Best Forex Demo Contests Reviews
Best Forex Demo Contest - RoboForex
Best Forex Demo Contests:
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RoboForex - total prize of $3000
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TU - winners will be rewarded based on their profits
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VantageFX - the grand prize of $2000
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OctaFX - $900 prize pool
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InstaForex - $500 reward
Demo contests are a tempting opportunity that has swept the trading community off its feet in the thrilling world of Forex trading. In this article, Traders Union experts provide a comprehensive review of the top Forex demo contests currently available. You can quickly determine which competition best suits your trading objectives.
Key points from the article
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Forex demo account contests allow traders to practice trading without risking their funds, learn trading strategies and skills, and win cash prizes.
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Some of the top brokers offering regular Forex demo contests are RoboForex, which holds a monthly contest, and InstaForex, which runs weekly Forex Sniper Contests allowing traders to showcase their skills on a regular basis. Traders Union also has monthly contests where winners are rewarded based on profits.
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Winning demo contests requires achieving high profits but also maintaining low drawdowns and risk-adjusted returns.
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Some disadvantages include the sole focus on profits, large number of participants, and strategies not necessarily working for real trading.
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Demo trading may not fully replicate the real trading environment due to certain limitations of virtual accounts.
What is a Forex demo account contest?
A Forex demo account contest is a competition organized by a Forex broker, offering traders a safe environment to showcase their trading skills without risking any real money. You only need to register with a broker of your choice and receive a demo trading account with virtual money in it. Your goal is to achieve the highest return on investment within a set time frame. So, whether you're a beginner or an experienced trader, these Forex demo account contests are your ticket to improving your skills and winning rewards along the way.
Which are the best Forex demo contests?
In this section, we are going to briefly discuss the most exceptional Forex demo contests available in the market, according to Traders Union experts.
1. RoboForex Demo Account Competition
The RoboForex Demo Account Competition is a monthly event open to all registered clients, providing an opportunity to win a total prize of $3000, which will be distributed among the top 10 participants with the highest account balance at the conclusion of the contest. To join, clients must complete verification in the Members Area, choose a unique nickname, and open an MT4 Demo Fix account with an initial deposit of $5000 and a leverage of 1:100. It is important to note that the Stop Out level is set at 20%, and the Hedge Margin is 25%.
During the competition, each participant is allowed a maximum of 10 orders, with a transaction volume not exceeding 0.1 lots. While all trading instruments are available, the use of Expert Advisors is strictly prohibited. In the event of multiple traders achieving the same results, the prize will be divided among them based on their final rankings. Winners can claim their prize money in various trading accounts, including Fix-Cent, Pro-Cent, Fix-Standard, and Pro-Standard. To claim the prize, winners must send a private message containing their account number to ContestFX on the RoboForex message board. However, participants should be aware that if a suspension occurs during the contest period, the prize money will be deducted from the account.
2. Traders Union Monthly Forex Demo Contests
For novice traders interested in participating in the monthly Forex demo contest, Traders Union (TU) offers a user-friendly platform. To get started, simply visit the Traders Union rebate service website, select the hosting broker running the contest, and open a demo account. Follow the guidelines provided in the broker's contest section to join the competition and stand a chance to win from the enticing prize fund. The Top 10 winners will be rewarded based on their profits, making it an excellent opportunity for those who secure a spot among the leading traders.
TU Forex contests are held on demo accounts, which not only allow participants to compete but also provide an opportunity to thoroughly test the broker's services. Winners of the contests receive real cash prizes to support their trading journey. To participate in Traders Union contests, you need to be a registered member of the Union and have access to your personal account. The contest runs from 10.05 p.m. CET to 3.55 p.m. CET and is open to all verified members of the Traders Union.
3. VantageFX Demo Contest
By participating in the exciting VantageFX Demo Contest and showcasing your trading skills, you can stand a chance to win attractive cash prizes using virtual money. This risk-free competition allows traders to compete for the top spot and secure the grand prize of $2000 USD. The second and third-place winners also stand a chance to win $1000 USD and $500 USD, respectively, while the fourth and fifth-place participants can earn $100 USD each. This monthly contest is open for registration until December 31, 2023, exclusively for MT4 STP accounts denominated in USD. Traders can access a wide range of financial instruments with leverage of up to 1:40.
With its simplicity and easy registration process, the contest appeals to both seasoned and new traders. Interested participants only need to follow three simple steps: register an account, verify their profile, and actively participate in the demo contest. The winner will be determined based on the highest profit achieved during the contest period. One unique feature that sets this contest apart is the ability to withdraw all earned profits, provided that the participant completes at least three closed trades. This attractive aspect enhances the appeal of the competition, making it an excellent opportunity for traders looking to maximize their rewards.
4. OctaFX Demo Contests
OctaFX presents two thrilling demo contests that provide clients with an opportunity to refine their trading skills and win exciting cash prizes. The first contest is the OctaFX cTrader weekly demo contest, which is open to all clients who can vie for a portion of the $400 prize pool. The top five traders with the highest account balance at the contest's conclusion will be generously rewarded. Trades must be executed on the cTrader platform or its browser-based version, and participants must open a cTrader Weekly Demo Contest Account to join. Accounts are equipped with a $1000 virtual deposit, 1:50 leverage, with conditions akin to OctaFX ECN accounts. Furthermore, traders are allowed to use Expert Advisors, and the minimum trading volume is set at 0.01. In the event of ties, the prize shares will be evenly distributed among the winners, ensuring fairness and excitement.
