A Guide to choosing the best Forex contest

Forex is a market full of opportunities and as time passes, more and more people have access to this very important and diverse trading market. As of today, people from the poorest regions have access to the Forex trading market, which makes it even more popular around the world.

Forex trading was once something for only a handful of people, who had to call a broker directly to make moves. As of today, Foerx is accessible by most of the people around the world, thanks to the development of modern technology. Every day, new Forex brokers are emerging and offering traders different types of opportunities.

In today’s guide, we will tell you everything about contests and competitions that have changed many people’s lives forever, and will also provide you with accurate and useful tips for choosing the best Forex trading competition 2024 that will fit your needs the most. So, if you wish to learn more about all of these, follow our guide carefully!

What is Forex trading and how did it become so popular?

Before we talk about competitions and all of that good stuff, I want to tell you a little bit about Forex trading. If you are new to the field, the easiest way to describe Forex trading is basically a process of selling and buying different currencies at the same time. The Forex market is actually the largest, most liquid market in the world. There are trillions of dollars traded every day by the Forex traders around the world. Forex has no centralized location, it is an electronic network of banks, brokers, institutions, and traders, who are mostly trading through brokers or banks.

Because of such popularity, the number of Forex brokers around the world is increasing, and to distinguish themselves from others, many Forex brokers are coming up with different types of ideas to attract more users. One of them is the contests and competitions, which are a great way for FX brokers to attract more traders to their trading platform.

What are Forex contests and are they worth your time?

Contests in the world of Forex can be very different from one another. There are many different contests created for all sorts of different types of Forex traders, including beginners and those who have been trading FX for a very long time now. The idea behind these contests is to offer traders some type of challenge and awarding those who end up doing the best job.

Contests are working very well for both, Forex brokers and traders since it gives brokers the ability to attract more people, while also giving traders the chance to win big. There are even some contests where you do not even have to make real-life deposits, which can be very useful for those who are just starting out in the world of Forex.

What is a demo account and what are the best Forex demo contests 2024

Demo accounts are a great way for many people to start Forex trading without actually using their own funds. It is a very important part of Forex trading since it offers traders the ability to have access to a Forex trading market without having to use their own real-life funds.

Mostly, demo accounts are used by beginners, who are trying to learn more about the field of Forex, however, it would be very wrong if we said that these types of accounts are created for beginners. In reality, they are something that can be used by experienced Forex traders very actively, because they offer you the ability to learn more about your trading tactics, strategies, and come up with new ways for Forex trading.

In addition to all of these, demo accounts are known to be a perfect place for different types of contests. The best demo forex contests 2024 will offer you the ability to win different types of awards, including real-money. It is a great thing for those who do not wish to spend their own funds for Forex trading. In many cases, a lot of people use these types of competitions to win base money for future Forex trading. Though it won’t make you super-rich, it still represents a great way for starting Forex trading.

What are some of the best companies for trading competition 2024?

Always remember that the best competition is the one that comes with the biggest rewards. One of the companies that are known to have a huge amount of prizes is the Exness, with its 12 round contest, the total amount of money for the contest is $120,000. If you end up being number one at the contest, you could win as much as $3,000.

FXTM also has a very nice competition of 4 rounds, with those who end up in the first place winning $5,000. For FBS, even though the one-round competition is not super great when it comes to prizes, it still is nice to get some of it.

Also, another very important part of this is what could you do with the money that you win? In this context, the best one seems to be FXTM. With this broker, you have the freedom to withdraw all of the prizes that you win once the competition is completed. On the other hand, for Exness, you can only withdraw half of the prize that you win, and you have to trade Forex with the other half.

So, remember that the amount of money that you could win is not always the most important thing in Forex trading, you also have to focus on the rules and guidelines that the company has for competitions.

Why are rules important for Forex trading contest 2024?

One thing that we want you to remember before you start enjoying different types of contests is to make sure that you understand the rules that you need to follow during the competition. Some people take part in the competitions without even reading a thing about them, and then they become energy when they are unable to withdraw their funds.

So, make sure to understand everything about the contests. First and foremost, you need to be sure that you will be able to withdraw the funds that you won. However, if the broker does not allow you to withdraw the funds does not mean that the competition is not good enough, remember that the money that you get from the broker can be used for Forex trading, which can help you earn even more money.

Always remember that, in addition, on every single one of the platforms that we have already talked about, traders can only make one demo account for the competition. Also, you should always make a profit from the initial amount of money that was provided by the Forex broker and you are not able to deposit money on your own.

