Best Forex No Deposit Bonus in Nigeria - Top 8 Brokers for 2024

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Best Forex bonuses in Nigeria - RoboForex $30 welcome bonus

Your capital is at risk.

Top Forex bonuses in Nigeria:

  • 1

    RoboForex - Forex welcome bonus $30 with the best conditions

  • 2

    TeleTrade - welcome bonus up to $1,000

  • 3

    InstaForex - welcome bonus up to $2,000

  • 4

    XM - $30 no-deposit bonus

  • 5

    Tickmill - $30 no-deposit bonus

Choosing a trustworthy Forex broker is an important decision for any trader starting out in the Nigerian market. A no deposit bonus is an attractive option for new customers to test the waters without risking their own money from the start. However, with many brokers advertising these promotional offers, it can be difficult to separate the reputable from the questionable.

This article aims to help navigate those waters by highlighting some of the top brokers offering no deposit bonuses that are both generous and secure to use. Through a balanced analysis of factors like payment processing speed, software functionality and customer service records, the eight brokers profiled here have demonstrated a long-term commitment to serving Nigerian clients responsibly and legally. For those intrigued about trading currencies but understandably cautious about risks, this guide covers options worth considering to take those exploratory first steps into the world of Forex.

  • What are the requirements to claim a no deposit bonus?

    To claim most bonuses, brokers require registering an account, verifying identity, and completing certain trading volumes before profits can be withdrawn as cash.

  • What happens if I don't complete bonus trading requirements?

    Failure to meet the requirements, like trading volumes, means the bonus and any pending profits are lost/withdrawn by the broker.

  • What trading styles are compatible with bonus account usage?

    Bonuses are best used for active trading styles versus long-term positions due to potential expiry times.

  • Are there any minimum or maximum trade sizes with bonuses?

    Few brokers cap trade sizes but most set minimum trade requirements, usually around $5-10 per order, to prevent bonus abuse through micro-trading.

8 best Forex bonuses in Nigeria

The Forex no deposit bonus in Nigeria is not the only kind of bonus that brokers offer to traders, but it is one of the most popular. The Forex welcome bonus is the second most popular among novice traders. The conditions for receiving these rewards may differ from broker to broker.

It makes sense to compare the parameters for receiving a Forex bonus from several brokers and choose the most loyal conditions. For example, some brokers give welcome bonuses with a minimum level of verification (a confirmed phone number is enough, and a scanned copy of a passport or driver's license is not required). The comparative table below shows the leading brokers in the region and the conditions for the best bonuses.

# Broker Bonus type Value How to get a bonus Regulation Bonus

1

RoboForex

Welcoming

$30

Register, confirm data, deposit at least $10. The bonus itself cannot be withdrawn.

CySec, IFSC

Receive

Your capital is at risk.

2

TeleTrade

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

Receive

Your capital is at risk.

3

InstaForex

No-deposit

$2,000

Register. The bonus cannot be withdrawn.

BVI FSC

Receive

Your capital is at risk.

4

XM

No-deposit

$30

Register, confirm the data. The bonus cannot be withdrawn.

CySEC, ASIC, FSC, DFSA

Receive

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

5

Tickmill

No-deposit

$30

Register, verify. The bonus cannot be withdrawn.

FCA, CySEC, FSCA, LFSA, SFSA

Receive

Your capital is at risk.

6

FBS

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

Receive

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

7

FxOpen

No-deposit

$10

Register, verify, sign up for STP. The bonus itself cannot be withdrawn.

CySEC

Receive

Your capital is at risk.
77% of retail investor accounts lose money when trading CFDs with this provider.

8

Forex4You

No-deposit

100% from deposit

Deposit money in your trade account and choose the 100% bonus option to participate in this reward program

BVI FSC

Receive

Your capital is at risk.

RoboForex: Best Forex no-deposit bonus in Nigeria

The Forex welcome bonus in Nigeria has been evaluated by the experts at the Traders Union as the most profitable. The reaction of users confirms this conclusion. However, Nigerian brokers also offer other noteworthy bonuses.

