The original question was: Are there any no deposit brokers?
Most brokers offer a demo account where you can trade without depositing funds first. Then yes there are plenty.
However, if you are asking if there are any brokers that allow you to trade the financial markets with no money on account and make real profits the answer is no.
Or indeed, if you are asking if there are any brokers that offer a welcome bonus with no deposit. The answer is again no. Welcome bonuses for CFDs, Forex and Spread Betting are banned by the FCA.
Demo accounts are great if you just want to practice the process of putting trades on, experiment with stop losses and technical analysis levels.
However, there are lots of brokers that offer demo accounts where you can trade without making a deposit.
These brokers offer demo accounts for spread betting, CFDs and forex trading:
- IG – great allrounder (IG Review)
- Saxo Capital Markets – for slightly more experienced traders (Saxo Capital Markets Review)
- Spreadex – good for customer service (Spreadex Review)
However, it is important to note that trading in a simulated environment is very different from trading with real money.
However, odd it may seem, some traders will do well in demo accounts and they lose money in real accounts. The internet is awash with theories that brokers do this deliberately because they are b-booking your trade and profiting from when you lose money.
The reality, however, is that demo traders may be suffering from beginners’ luck, or even adopting a no emotion trading strategy. Not having a strategy is one of the main reasons traders lose money.
The most common mistakes when moving from demo account to live account are:
- Not cutting losses
- Not running winning trade
- Over leveraging
You may also find this article on why most financial spread betting customers lose money useful.
We’ve written a few guides on a demo account trading strategy that may be helpful:
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.