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10 Best Forex Brokers Who Offer No Deposit Bonus – Rekord East

The term “no deposit” means that the brokerage company you chose to trade with allow to start trading without having to worry about funding their own trading account. Usually your broker will provide the trader with a certain amount of money as a welcome benefit.

What does “no deposit bonus “mean?

The term “no deposit” means that the brokerage company you chose to trade with allow to start trading without having to worry about funding their own trading account.

Usually your broker will provide the trader with a certain amount of money as a welcome benefit.

This advantage allows the trader to learn to trade the market without having to invest any of their own personal funds into their account.

Is this type of incentive common among Forex Brokers?

Yes, this is very common amongst brokerage companies across the world. The amount payable to the trader varies depending on the company set-up, but the concept stays the same.

Most beginner traders are a bit sceptical when it comes to investing their own funds in the financial markets. Therefore, firms provide them with the welcome bonus option. The idea is that once the trader feels comfortable with the tools and brokers services, he/she will be more willing to invest their own money into their trading account.

It is important to note that the funds given by the broker cannot be withdrawn by the trader. These funds must be used to learn how to trade and make money online. The broker you choose to trade with will have certain requirements that the trader needs to comply with upon receiving this type of incentive.

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How do I receive my welcome bonus?  

This all depends on the broker and their company set-up. In most cases, the trader will be required to open an account with the firm and provide their broker with personal details such as name, surname, e-mail address and even in some cases -your mobile number and proof of identity.

It is better to get your account verified before starting to trade. This will make your withdrawing process a lot easier, should you reach a stage where you feel like extracting all the profits incurred.

Advantages and disadvantages of a no deposit welcome bonus

Some of the advantage’s traders can look forward to upon receiving their welcome bonus includes;

  • As a trader, the biggest advantage you well receive is the fact that you are getting the opportunity to actively engage in the financial markets without having to invest your own money.
  • Have the opportunity to practise trading in multiple financial markets, some of which include forex, commodities and even cryptocurrencies.
  • All the profits made during your trading experience is yours to keep.
  • The bonus has a lifeline. After a certain duration, outlined by the broker, the bonus will expire and no longer cease to exist.

Our list of ten “No Deposit Bonus” Forex Brokers in 2020

1.      Tickmill

Tickmill, also known as Tickmill Ltd, is an accredited forex broker that is recognised by the Seychelles Financial Services Authority, the Cyprus Securities and Exchange Commission and even the Financial Conduct Authority.

This company has more than one hundred and fifty employees working to assist traders to engage in profitable trades online.

When you choose to trade with Tickmill, you will be granted immediate access to more than eighty different trading instruments and spread options as low as 0.0 pips.

*As of 23 June 2020.


  • Start your trading career the right way with the Tickmill thirty-dollar welcome account. This option is specifically aimed at new clients who wish to join the Tickmill family. As a trader who chooses this account option, you will not have to deposit any funds into your account since Tickmill provides you with thirty dollars free to use for trading.
  • To ensure the safety of their client’s funds, Tickmill makes use of a segregated account, in which all their trader’s funds are kept separately from that of the brokers.
  • Tickmill has an Islamic account option for all Muslim traders. This account is a swap free option that complies with the Sharia Laws.


  • Existing clients cannot use the Tickmill thirty-dollar trading account.
  • New clients are only allowed to open one welcome account with Tickmill. This account option will be kept open for a duration of sixty days i.e. two months.
  • All people who are interested in opening an active trading account with Tickmill as their broker need to be at least eighteen years of age before they can successfully register as a trader with any broker online. Tickmill does require the client to provide legal documentation to verify their trading account before engaging with the markets. These documents can include proof of identity or even proof of residence.

2.      SuperForex

Choose a broker that has a global presence online. SuperForex is an internationally acclaimed broker that has clients located in over one hundred and fifty different countries worldwide.

This broker is regulated with the International Financial Services Commission (IFSC) and has a team of professionals working twenty-four-hours a day to help their clients with all their trading queries.

SuperForex supplies their traders with multiple trading account options to use to trade online. These accounts are broken down into two distinct groups; the STP account group and ECN account group. Traders are also provided with a demo account option that allows them to get a practise trading online.

*As of 23 June 2020.


  • New traders who choose to work with SuperForex as their broker will receive as welcome bonus of fifty dollars to use to trade with. This incentive is given to those traders who have not yet opening an active trading account with SuperForex, but are interested in the concept of trading. Simply open and verify an account with SuperForex before selecting the “Get the No Deposit Bonus” option on their website.
  • All SuperForex clients can take comfort in the fact that they will receive twenty-four-hour customer support over five days a week. This ensures that traders can ask for assistance at any time needed.


