An affiliate program is normally not worth considering as the main source of income. But this is an effective way of making money on Forex without investments with a view toward passive “extra” income. An affiliate program is a good stable bonus for socially active people.
Trading Without Investment on Forex - Top 4 Ways to Make Money
Updated: April 29, 2024
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RoboForex - Best Forex broker for 2024
Trading without investment on Forex is possible with the use of affiliate programs, non-deposit bonuses, participation in broker’s trading contests, and demo-account competitions.
Forex trading once had the reputation of being a playground for the big banks and the high rollers with deep pockets. But times have changed. Thanks to the rise of online brokers and accessible trading platforms, it's no longer just for the financial elite. Nowadays, even those with a modest bank balance can dip their toes into the currency exchange waters. While it's still wise to trade with a comfortable financial cushion, it's not a strict requirement. In this piece, we'll look at some of the best ways that even individuals with minimal or zero starting funds can embark on the journey of Forex trading.
Today, top brokers can attract traders with lucrative offers that allow you to make money on Forex without an investment. These are affiliate programs, non-deposit bonuses, and contests, including demo account contests.
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Is it possible to make money on Forex without investing funds?
Yes. Top brokers offer their clients and partners a wide range of options. The most profitable are affiliate programs, non-deposit bonuses, contests on real and demo accounts.
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What does an affiliate program with a broker offer?
The broker pays you a reward for each client attracted. But it is more profitable to work on the Traders Union affiliate program: payments here are not one-off, but regular, and there are many other advantages.
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What kinds of non-deposit bonuses are there?
Some bonuses are given for merely opening an account, others for replenishing it. Some of them could be withdrawn after several successful transactions, others cannot. Each broker offers its own conditions for such bonuses.
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Why should I participate in Forex contests?
Contests on demo accounts provide you with an important experience and allow you to make money from your first real deposit. Contests on real accounts for professionals can be a good source of income.
Top 4 options to get profit on Forex without investments
Here are four of the top methods for earning money in forex without putting up your own capital:
Forex Affiliate Programs
Many brokers offer affiliate programs where you can earn commissions for referring new clients. Typically, you share your unique referral link and receive a bonus when someone signs up and/or deposits through your link. The broker benefits by acquiring more customers, while you benefit by earning passive income from their trading activity without trading yourself.
Non-deposit bonuses
Brokers frequently provide bonuses to attract new traders. Common options include no-deposit bonuses (free money just for opening an account), deposit matches (the broker matches your deposit up to a certain amount), and cash rebates on trades. These let you increase your trading funds without adding more of your own money.
Brokers’ Contests
Brokers and trading communities often hold contests with prizes for top demo or live account performers over a given period. For example, whoever grows a $10,000 demo account the most in one month could win $1,000. These contests allow you to profit from your trading skills without risking personal capital.
Traders' Contests on Demo Accounts
Some brokers and trading communities like Traders Union hold contests specifically for demo accounts. These allow you to compete against others with virtual funds to win real cash prizes. It's a way to gain experience and supplement your trading income without any investment.
Alternative Option: Funded Trading Programs
Proprietary trading firms offer evaluation programs to fund successful traders. By passing simulations and challenges, you prove your ability and get access to trade a firm's capital, keeping a portion of the profits. This path allows you to trade larger size without providing upfront funding.
We will explore each of these methods in more depth throughout the rest of this article to understand how you can realistically make money trading forex without any upfront investment.
Forex affiliate programs
This method of making money on Forex without investments does not require direct trading. The affiliate program is about making money for bringing new clients to the broker. The specifics of the process may differ slightly from brokerage to brokerage, but the basic process is the same for all:
You register on the broker's website and fill out the form to join the affiliate program.
The broker (sometimes – after verification) provides you with a personal referral link.
Now anyone who registers on the broker's website using your referral link will bring you a profit (there may be certain conditions as further described below).
As simple as that, the broker gets a new client, and the broker thanks you with a cash reward. But the cash reward may not come immediately upon the mere registration and verification of the invited trader. In most cases, the newly-registered trader must actually make a deposit (and sometimes, conduct trades). For example, the new guy must register; be verified; download the broker’s terminal; and make the first deposit. The conditions are different among brokers, but you should understand that brokers are prodigious in protecting themselves from cheats and scammers. Also, you may get continued cash beyond the initial recruitment bonus, if the new guy becomes a prolific trader with many wins.
