The best forex contests: chance to develop your trading skills

Written by Posted On Saturday, 06 October 2018 22:47

For forex brokers, the best forex contests are favorable occasions for them to attract many new traders. They will give the best prizes, rules and withdrawal conditions. As a new trader, there are many questions: What are forex contests? How can we win them? Which are the best forex contests in the market?

This article will answer those questions. In addition, I’ll compare those factors of the best forex brokers. The brokers I’m going to compare are: Exness, FXTM, and FBS with current contests such as: Exness Forex World Cup 2018, FXTM Titans, and FBS Pro. I will also give you some vital advice in these best forex contests.

1. The best forex contests come with the best prizes

All players in contests want to get the high prize. Exness offers the highest prize, which comes to $120,000 in total for 12 rounds, so they reward $10,000 for each round. FXTM’s total prize is just one third of that, which is $40,000 for 4 rounds, so the prize for each round is the same as Exness. However, the first prize of each round of Exness is only $3000, while FXTM’s first prize for each round is $5000. FBS Pro contest is held every month, so it has the smallest prize, which is only $1000, with the first prize is only $450.

Here are the detailed table of top 3 brokers with several prizes:

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

For FXTM, you have every right to withdraw all your prizes when the contest is finished. For Exness, you can only withdraw half of the prize. The other half will become your bonus to trade at Exness afterwards. For FBS, the winner can withdraw all prizes.

2. Pay attention to the rules of the best forex contests

Demo account will be applied in forex contest. The rules are also simple and easy to follow. You just need to open a demo account in the registration period to take part in the contests. When you’re in, a different virtual amount of money will be provided by each broker.

FXTM gives you the best account, which comes to $100,000 of virtual money. FBS and Exness give you much lower which is $10,000 and $1000. However, the initial amount of money doesn’t play important role because the factors that decide the winner of the three brokers are different.

For FXTM, your ratio of profits is calculated by the following formula: [Net Profits ÷ 100000] x 100 = XX.XX%. If two contestants have the same ratio, the one with the smallest drawdown will become the winner. If they still have the same result, the first prize will be shared equally for both contestants. Exness and FBS are the same. The winner is the one who made the most during the contest period.

The leverages for the contests are different among the brokers. Exness tends to offer the best leverage, which comes to 1:2000. For FXTM, it is lower, which is 1:500 and FBS contest leverage is only 1:100.

Other rules of those brokers are quite similar:

  • Each contestant can only open and trade with 1 demo account.
  • Contestants can only make profit from the initial amount of money that the brokers provide them. They can’t deposit more into the account used in the contest.
  • After the contest is over, the winners have 5 business days of reply to the email about the prize that the brokers send them. If they don’t respond, the prize will be cancelled.
  • The brokers all have the final voice in case of arguments.

3. What is the point of forex contests?

As you know, the contests are free to join and have big money of bonus. But not really! The brokers want new traders to experience the best trading conditions that the brokers offer. They aim to attract a lot of new forex traders.

I strongly advised you to join one or two contests. The prizes can be attractive and inviting, but the main goal of the brokers is to attract new traders, so the trading conditions of these contests are really amazing and even easy. It can be a trap. In real trade forex, it’s not a piece of cake.

For contests, there are a lot of experienced traders. They also join these competitions to make more money to trade with these brokers. As a new trader, the chance of winning against them is nearly zero. Your purpose in the contests is to know how these brokers work and have a little experience in the forex trading world.

4. What do you do in the best forex contests?

Ignore risk management

With demo accounts, you don’t need to pay attention to any risks. You can ignore your usual risk management plans. Your account will be kept safe; they also limit your profit rate at 10% maximum. if you want to win, your profitable rate must be around 10,000%.

Choose the highest leverage possible

If you choose the highest leverage, your chance of winning is very big. If you lose, you’ll lose everything. So this is somewhat like playing a gamble. When you’re in the best forex contests, you should remember that you’re here to win big and fast, so don’t waste time making little money.

Make multiple accounts

Forex contests don’t set the limit to any accounts and they are free to take part in, so try to make as many as accounts as possible to increase your chance of winning.

Notice volatile times

Don’t spend all of your time trading for these forex contests. Instead, you should expect volatile times to make your move. You can win everything or lose everything by doing this. But it’s not bad news for you if you lose. It means you don’t need to take too much time for these contests.

Use your trading bots

If you want to make a highest rate of profits, you have to focus your energy on trading. Sometimes, you have to spend all days and all nights trading. It’s impossible. A trading bot is highly appreciated. Of course, it has to work well and reliably. It will help you take care of all the work.

Again, here is the list of best forex contests to help you get the highest profit in forex contests.

FXTM Titans

Exness World Cup Contest

FBS Pro

CLICK HERE FOR MORE ABOUT THE BEST FOREX CONTESTS.

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