According to TU experts, the best ways to trade Forex for free are:
Learn No Fee Trading Options
Use Demo account
Use Forex Bonuses
Use Free Social Trading
How to Trade Forex For Free
Updated: May 01, 2024
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Forex trading offers much potential for profit, but many hesitate to get involved due to the perceived costs. However, beginning traders will find that there are actually several ways one can participate in the Forex markets without spending a dime.
In this comprehensive guide, the expert traders at Traders Union explore various zero-cost options available, from using practice accounts to taking advantage of broker promotions. Topics covered include well-known platforms that permit free demo trading, cash bonuses provided by leading Forex brokers, and other rewards programs. By learning how the pros are able to trade Forex for free, readers can confidently get started on their own trading journey with zero financial barriers to entry.
Key points from the article:
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Demo accounts provided by brokers are a valuable risk-free way for beginners to learn price action and practice strategies without financial risks.
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Some brokers offer deposit bonuses up to 120% and welcome/sign-up bonuses that can be used to trade as if they were real funds. Any profits made from bonus funds may be withdrawable.
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The best free Forex trading platforms are eToro and RoboForex due to their features like allowing zero-commission stock trading, generous bonuses, and high-quality demo accounts.
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Affiliate programs, contests, and signals services mentioned in the article provide alternatives to trading directly yet still gain exposure to forex markets.
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Free educational resources like Daily Forex FX Academy and Baby Pips, provide blogs, videos, e-books, and webinars that impart Forex knowledge without costs.
Is Free Forex Trading Possible?
Yes, free forex trading is possible. Forex beginners can use forex trading options without fees and serious investments. Below we explore the many ways you can trade forex for free.
1. No Fee Trading Options
There are many options available that allow you to trade forex without any fees. Below are a few:
Affiliate programs: When you join an affiliate program, you can make money without ever having to trade. Instead, you’ll make your money by bringing new clients to a broker. The specifics of the process vary from broker to broker, but the principle remains the same. Making money with forex doesn’t require direct trading, which involves opening a trading account and paying fees. You can get started by signing up for a broker’s affiliate program. Then, you’ll get a personal referral link. So, when someone clicks that link and registers to the broker’s website, you will earn money.
Contests hosted by forex brokers: You can make money forex trading without investment through contests. Brokers often host contests to attract new clients and encourage current clients who are inactive to come back to the platform. The broker states the conditions of the contest, and then gives out a reward to the winner(s). For example, participants may be asked to earn the most in a week on a cent account. Or they may be challenged to make the most deals on a demo account in a day. Money is the typical prize.
2. Forex Demo account
Opening a forex demo account is another great way to trade forex for free. You can practice trading strategies with virtual money. Therefore, you don’t have to invest any money at all when trading on a demo account. As a result, you won’t have to worry about risking real money as you learn the ins and outs of forex trading. The charts you’ll use to trade will be historical charts, so they’re often realistic and mimic the conditions of live trading.
3. Forex Bonuses
Forex bonuses allow you to trade forex without investment. For example, if you choose a broker that offers non-deposit bonuses, you don’t have to deposit personal funds into your account in order to start trading.
With a non-deposit bonus, you have the ability to try your hand at forex trading without risking your own money. As you use your live trading account, you can also develop in-depth knowledge about the broker and learn its systems.
However, it’s important to keep in mind that non-deposit bonuses come with a sting of terms and conditions around how you trade it and when you can deposit your funds.
4. Free Social Trading
Social trading is a form of forex trading that allows investors to copy and execute the strategies of their peers or expert traders. It works like a social network, but the difference is instead of sharing photos or posts, people share trading ideas.
In this sense, traders interact, watch trading results of other investors, and brainstorm on market situations in real-time. Traders can join social trading networks on various online platforms, including Reddit, Discord, Telegram, and Facebook groups. There are other social trading networks available, and many of them are free of charge.
However, if you want to follow a specific trader, you may have to pay a signal fee. eToro is an example of a broker that offers a free social trading feature. To get started, all you have to do is just create an account. Then, you can copy each trade straight to your eToro account.
