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Forex contests on demo accounts

Forex brokers hold various contests on a regular basis aiming to encourage trading activities. Are these contests of any practical merit? Does it make sense to take part in them? What should you bear in mind? You will find answers to these questions in the article.

Forex contests fall into two types: contests on live accounts and contests on demo accounts.

This article gives insight into contests on demo accounts which are rather helpful, especially to newcomers. A trader can kill two birds with one stone. Indeed, such contests enable a trader to win a valuable prize without investment and related risks as well as to get to know trading conditions of a broker. On the one hand, a trader faces a challenge. On the other hand, a trader tests the company’s service, weighs advantages and disadvantages, tries a trading strategy on particular currency pairs. It does not matter whether a trader wins a contest or not, he or she does not incur losses. On the contrary, a trader gains precious forex experience.

Besides, such contests arouse interest among seasoned traders. They gladly use the opportunity to test efficiency of a particular trading strategy as they do not risk their cash and potential profits.

By the way, it often happens that contests on demo accounts convince traders to open a live account with that broker. In other words, it is a good idea of choosing a dealing center.

Let`s choose demo contest

A contest can consist of one or several stages. A one-stage tournament is held over a clearly specified term. As a rule, it lasts for one hour or longer. Multistage contests are also conducted within certain time limits, but their duration is longer. Before you choose a demo contest, you should realize what exactly you want to achieve in it. It would be a good idea to get to know a rating of the best brokers. Do not forget to find out a prize pool.

InstaForex, a broker with international recognition, offers a variety of forex contests. The annual prize pool totals the whopping $500,000. The company arranges regular weekly and monthly contests on demo accounts. Competitions have been held for quite a few years.

One of the most popular contests is Great Race. The competition on demo accounts comprises four stages lasting one month each and a final tournament. It looks like a long path to victory, but a solid award is worth fighting for. The company raffles off $55,000. Cash prizes are presented after each stage. The final winner is awarded the main prize of $6,000.

Lucky Trader is an action-packed contest with the annual prize pool of $75,000. Every two weeks, $3,000 is raffled off among participants. Eight contestants who display the best trading results are declared winners.

1 place – $1000
2 place – $750
3 place – $500
4 place – $250
5 place – $200
6 place – $150
7 place – $100
8 place – $50

Great idea, isn`t it? Trading on a demo account, you can sharpen your trading skills and win real cash which can be deposited to a live account.

Can demo contests be helpful for trading on live account?

For sure. Contests on live accounts are an advanced phase in development of a trader. In contrast to demo contests, they require traders to deposit money to their live accounts. Nevertheless, traders do not have to do something extraordinary. They should speculate following the rules set out by the broker.

To sum it up, any contest proves its merits to participants as it encourages a trader to boost earnings and master trading skills. Thus, a contest opens ample opportunities on Forex. Besides, valuable prizes are a boon for traders as prizes range from gadgets to cars.

InstaForex contests on live accounts:

The matter of particular interest is whether brokers actually give away prizes to their owners. To check if a dealing center is trustworthy, just search through the archives of contests where you can find all winners and interviews with them.

For instance, a gorgeous prize from InstaForex, a high-powered posh crossover BMW of 6 series, was awarded to Claudia Yurikova from Slovakia in late 2017. She told fellow traders about her emotions in an interview on InstaForex TV.

At the moment of winning the prize, Claudia’s experience on Forex was almost two years. Nevertheless, she managed to outpace other contestants.

"Someone would say that it is nothing but luck, but I would call it working efficiency. This feature is exactly what anyone needs for successful trading on Forex," the winner summed up.

Take part in forex contests, try something new, learn, and experiment! The most important is to be flexible and to improve! Good luck!

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author: Marguis | Tanggal 2021-12-15
As a Forex trading beginner, the demo contests are pretty interesting for me. Since I am only using a demo account, I am not hesitant to join the contests because I will not lose anything, In fact, I think I am gaining from it. I am gaining more knowledge and more funds (if I win in the contests).
Author: Viorel | Tanggal 2021-12-07
Who would have thought that even trading contests could be fun? I was not expecting a lot when I joined a contest while demo trading with my broker. But the thrill from the activity allowed me to be more analytical in my trading decisions. Not only that, after several participation, I was able to win the sixth place on the Lucky Trader contest.
Author: Katrin | Tanggal 2021-11-29
I can't wait to participate in real trading contests soon. Right now, I am active the demo contests and I am having a great time. It also allows me to get serious with my trading activities and really practice trading.
Author: Casali | Tanggal 2021-11-23
After joining a couple of demo contests, I finally won. I got the last place on the Lucky Trader contest and although the prize was low, it was still a huge achievement for me. It is an indication that I am ready to take on the real market and trade for real.
Author: Socorro | Tanggal 2021-11-18
Right now, I am participating in a demo contest. I haven't won any contests yet, but I am surely making progress in my trading activities. I can see how much my portfolio has improved ever since I started joining the contests.
Author: Emily | Tanggal 2021-10-27
Participating in demo contests has helped me to improve my trading skills. Demo trading alone helps, but having to join a contest further allows me to become more critical in my trading decisions because I have a goal in mind.
Author: Nancy | Tanggal 2021-10-22
I love participating in the demo contests of my current broker. I am thinking about switching to a live account now since the demo contests have prepared me well for real trading activities.
Author: Kasheem | Tanggal 2021-10-12
It is amazing how brokers are generous enough to let their demo traders experience participating in contests like a real trader. Joining demo contests was what motivated me to advance to a real account and make real trades. I am grateful that I was able to hone my trading skills through demo trading.
Author: Oporio | Tanggal 2021-10-05
I joined a few demo contests when I was still demo trading. It is not only fun, but also very motivating. It allowed me to develop different trading strategies to win the contests and these strategies are what I am using now on my real trading activities.
Author: Caleb | Tanggal 2021-09-29
The demo contests has made the demo trading experience more fun for me. And on top of that, I was also able to develop my trading skills more and as a bonus, I even won in the Lucky Trader contest. I got the last place but it still felt fulfilling.
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