TIPS ON HOW TO WIN THE BEST FOREX CONTESTS
BRKV - Forex contest can sometimes be regarded as a difficult task for beginners, however, it’s still an activity worth doing as you could earn some easy money from it. Therefore today, I’ll be giving tips regarding forex contests as well as the name of the contests that I consider to be more rewarding. It goes without saying that I’ll only be using the 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.
Firstly, I will compare their prizes.
Exness total prize is the largest which is up to $120,000 for 12 rounds. That of FXTM ranks second which is $40,000 for 4 rounds. The smallest total prize is that of FBS which is $1,000 as their contest is monthly.
To learn more about their prizes, let’s consider the table below.
Broker’s name | Number of rounds | Detailed prizes for each round |
Exness | 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 |
Secondly, I will compare their rules.
The rules in this category are simple. You just need to create a demo account in the registration period, and then you can join the competition. When you take part in the competition, best forex brokers will offer you a different amount of money. For different brokers, there will be different amount of money. Example: FXTM: $100,000, FBS: $10,000 and Exness: $1,000.
Also, the factors to decide the winner are different. For FXTM, it is the ratio of profits calculated as follow: [Net Profits ÷ 100000] x 100 = XX.XX%. If two contestants have the same ratio, who has smaller drawdown will win. If they still have the same result, the first prize will be shared equally for both contestants. For Exness and FBS, the winner is the one making the most during the contest period.
Besides, the leverages applied for the contests are also different among these brokers. For example, Exness - best leverage: 1:2000, FXTM: 1:500 and FBS: 1:100.
Other miscellaneous rules:
One contestant can only open and trade with one demo account in the competition.
After completing the contest, winners have 5 business days to reply the email about the prize receiving from brokers. Not replying means the prize will be cancelled.
Thirdly, I will tell you the point of forex contests.
The brokers I’ve mentioned above do not unconditionally host a contest that you can not only join for free but also win big money. They do that because they want new traders to experience their trading conditions, and then they can attract a large number of new traders.
These prizes are very attractive, but I advise you not to join more than two contests. The purpose of these brokers is attracting new traders, so their trading conditions seem to be perfect. But in fact, they are not that easy. Moreover, experienced traders also join these competitions to make more money. Hence, the chance for new traders to win these contests is nearly zero.
So what is my point here? I mean you can take part in these contests to experience and know the ways these brokers work. However, don’t pay much attention to it until you are confident in yourself.
Finally, I will give you some advices when entering a forex contest.
Ignore risk management
I say that because your trading accounts are demo, which means there isn’t risk in your trading.
Make multiple accounts
Create as many accounts as possible as you are free to take part in forex contests. This is a great way to increase your chance of winning.
Notice volatile times
Spend more time to expect the volatile times like news release. By that way, you can know when to move. Sometimes your movement can bring you a lot. But it also leads to your loss. However, in case you lose all, it’s still good because it doesn’t take you too much time for these contests.
Use your trading bots
To gain a profit rate of 10,000%, you have to spend all days and nights to trade. And no one can get such time. That’s why you should use a trading bot to take care of all work for you.
That’s all I would like to share with you. Before the article comes to an end, let me show you the reference list of current best forex contests.
FXTM Titans
Exness World Cup Contest
FBS Pro
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.
