No deposit bonus terms are the conditions a broker attaches to free trading credit — covering volume requirements, time limits, profit caps, eligible instruments, excluded countries, and KYC rules. These terms determine whether you can actually withdraw any profit from a no deposit bonus (NDB), or whether the offer is designed to be unachievable.
This guide decodes every term you will encounter, shows you the lot math with worked examples, and explains how to separate fair conditions from traps. To compare current NDB offers, see our verified no deposit bonus list. For deposit bonus conditions, read deposit bonus terms explained.
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Why Terms Matter More Than the Headline Amount
A $200 no deposit bonus with a $200 profit cap and 10-lot requirement in 30 days is a fundamentally different proposition from a $30 NDB with no profit cap and 0.1 lots required. The headline amount tells you almost nothing. The terms tell you everything.
Brokers offer no deposit bonuses as a client acquisition tool. They expect most traders will either fail the conditions or succeed and become long-term clients who generate spread and commission revenue. Every term in the NDB agreement serves this purpose — not inherently wrong, but you need to read and calculate before you claim.
Volume Requirement (Lot Requirement)
The volume requirement is the total trading volume you must complete before NDB profits become withdrawable. This is the most critical term in any no deposit bonus.
How Brokers Express It
- Flat lot number — “Trade 5 standard lots.” One standard lot equals 100,000 units of the base currency.
- Lots plus minimum trades — “Complete 0.1 lots across at least 5 trades.” This adds a trade-count gate, preventing you from clearing the requirement in one position.
- Lots plus pip movement — “Trade 5 lots with at least 60 pips total.” Hedging or instantly closing positions will not count.
- Broker-specific lot units — InstaForex uses “InstaForex lots” (1 market lot = 10 InstaForex lots). FXGT uses “QGTLots” which only count trades held 5+ minutes. Always confirm which unit the broker means.
What Counts Toward Volume
Not all trades count equally:
- Hedged positions are excluded by many NDB terms.
- Minimum hold time — some brokers require trades held 5+ minutes before they count.
- Minimum price movement — some terms require a minimum pip difference between open and close, blocking wash trades.
- One-side vs. round-trip — most brokers count only the closing side. Some count both open and close, halving the real requirement.
Worked Example: Is a 5-Lot Requirement on a $30 NDB Achievable?
Step 1: On EUR/USD with a 1.5-pip spread, one standard lot costs ~$15 in spread.
Step 2: 5 lots x $15 = $75 total spread cost to complete the requirement.
Step 3: Your capital is the $30 bonus itself. You must survive $75 in spread costs on a $30 balance — difficult but possible with micro lots over time.
Step 4: 5 lots / 22 trading days = ~0.23 lots per day. That is 2.3 mini lots or 23 micro lots daily — achievable with discipline.
Step 5: With $30 equity, a 0.1-lot position risks ~$1 per pip. A 30-pip move against you wipes the account. Tight risk management is essential.
For the full calculation method, use our turnover calculator or read how to calculate bonus turnover.
Time Limit (Expiry Period)
The time limit is the window to meet all withdrawal conditions. When it expires, the bonus and any unrealized profits are removed.
Common Structures
| Type | How It Works | Example |
|---|---|---|
| Claim window | Activate the bonus within X days of registration. Trading time may be separate. | Claim within 30 days |
| Trading window | Once activated, X days to meet the volume requirement. | 30 days to complete lots |
| Combined window | One deadline covers claiming and completing conditions. | 60 days total |
| Staggered deadlines | Separate deadlines for claiming, trading, and transferring profits. | 30 days to trade + 30 days to transfer |
Evaluating a Time Limit
Divide the lot requirement by available trading days:
- 5 lots in 30 days = ~0.23 lots/day. Achievable.
- 10 lots in 30 days = ~0.45 lots/day. Demanding but possible.
- 5 lots in 7 days = ~1 lot/day on a $30 balance. This forces dangerous over-leveraging.
When the time expires, brokers remove the bonus credit, forfeit unrealized profit, and may close open positions. Some allow extending the deadline by making a real deposit — but that changes the risk profile entirely.
Profit Cap (Maximum Withdrawable Profit)
The profit cap limits how much you can withdraw from NDB trading, regardless of what you earn.
Types of Profit Caps
- Hard dollar cap — “Maximum $200 profit.” Anything above is forfeited.
- Minimum threshold — “Profits must reach $60 before withdrawal.” You must hit a floor.
- Combined min/max — “Withdraw between $30 and $100 profit.” Both a floor and ceiling.
- No stated cap — Does not guarantee unlimited withdrawal. Always confirm directly.
Is a Cap Fair?
A profit cap is standard on free capital. The question is proportionality:
- $200 cap on $200 NDB with 10-lot requirement — reward justifies effort for active traders.
- $30 cap on $30 NDB with 5-lot requirement — $75 in spread costs to earn a maximum $30. The math is poor.
- No cap on $30 NDB with 0.1-lot requirement — the most trader-friendly structure, though rare.
Eligible Instruments
Most brokers restrict NDB trading to a subset of their product range:
- Forex majors and minors — usually included. Exotics often excluded (their wider spreads would make volume requirements easier).
- Gold and silver — typically allowed, though some NDB terms exclude them.
- Cryptocurrency CFDs — frequently excluded due to high volatility.
- Indices, oil, gas — sometimes included; varies by broker.
- Shares and ETFs — almost always excluded.
If the allowed instruments do not match your normal trading approach, the NDB forces a strategy change — trading unfamiliar markets under time pressure with limited capital.