Best Free Forex Trading Platform in 2024
Looking for a free forex trading platform? We list the top two platforms in 2023 that allow you to trade in the forex markets free of charge.
eToro - Best Platform for Free Stock Trading and Free Social Trading
eToro offers many free options for investors who don’t want to pay money to execute trades. For example, you can trade U.S. stocks without commissions.
However, U.S. citizens don’t have the luxury to take advantage of zero commission stock investing, as it’s not available in this region. However, the citizens of the countries that have this option can invest in the underlying asset of stocks without having to worry about markup, ticketing fees, management fees, or rollover fees.
As mentioned above, eToro also offers a free social trading feature. So, you can copy the trades of other investors without incurring a fee. Therefore, there’s nothing to pay for copying trades. You’ll only be paying for order execution.
eToro also gives traders who are unwilling to invest their own money the option to open a demo account. You’ll be able to manage your trades easily with a simple and clean interface, allowing you to experience how online trading works without risking actual money. This allows you to learn about the markets and hone your trading skills at your own pace, with zero risk.
When you first set up your demo account, you’ll get a total of $100K in virtual funds. You can also discuss strategies and learn from top-performing investors.
RoboForex - Best fMT4 Demo Account and Forex Bonuses
RoboForex is one of the most affordable forex brokers in the industry. This is especially true for trading on ECN accounts. You can also take advantage of bonuses from brokers. RoboForex offers several types of bonuses.
For example, you could earn a deposit bonus of up to 120% or a $30 welcome bonus. When you join RoboForex, you can get up to 120% of the amount you deposit into your RoboForex trading account as a bonus.
Then, you can use the bonus to trade higher volumes and potentially make more profit. And you’ll be able to withdraw any of the profits you make when trading with your deposited amount and deposit bonus. Plus, you can withdraw the bonus once you’ve met certain trading volume requirements.
You can also earn a $30 bonus when you sign up for a new RoboForex account and verify your personal information. You can use this bonus to trade forex within your account. If you make a profit from trading, you can withdraw your profit from your own funds and the bonus. To qualify for this bonus, you’ll need a card to deposit funds. The minimum amount you must deposit is $10.
But if you don’t want to put any money at all into your RoboForex account, you can open a demo account. You can choose from several types of demo accounts to test the broker’s trading conditions. The different types of RoboForex demo accounts include Demo Pro, Demo ECN, and Demo R Stocks Trader.
What Are Cheapest Forex Brokers in 2024?
RoboForex
In addition to tight spreads, RoboForex offers high execution speeds, and micro-accounts are available with a lot of just 0.01. The average spread for popular forex pairs like EURUSD is 0.40 pips.
In addition, RoboForex offers several bonuses, including a 15% cashback offer. CYSEC-regulated and FCA-registered, the broker is safe and secure.
AvaTrade
With AvaTrade, traders can choose between Standard and Demo accounts. Standard accounts are subject to different trading conditions depending on the trading platform. AvaTrade also offers a wide choice of assets - there are more than 250 of them.
Also, the broker's customers appreciate the low spreads and commissions (around $4), the speed of order execution, and the variety of trading platforms. Plus, those who are new to trading will appreciate the availability of microlots.
Admiral Markets
There is no doubt that Admiral Markets is one of the best forex brokers for low cost trading. The average spread for popular forex pairs like EURUSD is 0.10 pips.
In 2001, Admiral Markets was founded in Estonia and is now a trusted ECN broker regulated by CYSEC, ASIC, and the FCA. There are six different account types you can choose from and you can start investing with just $1.
Traders choose Admiral's high-tech MetaTrader 4 and MetaTrader 5 software. In addition to hotkey arbitrage, this broker offers a proprietary technology called MetaTrader Supreme Edition.
Tickmill
Currency broker Tickmill is regulated by the Financial Conduct Authority and other international financial institutions. Because of its strict regulations, it is a safe entity to do business with. There are no fees associated with deposits or withdrawals. The average spread for popular forex pairs like EURUSD is 0.3 pips.
FxPro
FxPro is another broker that offers competitive fees and spreads. Traders' spreads are primarily determined by the type of account they hold and the assets they trade.
