Love venturesome, but still worry about the loss in the foreign exchange market? If it’s actually so, the Forex Contest with free money from brokers must satisfy you. Besides, brokers offer attractive rewards for every winner, veteran as well as rookies. In today’s article, the best Forex contests’ names are waiting for your trial along with the crucial parts of how to play, and win.
Numerous traders, including the new, are drawn to the Forex Contest as the can’t-be-worse memory of losing. Let me remind you: Forex Contests are for the Demo Accounts, so win or lose is completely not a matter. Moreover, you haven’t yet won for your lack of knowledge: What are those contests purpose? When shall you take such a gamble? Where to keep your eye on in the contests? And with whom you try to be brave? Last, but not least, how should you win?
The Forex Contest aim is for the risk and having fun, not for training; so, fresh traders should not take those games as the Forex learning courses. Regarding good timing, it is when you prepare things carefully, both the knowledge and also your heart. The other questions will be answered in detail for the longer explanation below.
Now, let’s get to the point
I. Who has the most attractive and fairest contest on the forex market at the moment?
Three brokers are crossing my mind
1. FXTM Titans >>> Join now.
2. Exness World Cup Contest >>> Join now.
3. FBS Pro >>> Join now.
And I made the above list because of the following reasons:
1. They offer high leverage
The leverage varies, too. Exness is with the most top of 1:2000 while FXTM is much lower, 1:500. FBS contest leverage happens with only 1:100.
2. They reward winner much more money than any others.
The most valuable prize is the deciding factor in any contests. People mostly choose whoever who advertises the biggest prize. And these three brokers seem understanding about the market.
Exness has $120 grand in total for 12 rounds of contests. The first five places of the race share $10,000 in each round.
FXTM has got the same amount for each round, $10,000. However, there are only four rounds, and that causes FXTM comes the second concerning the total value of the prize.
FBS is different. They open contests every month. Thus, the prize is much lower, only $1000 for five first places. On the other hand, traders have more chances to earn money from contests.
You can see more about prize division as the table 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
I have to say they are giving new traders the most fabulous invitation. No one can deny the value of the prize, and they are all worth a try. Besides they are the best forex brokers in the field. You can see more in the list here.
1. They allow traders to withdraw most of the award.
They are all demo contests, but the money is real. That means winners can withdraw and spend that money.
In this terms, FXTM and FBS are the two most generous brokers who let winners withdraw all of the money they won from the contest.
Exness only lets half of the prize withdrawable, but the other half comes to winners’ accounts for transactions in the future with Exness.
2. They have contests with most natural rules ever
The games are the demo, so traders need a demo account to attend. When they begin the competition, brokers supply them virtual money to start the battle. Amount of money given varies from broker to broker, for example, FXTM releases $100,000 while Exness with only $10,000.
How to decide the winner?
FXTM bases on profit rate calculated by formula: [Net Profits ÷ 100000] x 100 = XX.XX%.
Exness and FBS base on people who made the most in the contesting time.
Besides, you have to follow regular rules agreed upon by many other brokers such as
• Only one demo account in the competition.
• No deposit or investment in the contest.
• The days allowed for prize confirmation, usually five days.
• Brokers – the final power
II. What should you do in a contest?
Pick brokers with the highest leverage
At this point, Exness is the best. High leverage helps you win big. However, you lose big, also. You should understand that this is a contest and you should take risks to win as fast as you can.
Registers more than an account
Even though only one account is allowed for the contests, you can register as many accounts as you wish to enhance your chances to win.
Trade like no risks
Trade as much as you can. The account is demo and money is virtual given by the host. You have no risks at all so trade as much as you can to have the profit rate up to 10,000%.
If you stay safe and do no transactions to protect the funds, the ratio of your profit is kept at the lowest, 10% and you cannot win with that.
Use of volatile times
You should take make a move right before the news release time. It could cause you to lose everything, but you also can win a huge.
Use your trading bots
Take advantages of trading bots to maximize profit rate and test the bots at the same time. It’s the best time to evaluate because you have no real money to lose.
III. Why brokers give new traders such a huge amount of money easily?
They are using greedy of new traders to attract more clients. The trading contests illustrate the most desirable environment to trade, and many traders can misunderstand contesting conditions the real conditions.
If new traders are attracted and starting trading with brokers after contests, brokers raise their trading volume and perform better. I can say, they made their goals and become the largest brokers.
Check the list of the largest brokers here.
Besides, the winner in most of the contests are experienced brokers, and they use trading bots to trade. Hence, if you are beginners, do not misunderstand the situation so bad.
To sum up, I would like to advise new traders not to pay too much attention to contests. The contests are good because of attractive terms, but, do it a couple of times, and you should spend time on real investment.