Best Apps for Trading Without Investments in South Africa

Can I make money trading without investing in South Africa?

Making money through trading without an initial investment may sound like a distant dream, but it's a possibility that savvy traders in South Africa can explore. TU analysts have carefully highlighted some of the options for South Africans below:

1. Forex no-deposit bonuses

Forex no deposit bonuses are a gateway for aspiring traders to experience the market without investing their own money. Brokers often offer a small bonus, usually around $30, to new traders upon registration. While this opportunity provides a risk-free entry into trading and an opportunity to generate some profits, the amount offered is relatively modest, making it challenging to accumulate substantial earnings. Moreover, traders must navigate strict withdrawal conditions, such as achieving high trading volumes, before cashing out profits.

2. Broker affiliate programs

Broker affiliate programs offer an alternative route to earning money without direct investments. By referring new clients to the broker, traders can earn commissions based on the referred clients' trading activities. The potential earnings from this method depend on the number and trading volume of referrals. Although no direct investment is required, building a substantial network of referrals and implementing a competitive marketing approach are essential to maximizing profits. Earnings can vary significantly, ranging from a few dollars per referral to potentially higher amounts if high-value clients are attracted.

3. Broker competitions

For those confident in their trading skills, broker competitions present an exciting opportunity to earn cash prizes. An example is the forex demo contests most brokers offer. These competitions allow traders to showcase their expertise in the market, and the top performers can win substantial rewards. While the potential earnings are enticing, success largely depends on trading skill, strategy, and a bit of luck. However, not everyone can emerge victorious, and the competition can be fierce, making it a high-risk endeavor.

4. Forex-funded trading programs

Unlike other programs, forex-funded trading programs, provided by proprietary trading firms, offer traders a trading account with a predetermined amount of capital. Traders who join these programs can earn a share of the profits they generate, usually ranging from 50% to 80%. This option offers significant earning potential, with traders gaining access to capital as high as $100,000 or more. However, gaining acceptance into such programs can be challenging, as traders must undergo rigorous evaluations to prove their skills and often share a portion of their profits with the firm.

It is possible to make money in trading without investing in South Africa through various avenues, with each option having its pros and cons. TU experts advise traders to carefully evaluate these opportunities based on their skills, risk tolerance, and long-term trading goals.

Best Forex Trading Apps in South Africa to Earn Money Without Investment

RoboForex MT4 app - with a $30 no-deposit bonus and affiliate program

RoboForex Review

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RoboForex has been in operation since 2009 and is one of the Best MetaTrader 5 brokers, with a wide range of features and trading tools. RoboForex can help you trade without a deposit in any of the following ways:

No deposit bonus: RoboForex has a ‘30 USD welcome bonus’ which you can use to start trading immediately. Open a standard or cent account on RoboForex, and ensure it has EUR or USD as the base currency. Verify your account, add your contact details, and you will get an email code to verify and receive your $30 bonus.

Demo deposits: since 2011, RoboForex has been offering demo account contests for all traders using demo accounts. Once you open a demo account with this platform, you will see a demo contest section with multiple contests that you participate in. Sign up and get the chance to win real money deposited into your account immediately. There are no limitations to how you can use the money.

Affiliate program: RoboForex allows traders to become partners through the affiliate program and win a commission, which is deposited into their accounts. You will use a referral link to sign up and fill in your details.

InstaForex - registration bonus and trading contests

InstaForex Review

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Your capital is at risk.

InstaForex is a well-established Meta 5 broker with European regulation. This platform was established in 2005 and has more than 7 million traders. InstaForex allows users to trade without deposit in the following ways:

No deposit bonus: InstaForex gives new users a no deposit of $3500 to jumpstart their trading career. To get this bonus, you should open a live account (not demo), fill in your correct details, and automatically deposit your bonus into your account.

Trader contests: InstaForex offers exciting contests to users of both demo and live accounts, allowing them to win real prizes. To participate, open a live or demo account and head to the contests section to try your luck as you sharpen your trading skills!

Affiliate program: InstaForex affiliate programs are a great way to earn commission and make money without investment. Sign up for the platform's affiliate program, and invite referrals. You will earn a commission every time a referral signs up.

XM Group MT4/MT5 - with a $30 no-deposit bonus and an affiliate program

XM Group Review

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Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

Founded in July 2008, XM is an MT5 forex broker based in Belize City. It allows trading of more than 55 currency pairs and has great bonuses ideal for beginner and experienced traders. If you are interested in trading XM but don’t have the initial deposit, you can get the chance to go through the following ways:

No deposit bonus: XM has a no-deposit bonus of $30, which you cannot withdraw but can use to trade. This bonus is only available for first-time traders who have never opened an account with the platform. To get it, open a live performance, verify it, and the amount will be deposited automatically to your account.

Forex contests: XM contests are available in both real and demo accounts, and interested traders can win generous, real money prizes if they win. To participate, open an account with the platform, head to the contest section, choose a contest, and check the dates to ensure it’s valid.

Affiliate program: XM partners have a great chance to earn up to $25 commission per lot. If interested in joining the program, open an account and sign up. You will get a code your referrals will use as you earn a commission.

AMarkets - no-deposit bonus and trading contests

AMarkets Review

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Your capital is at risk.

AMarkets is another example of the best brokers with Forex bonuses. This platform offers a $50 no-deposit bonus as a welcome bonus to new customers. This means investors do not have to make a deposit in order to receive the bonus.

They also offer a switch your broker bonus of 20%. Traders who move their account to AMarkets, including open positions, receive a 20% bonus on the deposit.

