Want the Chance to Earn Real Money with no Risk? Read About Forex Demo Contests
If you’re new to Forex trading and are looking for a way to test your knowledge and find out whether this is the right kind of investment you might be interested in what we’ve got to say. Demo Forex contests are a relatively new thing in the Forex world but have quickly become very popular. Live contests are also a recent introduction, but these are aimed at the more experienced trader. FX demo trading contests are used to encourage new clients to sign up with a broker and continue to trade in the future. Forex brokers never stop looking for ways to bring in new clients and contests are proving to be very popular. Alongside deposit bonuses and rewards.
Let’s start with a brief introduction.
What is a Forex demo contest?
This question really doesn’t require much of an explanation as it’s pretty obvious. Forex demo contests are a type of competition. There are prizes of money or other gifts for the winner, and often for the runner-up. There are usually no entry fees, just a few simple rules and regulations that need to be followed. One of these rules is that participants will have to open a demo account, but how hard will that be? The main aim of a demo account is for new traders to get a feel for Forex trading and hopefully choose to stick with the broker running the competition. However, there are a number of experienced traders who may also choose to take part for the chance to win a prize.
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Each broker will set their own demo contest terms and conditions
It’s usual for Forex demo contests to have a set of terms and conditions that will have to be strictly adhered to by anyone taking part. However, every broker will be slightly different. Therefore, it is imperative you read them carefully and completely understand before signing up for a contest. If you don’t understand them, or choose to disregard them, then you could find yourself disqualified from the competition. It might not have cost you any money to enter, but it has taken some of your time. And we all know how precious that is. There is no valid reason for not following them because they tend to be rather simple. But they do have a purpose. Which is to make the competition fair for all participants.
The major rule that seems to be common across all Forex brokers is the one that forbids participants from having more than one account with the FX broker running the FX demo contest. And this doesn’t mean one account per person. It refers to one account per IP address, so if you share a computer you should check that no one else has an account with the broker. Some of you might think this isn’t very fair, especially if two people are using the same IP address, but it does reduce the opportunity for cheating and gives everyone a fair shot at winning.
Other common terms and conditions
There are a few other requirements you will find mentioned on a number of occasions. Aside from the one that stipulates the need for a demo account, you will also find it common practice to prohibit any withdrawals until the contest has finished. Failure to comply with this simple rule will end up in disqualification.
Many Forex demo contests prohibit the use of certain trading software or trading platforms or specify that participants are not allowed to take advantage of any kind of professional help. Which is more than reasonable, otherwise the competition wouldn’t be fair. If participants were allowed to receive professional help they would have an unfair advantage over other competitors.
There are bound to be a number of other term and conditions, but there isn’t enough space here to list all possible variations. The best advice we can give is to read and understand any terms and conditions. And if you have any worries, or are unsure about any aspect of the contest, get in touch with the customer support team of the contest organizer.
Is it easy to find Forex demo contests?
Finding a demo contest is possibly the easiest thing you’ll ever need to do in your Forex trading career. Just type ‘demo Forex contest’, ‘demo FX contest’, Forex demo contest’ or any other variation into your search engine and you’ll get thousands of hits. The problem is not finding one, but choosing the best one for your needs. To save you some time, keep revisiting our site as we’re going to be featuring some of the top Forex demo contests in the future.
Tips for becoming a Forex demo contest winner
Although Forex demo contests can vary from broker to broker there are a few uncomplicated strategies you can employ in order to improve your chances.
- Don’t stress about playing safe – Taking part in a contest is a little different than trading on the Forex market. The aim should be to win as much money as possible and not worry about playing safe. You should be looking for open trades with higher stakes than would normally attract your attention, and aim to make as few trades as possible. You want trades with the highest potential for profit. Try and play it safe and you’ll lose out to those who were taking the biggest risk.
- Match your risk to the duration of the contest – Obviously the shorter the contest the bigger risks you can afford to take. Forex demo contests can last anything from 15 minutes to a couple of weeks, or possibly even longer.
- The demo contest may reward more than one winner – Not all Forex contests have just one winner. A number of brokers award prizes to the Top 10, 20, or 50 traders.
- Sometimes it can be fun just to play – We appreciate that for some of you, it is all about winning. But try and reign in your enthusiasm and enjoy the competition. Participating in Forex demo contests gives you the opportunity to learn from other traders as well as learn the ins and outs of Forex trading and test out the broker’s trading platform.