After the competition is completed, the winners of the competition have only 5 business days to respond to the email about the prize, if you do not respond, the prize will be canceled.

How is the winner of the best demo contests 2024 chosen?

In most cases, the rules for the contests are very simple. If they are one of the demo contests Forex 2024, you will need to open a demo account. However, keep in mind that every company offers you different amounts of virtual money, for example, FXTM will give you the most, $100,000 of virtual money, while FBS and Exness will give you a lot lower, $10,000 and $1,000.

However, these amounts of money don’t really matter in most cases since the factors that decide the winners of the competitions are very different. So, let’s discuss it one by one.

For FXTM, the main factor for deciding the winner is the ratio of profits. If two contestants end up having the same ratio, the one with the smallest drawdown will be the winner. Drawdown is basically how much your funds decrease after it reaches the highest peak. If they still have the same results, the money will be shared between the contestants equally. For excess and FBS, the winner is the one who made the most during the contest.

In addition, the leverages for contests are also very different. Exness has the best leverage, which can get as high as 1:2000, for FXTM it is a bit lower, which is 1:500, and FBS contest leverage is only 1:100. Also, remember that even if you do not succeed, taking part in Forex demo contests can make your knowledge about the field of Forex a lot better, and in the end, this can make your trading more successful.

What are some of the best Forex competition in 2024?

There are tens of different contests on the market right now, but what are some of the best ones? The answer to this question is very hard because in most cases, it depends on the needs and wants that you have for Forex trading. One of the best once available online right now is the LiteForex Dream Draw contest.

One thing that makes it better than the other is the fact that the entry requirements are quite fair, and the prizes are super great. Everyone who has a trading account at the platform can enjoy the contest. The requirements are that you need to deposit $500 and trade at least 10 lots, once these requirements are met, you will be given a ticket.

The prizes of the competition are very competitive and one of the greatest on the market, they include:

• $250,00 certificate to buy a home anywhere in the world
• $60,000 certificate to buy a Lexus GX
• Different apple products, including the newest iPad PRO and iPhone 11

The contest will go on until May 3rd of 2024, and 5 winners will be drawn on the 3rd of August.

For beginners, a great opportunity is the MultiBank Fast and Furious contest, this is another free trading tournament, and the prize of the tournament is as much as $10,000 for the winner.  MFX Broker freeroll championship is another one that I want to talk about. MFX offers two kinds of contests, FX Rodeo and Weekly Jam, which lasts from Monday to Friday.

There are many other trading platforms on the market offering very diverse opportunities for Forex traders, both for those who have been trading for a long time now, and those who have just started it.

Alpari virtual reality demo contest

If you want to try out some of the best contest forex 2024, you should not miss out on this one. The contest is held by the broker four times per year, and the exact dates are being published by the broker regularly. There are ten different winning categories, each of them having different amounts of prizes.

The different rounds compete in a different demo account. 30 lucky winners with the most profit and the lowest drawdown are determined and they are getting the prizes. To be eligible for the competition, participants need to provide accurate information. After registration, they will receive $100,000 as an initial deposit, and the winners have to register for the next rounds as well.

Also, even though FX instruments are available on MT4 accounts, virtual money can only be traded via Alpari MetaTrader. The leverage is as little as 1:10, the competitors can not use a proxy, and the account can only be used during the contest.

What are the weekly Forex trading tournaments

Weekly tournaments are very popular among Forex brokers. There are many versions of them available, in most cases, the prize of weekly challenges are not that much, however, they can still be a lot of fun. One of the best weekly tournament that comes to mind is the OctaFX cTrader Weekly demo contest. The company hosts the contest for all of its clients, the prize pool is $400, which will be shared among the 5 best Forex brokers who can maintain the highest account balance by the end of the period.

However, the brokers have to open up the cTrader Weekly Demo Contest account with the broker, download the cTrader platform, or use it in the browser, start to trade, and work on getting as much balance as possible. The initial deposit that will be on your demo account is $1000, you can trade with a leverage of 1:500, and the winners of the competition should consent the publication of their names and registration data in the company news. The prizes will be transferred to the account of the clients and they can be fully withdrawn.

Tickmill broker also has a 1-week demo trading contest, which has 20 winners who are getting cash as a prize. All demo contest participants will get 10,000 virtual money, which they will trade at high leverage of 500:1. Those who gain the highest profits will be declared as winners, the prizes can be withdrawn without any restrictions. The biggest prize for the competition is $200, which will be given to the winner of the competition.

