |
No-deposit |
$30 |
Register, verify. The bonus cannot be withdrawn. |
FCA, CySEC, FSCA, LFSA, SFSA |
||
|
8 |
No-deposit |
$10 |
Register, verify, sign up for STP. The bonus itself cannot be withdrawn. |
CySEC |
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|
9 |
No-deposit |
100% from deposit |
Register, verify, deposit at least $100. Bonus funds can be converted into funds available for withdrawal. |
CySEC |
Rules and Regulation
Licensing in Kenya
Forex brokers in Kenya are overseen by the Capital Markets Authority (CMA). To obtain a license, a company must meet a number of requirements, including:
- minimum registered capital.
- experience and qualifications of the senior management and employees.
- reliable risk management systems and procedures.
- financial stability.
Investor protection in Kenya
The Investor Compensation Fund (ICF) protects investors and traders in Kenya from losses incurred as a result of unlawful activity of brokerage companies. The maximum compensation the ICF can pay an investor is 500,000 Kenyan shillings. To resolve disputes with brokers, traders can file complaints with the CMA.
Taxation in Kenya
Residents of Kenya pay a 30% tax on profits from all types of investments.
RoboForex: Best Forex No-Deposit Bonus Brokers in Kenya
RoboForex undoubtedly offers the best no-deposit bonus for Kenyans. This is echoed by the myriad of traders who trade with the broker, specifically for the bonus. RoboForex offers various types of bonuses, including:
Welcome Bonus
Traders receive this bonus on their first trade with RoboForex. The welcome bonus is usually lesser than other bonus types and is capped at about $30. It’s also only awarded once; the first time the trader registers on the platform.
Traders will receive an additional $30 on top of their deposit. They can only use the deposit to trade for profit and can’t withdraw it immediately. The welcome bonus encourages traders to trade with RoboForex and advance their forex trading careers.
Deposit Bonus
Unlike the welcome bonus, traders can receive the deposit bonus multiple times throughout their trading journey. If traders meet the criteria, they can have a 120% bonus on top of their deposit. The best part; traders can withdraw the deposit bonus, provided they fulfill certain conditions.
It’s worth noting that the criteria to get a deposit bonus is pretty stringent. Traders have to trade large volumes or make significant profits to qualify. Any profit made from trading with the bonus is free to withdraw without meeting any of the said conditions.
Deposit Percentage Bonus
Traders may get a percentage of their deposit as a bonus to boost their trading. With RoboForex, traders can get an extra 60% on top of what they deposited for trading. This is also a recurring bonus that traders can receive multiple times.
You can withdraw the bonus for personal use. But the best move would be to invest the bonus in your trades for increased profit margins.
RoboForex Bonus ReviewHow to Get the RoboForex $30 Bonus
Registering with RoboForex is a breeze, provided you have a steady internet connection. If you’re itching to get your hands on the $30 no-deposit bonus, here’s how you do so.
Step 1: Register on RoboForex
First things first, you’ll need to create your account with RoboForex. This is easy to do on both your phone and PC. Just follow the steps below
Launch your browser and visit RoboForex’s official website
On the top-right corner, click the “open an account” button
On the next screen, enter all your personal details (email, name, phone number)
RoboForex will send you a confirmation email and text message
Agree to the broker’s terms of service
Click on “Register,” and you’re good to go
Registering a new account
It’s worth noting that you don’t have to agree to receive emails from RoboForex. However, it might be a good idea if you want to receive the latest trading updates and news from the broker.
Step 2: Choose Your Account Type
All new registrations on RoboForex are standard accounts by default. However, you can switch your account type to any of the four main options, which include:
Real account
Affiliate account
Contest account
Choosing account options
Demo accounts are great for beginners to learn the ropes of forex trading. With demo accounts, traders don’t trade with real money but instead use “fake” currency pairs that hold no actual value. Once they get the hang of things they can move to real accounts and trade with actual money.
To select your account, follow the steps below.
Launch your browser and visit the official RoboForex website
Sign into your profile by entering your credentials
On the top-left corner of the next screen, click on “accounts”
Pick “real” on the options, and enter your credentials
Click “confirm” to register your real account
Registering is only half the journey to getting the $30 bonus. You now have to get your documents ready for the next step.