👍 Advantages of affiliate programs
• Requires no investments from you
• You don't have to actually trade on Forex; no risk
• You get passive income by posting a link in an active forum thread
• You may work with affiliate programs of several brokers at once
👎 Disadvantages of affiliate programs
• You need to be a society opinion leader and a good marketer and promoter on various Forex forums and/or social media platforms because if you have no "weight", no one will follow your link or suggestions
• This is an option for making money for socially active people who communicate a lot on social media platforms, such as TikTok, Twitter, WeChat, Facebook, etc
Types of affiliate programs by brokers
Generally, an affiliate program requires a special agreement. Under the agreement, the broker shall transfer the specified amount of money to your account when the invited client performs the agreed-upon objective actions.
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Online-partner.
This is the classic version of affiliate programs, which is when you have an interest in the successful trades of the invited trader who followed your referral link.
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CPA-partner.
In this case, you get a one-time bonus for each new client. This option is perfect for webmasters, SMM specialists, and Internet marketing specialists.
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Representation.
This is the top level of partnerships. You can become a broker’s representative by opening an office or website. Now the profit will be calculated specifically for you.
The first and second points are profitable options for making money on Forex without investing any money. None of these affiliate programs requires you to actually trade in the Forex market. A well-promoted blog on a social media network, a personal website, and/or an authoritative profile on the Forex forum is essential to successfully promote affiliate programs for recurring passive income because it will help to attract new clients to the brokers you represent more effectively and get you more income.
Top 5 Apps with Forex affiliate programs
| Broker | Name of Program | What Should I Do? | How Much Can I Earn? | |
|---|---|---|---|---|
|
The Traders Union Affiliate Program |
This is a 2-tier program. To earn money you will attract new active traders to Traders Union, who will be a part of the partner's referral network, and their trade will bring the referrer (you) a stable income. |
1. The affiliate rate for the first referral level is 10% of the income of the attracted referral in Traders Union. 2. The affiliate rate for the second referral level is 5% of the income received by the second level Traders Union referral. |
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|
RoboForex affiliate |
With a revenue share of up to 70 percent, the RoboForex stock affiliate program is one of the most attractive at all |
UP to 70% loyalty program that pays up to 20% of the overall partner commission |
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|
FxPro Partner |
Share referral links or introduce people to the platform as an "Introducer." |
Up to $1,100 per profile referred |
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|
XM Partners |
Share referral links |
Up to $25 per lot (unlimited commission per referral) |
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|
Admiral Markets Affiliate Program |
Share affiliate link |
Up to $600 per referral |
Traders Union affiliate program
Traders Union also offers its own affiliate program, which is considered by many to be the most profitable option for earning money in the Forex market without making investments. All you need to attract clients is to give them your referral link. You can bring clients to any broker on the list of Traders Union partners and there are dozens of top companies.
Keep in mind that it is more profitable to register with a broker through the Union's website than directly with the broker because the trader gets a refund of a part of the commission (spread) that the broker charges from his successful trades; 100% free legal support; and access to contests on demo accounts with real cash prizes are also provided.
Benefits of the Traders Union affiliate program:
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You get 10% of the income of each trader attracted.
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You get 5% of the income of each trader who was invited by the client you referred.
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You have a personal account with detailed statistics, where all information about partners for the last 5 months is stored.
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Profit is calculated not by the number of transactions, but by the volume of trades. Payments are made directly to your personal account automatically.
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It does not matter which broker you work with, the mode of the transactions, or the period of time your partner trades.
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Traders Union provides its own collection of attractive banners for integration into your recruiting efforts.
This last point is of prime importance. You can publish not just a referral link on forums or websites, but a high-quality professionally created banner, which significantly increases user interest and the conversion of forum or site visitors to partners.
To become a Traders Union partner:
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Register on the Union’s website.
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Read the affiliate program rules.
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Get the referral link from your broker in your personal account (see the “Partner’s income” section).
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Post the link and banner on your website or external sources.
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Make money!
Each Traders Union client who follows your banner or link will bring you money. However, you can post them anywhere – in signatures on forums and in emails, on personal sites, blogs, communities, and personal pages on social media. You have no restrictions on the placement of referral links and banners from the Traders Union side.
Free Forex money: Non-deposit bonuses
Non-deposit bonuses are the most popular way to trade Forex without investment. As the name suggests, to start trading, you do not need an initial deposit; that is, there is no need to deposit personal funds into your account. Choose a broker, register directly on its website (or with the Traders Union website, as it is more profitable) and as soon as you open your first account, you will get the non-deposit bonus immediately!
Note!