The best monthly Forex demo contests

Monthly contests are also very popular among Forex traders around the world. Although there are not so many of them, there still are some that you can enjoy. Agea broker is one of the platforms that offer Monthly Demo contests, in which everyone can participate. The only thing that you need to do is simply open a demo account, win the competition, and withdraw the money that you won. The contests take place on the Agea Streamster platform, which is available for Windows desktops or web platforms. The traders are initially receiving 10,000 virtual money, and they can trade with leverage set at 100:1.

The top 3 traders who gain the highest profits will be the winners of the competition. However, just like with weekly competitions, the prizes for the monthly contests are very low, in the case of Agea, it is as little as $50 for first place, second place $30, and the third-place only $20.

What is a live contest and how to join trading competitions 2024?

Forex live contest is a competition hosted by a Forex broker. These type of competitions are not for everyone and mostly fits the needs of the experienced Forex brokers. To be more successful at these types of contests, make sure to join the Forex demo contests first to gain some experience.

With live trading contests, you have the ability to trade regularly, while also having a chance of winning some of the best awards. However, before you go out there and start participating in these types of competitions, make sure to read everything about the competition very carefully. Ensure that you can fulfill the terms and conditions offered by the broker, also, confirm that you have sufficient funds for the competition. Keep in mind that the broker has the right to disqualify you in case they suspect any type of false information or documents.

For live competitions, you need your own money to trade. However, because of this, in most cases, the prizes are a lot higher than demo account competitions. However, it is very important to be very safe while enjoying one of these competitions, make sure that you are using the right Forex broker, learn as much as you can about the competition, ask the question you might have, and always be ready to make moves!

How to win Forex competitions 2024?

There are many things that you need to keep in mind while taking part in Forex trading competitions. Remember that the field of Forex is one of the riskiest fields on the market, and for you to be safe, you need to make sure that you learn as much as you can. For learning, one of the greatest tools is the demo accounts, which in turn, offer you the chance to start Forex trading without your own funds.

Although you might not get super-rich with these, you get the ability to test your strategies, work on the way you trade, get to know with the field of Forex, and this can lead to a very successful trading future.

Also, make sure to always take into consideration the rules that are in place with a certain competition. In most cases, these rules are created to keep you safe, and following them can make chances for winning even higher. Also, we would recommend starting trading slowly. Once you have mastered competitions on demo accounts, try to transition to live competitions, that can offer you much bigger prizes.

How to choose a broker for the best Forex contest 2024?

While looking for competitions, one of the most important parts is the broker that created that competition. There are hundreds of different Forex brokers on the market offering their services to people worldwide, but what makes one better than the other? Among many other things, one thing that you need to look out for the most is the authorization and license that the broker owns.

There are so many people who are saying that regulations are not important and that they do not make any difference, however, we believe that regulations are something that makes the field of Forex more accessible and trustworthy for many people. There are tens of different regulatory bodies around the world, some of the best ones being FCA in the UK or the CySEC of Cyprus, and many others. All of these different organizations are working very hard to make sure that you and your funds can stay safe.

Also, while looking for the best broker for the forex challenge 2024, make sure that the company is well-known and has a long history of offering a safe and secure environment for people worldwide. We believe that by learning as much as you can about a certain Forex broker, you can make sure to stay as safe as possible, and for Forex trading, the safety of you and your funds is one of the most important aspects.

Why are Forex contest 2024 so important?

2024 has been a very hard year for many people around the world, and to make these hard times a little bit better, many Forex brokers are coming up with new ideas about different challenges, contests, and many others. Competitions in Forex trading is something that is making this field more accessible for everyone around the world.

The fact that demo contests are so popular means that even people who did not have any access to the world of Forex are now able to start trading for fun, and then win real-life funds and continue trading on some of the best trading platforms worldwide. This is making the field of Forex even more accessible for everyone around the world, and this helps the whole field to further develop.

However, make sure to always check the details about the different challenges that you want to participate in. There can be many details that you need to know about, for example, there are certain Forex brokers who do not allow people to withdraw the funds that they have won in different types of challenges, which can be quite problematic for many.

So, to stay safe and informed, always make sure to read the guides and rules before you start participating in a challenge, and remember that the market is full of opportunities, so if you do not like something about one of the contests, try to look for other platforms, there are hundreds of them you can choose from.