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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: Hefter | Data de  2019-11-19
It makes me happy to know that there still exists some genuine brokers that are generous to their clients. I am also impressed with the idea of conducting contests because it is a good motivator for clients. I am currently using a demo account and I am also participating in some of the contests. To be honest, these contests made me want to continue trading with them using a live account. So I guess it is also a good way of attracting new clients. Which I don't see anything wrong about it. The broker does a good job in serving their clients and the contests are really great.
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Author: Kisandra | Data de  2019-11-14
I think most novices would avail the no deposit startup bonus. It is a very convenient and helpful bonus as there is no need for you to deposit real money right away. You can simply try if you can handle the complexity of the Forex market and if you do, then that is when you can start investing for real. But the good thing is that after depositing real money, the bonus will still be yours and the profit from it will be available for withdrawal.
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Author: Ogencha | Data de  2019-11-06
Wow. I these contests are absolutely interesting! I think it is about time I actually enter the market which I wanted to do for a long time already. I will first open an account and join the demo contest. I will work hard to win so that I could gather fund that I could use to start a live account. This program is not only fun but also helpful. I would be able to hone my trading skills while having a chance to win cash prize. This is simply great!
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Author: Zaikhar | Data de  2019-10-30
So this is how the Forex contests works! I am constantly seeing it with my broker but I don't pay enough attention because I thought it is just some extra feature. I didn't know that it could be this helpful and fun. I will most likely try it out the next time my broker conducts another contest. It seems great because you are being rewarded for doing great on your trades.
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Author: Archy | Data de  2019-10-23
Trading contests are really a good source of motivation. I used to join these contests especially the Lucky Trader when I was only using a demo account. I only won once and it felt incredible. By the way, not winning is not going to cost you anything. The winnings are actually just like bonuses as they are based on your trading performance. So even if you join but did not win, you will not lose anything. Up until now, I still sometimes join contests using my live account. I suggest this especially to new traders.
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Author: Haynar | Data de  2019-10-17
Personally, the contests were a great help in motivating me and boosting my confidence on my trading skills. I have only won a contest once and I am very happy about it. There is a feeling of fulfillment where you feel that your hardwork has paid off. I also think that contests like these are not only good for newbies but for professionals as well. You can practice your skills or try a new strategy while having a chance to win extra fund.
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Author: Elsin | Data de  2019-10-08
I am new to trading and I find these contests really interesting. Right now, I am still exploring my trading style through a demo account. My broker offers demo contests but I didn't participate in any because I thought I was for vain. But after reading this article and knowing that the contests helped traders, I think I would now be participating on the next one. I realized that if I don't get lucky enough to win, at least I was able to practice my skills right?
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Author: Zulu | Data de  2019-10-02
Having contests like this gives me motivation to do better on my trades. Ultimately, I am aiming to win the rewards, hence I try my best to give great trading results. So far, I have only won twice, both on the 6th place. Since I know that I am capable, I am even more determined to do better and reach for higher rewards. I think these contests would benefit the novices mostly. But professionals would also enjoy it.
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Author: Aswal | Data de  2019-09-24
Joining contests using a live account is a whole lot different thing from demo contests. In these live contests, a trader needs to follow the rules of the broker and replenish his/her account with a certain amount. This is not bothering at all as the amount you are going to deposit is basically going to be your fund as well. But if you are only after the thrill and fun of participating in a contest, then using a demo account is a much better choice.With this, there is no need to deposit any amount.
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Author: Chichi | Data de  2019-09-18
Lucky trader is the contest that I usually participate in. Back when I was only using a demo account, this contest has already been my go-to contest. It is fun and fulfilling at the same time. Until now that I am already an official trader, I still join this contest from time to time. When luck goes my way, I also win. The highest I've won so far is $200.
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