  • If you would like to receive a second bonus, traders would need to make a deposit of ten dollars into their account.

3.      XM

Get daily access to forex trading research and market signals when you become a member of the XM family. This broker has been facilitating transactions in the Foreign Exchange Markets since 2009, and has grown to reach international brokerage status, with more than three million traders registered on their platform in over one hundred and ninety-six different countries worldwide.

XM aims to share their expert services with people who are interested in investing in the financial markets. The company has a team of four hundred and fifty staff members who are ready to assist you in becoming the most successful trader in your country.

Besides receiving unlimited access to the financial markets, all XM clients will also get twenty-four-hour customer support over five days a week.

And if that’s not enough, XM provides sixteen different platform for trading, and supports over thirty different language variants on their website.

*As of 23 June 2020.


  • XM traders will receive a bonus of one hundred-thousand-dollars’ worth of currency when they open a demo account online.
  • Those traders who opt for a live trading account will receive thirty dollars free that they can use to trade.
  • The company does not charge their traders with any deposit or withdrawal fees.


  • All traders who choose to use a debit/credit card for withdrawals will have to wait for a period of two to five working days before the money can reflect into your account.
  • The company does not allow traders residing in the United States of America, Canada, Iran and Israel to use their services for trading.

4.      RoboForex

RoboForex was established in 2009 and has since assisted more than eight hundred thousand traders who are in one hundred and sixty-nine different countries across the world.

RoboForex is a regulated forex broker that is recognised by the International Financial Services Commission Belize under the license number IFSC/60/217/TS.

When you choose to trade with RoboForex, you are choosing an award-winning broker that holds over then prestigious awards. Some of the most recent titles received by the company includes Best Global Mobile Trading App, Best Broker of CIS and Best Investment Platform.

*As of 23 June 2020.


  • RoboForex is a regulated forex broker that gives a welcome bonus of thirty dollars (or three thousand cents, depending on which account type the trader chooses) to each and every trader that opens an active trading account online. This allows their traders to learn how to trade online without having to invest too much of their funds during the initial stages of their forex trading journey.
  • RoboForex provides their traders with the option to invest in eight different asset classes, and access to over twenty secure online payment methods to use to fund their forex trading account with real money.
  • The company provides traders with a swap-free Islamic forex trading account.


  • The thirty-dollar welcome bonus only applies to traders who choose to use a Pro Cent or Pro Standard account on the MetaTrader 4 platform.
  • It takes five working days for your welcome bonus to be transferred into your trading account.

5.      Fresh Forex

Fresh Forex has more than fifteen years of experience as a broker in the financial markets. Traders who choose to use this broker as their service provider will be able to trade with leverages of 1:2000 and spreads starting from as little as 0 pips.

Fresh Forex is an accredited broker that is recognised by the Financial Services Authority of Saint Vincent and the Grenadines. This broker has clients from one hundred and fifty-eight different countries across the world using their services online and provides access to more than one hundred and thirty tradable instruments.

*As of 23 June 2020.


  • New clients who sign-up with Fresh Forex as their broker of choice will receive two hundred and twenty thousand dollars to use to trade online as part of their welcome bonus. To receive this incentive, traders need to open a Classic, Market Pro or ECN trading account online.


  • All traders who choose to open an account with Fresh Forex need to be at least eighteen years of age.
  • The welcome bonus can only be used for seven consecutive days.

6.      FBS

FBS is known as one of the most popular international brokerage companies for trading. Over the years, FBS has assisted approximately fifteen million traders in over one hundred and ninety-six countries worldwide.

This brokers mission is to provide their clients with the most innovative platform for trading and supply quality forex trading education online. These resources will ultimately benefit the trader and assist them with making informed decisions online.

FBS is regulated by the International Financial Services Commission Belize under the license number IFSC/60/230/TS/19. This firm has been operating as a broker in the financial markets since 2009. Within the first year of operating, FBS had a total of fifty thousand clients registered on their platform.

In terms of trading, FBS allows their traders access to the Forex, Stocks, Metals, and even CFD’s markets.

*As of 23 June 2020.


  • FBS accommodates all Muslim traders who are interested in buying and selling foreign currencies online with a swap-free Islamic account.
  • All new traders who register with this broker will receive a welcome bonus. The Trade 100 bonus allows traders to have the opportunity to learn all about trading before investing your own money. FBS issues new traders with one hundred dollars and access to their educational resources online when they sign up as a client with the company.


