For forex brokers, the best forex contests are favorable occasions for them to attract many new traders. They will give the best prizes, rules and withdrawal conditions. As a new trader, there are many questions: What are forex contests? How can we win them? Which are the best forex contests in the market?
This article will answer those questions. In addition, I’ll compare those factors of the best forex brokers. The brokers I’m going to compare are: Exness, FXTM, and FBS with current contests such as: Exness Forex World Cup 2018, FXTM Titans, and FBS Pro. I will also give you some vital advice in these best forex contests.
1. What is the chief point of forex contests?
The multitude of traders wonder why they can join these contests for free and get big prizes. It is apparent that brokers have their customers experience the best trading conditions. They are likely to appeal to their clients by conducting this method. However, it is not vitally important for you to take these contests into account because you hardly gain profit.The ultimate goal of offering these competitions is to draw the attention of new traders. It would be hard for you to win these contests because of its behind truth. Some experienced have more chances to win these competitions, you thus need to consider them as a chance to have a good view about the operation of best forex brokers.
2. What do we need to prepare when entering the best forex contests?
Choose the highest leverage possible
When you opt for the highest leverage, you are likely to win a big amount of money, and you can also lose all. When you choose to join forex contests, you need to find the fastest way to collect more profit.
Create a lot of accounts
forex competitions are totally free, you thus should create as many accounts as possible in order to increase the possibility of winning.
Do not care about risk management
In fact, you are trading with demo accounts, you should not care about the risks. What you need to do is to find some strategies to win and gain your profit. Therefore, you do not need to pay closer to risk management.
Use trading bots
Using trading bots can be an effective way to save your time and your energy. In fact, when you want to win more, you need to spend a lot of time and effort. The best way, of course, is to use trading bots. Here are the list of best forex contests at this point.
- FXTM Titans
- Exness World Cup Contest
- FBS Pro
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3. Can we find best forex contests with best prizes?
Normally, the ultimate aim of traders when taking part in forex contests is to enjoy prizes. They desire to choose best forex competitions so that they can have more chances to gain more and more. In fact, Exness broker is considered to be the best one with largest prize, which appeals to a lot of traders, especially new ones. When you come to this broker and enter their contest, you can have the biggest prize, which is $120,000 total for 12 rounds. The largest prize of FXTM broker is $40,000 for 4 rounds. FBS Pro has the smallest prize which is $1000. The first prize of FBS Pro is only $450. To be more specific, I will show you the table of prizes of these forex brokers. It is obvious that we should know more about their prizes before deciding to enter their contests.
- Exness : 12 rounds
+ 1st place - $3000
+ 2nd place - $2000
+ 3rd place - $1000
+ 4th and 5th place - $500
- FXTM : 4 rounds
+ 1st place - $5000
+ 2nd place - $2500
+ 3rd place - $1200
+ 4th place - $800
+ 5th place - $500
- FBS : 1 round
+ 1st place - $450
+ 2nd place - $250
+ 3rd place - $150
+ 4th place - $100
+ 5th place - $50
4. The rules of the best forex contests
It is often regarded that understanding the rules of best forex contests is the most important thing. In reality, some regulations of these contests are really straightforward. It is because you only need to have a demo account in order to take part in these contests. When you join these competitions, you can get the virtual amount of money. FXTM provides you the biggest virtual amount of money, which is $100,000. In terms of FBS and Exness brokers, they provide less money, which are $10,000 and $1000 respectively. It is not really necessary for you to take these amount of money into consideration. You need to pay much attention to some other elements. In terms of FXTM, in order to calculate the ratio of benefit, you need to conform to this formula: [Net Profits ÷ 100000] x 100 = XX.XX%. In some cases, when the ratio of two traders are equal, the winner is the one has smallest drawdown. In terms of Exness and FBS, they are much simpler than FXTM because the winner is determined by contest period.
In fact, there are some clear differences among these forex brokers in terms of the leverages. Honestly, I have been trading with Exness for 5 years, their leverage is the best. The leverages play no less important role in forex contests, you thus need to grasp some information about the leverages of aforementioned forex brokers.