What is the definition of a forex contest? How can you possibly win a contest like that? Which contests are the best? I am usually asked these common questions from many traders and newcomers as well. Many new traders are interested in these kinds of contests but I am not sure if they really know much about this contests such as what are the key factors they need to focus on this contest. The key factors I believe anyone should pay attention to are the contest’s prize, withdraw requirements and the rules. I will use top brokers‘ contests to compare as they are more reliable than the smaller ones and also competing in bigger brokers’ contests is more beneficial and safer for traders. The brokers’ contests I will use are FBS Pro, Exness Forex World Cup 2018 and FXTM Titans. At the end of this article, I will also give you some recommendations on things you should do in these contests.
- The best contest usually go with the best prize
The prize always got the attention of all players of a contest. Exness and FXTM offer the same prize for each round at $10,000 but while Exness contest has a total of 12 rounds, FXTM’s contest only has 4 rounds. They also differ in the 1st place prize of each round as it is $3,000 and $5,000 for Exness and FTMX respectively. While Exness and FTMX contests are both yearly, FPS Pro is a monthly contest with a prize of $1,000. The first-place winner of this contest will receive a prize of $450. Details of these contests are shown below:
|Broker’s name||Number of rounds||Detailed prizes for each round|
1st place – $450
2nd place – $250
3rd place – $150
4th place – $100
5th place – $50
1st place – $5000
2nd place – $2500
3rd place – $1200
4th place – $800
5th place – $500
1st place – $3000
2nd place – $2000
3rd place – $1000
4th and 5th place – $500
FBS and FTMS may not offer the highest prizes but their requirements for prize withdrawal are the best as you are free to withdraw the prizes anytime you want after the contests are finished. It is hard for the winner of Exness’ contests as they cannot withdraw all winnings directly. They are only allowed to get half of winning prizes directly while the other half will be available in their Exness wallet to trade.
- You must pay attention to the rules brokers set for the contests
The rules of Exness, FBS and FXTM’s contests are not really complicated. You only need to sign up for a demo account as these contests are just demo contests, not a real trading world. Therefore, you will be given a virtual amount of money when entering these kinds of contest. The amounts of virtual money are different among three brokers. While it is $100,000 for FXTM, the amounts are much less in the contests of Exness and FBS, only $1,000 and $10,000 respectively. However, do not think the starting virtual money is the only thing that matters because each broker has their own way of deciding the winners. While FXTM uses a formula ([Net Profit ÷ 100,000 x 100) to get profit ratio to decide the winners, Exness and FBS are using a simpler approach as they just use profit figures to decide who are the winners. In the FXTM’s contest, if there are two people who have the same ratio, the winners will be decided by drawdown which is the different amount between the highest profit peak and the amount after the contest ends.
Not every broker has the same leverages as while Exness has the best leverage of up to 1:2000, FXTM and FBS’s leverage are much lower, only stays at a maximum of 1:500 and 1:100 respectively.
There is hardly any difference between the other rules of these contests:
– 1 demo account is the allowed number of account each player can have.
– Players can only use initial money provided by the organizer to trade, no other source of money is accepted in this contest.
– The winning prizes will be canceled if the winners do not respond to organizer’s email about their winnings within 5 business days.
– It is always the organizer to make any final call.
- The purpose of these forex contests
Why do these brokers keep holding free contests with amazing prizes for traders? It is surely not because these brokers just want traders to have free contests. They are using them as PR tools to attract more traders as new traders can experience their top-notch trading conditions and services. However, I do not think it is a good idea for new traders to pay too much attention to these types of contest. The prize can be really tempting but the real aim of brokers for hosting these contests is getting more users for them, so the trading conditions they offer during these competitions are much better than the real ones. Moreover, these contests are not also just battles between new traders but experienced traders as well, so you may have not any chance against those experts. Just keep your goal to learn as much as possible and use these opportunities to understand more about brokers and trading world. If you really want to compete in these contests, getting more experiences and confidence is what you should do.
- My advice on what to do in these contests.
Put risk management aside
Yes reading this advice may make you think I am wrong but keep in mind that you are using a demo account in a forex contest – a demo of the real trading world so risks do not take any real money away from you. You can reduce your risks by using risk management but it also limits your profit ratio to around 10%. It will be ok if you are trading in a real trading market but in this case, it is just a contest so you are expected to get around 10,000 % if you want to be the best. Therefore, just take risks that you think can get you a lot of profit.
Choose the top leverage
Just consider this as a gamble and choose the top leverage. It will either make you a big winner or simply just a loser. There are many experienced traders who will take risks to win big and win the competition so do not think that making little money during the competition will put you on the top.
You should sign up a lot of new accounts
You should sign up a lot of new accounts as brokers do not charge you for entering their contests. Therefore, just sign up a lot of new accounts and boost your winning percentages as you are not limited to take risks on one account but multiple accounts so you are more likely to get high profits.
Noticing the volatile times is necessary
Paying attention to the contest should not be the only thing you should do as volatile times are important as well. Losing everything in the contest is still ok as you do not spend all your time on it.
Use bots to trade in the contest
10,000% profit rate is really hard to achieve if you just ignore the risks and go for it. You must also spend a ton of time on trading. By using trading bots, you can save a lot of time and effort and you can also see if trading bots can be good tools for your future trading careers.
Below is the list of the best forex contests:
FBS Pro >>> Join now.
FXTM Titans >>> Join now.
Exness World Cup Contest >>> Join now.