Do you know what a forex contest is? How can you succeed in these contests? What are the best forex contests? I have faced a lot of these questions from newcomers and also my friends as traders. Newcomers are usually got hooked with these contests but do they really know which are the key factors and what should they do to excel in these contests? The key factors you need to pay attention to are the requirements for withdrawing, the rules, and the contest’s prize. I will compare the top brokers in 2018 only as the smaller brokers are not as reliable compared to the biggest ones. It is also usually much more beneficial and also safer when competing with biggest brokers’ contests. The brokers and their contests I am going to go through in this article are FXTM Titans, FBS Pro and Exness Forex World Cup 2018. In the end, I will also suggest what you need to do in these contests.
- The best contest comes with the highest prize
The first thing players pay attention to should be the prize. While Exness has the highest prize with $120,000 for 12 rounds, FXTM only offers a prize of $40,000 for 4 rounds. However, it does not mean that Exness’s prize is better than FXTM as both give the same prize for each round’s winner – $10,000. Moreover, FXTM pays 1st place $5,000 while it is only $3,000 for Exness. FPS Pro is a different contest from these mentioned two as it is a monthly contest with a prize of $1,000 and $450 for the 1st place winner. Below are the details of these three contests:
|Brokers’ name||Number of rounds||Prizes for each round|
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
1st place – $3000
2nd place – $2000
3rd place – $1000
4th and 5th place – $500
Even though FTMX and FBS do not have the highest prize pools, they still provide the best conditions for withdrawing prizes. Both brokers do not ask you to do anything to get your winnings. All you need to do is wait until the contests end. It is different for Exness as they only transferred half of your winnings directly to your wallet and the other half will be in your Exness account.
- You should pay attention to rules of the contests
The three brokers are using pretty simple rules for their contests. These contests are just demo ones so you only need to create a demo account. However, when each player enters the contests, they will be provided a particular amount of virtual money. While Exness and FBS only provide players $1,000 and $10,000 respectively, players in FTMX’s contest are provided with $100,000. Even though the initial money provided by these three brokers are different, do not take it too seriously because it is not always the winning factors. FXTM will decide the winners of their contests by looking at their profit ratio which is calculated using the following formula: [Net Profit ÷ 100,000] x100. If there are two highest ratios, FXTM will use drawdown as the winning factors between these two. Drawdown is the amount that decreases after your profit reaches the highest peak. If it is still the same case, they will split the first-place winnings into evenly parts. The winning factors for Exness and FBS’s contests are simply trading profit or in another word, the player with the highest amount of trading profits wins.
There are different leverages between these three brokers’ contests. While FXTM and FBS’s leverages are at 1:500 and 1:100 respectively, Exness has the best leverage which is up to 1:2000.
Other brokers’ rules for their contests are similar to each other
– Each contestant is only allowed to use 1 demo account in the competition.
– Only virtual money provided by the contest organizers are allowed during the competition, no depositing is allowed for the purpose of competing in the contest.
– The winners will have to answer organizer’s email regarding their winnings prizes in 5 business days. If they do not answer the email on time, their winnings are likely to be canceled.
– When coming to a final decision for any argument, the responsibilities belong to the organizer.
- Why do brokers hold forex contests?
Why do brokers let everyone join their contests freely and win big amount of money without charging anything? It is obviously not for goodwill because these brokers are treating their contests as PR campaigns for traders to experience their services and trading conditions so that they can attract more users to use their services. I personally think the contests are not worthy for new traders to pay a lot of attention. The prizes can be attractive but participating in one or two contests are enough for new traders like you. The reason is that brokers are trying to get as many users as possible through these contests so the trading conditions they provide in these contests will be much easier than the real trading conditions. Moreover, experienced traders also put a lot of efforts into winning these contests as well so the chances of you winning are pretty slim. You should keep the purpose of joining them as a way to train yourself to be better at trading and also get used to how these brokers work. Do not think too much about winning unless you are experienced and confident traders.
- What to do when participating in a forex contest?
Put risk management away
Yes, this can be wrong in a real trading world but this is just a contest and you are using virtual money to trade so just take risks. By using risk management, you can prevent yourself from taking risks but it will also keep your profit rate at around 10% or less. It is fine if you are trading for real but this is forex contests, you are expected to get around 10,000% to win a forex contest. Hence, just put yourself and take risks when joining a forex contest.
Pick the highest leverage
Just treat the contest as a gamble and pick the highest leverage so you will either win a lot or lose everything. You should remember that there are a lot of players in these contests and they are likely to take a lot of risks so you should do the same and hope that you can win a lot. Do not count on making little money can win you the game?
Create multiple accounts
These contests are free so creating multiple accounts may boost your winning chances as you can take high risks in a lot of accounts, not just one. Even though brokers set the account limit for each player but they do not take it too seriously. Just make as many new email accounts as possible and it is good to go.
Volatile times are what you should pay attention to
You also need to spend your time on volatile times beside from forex contests as it is also important for you to make your moves. Even though you can either win big or lose everything, it is still ok as you do not spend too much effort and time for the contest.
Use trading bots
In order to reach 10,000% profit rate, ignoring the risks alone cannot help you to do so. You will need to spend all your effort and time to get that. You can still do it but it may let you down a lot if you lose everything. Therefore, it is better for you to leave some works for trading bots. You can also use it opportunities to test how effective these bots can be so you can consider using them in the future.
The list of the top forex contests is listed as follows:
– FXTM Titans >>> Join now.
– FBS Pro >>> Join now.
– Exness World Cup Contest >>> Join now.