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. Forex demo trading contests are used to encourage new clients to sign up with a broker and continue to trade with them in the future. 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.
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. However, every broker will be slightly different in this regard. It is therefore imperative that you read them carefully and completely understand them before signing up for a contest. It might not have cost you any money to enter, but it will have 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.
They do have a purpose, though, 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 Forex broker running the Forex demo contest.
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. If participants were allowed to receive professional help they would have an unfair advantage over other competitors. 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 organiser.
The problem is not finding one, but choosing the best one for your needs. 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:.More...