WHY ARE THE BEST FOREX CONTEST FOR NEW TRADERS?Posted by ABC on October 4th, 2018 WHY ARE THE BEST FOREX CONTEST FOR NEW TRADERS? New traders now are attracted by bonus programs and inviting conditions from tons of brokers. Up to the moment, brokers release contests programs which appeal new traders to come and compete by demo accounts. Today, I would like to share with you the current situation of the forex market, what brokers offer you in contests and what are the best forex contests at the moment. Finally, I would like to conclude about the purpose of those contests. I think you should care about the bounty you get for free.
The prize is absolutely what people look at first when talking about any contests or competition. And, to attract beginners and new traders, some brokers introduce a huge amount of money for winners. For example, Exness holds the most significant awards: 0,000 in total. Participants have 12 rounds to compete, and the first place wins 00. Total of prize for each round comes to ,000. FXTM launched the same value in each round. However, there are only 4 rounds in FXTM titan contests. On the other hand, the first place takes 00. FBS hosts contests more frequently. You can take part in FBS monthly contest and win 0 maximum. The total value of a prize is 00. You can find the detailed prize for other places as below
It’s not inviting anymore if you won the contest but not allowed to take the money. Therefore, forex contests are evaluated by the terms of withdrawal. Regarding it, I would like to say my most favorite FXTM, who allows participants to take everything they won in the contests. FBS has the same term with a smaller value. I recommended it as the runner-up. Exness is generous, too. However, Exness benefits itself by contests in a straightforward term. That’s winners are allowed to take half of the money. The rest is supposed to stay in clients’ accounts and get ready to trade.
The demo contests are for new traders who never trade with the host brokers. I’d like to repeat. And the participants are supposed to be beginners in the industry. As consequences, the rules come easy and straightforward to follow. Some basic terms every broker require participants such as:
I would like to let you know more about specific rules of some large brokers such as FXTM or Exness. The rules of the largest brokers in 2018 usually clear and simple, no hidden terms, so that I recommend beginners to take their contests. The first illustration is the FXTM. Like other brokers, FXTM gives customers virtual money, in this case, the money is 0,000. FXTM organizers decide the winners by the ratio of profit. They calculated by following formula: [Net Profits ÷ 100000] x 100 = XX.XX%. The second example is the Exness. Exness offers attendants ,000 of virtual money. And they choose the best performance of all.
Brokers usually apply high leverage to promise a big shot. For instance, Exness applies 1:2000 of leverage to World Cup contest. In FXTM Titan, leverage is 1:500. With FBS, it’s only 1:100 of leverage.
Firstly, you should know that what happens in contests come differently in real life. Therefore, do not take it as seriously as a training course or lessons. Let’s make it like a chance to do every test you could try. Because they are risk-free. I have some tips that could help you in the way of conquering the contests:
The accounts are demos. The contests are demos, and when starting the game, participants get virtual money to trade. That means you would never lose any money of yours or waste deposit on transactions. I advise you to trade as many lots as you can. That improves the profit rate and increase your chance of winning.
High leverage can cause traders to win big and also lose big. However, finishing the contest sharply and quick saves lots of your time.
More accounts can increase the opportunities of winning just because you can take part in the contest more than once.
Closing transaction right before the news release time is something like gambling. You can make a huge back or lose everything.
Trading bot’s productivities are much higher than human’s. Using trading bots can easily pull the profit rate up to 10,000%. By the way, you can test the trading bots.
- They are hosted by the largest and most reliable brokers who can guarantee profit and prize to new traders who barely know about the market. FIND THE MOST RELIABLE BROKERS HERE - The contests give the best rewards and ideal conditions for first transactions of beginners? - Forex contests give beginners chances to test every strategy and ideas crossing their mind for the first time. However, new traders should know that experienced traders take part in the contests, too. Of course, they aim at prizes, but that means the games are not simple anymore. Also, real trading doesn’t happen the same as in contests. Many troubles and risks coming up that new traders might not be prepared. I would advise new traders not to focus much in contests but they can attend some contests, and they should be the best forex contests, for example:
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