Best Trading Competitions Reviews
Best Forex Demo Contest - RoboForex
Best Forex Demo Contests:
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1
RoboForex - total prize of $3000
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TU - winners will be rewarded based on their profits
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3
VantageFX - the grand prize of $2000
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OctaFX - $900 prize pool
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5
InstaForex - $500 reward
Dive into the thrilling realm of trading competitions with our comprehensive guide to the most rewarding contests offering tangible prizes. In this article, Traders Union experts will unveil the ultimate platforms where traders showcase their prowess, competing for more than just glory. Discover a world where strategy, skill, and determination converge, providing participants the chance to secure substantial real-world rewards.
What are trading competitions?
Trading competitions are competitive events where traders, both novice and experienced, engage in a simulated trading environment to showcase their skills and strategies. These contests often span various financial markets, including stocks, Forex, cryptocurrencies and commodities. Participants compete against each other to achieve the highest returns within a specified time frame. While these contests vary in structure and duration, they all provide a platform for traders to test their abilities, learn from others, and potentially win real prizes or rewards.
How does trading competition work?
A demo competition is a specific type of trading competition that focuses on the foreign exchange (Forex) market. Unlike live trading, participants use demo accounts, which are virtual accounts funded with simulated money. This eliminates the risk of financial loss and allows traders to practise and experiment with strategies without real-world consequences. Participants register, receive a demo account, trade during the contest period, and aim to achieve the highest returns. The prizes are then awarded to the best performers based on their trading success.
Best Forex demo contests
RoboForex contests on demo accounts
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.
Traders Union 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.
VantageFX Contests
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.
OctaFX 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.
InstaForex 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.
Best сrypto сontests
Crypto demo contests are competitions where participants trade virtual cryptocurrencies in a simulated environment, allowing them to practice and test their trading strategies without risking real money. These contests often offer prizes or incentives to the top performers, making them a valuable learning experience for aspiring cryptocurrency traders.
Bybit
The Bybit cryptocurrency exchange first appeared in 2018. It is a standalone derivatives trading platform with inverse and perpetual futures contracts with up to 1:200 leverage. Quarterly USD futures are available at Bybit in combination with BTC, ETH, XRP, EOS, LTC, and multiple tokens. There is a linear futures contract on BTC/USDT. The exchange has several technological advantages: it provides for mutual insurance of market participants against possible sharp price movements. There are offsets for long and short positions, and there is market depth.
Binance
The Binance exchange is one of the largest cryptocurrency exchanges in the world with its headquarters in Hong Kong. According to the CoinMarketCap cryptocurrency portal, Binance holds the top spot in terms of aggregate indicators of the platform's daily turnover, the number of novices and active users, liquidity, and web traffic (ranking, queries, statistics in search engines, etc.). The exchange is also a cryptocurrency startup that has its own “native asset” used in the Binance ecosystem as the “basis gas” (payment internal unit).
Bitget
The BitGet crypto exchange provides traders with the opportunity to trade in spot, futures, and cryptocurrency. Cryptocurrency is used exclusively as instruments at the exchange: BTC, LTC, ETH, USDT and others. Trades are carried out on the crypto exchange’s own platform, which is available as a web terminal and an application for mobile devices. BitGet's fees are lower than its competitors in the market, with maker fees of 0.02% and takers of 0.06%. The commission can also be paid with bonus funds that each BitGet client receives upon registration, verification, and a trading account replenishment. There are no fees for maintaining an account, but a commission is charged upon withdrawal, the amount of which depends on the cryptocurrency in which the withdrawal is made. For investors, BitGet offers its own service for copying trades, and it is available at the exchange and at an affiliate program. Novice traders can use demo accounts to hone their trading skills, but there are no educational materials on the website. The BitGet cryptocurrency exchange provides services on an international level and cooperates with traders from different countries.
OKX
OKX is an international cryptocurrency exchange that has been providing financial services since 2017. On the OKX platform, you can buy and sell cryptocurrencies and earn money by storing tokens and providing funds for margin trading. The cryptocurrency exchange offers over 100 cryptocurrencies such as BTC, LTC, ETH, XRP, etc., several ways to make passive income, and a base with educational materials.
Huobi Global
Huobi Global is a global cryptocurrency exchange that was founded in China but is headquartered in Seychelles. The work of the international company Huobi Global started in 2013. The cryptocurrency exchange allows traders to carry out transactions with a variety of assets, including about 300 currency pairs and cross rates. There is no information on whether this company is licensed and the exchange hasn’t received any awards during its brief activity.
Best stock contests
Best Stock Trading Contests In 2024eToro contests
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC and eToro (UK) is licensed by the British regulator FCA. The broker also has a representative office in Australia and the USA.