Deposit bonus

This bonus can be received multiple times, not just on the first deposit. If the bonus is activated, 120% of the deposit amount is added to the current deposit. Note that bonus funds can be withdrawn, but only if certain trading volumes or other conditions are met. Funds earned with the bonus are available for withdrawal without conditions.

Welcome bonus

The Forex welcome bonus in Nigeria, which is provided by RoboForex, differs from the deposit bonus in three ways. First, it's smaller. A trader receives an additional $30 deposit bonus (the minimum deposit is $10). Second, this bonus can be received only once after registration and when making a deposit for the first time. Third, the bonus itself is not available for withdrawal.

Bonus as a percentage of the deposit

Just like the deposit bonus, every trader can get it at any time. You just need to make at least the minimum if one is set. The trader will get an additional 60% of the deposited amount. The first feature of this type of bonus is that it can be received repeatedly. The second feature is that the bonus funds can be withdrawn.

RoboForex Bonus – How to Get Forex Bonus for Free

How to get the RoboForex $30 bonus

The Forex welcome Forex bonus in Nigeria is bigger than the no-deposit bonus and has more favorable conditions for the withdrawal of the profit (or even the bonus itself). That's why the welcome bonus from RoboForex is in high demand, but you should clearly understand what conditions are necessary to receive it.

Step 1

Launch your browser and go to the RoboForex broker's official website. In the upper right corner select your language. The next step is to click on the "Registration" button and enter your personal information such as your email, first and last name, and your phone number. You will need to confirm your email and phone number. Agree to the broker's terms of service and the processing of private information, and click on the "Register" button at the bottom.

Registration on RoboForex

Registration on RoboForex

Step 2

Select your preferred account type on the next screen. A Standard account will be created by default. Note that the Forex welcome bonus Forex in Nigeria is available only on a "Real" account such as the Pro and ProCent accounts. After you have selected your preferred account type or accepted the Standard account, click on the "Confirm" button at the bottom of the screen.

Registration on RoboForex

Registration on RoboForex

Step 3

You have now registered, but that's not enough to get the bonus. Now you need to verify your account, that is, confirm your identity. To do this, click on the question mark icon on the right side of the "Verification" line. You have two options — send a document proving your identity (passport) or a document proving your residential address (utility bill). Send a scan or picture of the proof and wait until the verification is completed. If all goes well, within five days you will receive a welcome bonus of $30 to your account.

RoboForex account verification

RoboForex account verification

What is a Forex Bonus?

A Forex bonus is funds transferred by a broker free of charge to a trader if the trader meets certain conditions. Usually, to receive bonuses it is enough to register and confirm your personal data. Forex no deposit bonus in Nigeria is not the only kind of incentive used by brokers to attract clients, but it is the most popular.

This is beneficial for the broker too, because he gets new clients and thereby increases his income. In this case, the trader receives additional funds to his account, which he can use in trading activities. Sometimes these are very significant amounts, such as Forex bonuses, which may amount to up to 120% of the deposited amount. In case the trader has a small budget, he can afford to make higher bets.

Forex welcome bonus

There is a prerequisite for receiving this type of bonus. This type of brokerage incentive is provided to the trader who registers for the first time on the exchange platform. Usually, it is a fixed amount such as $30. In some companies, brokers offer clients to increase their deposit if they replenish the account for a certain amount. For example, it can be 60% or even 120% of the deposit bonus.

👍 Bonus benefits:

The broker gratuitously gives the trader additional funds for Forex trading.

This is especially beneficial when the trader does not have enough funds to make a substantial deposit.

A trader can test the trading conditions of the platform with minimal risk to his funds.

Today, many Nigerian brokers offer a Forex welcome bonus Nigeria.

👎 Bonus disadvantages:

To get this bonus a trader needs to make at least a minimum deposit, without making a deposit it is impossible to get this type of bonus.

A welcome bonus is not allowed to be withdrawn from the account; alternatively, the trader may be required to meet serious trading volume or other stringent requirements.

The extra bonus funds may increase an undisciplined trader's risk of unreasonably high bets.

Top 5 Forex Welcome Bonuses

No deposit bonus Forex

The main advantage of this type of bonus is that to get it, it is not necessary to pay a deposit, but a trader can trade on the exchange only after registration and verification. Many believe that these bonuses are the most valuable, and they do allow one to trade without making a deposit. As with any other incentive, there are pitfalls.

