BRKV - My fellow forex traders used to ask me some questions like what forex contests are, what they should do to win them, and which ones are the best. They are somehow drawn to the contests that well-known brokers host. But in fact, they don’t know what to pay attention to. The factors we should pay attention to when entering a forex contest are prize, rules and withdrawal conditions.

In this article, I will make a comparison of those factors of the top largest brokers. Here I just mention best forex brokers because like trading, joining a forex contest will be safer if we can work withTHE BEST FOREX BROKERS. Today, I am going to compare Exness, FXTM and FBS whose current contests are Exness Forex World Cup 2018, FXTM Titans, and FBS Pro. Moreover, after the comparison, I will also give you some advices that I’m sure you’ll need in these best forex contests.

1. PRIZE:

Exness total prize is the largest which is up to $120,000 for 12 rounds; they hence reward $10,000 per round. For FXTM, their total prize is only $40,000 for 4 rounds, meaning one third of that, so the prize for each round is the same as Exness. Whereas the first prize of each round of Exness is only $3000, that of FXTM is $5000. FBS has the smallest prize which is $1,000 as their contest is monthly. So their first prize is just $450.

Let’s look at the table below for more details.

2. RULES:

For these contests, the rules are not very strict. As they are demo trading contests, you just need to open a demo account in the registration period to take part in the competition.

When you enter the contests, each broker will offer you a different amount of money. For instance, FXTM: $100,000, FBS: $10,000 and Exness: $1,000. However, such amount of money is not critical as the elements deciding the winner among these three brokers are not the same. For FXTM, it is the ratio of profits calculated as follow: [Net Profits ÷ 100000] x 100 = XX.XX%. In the event that two contestants have the same ratio, the winner will be the one with the smallest drawdown – how much your fund decreases after reaching the highest peak. So if they still have the same result, what happens? In such case, the first prize will be shared equally for both contestants. For Exness and FBS, the factors used to decide the winner are the same and simpler. 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.

• Contestants can only make profit from the initial amount of money provided by brokers.

• 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.

• If there are any arguments, brokers will have the final voice.

3. POINT OF FOREX CONTESTS:

It’s not by chance that these brokers host a contest which you can join freely and win big money. They want new traders to experience their best trading conditions. From that, they can attract a great number of new forex traders.

According to my experience, I advise new traders not to pay much attention to these contests. I agree that the prizes are attractive, but participating in one or two contests is enough. As the main goal of the brokers is to attract new traders, the trading conditions of these contests seem to be really amazing. But in reality, they are not that easy. Moreover, experienced traders also join these competitions to make more money. This means the chance for new traders to win those experts is nearly zero.

So to sum up, you can take part in these contests to experience and know how these brokers work. Don’t pay much attention to it until you have traded forex for a long time and have confidence in yourself.

4. ADVISES:

After trading for a long time with various brokers, I’ve finally accumulated some tips when entering into forex contests.

1. Ignore risk management

As you are trading demo accounts, there is no risk. In forex contests, the profit rate is too low. If you want to win, your profitable rate must be around 10,000%. That’s why you can ignore risk management.

2. Make multiple accounts

Just create as many accounts as possible because you are free to take part in forex contests, why don’t you increase your chance of winning?

3. Notice volatile times

Instead of spending all your time on these contests, you ought to anticipate volatile times such as news release in order to move. Doing that can make you win a lot or lose everything. However, in case you lose all, it’s still good because it doesn’t take you too much time for these contests.

4. Use your trading bots

As making a profit rate of 10,000% requires all day and all night trading which no one can get such time, using a trading bot is a good idea. It will take care of all the work for you.

Following is the list of current best forex contests which you can consult.

FXTM Titans 

Exness World Cup Contest 

FBS Pro 

Read more Features and Characteristics of The Best Forex Brokers 2018

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.

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