  • The FBS Trade 100 bonus is only available for a period of thirty consecutive days and allows trading on a minimum of five lots.
  • All traders living in countries such as the United States of America, Japan, Canada, the United Kingdom, Myanmar, Brazil, Malaysia, Iran and Israel are not allowed to use FBS services for trading.

7.      InstaForex

Receive instant access to more than three hundred different market tools when you register as a trader with InstaForex.

This broker has been assisting traders across the word buy and sell foreign currencies online since 2007 and holds a total of more than seven million clients using their platform online.

InstaForex aims to ensure that their clients have all the necessary resources and support they would need to make successful and profitable trades in the Foreign Exchange Markets. The company has more than two hundred and sixty offices located across the world.

InstaForex also supplies their traders with twenty-four-hour customer support for seven days a week. This allows the traders the opportunity to seek assistance at any time, whenever they may need it.

*As of 23 June 2020.


  • InstaForex supplies new clients with the opportunity to receive a one-thousand-dollar bonus when they choose to use InstaForex as their broker of choice. Once a trader requests to receive their welcome bonus, the broke will automatically be credited into your account, should your request be approved.
  • This broker makes it possible for their traders to access easy and quick deposit and withdrawal methods online.


  • All traders who receive the one-thousand-dollar welcome bonus will not be allowed to withdraw the funds from their trading account. It is strictly for trading purposes only.
  • InstaForex requires all new clients to open a trading account on the MetaTrader 4 platform, should they wish to benefit from this bonus.

8.      FXOpen

Engage in ECN trading on the MetaTrader 4 platform when you register as a trader with FXOpen.

FXOpen has been providing their services as a broker since 2005, and allows their clients to invest in the Cryptocurrencies, and Forex markets online, and provides four very distinct account options for their trading purposes.

Back in 2013, the FXOpen London branch was launched and received its regulation license with the Financial Services Authority. The company is registered under the number 579202.

*As of 23 June 2020.


  • FXOpen provides new clients with an added advantage of a ten-dollar welcome bonus, should they choose to trade with FXOpen as their broker of choice. The ten-dollar welcome bonus allows new clients to trade without having to invest their own money.


  • The FXOpen ten-dollar welcome bonus must be used on an STP account option.
  • New clients who choose to trade with a Micro account will only receive a no deposit welcome bonus of one dollar.
  • Unfortunately, due to regional restrictions that the company holds, all traders living in the United States of America are not allowed to use this broker’s services for trading.

9.      FXGiants

FXGiants is a multilingual forex trading platform that allows their clients the opportunity to trade with more than two hundred assets. Millions of traders worldwide have chosen this firm to assist them with buying and selling in the Foreign Exchange Markets. This is because the company offers transparent services to their traders.

FXGiants provides their traders with twenty-four-hour customer support during five days a week i.e. Monday to Friday. This broker also makes sure that their clients have multiple funding methods to use to deposit funds and withdraw their profits from their trading account.

*As of 23 June 2020.


  • When you choose to trade with FXGiants as tour broker of choice, you will receive a thirty-dollar credit bonus courtesy of FXGiants, should you choose to versify your account via email.
  • New clients who choose to use mobile verification their forex trading account will receive a forty dollar no deposit welcome bonus into their trading account.


  • All beginner traders need to understand that they will not be allowed to withdraw the bonus funds from their trading account. The bonus should be used for trading purposes only.
  • People who are interested in opening an account with FXGiants need to ensure that they are at least eighteen years of age.
  • FXGiants does not allow any person residing in countries such as the United States of America, Cuba, Iran, Sudan, Syria and North Korea to use their platform for trading.

10.  JustForex

Join the JustForex community today to start actively buying and selling foreign currencies online. This company has millions of traders registered to use their platform in roughly one hundred and ninety-seven countries worldwide.

JustForex bases their company success on the level of professionalism their traders receive daily. The company has a team of skilled staff members who are ready to assist you with all your trading needs. This ultimately creates a great trading environment for all their clients to use online.

When you start trading with JustForex, you will obtain access to more than one hundred and seventy tradable instruments and leverages from 1:1 to 1: 3000.

This broker is recognised by the Financial Services Authority, under the license number 23993.

*As of 23 June 2020.