👍 Advantages of a no-deposit bonus:

A trader does not need to deposit his or her own funds to start earning in the foreign exchange market.

A novice trader can obtain basic trading skills without risking his personal budget.

Free funds provided by the broker are conveniently used for studying the Forex market and the broker’s trading site.

If a trader acts competently and takes his time, he can earn good capital without any investments from his side.

👎 Disadvantages:

In most cases, the conditions for receiving a no-deposit Forex bonus in Nigeria cannot be withdrawn.

If the broker allows the trader to withdraw the funds, it is usually only after the trader has achieved large trading volumes, which are extremely difficult for a beginner to realize.

If the trader trades infrequently, showing a low level of activity, the no-deposit bonus does not provide any significant advantages.

The trader should understand that the broker can withdraw the bonus at any time without warning or explanation.

Best Forex No-Deposit Bonuses

Forex bonus with each deposit

This is a deposit bonus, which means that, like the welcome bonus, you will receive it only after making a deposit (the minimum amount is sufficient). The difference is that the deposit bonus is recurring, and not just when you sign up or make your first deposit. It provides traders with additional funds for trading, but it also has some disadvantages to consider.

👍 Advantages of the bonus upon each deposit:

A trader receives additional funds to his account with each new deposit. With many brokers, the size of the bonus depends on the size of the deposit.

A trader's profit potential increases as his deposit grows, which is especially important for traders with a limited budget.

The trader can get a significant profit with minimal investment from his side.

Bonus funds are beneficial for newcomers and allow them to explore the possibilities of the broker’s site.

👎 Disadvantages:

The bonus cannot be withdrawn at all, or some complicated conditions must be met.

Extra money encourages traders to make higher bets, which increases their risk.

Brokers can withdraw bonuses at any time for any reason or for no reason.

Best Forex Deposit bonuses

Can I withdraw my Forex bonus in Nigeria?

The Forex welcome bonus Nigeria, which RoboForex provides to its traders, cannot be withdrawn from the account. However, it can be used in trading (funds do not participate in "drawdown"). All profits earned by a trader using the bonus funds may be withdrawn without any restrictions.

A Forex bonus that is 120% of the deposit amount, can also be used in trading but cannot be withdrawn. Any profit gained from trading using the bonus funds may be withdrawn in volume according to this formula: "Profit available for withdrawal = free margin [minus] the total amount of all active bonuses [i.e., the] total amount of deposits on which bonuses have been accumulated". A trader may withdraw a deposit for which he has received a bonus only in the amount according to the formula: "Number of lots = bonus amount in USD/2".

The RoboForex deposit bonus of 60% of the deposit amount can be used repeatedly. It is available for trading and is spent upon the drawdown. Profits gained by using the bonus are withdrawn without any restrictions, but not the bonus itself. The deposit, on which the bonus is received, is withdrawn in volume according to the formula: "Number of lots = bonus amount in USD/2".

Top 5 brokers offering Forex bonuses in Nigeria

RoboForex

Open an account
Your capital is at risk.

The most requested Forex bonus in Nigeria from RoboForex is called Profit Share. Registration, verification, and a deposit of at least $10 are required. Once the funds have been credited, a trader can activate the bonus and receive an additional 60% of the deposited amount. The maximum bonus amount is $50,000. Bonus funds are available for withdrawal. To withdraw profit from the bonus and the deposit on which it was received, a certain trading volume, calculated according to a formula, must be achieved. The formula is: "Number of lots = bonus amount in U.S. dollars/2".

TeleTrade

Open an account
Your capital is at risk.

TeleTrade offers a Welcome Bonus that matches up to 100% of your initial deposit. Moreover, TeleTrade offers a special program known as a Bonus of 24%. This program allows traders to earn an extra 24% annually on their funds. However, Certain requirements must be fulfilled to participate in the Bonus 24% program:

Traders must refrain from withdrawing funds from their trading account during the billing month.

No interest will be accrued for the month the trading account was opened.

Certain conditions regarding trading activity need to be met.

