Beside other aspects of forex market that traders usually care about such as trading conditions, bonuses or payment systems… contests are also considered to be a good way for new traders to know about forex field. To help traders, especially new traders, get clear information and knowledge about any problems that can cause trouble when joining in the contests. These problems can be the conditions to have the award from the contest or some common rules of contests and the money quantity of the prizes. Recently, there are three brokers that are organizing three competitions. They are Exness Forex World Cup 2018, FXTM Titans, and FBS Pro.
Check out the best contests in 2019.
Go for detail of some important rules of contests
The first rule is that the required account is demo that is made in a temporary period of time and after a demo account is made, brokers will provide some amount of money for players to trade and make profit. Actually, this provided amount is different among the brokers. FXTM is the most generous with 100,000 $, coming after that are FBS and Exness with 1,000$ for the former and 10,000$ for the latter. Although FXTM is the biggest giver, they have a strict method that is the answer of (Net profit/100000) x 100= xx, xx %). And the first prize may be separated if two competitors have the same numbers or they can have the same drawdown situations. The solution of FXTM, therefore, seems to be more complicated, while FBS and Exness solve the problems simply. They both review on the benefit players get as trading to award the winners.
Generally, brokers do have common rules to apply in the contest. Brokers ask traders to join with a demo account only. They will not accept another kind of accounts and for each player, they are allowed with one demo account only. Sometimes, arguments may occur and to decide on this, brokers have all the final judges. And in some cases, traders think that they can deposit more to win more money, however, brokers prevent them from doing that and if traders win, through email or any other contact tools, winners have five days to confirm about that.
Just like normal trading, demo accounts also need the leverage to trade. Currently, Exness’ leverage is the greatest one, with the rate of 1:2000, behind it that are FXTM and FBS with 1:500 and 1:100 respectively.
The greater prizes mean the better contest holders
Different brokers offer different amount of prizes and their method is various too. While Exness awards 120,000 $ after the whole 12 rounds and 10,000 $ for one round, FBS only gives 1000$ total because they open monthly contest and in the middle that is FXTM with the total number is 40,000$. In term of first prize, FXTM is the biggest giver as they award 5000 $, and although Exness has the biggest number, their first prize is smaller than FXTM’s with 4000$ and the smallest number is FBS’, which is 450$.
As below I listed detail about level of prizes of each brokers above:
Exness: 1st place – $3000
2nd place – $2000
3rd place – $1000
4th and 5th place – $500
FXTM 1st place – $5000
2nd place – $2500
3rd place – $1200
4th place – $800
5th place – $500
FBS 1st place – $450
2nd place – $250
3rd place – $150
4th place – $100
5th place – $50
After the competitions, winners can withdraw the money they win; however, it depends on the brokers they join. With FXTM or FBS they can have all the money but Exness will keep half of the award to trade for you.
Check out the most reliable brokers in 2019.
Be aware of these facts
Risk management is not worth worrying
Risk management can be a worry for big traders who invest a great deal of money but for contest joiners, the profit rate is small, about 10% so there is no need to concern about risk management. Besides, with the brokers having the contests, they usually make traders feel safe to play
Win all or lose all
One more time, contest accounts are free and if you want to win a big deal choose a big leverage broker, with a very little leverage, it is wasting time for a very little amount, but with huge leverage, it can be a huge benefit or a huge lose but it is free. Or when the time is right you make your move to go. Traders should not think that it is easier to win when they spend every moment of a day to trade but wait to the volatile time to start the business to win it all or maybe lose but it is also a good time to know which brokers are good at what time.
Raise the chance of winning
There is tricky skill to increase the opportunity to win by creating more accounts with various emails to avoid the situation that one person has one more account.
Do not spend all day trading
How to trade without sitting in front of the computer all day? Use an app called a trading bot that help traders to test the result and the effective level
What do the brokers hold the contests for?
The reason is that they have their own purpose that through the contest, they can seduce clients to get familiar with their systems and from that they can have more traders. Therefore, brokers make everything look easily at the first time; they have players feel that they have excellent trading conditions. Actually, that could be perfect for the contests only. Outside the contest, the whole real things will be revealed that all the perfection is not practical at all. Because of that situation, traders need to train themselves more to get experience before considering joining a contest. Or they can try one or two contest to practice and get knowledge.
You are reading an article from Brokersguru. Brokersguru is a forex review website based in Thailand that is specialised in forex brokers and forex-related topics. An expert in forex trading, Mr. Bruce Kovner, is currently a collaborator with Brokersguru.