  • When you decide to become a trader with Just Forex as your broker, you will receive a welcome bonus that is yours to use on the MetaTrader 4 platform. All you need to do is register and open an account with JustForex online and verify your account before having the funds paid into your trading account.
  • JustForex has a wide variety of deposit and withdrawal methods to use online. These include the likes of Skrill, Bitcoin and even VISA.
  • You can choose to download the JustForex mobile trading app straight on to your Android or iOS device today. Simply head on over to the Apple App Store or Google Play Store to download and install the software on to your device.


  • All withdrawals made online may take anywhere between one to two hours to reflect into the traders account.

As a new trader, we know that it can be a daunting task to try and find a forex broker that you are comfortable with. While on your search, be sure to take out some time to view the ten best forex brokers with no deposit bonus options online. This is a risk-free option that will ultimately asset you in figuring out if the firm is the right one for you.

Visit Diversit-e Smart Trade College’s website and learn how to trade Forex, Stocks, Commodities, CFDs and Bitcoin.

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Daily Financial News

ECB Minutes show no indication of exit discussion – MUFG

Derek Halpenny, European Head of GMR at MUFG, suggests that the release of the minutes from the September ECB policy meeting were pretty clear with the focus still very much on ensuring continued monetary stimulus.

Key Quotes

“The minutes stated that “there should be no doubt” that the Governing Council is determined to execute asset purchases and also emphasised that it would adopt further measures as required to reach its price stability goal. The minutes also showed that the Governing Council felt it was “crucial” to maintain the high level of monetary accommodation.

Add to that, we had comments yesterday from key ECB Council members to emphasise the maintenance of the current stance. Executive Board member Praet stated that recovery would stall if stimulus was removed prematurely while Constancio was more direct stating that the report on the ECB nearing a taper consensus was simply not correct.

So the stance of the ECB is unlikely to change and we maintain that the ECB will extend QE in December at the current pace with alterations recommended by staff committees allowing for an extension. While that in itself might not drive the euro weaker, it certainly limits the upside as we move toward that key meeting in December.”

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Industry News Review – How Legit And Reliable Is This Broker was established in 2001, as an online forex broker with an active presence in over 183 countries across the world. The brand is owned by Gain Capital, which is listed on the New York Stock Exchange (NYSE). The company’s headquarters is in Bedminster, New Jersey and it is regulated by top tier financial regulatory… was established in 2001, as an online forex broker with an active presence in over 183 countries across the world. The brand is owned by Gain Capital, which is listed on the New York Stock Exchange (NYSE). The company’s headquarters is in Bedminster, New Jersey and it is regulated by top tier financial regulatory agencies across the globe including the CFTC in the U.S, the UK’s FCA, and Australia’s ASIC.

The firm offers clients 84 currency pairs, 8 cryptocurrencies, 17 indices, 26 commodities and 270+ stock CFDs. It supports margin trading with a maximum leverage of 20:1 for stocks and 50:1 for all other financial instruments.

In this review, we dig deep into its operations informed by its past and present client comments. We detail and rate each of the tradable financial assets offered as well as rating the quality of their services including customer support, trading fees, trading platforms, and account types.

Our goal is to help answer all your queries regarding its legitimacy and the safety of your funds to help you decide whether to open an account with them or not.


  • Provides traders with an expansive range of tradable instruments
  • Features a huge selection of education and research materials
  • Supports multiple trading platforms including MetaTrader and WebTrader
  • Allows traders to choose between standard and commission accounts
  • Boasts of relatively low trading fees compared to its US peers


  • The maximum leverage isn’t available for all traded instruments
  • Its WebTrader platform if fairly rigid and not easily customizable
  • Trading platform features limited fundamental analysis tools
  • Doesn’t support spread betting and binary options for futures traders

What can you trade?

Min Deposit

App Support

Max Leverage

With regards to Forex trading, you have access to 84 currency pairs, which is more than you would get elsewhere. You get to trade all the major pairs, many more minor pairs, and a tad more exotic pairs than you would with its competitors.

When it comes to forex trading fees, the company has relatively expensive spreads. The EUR/USD pair, for instance, has an average spread of 1.3 on the standard account that is dependent on factors such as market volatility and liquidity. There also the commission-based trader accounts where spreads start from as low as 0.2 but attract a $5 commission for every $100k traded.

You also get access to margin-based foreign exchange trading for currencies. The rates are however dependent on your geographical location and local regulations. The U.S and international clients, for instance, have access to the entire 50:1 leverage, while UK traders can only use maximum leverage of 30:1 as directed by the FCA.

You can start trading with as little as $50 where the minimum traded lot is currently set at 1,000.

