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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
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!
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