Excluded Countries
Universally Banned Regions
Forex bonuses are prohibited for retail clients in the European Union (ESMA), United Kingdom (FCA), Australia (ASIC), and United States (CFTC/NFA). Any site offering NDB to residents of these jurisdictions is either fraudulent or referring to professional accounts.
Broker-Specific Exclusions
Individual brokers exclude additional countries from specific offers. From our Broker & Bonus Matrix:
- Some brokers exclude Nigeria, South Africa, India, Indonesia, Pakistan, Bangladesh, or Vietnam from certain NDB offers — despite these being target markets for other brokers.
- An offer available to Nigerian traders may exclude South African traders, and vice versa.
- Brokers with multiple entities (CySEC for EU, FSA Seychelles for international) only offer NDB through offshore entities.
Always verify country eligibility before registering. Our Bonus Finder filters offers by country.
KYC Timing (Identity Verification)
KYC timing varies between brokers and directly affects how much of your time limit you spend trading versus waiting for document approval.
| Model | When It Happens | Impact |
|---|---|---|
| KYC before bonus | Verified before credit is added | Slowest start; avoids withdrawal problems |
| KYC before withdrawal | Bonus credited immediately; verified before payout | Fast start; verification delays eat into your time limit |
| KYC at deposit | Verified only when you deposit real funds | Minimal friction to start; multi-step withdrawal process |
If verification takes 5 days on a 30-day time limit, you lose 17% of your trading window. Start KYC immediately upon opening your account — upload clear copies of your passport or national ID and a recent utility bill or bank statement. Front-loading this delay preserves your full trading period.
Additional Terms to Watch
One bonus per person/IP/household. Brokers enforce this with device fingerprinting, IP tracking, and document matching. Attempting multiple claims means account termination.
Trading strategy restrictions. Many NDB accounts ban Expert Advisors (automated bots), scalping (very short holds), and news trading (positions around economic releases).
Proportional bonus removal. Withdrawing any funds causes a proportional reduction in bonus credit. Withdrawing 50% of equity removes 50% of the bonus.
Deposit gate for withdrawal. Some brokers require a real deposit before NDB profits can be withdrawn. A $100 deposit requirement to withdraw $30 in profit changes the cost-benefit calculation entirely.
Real NDB Terms Compared
This comparison uses data from our Broker & Bonus Matrix. For the latest verified figures, see our no deposit bonus table.
| Term | Broker A ($30 NDB) | Broker B ($30 NDB) | Broker C ($200 NDB) |
|---|---|---|---|
| Volume Req. | 0.1 lots + 5 trades | 5 lots + 60 pips | 10 lots |
| Time Limit | Claim within 30 days | 30 days trade + 30 days transfer | 30 days |
| Profit Cap | No cap stated | $30 max | $200 max |
| Strategy Limits | No EAs | Not specified | No hedging, no EAs, no scalping |
| Eligible Instruments | Forex, metals | Check broker website for current details | Forex majors, gold, silver, oil, gas, BTC, ETH |
Broker A requires 0.1 lots with no profit cap. Broker C offers more capital but demands 100x the volume with tight restrictions. The terms, not the amount, determine the value.
5-Minute NDB Evaluation Checklist
- Country eligibility — confirm you are not excluded.
- Daily lot pace — divide volume requirement by trading days. Above 0.5 lots/day on a small balance is aggressive.
- Spread cost vs. profit cap — if total spread costs exceed the profit cap, the math does not work.
- KYC timing — start verification immediately to preserve your trading window.
- Full terms on file — download or screenshot the broker’s official terms PDF before claiming.
For calculations, use our turnover calculator. To compare offers, visit the Bonus Finder.
Frequently Asked Questions
What is a volume requirement on a no deposit bonus?
A volume requirement (also called a lot requirement or turnover requirement) is the total trading volume you must complete before NDB profits become withdrawable. It is measured in standard lots (100,000 units of base currency). The requirement ensures the broker recoups the bonus cost through spread and commission revenue. Requirements range from 0.1 standard lots to 10 or more, depending on the broker and bonus amount.
Can I withdraw the no deposit bonus itself, or only profits?
In almost all cases, only profits from trading with the NDB credit are withdrawable — the bonus credit itself is removed once you request a withdrawal. Some brokers remove the bonus proportionally if you withdraw any funds before completing conditions. A small number of offers allow the bonus amount itself to be withdrawn after meeting all requirements, but this is rare.
What happens if I do not meet the conditions before time expires?
The broker removes the bonus credit from your account. Unrealized profit from open bonus-funded positions is forfeited, and open positions may be closed automatically. You do not owe the broker anything — the NDB was never your money. Some brokers allow extending the deadline by making a real deposit. Read our guide on how to withdraw no deposit bonus profits for the full process.
Are no deposit bonus terms the same across all brokers?
No. Terms vary dramatically. Two brokers offering identical $30 bonuses can have completely different volume requirements, time limits, profit caps, eligible instruments, and country restrictions. Even within the same broker, terms change between promotional periods or differ by region. Always read the current terms document for the specific offer you plan to claim. See our guide on whether no deposit bonuses are real or a scam.
Risk warning: Trading forex and CFDs carries significant risk — most retail traders lose money. A no deposit bonus does not eliminate this risk; it means the initial capital at risk belongs to the broker rather than to you. Bonuses are not available to residents of the EU, UK, Australia, or the United States due to regulatory restrictions. See our full risk warning and affiliate disclosure.