How ridiculous could it be when numerous forex traders are racing in the best forex contests, while many others are still being struggling outside choosing themselves a contest, trying to find ‘safe’; or hesitate to jump into the game, afraid of ‘getting lost’. Forex Contest, unfortunately, can even become the worst nightmare of loss of multiple forex tradesmen.
Those contests from the currency market are only for the Demo account, and with the Demo money. The only thing that is real is the prize, which you can use to trade later or even withdraw them to buy goods. All the pressure is unreal, the money that lost is the money that brokers shifted you, so what is the point of being so nervous here? So, today, this article is to share with you the basic of Forex Contest rules and condition, and even with the names of the best contests as well.
You can see more in the list here.
I. What do brokers offer in contests?
The prize is absolutely what people look at first when talking about any contests or competition. And, to attract beginners and new traders, some brokers introduce a huge amount of money for winners.
For example, Exness holds the most significant awards: $120,000 in total. Participants have 12 rounds to compete, and the first place wins $3000. Total of prize for each round comes to $10,000.
FXTM launched the same value in each round. However, there are only 4 rounds in FXTM titan contests. On the other hand, the first place takes $5000.
FBS hosts contests more frequently. You can take part in FBS monthly contest and win $450 maximum. The total value of a prize is $1000.
You can find the detailed prize for other places as below
Number of rounds
Detailed prizes for each round
1st place – $3000
2nd place – $2000
3rd place – $1000
4th and 5th place – $500
1st place – $5000
2nd place – $2500
3rd place – $1200
4th place – $800
5th place – $500
1st place – $450
2nd place – $250
3rd place – $150
4th place – $100
5th place – $50
2. Withdrawal terms
It’s not inviting anymore if you won the contest but not allowed to take the money. Therefore, forex contests are evaluated by the terms of withdrawal.
Regarding it, I would like to say my most favorite FXTM, who allows participants to take everything they won in the contests. FBS has the same term with a smaller value. I recommended it as the runner-up.
Exness is generous, too. However, Exness benefits itself by contests in a straightforward term. That’s winners are allowed to take half of the money. The rest is supposed to stay in clients’ accounts and get ready to trade.
The demo contests are for new traders who never trade with the host brokers. I’d like to repeat. And the participants are supposed to be beginners in the industry. As consequences, the rules come easy and straightforward to follow.
Some basic terms every broker require participants such as:
• A person is allowed to take contests by only a demo account.
• Attendants are supposed to trade by virtual money and no more personal deposit accepted
• The confirmation of winners must be done in 5 days
• Host brokers hold responsibilities for any disputes.
I would like to let you know more about specific rules of some large brokers such as FXTM or Exness. The rules of the largest brokers usually clear and simple, no hidden terms, so that I recommend beginners to take their contests.
Check the list of the best forex broker 2018.
The first illustration is the FXTM. Like other brokers, FXTM gives customers virtual money, in this case, the money is $100,000. FXTM organizers decide the winners by the ratio of profit. They calculated by following formula:
[Net Profits ÷ 100000] x 100 = XX.XX%.
The second example is the Exness. Exness offers attendants $10,000 of virtual money. And they choose the best performance of all.
Brokers usually apply high leverage to promise a big shot. For instance, Exness applies 1:2000 of leverage to World Cup contest. In FXTM Titan, leverage is 1:500. With FBS, it’s only 1:100 of leverage.
II. How to experience contests to the fullest?
Firstly, you should know that what happens in contests come differently in real life. Therefore, do not take it as seriously as a training course or lessons. Let’s make it like a chance to do every test you could try. Because they are risk-free.
I have some tips that could help you in the way of conquering the contests:
1. Do not care about risk
The accounts are demos. The contests are demos, and when starting the game, participants get virtual money to trade. That means you would never lose any money of yours or waste deposit on transactions. I advise you to trade as many lots as you can. That improves the profit rate and increase your chance of winning.
2. Choose the highest leverage
High leverage can cause traders to win big and also lose big. However, finishing the contest sharply and quick saves lots of your time.
3. Register more than an account
More accounts can increase the opportunities of winning just because you can take part in the contest more than once.
4. Notice volatile times
Closing transaction right before the news release time is something like gambling. You can make a huge back or lose everything.
5. Trading bots
Trading bot’s productivities are much higher than human’s. Using trading bots can easily pull the profit rate up to 10,000%. By the way, you can test the trading bots.
III. Why are the best forex contests for new traders?
- They are hosted by the largest and most reliable brokers who can guarantee profit and prize to new traders who barely know about the market. Find the most reliable brokers here
- The contests give the best rewards and ideal conditions for first transactions of beginners?
- Forex contests give beginners chances to test every strategy and ideas crossing their mind for the first time.
However, new traders should know that experienced traders take part in the contests, too. Of course, they aim at prizes, but that means the games are not simple anymore. Also, real trading doesn’t happen the same as in contests. Many troubles and risks coming up that new traders might not be prepared.
I would advise new traders not to focus much in contests but they can attend some contests, and they should be the best forex contests, for example:
1. FXTM Titans
2. Exness World Cup Contest
3. FBS Pro