For example, MT4 accounts have minimum fixed spreads of 1.2 pips. Founded in July 2006, FxPro is a Cyprus-registered broker, with licenses in a wide range of jurisdictions, including. CySEC (Cyprus), South African FSCA, FCA (UK), and Bahamas SCB. FxPro operates successfully in more than 170 countries for retail and institutional clients.
With more than 85 awards under its belt, including "Best Forex Trading Platform" and "Best Trading Platform", the broker has won a great deal of recognition. Traders have come to rely on FxPro for the best trading tools.
Traders can trade over 70 currency pairs, futures, and stocks (Twitter, Apple, Google) with FxPro. In addition to stock indices, metals, and energy resources, the company supports a variety of asset classes. A large international bank holds the client's funds at FxPro, ensuring high-security standards.
How to Trade Forex For Free
Are you searching for strategies to trade forex without breaking the bank? You've come to the perfect place. Our blog post offers practical advice on trading in this investment industry, using secret tips uncovered by experienced traders who succeed without investing their funds.
With this expert knowledge, you can confidently start your journey in free forex trading today and drive towards success at no cost. Keep reading and gain invaluable insight into achieving profitable trades while staying within budget.
To learn how to trade forex for free, then look no further than RoboForex. What sets this broker apart is that it provides traders with excellent trading tools while keeping costs low enough for everyone. Apart from these great perks RoboForex also offers various bonuses like a deposit bonus worth up to 120% and a welcome bonus worth $30.
Moreover, new clients who sign up and complete their information verification will receive another $30 -free, and any profits that you make by trading utilizing these funds are withdrawable.
Establishing a forex trading account with RoboForex requires a payment card for fund deposits. Fortunately, this platform caters to all budgets by offering traders the chance to begin their journey with just $10. Additionally, beginners can make use of RoboForex's diverse demo accounts that replicate live market activity, allowing them to gain valuable exposure and insights before putting their actual funds at risk.
RoboForex is an excellent choice for traders prioritizing safety and security in their investment decisions. This top-rated forex trading platform boasts CYSEC regulation and FCA registration, guaranteeing that your investments are always protected.
Other Free Forex Options
Best Free Forex Signals Services
Learn 2 Trade: Online platform Learn 2 Trade specializes in providing forex signals. Through an exclusive Telegram channel, it offers forex trading signals to its users. Aside from offering real-time signals, it also covers all major financial markets around the world. Each day, you usually receive three to five verified and valuable signals. The service offers a great combination of Forex signal accuracy and platform usability, making it one of the best on the market today. Additionally, Learn2Trade is a great option for beginners just getting started with trading.
ForexSignals.com: A number of forex traders receive their signals from ForexSignals.com. A platform like this can be a great option if you're looking for a platform that offers both trading signals and a community of traders. Also, it offers engaging live streams and video tutorials that you can use to improve your trading skills. The ForexSignals.com website allows newbies to receive accurate forex signals as well as discuss their own trading ideas with professional traders. The program is one of the best options for real-world practice of forex trading.
FXPremiere.com: An excellent starting point for beginners is FXPreimiere.com. With a free Telegram channel, the platform is one of the most popular thematic channels today. There is no doubt that paying for VIP access to FXPremiere.com allows you to get a better understanding of the true level of expertise of FXPremiere.com experts. However, this is the case when an investment has a very short return period. Subscribers to the VIP channel receive up to 15 signals per day for currency pairs, gold, and oil.
Free Forex Educational Services
Daily Forex FX Academy: The FX Academy was created by a globally recognized Forex authority and was written by highly regarded Forex traders. Plus, it's free, which makes it the best free Forex trading class for traders of all levels.
Platinum Trading Academy: VWith videos, strategies, blog posts, and lessons for learning to trade, the Platinum Trading Academy has an enormous amount of information for traders at any level.
Baby Pips: There is probably no better place to learn forex than at Baby Pips, one of the more well-known forex blogs. They have a newly-created 'school,' which offers free education. As far as becoming a successful trader is concerned, they have a simple philosophy: "make pips, keep pips, repeat." However, they don't hide the fact that it will be difficult. With levels ranging from 'preschool' to 'graduation,' the course is well structured, although there are maybe a few puns here and there. If you enjoy their humor then this course could be the perfect forex entry point.
