BRKV – What are the best forex contests? Which has the highest prizes? What are the contests for? This article will be answering all with the features of the contests, the rules for the contests and some tips for players while they are in the contests. Following are the 3 best forex contests that are used for inquiring in this article: Exness Forex World Cup 2018, FXTM Titans, and FBS Pro.
Of course these brokers won’t host a contest which traders can join freely and win money if they don’t get any benefit. They do that because they want to introduce their best trading conditions. From that, they will attract a significant number of new forex traders. With my experience, I advise new traders not to pay much attention to such contests. I don’t negate the attractiveness of the prizes, but joining one or two contests is enough. That’s because the main goal of the best forex brokers is to attract new traders, so the trading conditions of such contests are really amazing. But in fact, they are not easy like that. Additionally, experienced traders also take part in these competitions to make more money. As a result, the chance for new traders to win these contests is nearly zero. In conclusion, just take part in these contests to know how these brokers work and have a little experience in the forex trading world.
As all of these contests are demo trading contests, their rules are quite simple. You just need to open a demo account in the registration period, and then you can join the competition. Different brokers will provide different virtual amounts of money. FXTM gives you $100,000 of virtual money. FBS and Exness give you $10,000 and $1000 respectively. Also, different brokers use different factors to decide the winner. For FXTM, it is your ratio of profits calculated by the following formula: [Net Profits ÷ 100000] x 100 = XX.XX%. For Exness and FBS, the winner is the one who made the most during the contest period.
In addition, different brokers apply different leverages for the contests. Exness has the best leverage, which is up to 1:2000. That of FXTM is lower, which is 1:500 and FBS contest leverage is only 1:100.
Other miscellaneous rules of those brokers are quite similar:
One contestant can only open and trade with one demo account in the competition.
After completing the contest, winners have 5 business days to reply the email about the prize receiving from brokers. Not replying means the prize will be cancelled.
The details regarding the best prizes of forex contests are presented in the table below.
|
Broker’s name |
Number of rounds |
Detailed prizes for each round |
|
Exness |
12 |
1st place – $3000 2nd place – $2000 3rd place – $1000 4th and 5th place – $500 |
|
FXTM |
4 |
1st place – $5000 2nd place – $2500 3rd place – $1200 4th place – $800 5th place – $500 |
|
FBS |
1 |
1st place – $450 2nd place – $250 3rd place – $150 4th place – $100 5th place – $50 |
From the table we can see that Exness has the largest prize, up to $120,000 total for 12 rounds. FXTM’s total prize is just one third of that, which is $40,000 for 4 rounds. FBS Pro is a monthly contest, so it has the smallest prize, which is only $1000.
As you are trading demo accounts, there is no risk. In forex contests, the profit rate is too low. If you want to win, your profitable rate must be around 10,000%. That’s why you can ignore risk management.
As you are free to join these contests, you can open many accounts to increase your chance of winning.
Spend more time to expect the volatile times like news release. By that way, you can know when to move. Sometimes your movement can bring you a lot. But it also leads to your loss. However, in case you lose all, it’s still good because it doesn’t take you too much time for these contests.
Following is the list of current best forex contests for you to consult.
FXTM Titans
Exness World Cup Contest
FBS Pro
Hey there, I’m the author of this article and i’m currently collaborating with http://www.brokers4traders.com. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.
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