Forex Demo Contests 2021 List
Forex Demo Contests and Competitions 2021
As a forex enthusiast who intends to succeed on the forex, you need a high level of discipline and a robust knowledge of how the market works. One good way to acquire forex knowledge is to participate in a forex contest.
Many online brokers create a platform for their traders, both newbies, and experienced traders, to participate in forex contests. A forex contest is organized so that traders can compete among themselves and retain their trading interests. The contest is divided into two – forex demo contests and forex live contests.
Today, we will take a look at the concept of forex demo contests. We will walk you through the benefits of participating in a demo contest and what you should know before joining any contest.
But before we dive deeper, let’s quickly explain what a forex demo contest is.
What Is a Forex Demo Contest?
A forex demo contest is a risk-free forex trading competition organized by online brokers to allow traders to practice their trading skills and strategy and win cash rewards, gifts, or tradable money.
Participating in a demo contest is very simple and straightforward – all you require is to open a demo account with an online broker and skills in forex trading.
Benefits Of Contest
Forex demo contests are designed for beginner traders so that they can practice their trading skills and learn how forex trading works using a live account. However, it is not strange to also see experienced or expert traders participate in a demo contest. Since they may earn a prize without necessarily risking their real money.
Primarily, the major beneficiary of a forex demo contest is beginners. Beginners are encouraged to participate in demo contests because:
- It would help them to understand the forex market and how to trade without losing their trading capital.
- They will learn the various tools required to automate trades. This would help them both physically and mentally should they decide to take up a career as a forex trader.
- They will gain real-time insight into the dynamics of live trading. This would help them to avoid unnecessary mistakes that may cost them their hard-earned money.
- A forex demo contest allows traders to test, correct, or improve any trading strategy before applying the same to trade in a live environment.
- They can gain self-confidence, win rewards at no cost at all, and without any risks.
As a beginner, once you participate in at least two or more demo contests, you would be one step closer to becoming a professional trader. As you can see, forex demo contests come with so many benefits. Therefore, if you plan to take up a career in forex trading, we encourage you to participate in different demo contests as often as possible.
What Should You Know Before Joining A Demo Contest
Before you join any forex demo contest, keep the following in mind:
- Be informed that each demo contest comes with unique rules and regulations. There is no one-size-fits rule for all the demo contests. These rules determine who is fit to participate in the contest, how prizes would be won, and how prizes would be redeemed.
- Endeavor to study all the rules and regulations and adhere to them. Non-compliance with the rules will automatically disqualify you.
- Choose a broker that is reliable and trustworthy.
- Only participate in a demo contest that is easy for you.
- Ensure you read forex-related news and stay updated with trends and events in the forex market.
The demo competition presents by the Broker with the following common terms and conditions and is available only to specific demo contest accounts. However, the terms and conditions vary from Broker to Broker depending on the particular contest.
General Terms and Conditions :
Basically, the Client needs to be eligible to participate in the Demo Contest with an age of 18 or the legal age applied in his country of residence.
Only Clients with a Demo Contest account are eligible to participate in this contest.
The Client hereby acknowledges, confirms, and accepts to be legally bound by the Terms and Conditions as set out in the particular Contest
Registration and Trading Period
The Demo Contest should have a registration date that the participants require to confirm their registration before the deadline. Some competition allows registration until the end of the contest, while others have a specific date to be registered.
Each contest has its duration suits their campaign, some of the common contest periods are Monthly, weekly, and many others. Among them there are contests runs on a regular basis with its particular timetable.
Usually, the Leverage & Initial balance is fixed for all contest accounts and cannot be changed.
Okay, that’s it. Forex demo contests are a great opportunity for you to perfect your trading skills without depositing any funds or even losing your hard-earned money. Since forex demo contests are organized by online brokers, do your due diligence when choosing a broker to create a demo account with.
Lastly, what’s your experience like the first time you participated in a demo contest? Let us know in the comment section!