Forex Demo Contest?
Contest means challenge, and the forex demo contest is also a challenge between the newbie forex traders. Forex brokers arranges these types of competition fordemo clients. Traders fight for the contest prize in the contest. In the demo contest, all of the traders start trading from the same time and with same parameters through their demo accounts. The demo contest announces with a fix time, after finish the competition period the forex broker select and announce the winners. Winning parameters can be various for different brokers.
Why should you take part in a demo contest?
Forex Demo Contest or Competition is a risk-free opportunity to test trading skills. It is a risk-free opportunity because traders don’t need to invest their own funds on the demo trading contest. New traders can get real money or live trading capital through winning the demo trading contest. When forex brokers announce an attractive prize, some of the real traders also try to join in the competition.
Perhaps, traders can achieve experience through the contest, which will help in live trading. Traders can understand risk management and other trading criteria by participating in the competition. A trader can realize his/her trading capability through the demo trading contests.
What are the common rules of Demo contests?
While a broker announces a demo contest, they also create trading terms and rules for the competition. So, no one can say that approximately all of the contest rules. But there are some standard trading rules following most of the brokers. Let’s talk about the standard demo trading competition rules:
- The maximum profit gainer will be the winner. Almost 90% of brokers set this winning rules.
- Verification of the account.
- A participant can’t participate with multiple accounts.
- Per IP address can participate with only one account.
- After signing up in the contest, a participant can’t withdraw money from the completion before ending the competitionperiod.
These are some common rules in the demo trading competition. But every broker doesn’t follow all of these rules.
Is the forex demo contest prize withdrawal?
There are a lot of brokers that offer Forex demo trading contest, every broker has different rules for the competition. So we can’t say the prize money appropriately is withdrawal or non-withdrawal. Many brokers are providing cash prizes; some of the brokers are providing prizes on a live trading account. After winning the prize, traders can trade on real market and can achieve gain profits.
Some broker offer to withdraw the money prizes also!
Which brokers are offering a demo trading contest?
There are a lot of brokers arranging demo trading competition in this year. Most of the forex broker arranging contests within the first three months of the year and last four months of the year but it is not a fixed time to start a competition.
Some regulated brokers such as FBS, FXTM, ATFX, OCTAFX, and Tickmill are arranging demo contests regularly. If you are seeking for more search on search engine for more reliable forex brokers contest; also you can check out our Forex Demo Contest list to choose your competition, with a good broker.
What should you focus on while choosing a demo contest?
While you go to choose a demo trading competition you should focus on some things. First of all, you should read the trading rules, terms & conditions. While you select a contest try to get easy rules and conditions of the competition, try to follow these few steps to choose the right demo contest.
Reliable Brokers: A trusted and the regulated broker does not cheat with their clients. So you should choose a trusted brokers contest. While you go for a demo contest try to choose IFSC (International Financial Services Commission), FSA (Financial Services Authority), FCA(Financial Conduct Authority), CySEC(Cyprus Securities and Exchange Commission) and other powerful international Financial regulated brokers.
Select your trading strategy: Every real trader create their own trading strategies. So it will be better for your trading career, if you can create your own trading strategy with the demo trading and apply on it in the demo trading contest. If you can make a perfect trading strategy, it will help you in futureand it will minimize your risks and give you the maximum profits in trading.
Choose best Trading Hours: Forex market is opened 24 hours in a day but nobody trades 24 hours in a day. Forex trading is dependent on the trading hours. Real Forex trader’s wait for the right trading time, a trader can gains the maximum profit if he can select the right trading time. You should learn about the trading hours then you can achieve quickly. First, know your time zone and adjust your trading time with the highest actionable trading time.
Multiple winners in a contest:Most of forex brokers offers multiple prize means multiple winners in a demo contest, it will give you a good chance to win a prize. So, try to choose a contest which is published with multiple prize winners and focus to be a winner not at the top position.
Patience and seriousness: Most of the newbie traders join in a demo contest, but they think that; I didn’t invest my money, so I don’t need to trade with my patience. Everyone knows that without patience, nothing can be achieved, so keep patience and focus in your trading.
Difference between Forex Live and Demo Contests:
The most of the live contest is designed for most experienced traders with a vast amount of prize money, but the Forex demo contest is intended for the newbie traders with a minimum amount of prize money. In the live trading competition, traders have to keep risk on trading, but demo trading competition hasn’t any risk while attending this type of competition. To participate in a live trading contest traders have to deposit a minimum amount on the trading account, without a deposit traders can’t participate in a contest. But in a demo trading competition, traders will get the trading money from brokers.