The world of Forex trading offers a variety of thrilling opportunities to make money and win cash prizes. There are a variety of bonuses provided by brokers at times and there are also trading contests that serve as great marketing tools.
Usually, taking part in contests can be an opportunity to win not just actual cash but also other prizes too, which could include a trip to an exotic island or another prize that is not monetary.
The two primary kinds of contests for trading are real and demo contests.
Every trader is able to participate in a Forex contest on demo accounts competition. From a broker’s point of the view, demo contests work as a marketing tool, and for the smart trader, it is a great chance to earn money. The risk involved is minimal as the deposit is not required for participation in such contests. Demo contests are an excellent learning opportunity as well as a chance to be in contact with and interact in a group with traders. The prizes are not won only by the winner but through the numerous first-place winners. This makes the competition more appealing.
In addition, there are traders who take massive positions, which can be risky however the advantage is that those who win make a substantial profit. If there’s a risk, the rewards are substantial and if one is trying to be cautiously, winning may seem distant. Thus, those who be willing to take on more risk are more likely to taking home prizes in contests. Most of the time, the winner receives money, but occasionally the prize may be an electronic gadget or the chance to visit a stunning location or an unexpected gain. Beyond the cash prizes the experience that the winner personally has is worth more than anything else.
The real contests on contrary, are a slightly different from demo contests. In order to take part in real-time contests, you need to open a new account with the broker. The contests are beneficial to the broker , as well as the trader. Similar to demo contests these contests also have prizes awarded to several first-place winners as well as the winner. The contests help traders connect with each other and create it an excellent learning opportunity. The prize awarded in real contests is also money, but other items could also be used as an award at times.
But, the traders who participate in real competitions do not experiment with new strategies in the same way that they are in demo games. They prefer to work with the established and trusted strategies on their own since there is a significant risk associated with it. The contests are generally suggested to traders in the forex industry who are operating to reap long-term benefits and can afford to take the risk of taking a large amount in terms of losses and profits as traders are required to put at bet their own money in real-time contests. Don’t forget that only genuine account traders take part in actual contests https://tradersunion.com.
The contests for trading in forex can be fun but also extremely risky as well. But the excitement never ceases, and the contests attract investors every day out, hoping to be rewarded with more.
Different kinds of contests
These contests each month are accessible for everyone however, there is one requirement and subject to the terms of the contest, the trader’s account must be able to participate. The eligibility requirement requires a minimum balance in the account, and that amount could be as high as $1000. The event of depositing the minimum amount into the account would enable a trader to participate in the contest. The contests can begin at the beginning of each month and end on the final months’ days. consequently, they are known as monthly.
The choice of the winner is determined by the calculative process of the percentage profit. Five winners are selected each month from the entire group of participants. The first winner is awarded $2500 The third prize of $1000. The third prize is $500and the fourth $250 and the award is $100. If the percentage of profit earned by one trader is the highest among all traders, the trader will be chosen to be the winner. The trader who earns the highest profits will receive $2500, while the second-place winner will be awarded $1000, and then on. The actual money of traders is at stake when participating in these kinds of activities therefore it is recommended for the traders to try using a demo account, and then transfer to live accounts.
Micro and Mini
These are contests in which the entry fee is very low for traders. The entry fee is just $500. This low cost attracts more traders to join. There are three winners chosen in this contest, and the winners are chosen according to the highest profits. The first winner is awarded $25,000, while the third winner is awarded a prize of $10,000, and the third winner is given an award of $5,000. Mini contests are kinds of contests that have a cost of entry being less than that of the Micro contests.
The Refco FX
This competition could be either $5,000 or $10,000. The only difference is that the $5000 contest is based on real investment, while the other contest involves virtual deposit and investing.
The MG Forex
It is a demo trading contest, where the participant trades using virtual currency and the trade total is $50,000. There is a small monthly cost required to participate in this contest.
It is the PEG Forex, the Akmos and the Alpari are a few companies that host contests for traders. These contests for forex are fun and create an exciting experience for everyone who participates, and they are the best way to bring more traders into the world of forex. Anyone who trades can participate in these events with the necessary fee and keep the account balance.