Min Deposit

App Support

Max Leverage

Due to regulatory restrictions, doesn’t offer this service to its U.S clients due to regulations. However, Canadian, U.K, and international clients have access to the 4500+ CFDs available for trading. These are primarily drawn from the global indices, shares and stocks, as well as commodities and cryptos.

The company has made most of these assets available to international clients on both the MetaTrader and WebTrader platforms. The market analysis section of their website features a fairly detailed economic calendar. You can also access the latest research and pivot points as well as popular topics and thought leaders’ views.

Traders can also opt to design individual automated trading algorithms on the platform or integrate third-party automated tools.

You also get access to the commodities markets through the spot metals CFDs on gold and silver. These commodities are only available on the WebTrader and not on the MetaTrader platform.

With regards to trading the commodities, you can speculate on their price appreciation or depreciation by taking trades in either direction. The precious metal traders also gain insights regarding the assets from the market analysis page.

Min Deposit

App Support

Max Leverage

You can trade futures and futures options contracts as there is a platform through which you can invest in such products. U.S clients can also trade these instruments via

There is also a 14-day demo trading account for clients who would like to try trading the futures and futures options contracts. The simulated trading account is loaded with $50,000 virtual cash and contains all the key trading features like ultra-fast execution speeds and live market data.

What did our traders think after reviewing the key criteria?

The are three primary types of trading fees – all of which are volume-based and tied to different account types. These include pure spreads, spread plus fixed commission, and spread plus variable commission. The spreads, though competitive, are variable and are highly dependent on liquidity and the prevailing market conditions. 

The pure spread account is popular with retail traders and spreads for the major currencies start from 1.0 with an average of 1.3 pips. The spread and fixed-rate commission account has lower spreads that start from 0.2 pips in addition to the $5 fixed commission for every $100k traded. The direct market access trader account fees start from 0.1 pips plus a variable commission that averages $60 for every $1 million traded.

With regards to discounts on fees, you get a cash rebate program that is pegged on the volume of trades. It also offers cash rebates of up to $9 for every million traded on the retail standard account, $9 for every million traded on the commission account and $20 per million traded on the high volume and direct market access account.

Non-trading fees include the rollover fees charged on trades that remain open at the end of the day’s trading session – 5 pm ET. Traders on the platform get to earn or pay these rollover rates based on whether they were long or short a trade.

Clients have access to three primary live trading account types, which include: the standard account, the commission account and the direct market account. There are also free demo accounts on offer that you can use to trade both Forex and futures contracts. The demo accounts come loaded $50,000 in virtual trading capital and are valid for 14 days.

The Standard Account

The standard account is accessible on both WebTrader and the MetaTrader trading interfaces. It calls for a $50 minimum deposit and attracts wholly variable trading fees where the spreads average 1.0 pips for the popular EUR/USD pair. Standard account holders subscribed to its Active Trader Program also get to earn up to 18% cash rebates.

The Commission Account

The Commission account stands out because it employs both variable spreads and fixed commissions in the determination of trading fees. Spreads on the account start from 0.2 pips with the fixed commission set at $5 for every $100k traded. The minimum deposit amount is $50 and the account is only available on the Webtrader and mobile apps and not on MetaTrader.

Direct Market Access Account

The direct market access account is specifically designed for high volume and frequent traders. Trading fees are a mix of variable spreads that start from 0.1 pips for major pairs and a variable commission starting from $60 for every million traded. The minimum account operating balance is set at $100K but traders are advised to maintain not less than $250K in their accounts. The DMA account is also not available on the MetaTrader interface.

There are no Sharia-compliant trading accounts, which are synonymous with the absence of overnight/rollover fees.

The firm supports several major trading interfaces including the MetaTrader (MT4), in-house trading platforms, Ninja trader, and API connections. platform

However, you can only access the standard forex trading account on the MT4 and Ninjatrader platforms. The two other accounts offeredare only accessible via the proprietary trading platform, which is available as a web trader, desktop app, and mobile app.

Our reviewers found the website well organized and easy to use with the home page featuring all the important tabs needed for fast and easy navigation. These include the signup and login tabs for new and existing clients as well as the markets, services, about us, platforms, market analysis, education and support tabs for everyone else looking for more insights. There also is a search tab where you can key in direct queries for even faster navigation.