The non-deposit bonus does not work for demo accounts because only virtual money is used on demo accounts. Also, many brokers do not provide bonuses for cent accounts and some other types of accounts. The accounts where you can get a bonus will be indicated in its description.
Brokers have varying conditions for non-deposit bonuses. The receipt terms, size, account types available and many other parameters differ. But in general, all bonuses can be divided into several types.
| Non-deposit bonus type | Advantages | Disadvantages |
|---|---|---|
|
One-time non-deposit |
You do not need to replenish your account to get this bonus. Just fulfill the conditions required. |
The bonus is given only once. |
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One-time, replenishment required, fixed |
This bonus shall be provided if you deposit any amount for the first time (even $1). The bonus has a certain amount and does not depend on the replenishment amount. |
The bonus shall be given only once but requires a replenish of at least a minimum deposit into your account. |
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One-time, replenishment required, interest |
This bonus shall be provided if you deposit any amount for the first time (even $1). The bonus depends on the deposit amount (for example, 200%). |
The bonus shall be given only once but requires a replenish of at least a minimum deposit on your account. |
|
Multiple with options |
You need to replenish your account with at least a minimum deposit. It can be fixed or will be calculated as a percentage of the deposit amount. |
You need to consistently replenish your account for any amount to get a bonus. |
A non-deposit bonus that does not require replenishment and which can be withdrawn later is the most profitable option. Brokers do not allow the withdrawal of bonus funds immediately, without successful deals, because in such a case many people would simply register, withdraw the bonus and leave. Bonuses shall be won back. There are also non-withdrawable bonuses and they are also profitable because they give you start-up capital without personal investment. Several options in the table are not fully no-deposit; you must make at least a minimum deposit ($1-10) to activate them. Please note that many brokers provide additional bonuses for large deposits.
The non-deposit bonus provides you with an excellent opportunity to try your hand without risking your money. But no matter how attractive Forex is with non-withdrawal investments, it is viable only for novice traders. Further, to become a professional trader and get significant profits, you shall work with larger amounts on a real account. This is necessary to open more deals and increase rates, to work with leverage (many brokers do not provide leverage for bonus funds).
Best Apps with Forex no-deposit bonuses
| Broker’s name | Size | Conditions for obtaining | |
|---|---|---|---|
|
$30 |
To get a bonus from RoboForex: Withdrawal: |
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$1,000 |
How to get IstaForex no deposit bonus: Withdrawal: |
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$30 |
How to get Tickmill no deposit bonus: Trading Limitations: How to withdraw the profit: |
Contests conducted by Forex brokers
Forex brokers often conduct contests to attract new traders and keep existing ones engaged. These contests come in various forms, but they all offer the opportunity to trade without investing your own money and the chance to earn real money if you win.
What are Contests?
Forex contests are competitions hosted by forex brokers where traders compete against each other using demo or live trading accounts. The goal of these contests is to secure the highest returns within a specific period. Traders are usually given a virtual initial deposit, and the one who makes the most significant profit by the end of the contest wins.
Types of Contests
There are two main types of forex contests:
Demo Contests
These contests are risk-free as they are conducted on demo accounts loaded with virtual money. They are ideal for beginners who want to learn trading without risking real money.
Live Contests
These contests involve real money and are conducted on live trading accounts. They are suitable for experienced traders who have confidence in their trading skills.
Now, let’s look at the contest conditions of some popular forex brokers:
| Broker’s name | Size | Conditions for obtaining |
|---|---|---|
|
RoboForex |
The total prize fund varies depending on the contest. For instance, the 3rd ODI and 3rd T20 contests had prize funds of $1,000 and $3,000 respectively. |
Participants need to register for the contest and trade on their demo or live accounts. The winners are those who achieve the highest profits or meet the specific conditions of the contest. |
|
TU |
The victors of the competition shall receive rewards in accordance with their earnings. |
Participants need to select the broker holding the contest on the Traders Union rebate service website, open a demo account, and follow the recommendations in the appropriate section on the broker’s website. |
|
VantageFX |
The Live Forex Trading Contest offers a total prize fund of $50,000. The Demo Trading Contest provides a prize fund of $4,000. |
For the Live Forex Trading Contest, participants need to open a free Vantage account, fund $500 USD, and register for the contest with their new account details. For the Demo Trading Contest, participants need to register for the contest, make a deposit in their account, and trade to become a winner. |
|
OctaFX |
The OctaFX Champion demo contest has a prize fund of $1,000. |
Participants are required to enroll for the competition, engage in trading on their demo account, and strive to achieve the greatest balance in order to secure a reward. |
|
InstaForex |
InstaForex holds various contests with an annual prize pool of more than $500,000. The Sniper Weekly Demo Contest offers a prize fund of $1,500. |
All individuals are required to enroll for the competition and engage in trading using their demo or live accounts. The victors are determined by those who attain the greatest earnings or fulfill the designated requirements of the competition. |
Traders’ contests on demo accounts
We have established that many brokers offer contests on demo accounts as an option to profit on Forex without investment. But members of the Traders Union often prefer to participate in our exclusive competitions held by our trading union. Why? There are two reasons. First, we conduct such contests monthly. Second, we have a significant prize pool of $200. No broker has such a great prize pool.