The broker’s Champion Demo Contest is the second, it takes place monthly and is open to all clients. Participants have a chance to claim their share of the $900 prize pool, with an additional $100 prize awarded to the last-place holder. To enter this contest, traders need to register a Demo Trading Account with verified information. This contest has similar conditions as the first, but one noteworthy feature of the OctaFX Champion Demo Contest is that there is no maximum limit for trading volume, providing traders with ample room to demonstrate their trading prowess.
5. InstaForex Demo Trading Contests
InstaForex presents an array of captivating demo trading contests, providing traders with a risk-free environment to test their skills and strategies while vying for lucrative cash prizes. These contests encompass the Great Race, Sniper, FX-1 Rally, Lucky Trader, and Real Scalping, catering to various preferences. Participants can enter using demo accounts, honing their trading abilities without any real financial risk.
Of all these thrilling contests, the InstaForex Forex Sniper Contest stands out as one of the most popular demo trading competitions offered by the broker, offering weekly opportunities for traders to showcase their skills. The contest runs from January 1 to December 31, 2023, with traders registering using unique nicknames, and competing for the highest profit. As the contest concludes, the top five winners will be handsomely rewarded with cash prizes, with the first-place winner securing an enticing $500 USD reward. It's important to note that while the bonus amount cannot be withdrawn, all earned profits from the contest bonus can be withdrawn, further enhancing its appeal.
6. FBS Demo Contests
FBS Forex Broker introduces the FBS League demo competition, a thrilling opportunity to win cash prizes from a $1000 prize fund distributed among the top 5 traders monthly. You have the option to compete individually or form teams consisting of 3-5 members. The highest-profit traders at the competition's conclusion will secure the cash prices. Furthermore, the top 5 teams will receive additional funds on top of their individual prices. To participate, traders must open a demo contest account with a starting virtual fund of $10,000, trade diligently, and withdraw their winnings.
In addition to the FBS League, the broker presents the FBSPro Demo Contest, offering traders a chance to trade and win monthly cash prizes. This competition offers competitors an initial account balance of $10,000 in virtual money, 1:10 leverage, with $1,000 to be distributed among the top 5 successful competitors. Winners are determined based on the highest account balance at the end. Prices are transferred to FBS real accounts and can be easily withdrawn through the preferred method.
7. NPBFX Demo Trading Contest
NPBFX is running a monthly demo trading contest, exclusively available to all registered clients. This contest offers participants a risk-free opportunity to engage in live market trading using a virtual capital of $5,000 USD. The contest runs throughout the entirety of 2023, spanning a month from the first to the last day of each month. To join the competition, contestants only need to register online and open a demo account.
Attractive prizes await the top performers, with the first-place winner securing an impressive $1,000 USD, the second-place winner receiving $500 USD, and the third-place winner being awarded $200 USD. Prices are also available for participants placing fourth to tenth. To be eligible for these prizes, contestants must achieve a minimum profit of 30% and close a minimum of 10 trades. Participants enjoy the freedom to utilize any trading strategy. The prize funds are credited directly to the winners' real trading accounts at NPBFX brokerage, and they are fully withdrawable.
8. Alpari Virtual Reality Demo Contest
Alpari hosts a unique virtual reality trading contest held in four rounds each year, spanning approximately eleven weeks per round. With over 4,600 participants competing on demo accounts, the contest boasts an impressive prize pool of $8,760, along with 50,000 ALP bonus points up for grabs. Traders commence with a virtual deposit of $100,000 and exclusively utilize Alpari MetaTrader with a 1:10 leverage and a minimum lot size of 0.1, which subsequently increases to 0.01. It is important to note that the usage of proxies is strictly prohibited, and demo accounts are exclusively designated for contest participation.
The percentage of profit, the percentage of drawdown, and the profit factor are used to choose the winners. Prices are given to the top 30 traders with the highest profit and lowest drawdown percentages, with a $10,000 PAMM account going to the top overall performer. Each round lasts for a duration of 11 weeks, and specific dates are regularly updated on the broker's website. Prices vary, with the first-place winner securing an impressive $500, while the tenth-place participant is rewarded with $70. Additionally, traders have the privilege of unrestricted withdrawals of their contest winnings, adding to the appeal of this event.
Why use demo contests?
Participating in demo trading contests allows traders to experience real-time market conditions and fluctuations, just like they would in live trading
There is no risk involved in trading on demo accounts
It is a great way to make your first money in Forex.
You have the possibility of testing your skills and strategies
Demo trading contests offer attractive prizes and rewards for the top-performing traders
Demo trading contests allow traders to become familiar with the different trading platforms offered by various Forex brokers
What are the disadvantages of demo competitions?
Demo contests often reward participants based solely on profit and not risk-adjusted returns
A large number of participants
Some demo trading contests lack transparency in their guidelines, grading scheme, or selection procedure
Demo contest strategies are not necessarily good strategies for real money Forex trading
Contests, in general, can take a long time to finish
Trading in demo competitions lacks the sense of accountability that comes with risking real money
FAQs
Is the use of Expert Advisors (EAs) allowed?
Policies vary but many brokers do allow the use of EAs in demo contests.
How many trades must I place to be eligible?
There is typically no minimum trade requirement but 5-10 closed trades are common to ensure participants are active traders.
What trading products can be used in demo contests?
Demo contests usually allow trading on major forex pairs, commodities, indices and stocks using the broker's platform.
How do I open a demo account to participate?
Visit the broker's website, search for their demo contests page and follow signup instructions which usually require only basic identity verification.
Glossary for novice traders
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Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
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Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
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Scalping
Scalping in trading is a strategy where traders aim to make quick, small profits by executing numerous short-term trades within seconds or minutes, capitalizing on minor price fluctuations.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).