FBS - with a sign-up bonus of $70

FBS Review

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Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FBS is a global broker with a presence in over 190 countries. Over the course of a decade on the market, the broker company has received around 40 international awards. It is CySEC-licensed and provides flexible Forex trading conditions.

FBS allows traders to trade indices, futures contracts, exotic currencies, commodities, and regular currency pairings.

FBS provides a no-deposit bonus ranging from $70 to $140. To receive the bonus, you must first sign up for the site and verify your identity. If you join through the website, you will receive a $70 bonus; if you register through an application, you will receive a $140 bonus. Unfortunately, you cannot withdraw the bonus.

Alternative option. Free Prop Firms

You can explore the excitement of trading without using your own money by participating in free evaluation programs offered by proprietary trading firms. These firms cover various financial markets, including Forex, futures, and stocks, enabling traders to practice in real-time conditions without risking their capital. Successful traders who meet the evaluation criteria have the opportunity to progress to a funded account, where they can access real capital and potentially achieve financial success. Check out the options TU experts listed below:

The5ers

The5ers Review

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Your capital is at risk.

The5ers is a prop trading company. “Prop” is short for “proprietary”, and a prop shop is a trading firm that deploys its own capital toward traders’ pursuit of trading profits. The5ers was registered in Israel in 2016 and has several representative offices globally, the largest of which is located in the United Kingdom. It uses the MT5 trading platform, which allows for the trading of currencies, stocks, precious metals, and indexes. Registration is paid, and the price starts at $235 ($85 of which is for the education program). Platform fees are below the market average. Its distinguishing feature is that it provides funding to traders by making free deposits into their accounts ranging from $6,000 to $4 million. This money cannot be withdrawn, but it is possible to withdraw profits from their use in the proportion of 50/50 (that is, half of the profit goes to the company). The leverage is up to 1:30. The5ers describes itself not as a broker, but as a platform for active trading with funding opportunities.

FTMO

FTMO Review

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Your capital is at risk.

FTMO is an international proprietary trading company created in the Czech Republic in 2014. The platform brings traders into its fold and after traders successfully pass a two-step testing regime, FTMO transfers 400 thousand dollars to the trader’s account. Transactions are monitored by FTMO to grow the deposit. There is a payment of 80% at the first stage of real trading. The 90% Profit Split is available only to those FTMO Traders that have reached Scaling Plan. The company works in full accordance with European financial legislation and is under the local regulator.

Can I start trading without a minimum deposit?

Yes, you can! Starting trading without a minimum deposit has become more accessible due to brokers offering low symbolic deposits or no minimum deposit options. Taking advantage of no-deposit bonuses or trader contests can also be beneficial. Funded trading accounts can also provide access to real capital, but they typically require a monthly subscription fee, usually ranging from $50 to $200. It's essential to carefully review the terms and conditions before choosing any trading option.

How much do I need to earn decent money?

The amount needed to earn decent money in trading varies, but typically aiming for $1,000 or more is common, according to Traders Union’s experts. Starting from scratch may require time to learn and build capital. While bonuses can offer some support, traders should be cautious and manage risks wisely, as trading involves inherent uncertainties and potential losses. It's crucial to adopt a long-term approach, continually improving trading strategies and risk management techniques, to achieve sustainable financial success.

How to choose a trading app in South Africa?

If you are wondering about the best practices for choosing a trading app in South Africa, you simply need to focus on the following variables:

Safety

One of the top things you will want to focus on is the level of safety of the platform. No matter how much money you stand to make, the level of safety plays a major role in how effective the platform is. This is because the safety level enables you to know the likelihood that your money and assets will be kept safe and secure. Therefore, you should take the time to learn more about the safety mechanisms being offered by your current broker. Be sure to check if the platform offers various security mechanisms such as encryption, two-factor authentication, anti-fraud tools/features, and how they manage and store your personal data in general. Generally speaking, you will find that most reputable brokers do all these things and more. If you notice that a broker is cutting corners and is not properly secured, this is a red flag, and you should avoid the platform at all costs.

Security

Another very important feature to be aware of is security. No matter what the platform is offering, it means nothing if you don't trust the platform you're using. Since there are so many new brokers on the market, you should definitely make sure your chosen broker is reliable and secure. Fly-by-night brokers do exist, and unfortunately, some are literally here today and gone tomorrow.

Therefore, you should pay careful attention to how long the broker has been in existence. Before signing up, make sure you take the time to search for the history of the broker and how it’s regulated. Moreover, all reputable brokers should have insurance to protect clients in case of bankruptcy. Depending on the organization governing the broker, these insurance policies apply to everything from ISAs to IRAs and much more. Before investing your money, make sure it's protected by specific agencies and regulations.

Ease of Use

You will also want to focus on ease of use. This is especially true if you are not an experienced trader. Some platforms can be very complex and can take too much time and effort to learn when you are just beginning your trading career. Take the time to explore the interface and how it functions before signing up. One of the best ways to go about this is by choosing a broker that offers a demo account. In doing so, you can essentially begin using the platform before investing a dime of your own money.

How to trade without investment?

To trade without investment, you can utilize demo accounts offered by brokers to practise with virtual funds. Another option is participating in Forex contests, this is an exciting way to improve skills and win bonuses, which can be used to start your trading journey. No-deposit bonuses from selected brokers can also allow you to begin trading without an initial investment. Additionally, joining funded trading programs enables access to real capital for trading without personal investment, provided you impress the funding firms during the evaluation phases.