Free forex contests on demo accounts, with real cash prizes, allow you to get an initial deposit, for trading, without investments. In addition, forex contests are an excellent incentive for beginners who do not want to waste time trading on demo accounts to feel the real forex market. The winners of forex contests receive cash prizes to a real trading account, which are available for trading, and in some cases, for withdrawal from the account.
Forex contests last from 1 hour to several months. As a rule, you can participate in forex contests an unlimited number of times. However, having won the competition, the trader cannot participate in the same competition again.
The size of the prizes and the number of prizes has a wide range, and is always described in the terms of the forex contest.
Forex contests are paid. The advantage of paid forex contests is the size of the prize money. As a rule, the amount of prize money in such contests is much higher than in contests on demo accounts.
The amount of prizes depends on the number of participants and the amount of the fee for participation in the forex contest. The total amount of fees is the prize money. Depending on the conditions of the forex contest, the prize place may be one or several. The fewer prizes, the greater the prize amount.
To participate in the forex contest, you need to open a competitive account. The start time of the draw is prescribed in the terms of the forex contest.
Before the start of the draw, an initial deposit will be credited to your contest account.
At the end of the competition, all open orders of participants are subject to the procedure of forced automatic closure.
The winners are determined according to the terms of a specific forex contest. Usually, the winners of the contest are considered to be the traders with the largest deposit amount based on the results of the draw. But, there are other methods of determining the winners, for example, by the largest volume of the position. Therefore, carefully read the terms of forex contests.