Revolut contests
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
Wealthsimple contests
Wealthsimple is a robo-advisor (algorithmic trading robot) that was founded in 2014 in Canada and also provides services in the UK. It is regulated by the UK and Canadian Securities Commissions, including the FCA and IIROC, and participates in the Financial Services Compensation Scheme (FSCS) as well as the Canadian Investor Protection Fund (CIPF). Wealthsimple serves over 1 million investors and manages £3 billion of investments.
M1 Finance contests
M1 Finance is a subsidiary of M1 Holdings Inc., which provides long-lasting investment services. M1 Finance is registered and regulated by FINRA (Financial Industry Regulatory Authority of the United States), and also cooperates with SIPC (Securities Investor Protection Corporation), which guarantees investors comprehensive protection and financial compensation in the event of a financial mishap. The M1 Finance broker provides services exclusively to US residents and offers to choose a trading account with personal or joint access, create a trust and retirement account, and open an account for minors. In addition to investing, M1 Finance clients have access to loan and payment services with a special M1 card.
Webull contests
Webull is an American broker-dealer headquartered in New York City and is a FINRA, SIPC, NYSE, and NASDAQ member. The company was incorporated in May 2017, and in January 2018 it was already registered with the SEC. It is part of Webull Financial LLC and is licensed to carry out brokerage activities in all 50 US states. The broker offers a wide range of stock market assets, professional analytics and an intuitive trading platform with a variety of technical and fundamental analysis tools.
TD Ameritrade contests
TD Ameritrade is an American broker that provides top-notch online services for online stock trading and investing in securities on the OTC markets. The company was founded in 1975 under the name First Omaha Securities. It was reimagined as an online broker in 1998. TD Ameritrade is a member of FINRA and SIPC and currently serves over 11 million client accounts. The broker offers simple pricing, high-tech trading platforms with professional analytics, and a wide range of markets and investment products. TD Ameritrade was named Best Online Broker 2020 by StockBrokers.com and ranked first in the Platforms & Tools, Beginners, Education, and Customer Service categories.
Why is it worth participating in trading competitions?
Participating in trading competitions can offer several benefits beyond just practicing on demo accounts. While it's true that demo accounts don't involve real financial risk, trading competitions provide a more realistic environment and additional advantages that can help traders develop their skills and gain experience. Here are some reasons why participating in trading competitions is worth considering, according to Traders Union experts.
There is no risk involved in trading on demo accounts.
In trading competitions, you can actually win money while you're still learning how Forex works.
You can practice your trading strategies and see how different Forex brokers work without any pressure.
Competing also allows you to assess your trading performance objectively and identify areas for improvement.
It can boost the traders' confidence and encourage them to apply their strategies to real trading.
Competitions give traders the opportunity to experiment with new trading styles, tools, and techniques.
It provides insights into market trends, which can help traders stay updated and adapt to changing conditions.
What are the disadvantages of trading competitions?
It's important to approach trading competitions with a balanced perspective, considering both the potential benefits and drawbacks. While they can offer valuable learning experiences, TU experts have listed some disadvantages of trading competitions for you below:
It can be harder to win because there are a large number of competitors.
Strategies that work in demo contests might not be the best ones to use when you're trading with real money in the Forex market.
Competitions can go on for a long time, so you need to commit time and effort to it before they finish.
Trading contests can make people feel stressed and pressured because they want to win. This stress might cause traders to do things differently than they usually do and make quick choices without thinking a lot.
Many trading competitions prioritize short-term profits over consistent, long-term strategies. This can lead to participants taking unnecessary risks in pursuit of immediate gains, even though it might not be the best way to trade safely.
Trading competitions often lack real-world factors like slippage, market volatility, and liquidity constraints that traders encounter when trading with real money. This can make traders feel like they're really good at trading, even though real trading is more challenging.
FAQ
How does trading competition work?
Trading competitions are contests where traders compete to achieve the best results, usually by making profitable trades within a specific timeframe. Participants use virtual funds to trade, and those with the highest returns win prizes.
Is there a Forex trading competition?
Yes, many brokers and platforms host forex trading competitions. These contests allow traders to showcase their skills, compete for prizes, and gain experience without using real money.
What are the benefits of trading competition?
Participating in trading competitions can help you improve your trading skills, develop strategies, and gain exposure to different markets. It's a chance to learn, test your abilities, and potentially win rewards.
How can I win in trading?
Winning in trading requires a combination of knowledge, practice, and discipline. Focus on learning about the markets, developing a sound trading strategy, managing risk, and maintaining emotional control. Consistency and continuous learning are key.
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).