Learning How to Trade Forex for Free
To perform well in the Forex trading market domain, it is pivotal to master certain skills beforehand. The good news is that multiple free resources are accessible that can teach one how to trade effectively.
Online Resources
When it comes to starting Forex trading, beginners don't have to do it alone, thanks to an abundance of online learning materials. Whether one prefers reading articles or watching videos, attending webinars, or working through tutorials - these educational tools cater to all kinds of learners at no cost.
Best Forex Websites and Blogs For BeginnersDemo Accounts
To provide a risk-free introduction to Forex trading, established brokers offer demo accounts that absolve beginners of monetary consequences. With the aid of these accounts, newcomers can learn how to navigate various trading platforms while trying out different strategies. The process assists in developing practical knowledge by facilitating trade openings and closures.
Forex Trading Communities
Aspiring Forex traders do not need to spend on costly courses or seminars. Instead, they can join a Forex trading community where experienced traders offer their knowledge and time.
Books and E-books
Purchasing physical and digital books is an inexpensive approach to getting important knowledge about Forex trading strategies. Newcomers benefit significantly from this wealth of authentic know-how provided by experienced traders' perspectives. Additionally, e-book formats allow readers browsing freedom with immediate download options available from various online platforms.
How to Turn $0 into $1000 in Forex?
Starting from nothing, growing your Forex trading account into a sizable sum may seem daunting. However, with careful planning and disciplined execution of key tactics, you can surpass the $1000 benchmark (and even more) without spending any money. Here are valuable recommendations that can make this happen:
Practice with A Demo Account
To ensure prudent financial moves, one must exercise caution by practicing with a demo account on a no-fee Forex trading platform before making real investments. This method provides fundamental Forex trading knowledge and enables the proper development of one's trade strategies.
Use Leverage Wisely
The employment of leverage demands critical attention as its impact on profits could be either constructive or detrimental. It may pave the way for increased earnings while overlooking this aspect can result in large losses. As such, individuals must exercise caution when involving leveraging into trades and ensure a limited risk-taking approach that aligns with their risk appetite.
Keep Emotions in Check
Acknowledging that emotions can potentially hamper your ability to think logically, inducing impulsive choices is imperative. Therefore, staying steadfast in executing your trading plan and abstaining from emotions provoked by anxiety or covetousness are pivotal.
Free Forex Robots
You can always use automatic Forex robots as a simple route to cost-free Forex trading. The robots operate non-stop, 24/7, without reliance on human intervention. Therefore, while you focus on other matters of importance in your life, rest assured that the program handles all trading tasks effectively for optimal outcomes.
When it comes to Forex robot providers, there are various options to choose from, both free and paid. Among the most highly rated are 1000pip Climber, RoboForex, Flex, Fortnite, Alfa Scalper, Forex Gump, EA Pros, BinBotPro, and Coinrule. Opting for a Forex robot can be a beneficial way to trade for free.
Nonetheless, conducting research and selecting a trustworthy provider is crucial. You can transform $0 into $1000 or more with the appropriate robot!
Summary
If you were ever worried that you couldn’t trade forex for free, hopefully this guide has given you some knowledge about how to get started without sacrificing money. As a beginner, it’s always good idea to start trading forex with no risk so that you can learn the markets and practice trading strategies. Whether you want to open a demo account or take advantage of cash bonuses, you have many options with the different brokers available.
Glossary for novice traders
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Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
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Social trading
Social trading is a form of online trading that allows individual traders to observe and replicate the trading strategies of more experienced and successful traders. It combines elements of social networking and financial trading, enabling traders to connect, share, and follow each other's trades on trading platforms.
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Forex bonus
A forex bonus is a promotional incentive offered by brokers to attract traders, typically providing additional funds or trading benefits upon fulfilling certain conditions.
Team that worked on the article
Oleg Tkachenko
Author and expert at Traders Union
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
Developmental English Editor
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
Cryptocurrency and stock expert
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).