The firm provides 24/5 customer support but doesn’t offer a live chat function on its website. However, its clients can access the support team on the telephone and via text messages, or through the different social media pages, and email. The website also features a detailed FAQ section. support

There are four key payment options supported, which include: 

  • Debit card payments: it does not support credit card payments but processes debit card transactions for both Visa and MasterCard branded cards. The minimum deposit for debit cards is set at $50 and the maximum at $10,000. You can deposit in USD, EUR, and GBP currencies but all these are automatically converted to USD. processing of deposits is near-instant and free. 

Debit card withdrawals have an estimated wait time of 24 hours. They do not attract processing fee but have a per transaction limit of $50,000.

  • Bank wire transfers: you can make deposits in up to seven different currencies when it comes to bank wire deposits that must then be converted to USD. There is no minimum or maximum deposit limits for bank transfers. It may take up to two business days for the transfer to reflect in your trading account and there is no processing fees in addition to those charged by your bank. 

Bank Wire withdrawals have an estimated wait time of 48 hours. There is no withdrawal limit but attract a $25 fee per transaction for amounts above $10,000.

  • eCheck: they also accept eCheck payments. The minimum deposit is $50 with the maximum set at $10,000. Transaction processing is immediate and free. 

eCheck withdrawals have an estimated wait time of 24 hours, don’t attract processing fees and have a withdrawal limit of $25K per transaction. 

  • Personal or business check: You can also fund your account using both personal and business checks. There are no minimum or maximum limits on deposits and transaction processing is free. Traders might, however, wait for up to 10 business days after the day of receiving the check for the cash to reflect in their accounts.

Personal or business check withdrawals are available with wait times of 48 hours. These are free and there are no maximum withdrawal limits.

There are no running promotions or bonus offers available at the moment, except for the cash rebate program available to its Active Trader Program clients.

The brand is owned by GAIN Capital Group, which is a public company headquartered in Bedminster, NJ, and is registered with and regulated by financial regulatory agencies such as the Futures Market commission (FMC), the National Futures Association (NFA), the Retail Foreign Exchange Dealer (RFED), and the Commodities Futures Trading Commission (CFTC).

As for deposit protection, there is no evidence of brand insuring customer deposits with the FDIC. GAIN Capital claims that it maintains a separate account for their customer funds while adding that these funds are then “distributed across a global network of custodian banks and brokers.”

The firm was established in 2001 and has over the years won several awards and global recognition. For instance, in Feb 2001, was named the Forbes “Best of the Web” by before being named the “Best Online FX Trading Platform” for the year 2001 by Global Finance later that year. Others include being voted the Best Forex Broker in the USA for 2013 by the FT and Investors Chronicle magazine the same year. awards FAQs is the trademark of Gain Capital UK, Limited, a market-making broker incorporated in England and Wales.  As a market-making broker, is fully accountable for all client orders. Besides, the CFD broker reduces a client’s credit exposure by executing back to back positions with LCH. Clearnet, a Central Counterparty Clearinghouse. is not an ECN broker but provides Direct Markets Access (DMA) to traders looking for deep liquidity. The primary difference between ECN and DMA is that while ECN electronically matches buyers and sellers without the intervention of a third party, DMA brokers make individual contracts with liquidity providers. The features of the DMA Account include access to level-II pricing, spreads from 0.1 on all markets and the option to split the spread.

Retail clients residing in the UK and the EU come under stringent regulations that limit their max leverage to 30:1. To qualify for lower margins or higher leverage, you could register as a professional client if you meet the eligibility criteria set by the regulators. You can change your leverage by filling out the margin change request form and submitting it to [email protected]

To connect to MT4, you have to first register with the CFD broker. Next, check for a welcome email from, which would also include your MT4 log in credentials and a link to download the platform. Download the desktop application on your computer or Android, iOS mobile device and start using the cutting-edge platform from MetaQuotes.

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Industry News

A united Britain was victorious in war – but fallacies about the interwar peace persist

THE REPUTATION of the interwar period but especially of the 1930s as the decade of the slump and appeasement has done untold damage to British self-confidence ever since. It was a period during which supposedly a prosperous world power became economically second-rate, a weakling in international affairs and lost its place as a top-rank power.…

THE REPUTATION of the interwar period but especially of the 1930s as the decade of the slump and appeasement has done untold damage to British self-confidence ever since. It was a period during which supposedly a prosperous world power became economically second-rate, a weakling in international affairs and lost its place as a top-rank power. None of this was true.  

