Forex contest has always been a quick way to make money for experienced traders, however, it can sometimes come across as hard for beginners, which is why in this article today, I’ll be explaining the basics of forex contests as well as giving advice regarding how to increase your chance of winning forex contests. To give the guide more credible, I’ll only be using data from the best forex brokers such as Exness, FXTM and FBS, with their popular forex contests namely Exness Forex World Cup 2018, FXTM Titans, and FBS Pro.
- Pay attention to the rules of the best forex contests
The rule of the forex contest that you want to participate in is among the very first thing that you should be paying attention to as different brokers have different ways of determining the winner. Moreover, you can have better chance of winning by developing your own trading tactics based on the contest’s rules. First off, as we all know, forex contests are all run under the demo environment, which then makes demo account the basic requirement for entering the contest. Upon entering, each contestant/participant is given a certain amount of money as the initial funds, the specific amount can vary from broker to broker. For example: FXTM’s initial fund is $100,000, while FBS’s initial fund is 10,000 and Exness initial fund is only $1000. These initial funds might not matter that much since the goal isn’t always to make the most money in the contesting period. Specifically, some brokers such as FXTM determine their winner by their ratio of profits, not the total profit gained. The ratio is calculated using the following formula in order to inspire creative trading: [Net Profits ÷ 100000] x 100 = XX.XX%. However, there are still brokers such as Exness and FBS who determine their winner simply by the total profit gained during the contesting period.
One other thing that you should also take into consideration is the contest’s leverage. Each one of the top brokers that I’ve mentioned above all have their own different leverage, with the best leverage (1:2000) is offered by Exness, while FXTM and FBS leverages are slightly lower (1:500 and 1:100 respectively).
There are also a few other important rules that I’d like to introduce to you:
- A demo account is required to participate and trade.
- Outside deposition is not allowed. Profits can only made by trading using the initial funds.
- The winners have 5 business days to respond to the email concerning their prize. Failing to respond to the email will result in the nullification of their prize money.
- Decisions from the broker are always final
- The best forex contests come with the best prizes
Ultimately, prize is the thing that you’re after when you participate in forex trading contests. Exness currently is the best when it comes to prize pool since their prize pool is about $120,000 for 12 rounds total. The second-best forex contest comes from FXTM, whose prize pool is only one third of Exness’, but they can still compete in the prize-per-round area since there’s only 4 rounds and the prize distribution is a little bit better, with the 1st prize being $5000 instead of $3000 like Exness. There’s also one other broker worth mentioning which is FBS. Their prize pool is only $1000 but it lasts for the whole month. For more information, please refer to the following tables:
Broker’s name | Number of rounds | Detailed prizes for each round |
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 |
Out of these three brokers, FXTM currently has the better withdrawal conditions since they allow their contestants to withdraw all their profit, while Exness only allows their trader to allow half of their profit, and the other half of the prize money remains in their account to be used for future trading. FBS technically has the same withdrawal conditions as FXTM, which should be good but their prize pool and the fact that the contest can last for a whole month makes it a little bit l
- What should you do in these trading contests?
Ignore risk management
Risk management is unnecessary here in forex contests since there’s virtual no risk involved, for we all trading under the demo environment.
Choose the highest leverage possible
High leverage enables you to win fast and efficiently. If you, however, lose, there’s still the advantage that you lost fast and could move on to another contest easily.
Make multiple accounts
In my professional opinion, multiple account is essential for increasing your chance of winning
Notice volatile times
Volatile times, as its name suggests, are times when the market is vulnerable and unstable, which is the perfect time for investments.
Use your trading bots
Trading bots, too, are essential for increasing your chance of winning, although it’s a pain to check and reprogram the bots to care for your trading needs.
Having read this article, if you’re still confused and don’t know which broker/forex contest should you choose to start with, here’s our selected few forex contests that we consider to be relatively easy:
MORE ABOUT THE BEST FOREX CONTESTS
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