Step 3: Account Verification
Forex trading accounts can be conduit for money laundering and other fraudulent activity. The account verification process ensures that you are the true owner of the accounting question. very flying your account is as easy as:
Log into your profile on the RoboForex website
Click on the “profile” tab, then click “verification”
Choose a verification option (ID for identity, utility bill for address)
Scan the said verification documents
Upload the documents to complete the verification process
Account verification
If all your details match up, you’ll receive an email confirming the verification process’s success. In about five days, you should receive $30 in your real account. This is the welcome bonus.
Can I Withdraw My Forex Bonus in Kenya?
It’s impossible to withdraw your welcome bonus directly to your bank account. You’ll have to first trade with the bonus and make a profit. Only then can you withdraw the profit into your personal account.
As mentioned earlier, RoboForex also has a deposit bonus for deposits to your real trading account. This is usually 120% of the deposit account, but traders also can’t withdraw this bonus. However, any profit made with the deposit bonus is free to withdraw, but with a predefined formula.
Available Withdrawal Profit = Free Margin - All Active Bonuses
All active bonuses means all the current bonuses accrued from the trader’s deposit. The withdrawal limit is based on the following formula.
Number of lots = Bonus Amount (USD)/2
There’s no limit as to how many times you can use the deposit bonus to trade. Traders can make as much profit as they can and withdraw it to their accounts. Alternatively, they can deposit the profit and use it for their trades. Again, traders can only withdraw the profit, and not the deposit bonus.
Top 3 Welcome Forex Bonuses in Kenya
As mentioned earlier, there are many brokers offering incredible welcome bonuses for their traders. Here are the top 3 welcome forex bonuses in Kenya.
RoboForex
As you’ve probably guessed, RoboForex sits on top of the list of welcome forex bonuses. Registering for the platform is a breeze, but you’ll have to deposit at least $10 for a real account. Demo accounts are free to create and register.
RoboForex offers new traders a $30 welcome bonus. Traders can use the bonus to trade, but can’t withdraw it to their personal accounts. However, they can withdraw the profit following the formula discussed above.
XM Group
Like RoboForex, XM offers a $30 welcome bonus. Traders have to register real accounts on the platform and confirm their phone number before they can receive the bonus.
Traders can only use the bonus to trade and can only withdraw their trading profits. There’s no restriction over how much profit the trader can withdraw, provided they exceed 0.5 lots.
XM Bonus Programs ReviewAvaTrade
AvaTrade provides monthly bonuses available from time to time. Currently, AvaTrade no deposit bonus offers a percentage bonus on the first deposit. The minimum deposit required to receive the bonus is $200 and the maximum is $50,000. They provide an online calculator that allows you to calculate your bonus. The generous AvaTrade bonuses and promotions package makes it one of the best brokers in the industry.
How to Choose a Forex Bonus in Kenya
With so many forex brokers with a welcome bonus, it can be hard to settle for one for your forex trading. Here are a few tips for choosing the right forex bonus.
Explore Your Options
While it's tempting to pick the best no deposit bonus forex broker based on the bonus amount, this may not be the best approach. A better alternative would be to explore different options while considering other factors that affect the bonus. Some of these factors include the terms and conditions, minimum deposit, and reliability of the broker. Explore all your options, to find the best one for your case.
Choose the Right Bonus Type
Different no deposit forex brokers have different types of bonuses. These bonuses aren’t all fungible, meaning you can only choose one for your trading. Again, don’t choose solely based on the bonus amount. Consider all the relevant factors before making your choice.
Read the Broker’s Terms and Conditions
It’s not uncommon for brokers to have terms and conditions that aren’t in your best interest. That’s why it’s important to go through the broker’s terms and conditions before registering. Pay close attention to the broker’s literature on bonuses. Treat any ambiguity or suspicious statements with circumspect and do your due diligence before signing up.
Check for Regional Restrictions
Some forex brokers have stringent regional restrictions, meaning individuals from certain regions are barred from using the platform. Check for any regional restrictions before choosing a forex bonus.
Make sure the forex broker accepts Kenyan citizens before signing up. Most brokers require verification documents before activating your account.
No Deposit Bonus Forex Kenya: Summary
Forex trading is a profitable endeavor and has enabled thousands of Kenyans to earn a decent living. Brokers that offer a no-deposit bonus allow beginner forex traders to start earning, even without an initial capital investment.
However, a no-deposit bonu isn’t free cash from the broker. In most cases, traders can’t withdraw the bonus and can only withdraw the profit. Some brokers even have restrictions for withdrawing the profit.
RoboForex offers the best welcome no-deposit forex bonus, but you can also explore the other options. With the right strategies and forex broker, you’ll be making a huge killing from your forex trading.
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).