When looking for brokers with no deposit bonus, TeleTrade is certainly worth considering.

InstaForex

Open an account
Your capital is at risk.

InstaForex stands tall in the Forex sphere as a premier broker that is esteemed for offering impeccable services. With this enticing feature in place, traders are endowed with a generous sum of $1000, enabling them to initiate transactions without requiring an initial investment.

Alongside this unique proposition, there’s the one-time bestowal of a 100% Bonus on clients' maiden deposits. Essential to underscore is the fact that there exists an upper limit of $2000 governing this package. Moreover, InstaForex offers a 55% Bonus on every consecutive deposit, adding to the grandeur associated with this proposition.

XM

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

If you are searching for a forex broker in Nigeria that offers a no-deposit bonus. XM could be worth your consideration. It presents its clients with a range of bonuses and promotions. One of these offerings is their Welcome Bonus. The value of this bonus depends on the client's country of residence and can range from $30 - $5000.

The bonus provided can be utilized to trade Forex & CFDs. However, withdrawing profits using this welcome bonus mandates fulfilling certain requirements. In addition, XM offers a Deposit Bonus that varies between 10%-50% depending on where their clients reside.

Moreover. XM has a Loyalty Program that ensures their clients are rewarded for every lot traded. This program comprises four tiers that entail various advantages & rewards, such as increased cashback rates, expedited withdrawal processing, and exclusive opportunities.

Tickmill

Open an account
Your capital is at risk.

For individuals seeking brokers that offer no-deposit bonus opportunities within Nigeria, Tickmill is undoubtedly one of the highly recommended options available. An exceptional offering they provide for new clients is the $30 Welcome Account when signing up for a trading account.

However, this opportunity is available only for new clients from non-restricted countries.

Before receiving any bonus amounts, traders must verify their accounts. Moreover, Tickmill also provides a host of other diverse promotions:

Trading competitions

A monthly NFP trading contest

Cash rebates

That said, the requirements for availing their aforementioned deposit bonuses may vary periodically. Considering all factors, Tickmill is an extremely credible no-deposit bonus forex broker.

How to choose a Forex bonus in Nigeria?

Scenario 1

The Forex no deposit bonus in Nigeria may not be as profitable as it seems at first glance because each bonus has preconditions for receiving it and/or drawing it down. Sometimes, after taking into account all the requirements, it is not reasonable to seek out a bonus.

Scenario 2

Some brokers offer more than one type of Forex bonus when you make a deposit. Different bonus types are not always fungible, and they often cannot be activated at the same time, so you have to choose. Take your time to choose, and carefully read the terms of use of each bonus. Certain promotions are more profitable to activate when you make the first deposit.

Scenario 3

Always read the full Forex bonus terms and conditions. The statements on the main page of the site contain only the most attractive talking points and do not give an objective view of the bonus. Go to the page with a detailed explanation of the bonuses, there you will find the necessary information on the conditions of their receipt and withdrawal.

Scenario 4

The Forex welcome bonus in Nigeria may not be available due to regional restrictions. Often the reason is the local legislation or other obstacles that govern the broker's business. Therefore, study the site carefully, it must have a list of countries for which there are restrictions.

Scenario 5

To choose the Forex bonus type with the best conditions, you need to analyze several companies providing brokerage services in Nigeria. But you can save time and study the top eight, compiled by the Traders Union experts.

Summary

Welcoming and no deposit bonus Forex in Nigeria can be profitable, especially for beginning traders. They allow you to increase your initial deposit or even build it up without investing your own budget.

However, there are always some restrictions associated with incentives offered by a broker. For example, the bonus itself is seldom withdrawable. Sometimes, to withdraw the deposit for which the bonus is received, a certain volume of trades must be realized. In rare cases, there are also restrictions on the profits earned from the bonus funds and even time limits within which to accomplish trade volume(s).

That’s why for every Forex bonus, it is necessary to consider not only its advantages but also its disadvantages. In addition, brokers differ in the terms of providing bonuses, so one company may have several types of bonuses at once, and they may not be compatible. To make a reasonable choice, you should study and compare the bonuses offered by the top brokers.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.