Moreover, very few brokers hold contests with real payments on demo accounts. And quite a few have introduced them on an ongoing basis (some operate on a tournament format with significant contributions from their trader colleagues, which discourages novice traders from participating). That is why Traders Union contests on demo accounts are so popular.
Benefits of participating in demo contests:
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You gain practical experience with real trading instruments. Demo accounts differ from real ones only in that virtual currencies are traded on them. The currency pairs, quotes, and software are exactly the same.
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All you need is to register and open an account with a broker to participate in the contest on a demo account. Thus, the contests allow you to test a specific broker, the instruments offered by him, and the trading platform.
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Since trading on the demo is conducted with real inputs, real methods of fundamental and technical market analysis are applicable to demo accounts. Therefore, it is beneficial to participate in such contests to test strategies.
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Demo contests are an opportunity to start trading on Forex without investments. The benefits, therefore, of entering a contest using a demo account is that you do not need a deposit for a demo account; you will get the prize money paid directly into your real account; and you can use them for real trading on the foreign exchange market.
Certainly, this method of making money on Forex without investments is good only for novice traders. Sure, a $45 first place win is a significant bonus, but it cannot serve as your primary earnings. Professionals make such an amount every 2-3 hours. However, the Traders Union contests provide an excellent opportunity to practice and earn on your first deposit!
Alternative Option: Forex-funded Trading Programs
Funded trading programs have emerged as a way for new traders to get funded by prop firms through evaluation and testing periods. These programs allow traders to prove themselves by trading live with the firm's capital after passing simulation evaluations. Once funded, traders typically earn a percentage of their profits while the firm handles the capital risk and operational components.
The funded model offers benefits for both traders and prop firms. Traders gain valuable experience without having to risk much personal capital, while prop firms can evaluate trader performance prior to allocation of significant capital. This allows firms to only fund those traders who have demonstrated skills and align with the firm's trading style and risk parameters.
SurgeTrader
SurgeTrader is a robust trading platform that caters to the needs of professional traders. Designed with advanced features and cutting-edge technology, it offers a high-performance environment for executing trades across various markets. With a focus on speed, accuracy, and reliability, SurgeTrader ensures that traders can capitalize on market opportunities effectively.
One of the notable aspects of SurgeTrader is its requirement for traders to meet a higher minimum deposit. Starting at $250, this entry barrier indicates that SurgeTrader primarily caters to experienced traders who possess a significant amount of capital. The platform provides access to a wide range of financial instruments, including stocks, futures, options, and forex, enabling users to diversify their investment portfolios.
SurgeTrader offers an array of sophisticated tools, such as advanced charting capabilities, customizable trading algorithms, and real-time market data. These features empower traders to conduct thorough market analysis, implement complex strategies, and execute trades efficiently.
Moreover, SurgeTrader prioritizes security by implementing robust encryption protocols and multi-factor authentication, ensuring the safety of traders' funds and personal information.
Topstep
Topstep is a unique trading platform that aims to help aspiring traders develop their skills and gain access to professional trading opportunities. It offers a simulated trading environment combined with a funding program, allowing traders to prove their abilities without risking their own capital.
Unlike traditional trading platforms, Topstep does not require a specific minimum deposit to start trading. Instead, traders are evaluated based on their performance in simulated trading accounts. Successful traders can then progress to funded accounts provided by Topstep, where they can trade with real money while retaining a share of their profits.
Traders who opt for Topstep's Express Funded Account are required to make a minimum deposit of $150. This account type enables traders to begin their trading journey with a funded account by depositing at least $150. As traders showcase their skills and achieve specific performance targets, they unlock access to larger trading accounts with higher funding levels.
The Trading Pit
The Trading Pit is a reputable trading platform that caters to both novice and experienced traders. With its user-friendly interface and comprehensive features, it provides a seamless trading experience. The platform offers a wide range of financial instruments, including stocks, commodities, and cryptocurrencies, allowing users to diversify their portfolios.