Germany and the USA suffered worse depressions than we did, as did France in the later 1930s. France and the USA were greater appeasers than the United Kingdom. Moreover, large parts of the economy by 1939 were booming. To quote A.J.P. Taylor: if the 1930s were the devil’s decade, “at the same time English people were enjoying a richer life than any previously known in the history of the world: longer holidays, shorter hours, higher wages. They had motor cars, cinemas, radio sets, electrical appliances.” Little wonder, there was no threat to democracy in Britain between the wars. None the less, the dreadful reputation of the Thirties has been exploited by the numerous exponents of the myth of national decline in the twentieth century – left-wingers and European federalists – to undermine British self-confidence. This myth has also served Scotland’s nationalists, so from now on this revisionist history of Scotland will set its story within the parameters of a revisionist history of Britain. 

It cannot be denied of course that Britain, and Scotland within it, faced many challenges in the 1920s and 1930s. The First World War had killed off the old international economy and Britain’s place therein. The USA had become the world’s leading economic power and had taken over many British export markets. The Japanese had done so, too, in the Far East, India, China and the East Indies. After the war, too, countries like Canada and Australia began to industrialise with the result that there was less demand for British staples on which for example the Scottish economy depended. India, meanwhile, had gained control of her own tariffs and could levy these on British goods. Even demand for coal began to fall with the rise of petroleum-based transport. There was a post-war glut in shipping but also in primary products causing world prices to fall for countries which traditionally purchased British goods. 

The British position regarding invisibles was also weakened. Ten percent of overseas assets had had to be sold off to help pay for the war and we had accumulated a large war debt with the United States. (While German war debts were later written off, the Americans refused to write off ours.) Britain lacked a surplus on current account throughout the 1930s and on her trading account throughout the whole interwar period. This meant she could not rebuild her overseas wealth. Finally, the 1925 return to the gold standard at $4.85 an ounce brought only deflation. 

Even so industrial productivity grew between 1920 and 1929 at 2.8 per cent per annum and industrial productivity by 3.8 per cent. World War One had spurred on technical advances: motor cars, aircraft, advanced machine tools, chemicals, ball-bearings, leading to more applied science and standardisation in the new industries such as automobiles, electrical engineering, chemicals, paper and printing. Even staples became more efficient with an 18 per cent rise in productivity in coal between 1924 and 1930 and 25 per cent in iron and steel production between 1923 and 1930. And clearly the economy was changing. The old staples produced 42 per cent of export receipts in 1929 and the new industries only 8.2 per cent. By 1937 the corresponding figures were 37 per cent and 21 per cent. Other positive signs were that average growth in industrial production per annum during 1929-1937 saw Britain with 3.4 per cent, Germany with 3.0 per cent, France with minus 2.8 per cent and the USA with 0.4 per cent. The equivalent figures for the average growth in output per manhour per annum for the same period were: Britain 2.1 per cent, Germany 2.1 per cent, France 1.6 per cent and the USA 3.3 per cent. And in England from the mid-1930s there was a huge house-building programme.  

The international economic situation was made even worse by the US stock market collapse in 1929, followed by the US Smoot-Hawley Act of 1930 which raised American tariffs by an average of 20 per cent at the same time that the US money supply was being cut by a third. A US depression inevitably followed. This meant that other countries would find it nigh impossible to export to the USA. In response, the British government did what it could in a very bad situation. In 1931 Britain left the gold standard and in the same year she introduced tariffs of her own as well as imperial preferences agreed with Commonwealth Dominions at Ottawa. The new – and very competent – Chancellor of the Exchequer, Neville Chamberlain, also created ‘cheap money’ by cutting bank rate from 6 per cent to 2 per cent. 

Still, the economy was scarred by high unemployment. Between 1932 and 1935 over 2 million people on average were out of work and a peak figure of almost three million was reached in the winter of 1932-33. This was almost one quarter of the insured workforce. Moreover, those areas dependent on staple industries – Northern Ireland, South Wales, the North East of England and Lancashire and Central Scotland – became depressed and faced huge social and economic problems, even if they benefited from a certain amount of slum clearance, municipal building and relief schemes. Areas such as Jarrow, Gateshead, Motherwell and Greenock saw almost 75 per cent of insured workers out of work in 1932. Half a million Scots emigrated during the 1920s and every year between 1927 and 1939 Scottish unemployment was higher than the national average. In July 1933 it stood at 28 per cent compared to 16 per cent in England and Wales. On the other hand, a social survey of Oxford in 1938 could dismiss unemployment as “almost negligible”. 

