THE SUITABLE BEST FOREX CONTESTS FOR YOU
BRKV - To get knowledge of all of the things about forex market such as bonuses, payment system, trading platform....traders need to trade a lot and study a lot. From these insights of forex market traders are committed to trade and invest money. Contests of the best forex brokers are worth caring and studying when joining to avoid any losses of time or money. There are lot aspects of contest that is now the tricky and confusing concepts that may cause traders into the problematic situations. Today, from my experience and learning I introduce and explain some issues of contests.
The best forex contests and prizes
It is obvious that traders are often fascinated by the prize when they come to the contest. In reality, Exness is offering the biggest prize, up to $120,000 for 12 rounds, which you can enjoy $10000 for each round. In terms of FXTM, their prize is around $40000 for 4 rounds, and you can get $10000 for each round. FBS has the smallest prize, which is only $1000 due to their monthly contest.
To be more specific, I will show a table in which you can see the prize of each forex brokers.
CLICK HERE TO SEE BEST FOREX CONTESTS.
Number of rounds
Detailed prizes for each round
1st place - $3000
2nd place - $2000
3rd place - $1000
4th and 5th place - $500
1st place - $5000
2nd place - $2500
3rd place - $1200
4th place - $800
5th place - $500
1st place - $450
2nd place - $250
3rd place - $150
4th place - $100
5th place - $50
Why should we pay attention to the regulations of the best forex contests?
Before entering forex contests, you should have a good view about their regulations. Normally, it would be very straightforward for traders to understand these rules easily. It is the fact that you have to create a demo accounting in order to join in the competition. At the beginning, you will get the amount of virtual money from your brokers. It is not important to consider whether this amount of money is big or small. In a specific case, you can win the competition based on some certain elements. Exness and FBS offer you lower amount of virtual money, which is $10,000 and $1000 respectively. On the other hand, you can have a big amount of virtual money from FXTM, which is $100,000. In fact, your profit will be calculated by the following method: [Net Profits ÷ 100000] x 100 = XX.XX%. When you have the same ratio with someone, the drawdown will decide whether you win or not.
When you join in the competition, you also need to know about their leverage.
It is apparent that Exness has the best leverage, which is 1:2000. FXTM and FBS have lower leverage. We can look at some other regulations of these brokers here:
Each participant can only open and trade with 1 demo account in the contest.
Participants can only have profit from the first amount of money that brokers give them.
When they terminate the competition, the winners have 5 business days to have a response to brokers. If they do not do this, their prize will be disappeared.
The brokers will have the right to do something when some arguments occur.
CHECK IT HERE TO KNOW SOME REGULATIONS OF BEST FOREX CONTESTS.
What is the importance of taking part in forex contests?
It is apparent that brokers want their new customers experience their best trading conditions at the beginning. Nonetheless, it is not very vital to take these contests into account because of some reasons. Firstly, it is not easy for new traders to have a chance to win these contests. Secondly, some brokers want to make use of these competitions in order to draw the attention of new traders. The final point is that experienced traders try to participate in these contests with a view to making more money, you will have no chance to win. Therefore, it would be helpful if you can capitalize on these contests to know some basic things about brokers.
CHECK IT HERE TO SEE BEST FOREX COMPETITIONS.
What should we do if we want to find the best forex contests?
Do not care about risk management
In fact, you are trading with demo accounts, so you should not worry about this. In forex competitions, the profit rate is not really high, you do not need to pay much attention to risk.
Choose the highest leverage possible
Obviously, when you opt for highest leverage, you can win a lot of money. You should know how to make a great deal of money when you come to best forex contests.
Create many accounts
It is good for you to have the number of accounts when you enter forex contests because they are completely free.
Use your trading bots
In a certain case that you want to have a big profit, you need to spend a lot of time. Therefore, using a trading bot can be an effective way which can help you bring more profit.
Here are three current forex contests of three largest forex brokers:
Exness World Cup Contest
Hey there, this is Fanara Filippo. I’m the author of this article and I’m currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.