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.
The contest is to attract new traders, both rookies as well as veterans, with the lovely prize of winning. On the other hand, the rules are not similar between brokers, and neither the winning condition. Those are all worth noting down points in your research, yet at first, try to find the trustworthy hand so you can be at ease to go on. Here we have a list of three brokers with great examples of the contest. They are reliable brokers with years of operation with top services:
Take a look at the first two columns, it shows brokers’ names with how many rounds you must have run through in the contest. So with Exness, it is 12 rounds, triple the FXTM, and a dozen times the FBS. The Exness round seems gets you tired, but take a look at its prize, total, and grand.
Exness offer $7000 for each round, the second after the FXTM, $10000, but multiple to 12 rounds, Exness contest’s prize is the highest. FBS is much more humble with $1000 total prize, and also the grand total, ten times smaller than FXTM total prize, but the contest is open monthly, that is the biggest difference between compared to the others.
The withdrawals are distinctively different between them as well. With the highest offer, Exness allows you to take only one half of $84000; on the contrary, FXTM let you withdraw a whole hundred percent of the amount – $40,000. By contrast, FBS saves your money for later use with the real trading condition, so no hit and run, but you can still play for months, still good an offer.
From fun and free risk and time viewpoint, FXTM could be a bit better the option, because no one can guarantee their win every round, however, 12 rounds seem a bit too tired, and merely 1 round cannot be called even a warm-up. With the better prize for 4 rounds and 100% rate withdrawal, FXTM Contest sounds to be a perfect choice.
Since the forex contests are for the Demo accounts, you need just to log-in and open a new Demo Account if you don’t have one. At the case you are new to those brokers, the registration and verification are required and then you can go for your Demo account. Remember that you can play with only one Demo account during the Contest, you can otherwise find your racehorse out the race with a lovely private message – don’t get me into detail this time. Then after all those steps, you can find $1000, $10000, and $100000 demo has already been added to your Exness, FBS, and FXTM accounts respectively.
No minimum deposit requires, and you are not allowed to deposit more money to use in the contest. So no pressure as well as the financial aid. Thus, our recommendation is to choose the broker with high leverage. Exness leverage is the highest – 1:2000, which means you can use more money – 2000 times the $1000 to start trading with. FXTM and FBS’ leverage are 1:500 and 1:100, you can make the simple calculation then.
Both Exness and FBS present the businessman who makes the highest profit the winner as regular. FXTM is not in the common. In FXTM, the winners must have the highest profit ratio, if the ratio is equal then the person with smaller drawdown wins, or the win-win situation occurs.
At the end of the gameplay, there are five days of business, which means if you do not request for the reward in time, it will be expelled. And in the case of discussions, brokers make the final decisions. That’s all you need about the rules.
After knowing the games’ basic rules, it’s all about the knowledge, experience, and the tactics to win. Though the idea of the Demo Contest is to attract more and more new traders, only the innocent would think that the expert won’t join the game. Don’t laugh – experts! There are numerous professionals who have better knowledge with lots of tricks, who seek for the great chance of winning easy bucks, and even for great fun. One trick that is creating a Demo account and plays with you novice. That is another reason you should not concentrate too much on winning those games.
There are still things you need to master before climbing on top. At first, ignore the risk and free your head from pressure, yet you still need to taking care of the changeable time to earn more and lose less. Besides, it would be a big mistake not using the trading bots. Practicing with them would help you later in real trading, and also boost up your chance of winning in contests, so don’t hesitate. And at last, you can also try to do more registration for more accounts, but it will take time and effort, so consider it carefully then.
Demo Contests are for entertainment and venturesome, which is to get more new tradesmen for brokers. There are many things that you can learn in the game to find later reward, but not as real practices. Read things carefully, the prize, the condition, the rule, and don’t forget to sign with the trustworthy brokers. Practice well, we long for your success.