The truth, however, was that throughout the interwar period never less than 75 per cent of the UK workforce – and often considerably more – was in employment. And in the Midlands and South of England, new industries were creating new jobs. Welsh miners would flock to Slough, for example, where many other Welshmen had already found jobs. Scots on the other hand lived too far away from these new centres of light industry. 

Several factors encouraged a rise in prosperity in the South. Wages fell by 2 per cent for those in work but prices by 10 per cent. This rise in real wages stimulated the purchase of all kinds of goods and investment in building societies. These latter investments rose from £88 million in 1920 to £711m in 1939. Houses were cheap and so were mortgage rates, so hence the private housing boom in Southern England and the Midlands. Moreover, these new houses had electricity and two thirds of all homes were ‘wired up’ by 1939. The great boost in electricity supply also furthered the sale of all sorts of new electric appliances – washing machines, Hoovers, fridges, radios and record players. It also boosted the electrification of suburban railways and the completion of the national grid. For some industries, indeed, the 1930s were years of unprecedented growth. Britain by 1937 was producing half a million motor cars a year at factories in Coventry, Luton, Oxford and London which employed a workforce of 400,000. Some 1.8 million people owned cars by 1937. Advances in petrochemicals meanwhile brought about the use of Bakelite in consumer goods and man-made fibres in clothing. 

J.B. Priestly could describe England in the 1930s as a country of “arterial and by-pass roads, filling stations and factories that look like exhibition buildings, of great cinemas and dancing halls, bungalows with tiny garages, cocktail bars, Woolworths, motor coaches, wireless, hiking, factory girls looking like actresses, greyhound racing and dirt tracks, swimming pools and everything given away for cigarette coupons.” Orwell wrote in only slightly different terms of the poorer, working class areas in the North, although what he said also applied to Scotland: “It is quite likely that fish and chips, art-silk stockings, tinned salmon, cut-price chocolate (five two-ounce bars for sixpence), the movies, the radio, strong tea and the Football Pools have between them averted revolution.” He could have added dance halls, record players and popular magazines. The Frankfurt School of Marxists thought the same. Consumer goods, jazz, cinema and nylons gave the working class a “false consciousness” that capitalism worked. 

Yet there were other reasons why the unemployed remained so passive. For a start in areas like Central Scotland the scale of unemployment was simply so massive that it seemed like an act of nature about which nothing could be done. More to the point, everyone was on the dole and could avoid starvation. There were even supplementary benefits for the worst off. Labour certainly had no ready solutions and only bothered to organise one demo in 1933. The trades unions were equally useless. They represented only employed workers anyway. Insofar as the radical Left had posed a challenge with the Red Clydesiders after 1918, their influence had died by the early twenties and any challenge from a united left collapsed with the defeat of the General Strike in 1926. It only lasted a week until the miners were deserted by their fellow trade unionists. Evidence for working class militancy or alienation is in any case hard to find.  

The famous Jarrow March of 1936, for example, consisted of only two hundred men, was non-political and organised with the cooperation of the police; one marcher was expelled because he was a communist. On the eve of World War Two the Communist Party achieved its greatest membership – a mere 17,756 members. Even the British Union of Fascists (BUF) had achieved a peak of 40,000 active and non-active members in 1934. The country seemed content to follow a Conservative lead.  

In 1932 supporters of the National Government won 533 seats to Labour’s 35. Even in 1924 in Scotland the Unionists had won 38 seats to Labour’s 27. Orwell conceded: “However much one must hate to admit it, it is almost certain that between 1931 and 1940, the National Government represented the will of the people.” And the leading British socialist intellectual of the time, G.D.H. Cole admitted: “Tory spokesmen are not talking sheer nonsense when they claim that the National Government has pulled Great Britain successfully through the greatest depression in history.”   

This is the sixth part of the series, here are the others:  

Part one – Mythology in the history of Anglo-Scots relations;   

Part two – From Auld Alliance to creating the Union;  

Part three – Scotland 1707-1914: The Union adjusts and consolidates;  

Part four – A loyal Scotland fights for Britain: 1707-1918; 

The Union survives the War and evolves: 1918-1938 

Alan Sked was educated at Allan Glen’s School in Glasgow, before going on to study Modern and Medieval History at the University of Glasgow, followed by a DPhil in Modern History at Merton College, Oxford. Sked taught at the London School of Economics where he became a leading authority on the history of the Hapsburg Empire, also teaching US and modern intellectual history and the history of sex, race and slavery. Alan Sked is now Emeritus Professor of International History at the London School of Economics. 

Portrait of Neville Chamberlain by Sir William Newenham Montague Orpen (1878-1931) 

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