One of the standout features of The Trading Pit is its low entry barrier. With a minimum deposit requirement of just $100, it enables individuals with limited capital to start trading. Moreover, the platform provides educational resources and tutorials to help users enhance their trading skills and make informed decisions.
The Trading Pit also offers advanced trading tools, including real-time market data, charting capabilities, and risk management features. Additionally, it provides access to a supportive community where traders can engage with each other, share insights, and seek advice.
Is it Worth Trading Forex With No Starting Money?
Trading forex without starting money offers numerous benefits for aspiring traders. Here are some of them.
Skill Development
One of the key benefits of trading forex without starting money is the opportunity it provides for skill development. As a trader, honing your skills is crucial to success in the forex market. By trading without starting money, you can gain valuable experience in executing trades, analyzing market trends, and managing risk, all without risking your own capital. This allows you to familiarize yourself with different trading techniques, understand market dynamics, and develop effective strategies to capitalize on favorable opportunities.
Strategy Testing
Trading forex without starting money offers an excellent platform for testing and refining trading strategies. Developing a profitable trading strategy requires thorough analysis and experimentation, which can be time-consuming and potentially costly. However, with a no-deposit bonus, you can test various trading approaches in real-time market conditions without risking your own funds. This enables you to evaluate the effectiveness of different strategies, identify strengths and weaknesses, and make informed adjustments accordingly.
Risk Management
Another notable benefit of trading forex without starting money is the opportunity it provides to practice risk management techniques. Successful traders understand the importance of mitigating risk and protecting their capital. With a no-deposit bonus, you can explore different risk management strategies, such as setting stop-loss orders and implementing proper position sizing. This allows you to develop a disciplined approach to managing risk, protecting your trading capital, and avoiding substantial losses.
Emotional Control and Psychological Resilience
Trading forex can be an emotionally challenging endeavor, especially when real money is at stake. By starting with no initial investment, traders have the opportunity to develop emotional control and psychological resilience without the fear of financial loss. Emotions such as fear, greed, and impatience can significantly impact trading decisions and lead to costly mistakes. However, by using a no-deposit bonus, traders can practice maintaining discipline, sticking to their trading plan, and managing emotions effectively. This invaluable experience can help traders cultivate a strong mindset, improve decision-making under pressure, and develop the psychological resilience necessary to navigate the ups and downs of live trading successfully.
Tips for Success in Trading Without Investment
Based on my experience navigating this field, here are some tips to guide you on your Forex trading journey:
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Master the basics - Invest time learning core concepts like candlestick patterns, support/resistance, pips calculations, indicators like RSI, moving averages, etc. Also, study the basics of charts and fundamental analysis to spot opportunities
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Practice strategies on a demo - Use virtual funds to test strategies like scalping, swing trading, and managing orders like take-profit/stop losses. Perfect your execution before risking real capital
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Stay updated on news and events - Keep up with market-moving announcements on economic data, interest rates, political changes, etc. to adapt positions and manage risks
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Learn prudent risk management - Use stop losses, limit margin usage, and diversify across currency pairs and timeframes. Applying sound risk practices is key for all investors
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Start small, scale up slowly - Trade micro lots initially as you refine strategies. Once consistent, gradually increase position sizes and P/L goals
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Choose regulated brokers - Pick licensed entities and check reviews thoroughly to avoid opaque fees, costs, and withdrawal issues
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Objectively review your trades - Analyze both winning and losing trades to identify weaknesses. Improving your processes is vital for long-term success
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Stay patient and disciplined - Stick to tested plans, and resist overtrading. Impulsiveness often proves fatal. Patience and discipline will serve you well
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Keep emotions in check - Don't let fear or greed drive decisions. Stay detached and focused on your goals, and plans
No one succeeds overnight, so you should view Forex as a lifelong journey to mastery. Keep improving through practice, analysis, and learning.
Earnings on Forex without investments | Expert’s opinion
Making money on Forex without investments is possible! It happens every day. There are many ways: non-deposit bonuses, affiliate programs, and contests on real and demo accounts. Contests for demo and non-deposit bonuses are especially beneficial because they allow you to get an initial deposit to start real trading and to gain practical experience step by step.
Other types of bonuses and contests on real accounts also give good, albeit irregular, profits. That is, contests are held periodically, and the trader gets bonuses only for certain actions. Therefore, such methods cannot be considered as full-fledged earnings, and in any case, you should start trading on your own with an investment of more significant funds or invest in trust management as an option.
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).