Last update: 4 April 2020
7 min read

Compete with Other Traders in Forex Trading Contests

Forex contest cupForex is today`s bib shot to make money online with no chance to be involved in stupid clicking, researches or article writing. Of course, financial trading is not as easy as many people believe it is. It is a must for any beginner in trading to get the necessary “qualification” in advance. This qualification on mandatory consists of both – practice and knowledge. In all cases, making trades, though, is not a monotonous activity you can die from the boredom if profits did not exist. Actually, being a member of Forex world and making financial trades can be a lot of fun. The interactive internet platforms made it happen and today financial trading websites turn this activity into a really intriguing and awesome thing to do! But what makes trading so fascinating, original and interesting, though? The additional extras and options a website can make are parts – significant ones – of these interesting and cool ways to diversify your overall activity. These extras are many, but contests and bonuses are by all means the most preferred. It is curious, though, that both are accepted as the same things in most cases. However, as a matter of fact, both are different. Bonuses are more common and general, so today we will focus on Forex contest. What are we supposed to know about contemporary Forex trading contests? Find out now with us!

What is a Forex contest?

Forex contest is a type of a contest. This is not a term that indicates another option or bonus in trading. It is a contest in its full and direct meaning. So this means that at least two (or more and in most cases they are more) people will take part and will compete against each other. These people as you can guess are traders, of course. They are supposed to be, though, only officially registered customers on the particular website, where the contest is offered. This means that you need to log in to participate and to be in your account to be a part of the contest. In short, any Forex contest is a detached trading area, where several participants are trading. Unlike the ordinary giant trading audience, where all traders make trades independently from one another, here, they are trading against each other and each of them is trying to make better results than the rest of the contestants. However, usually, there is nothing so different between the trading activity in a Forex contest and in trading during a regular day and in a regular trading environment. So, if you are a good trader, you have a big potential chance to win the contest.

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Is a Forex contest a type of a Forex bonus?

Many websites that make Forex broker reviews and people in general believe that a Forex contest is a type of a bonus. We cannot fully agree with this, though, because both are actually completely different things. However, the availability of a Forex contest in a financial trading website, is usually rare and not so common. This makes the audience accept it as a kind of a bonus. However, there is nothing free in a Forex contest. You do not receive money to make a trade or to double it. On the contrary – here you need to pay for your trades. On the other side, when you receive a bonus, you only use it for your trading activity, while being a part of Forex contest is nothing else but trading with the difference that your results will be compared to the results other traders will achieve. The final countdown, of course, will show who`s the winner and who`s the loser. Speaking of which, the meaning of a contest is to get a prize. This prize is sometimes a kind of a bonus and in other cases a gift or even money. Note that in many websites a Forex contest can have more than one single final winner. In these cases, every winner receives a particular prize or the whole prize is divided into pieces.

The most common types of a Forex contest

Experts believe that there are two general types of a Forex contest. And today, we will talk particularly about them. Even though we believe there are more than only two types of contests, we will avoid putting you into a confusion and internet says it everywhere anyway. Here are the most common two types of a Forex contest:

  • Forex demo contest
    Remember those first days and trials of your financial trading experience? What would you do now, if you were a beginner in the field and you can make your first steps in trading in some of the newest modern and contemporary trading pages? Of course, you would sign in for a demo account in a Forex broker. The demo account lets you make a registration in a broker`s page and make trades for free – without risking your own money and without losing or winning anything. A demo account is a superb way to gain some experience – especially if you have none of it. On the other side, it lets you test the system and helps you make up your mind and decide whether this is a proper and reliable broker for you. However, it turned out that a demo account can get you even one more, the third pro – Forex demo contest. This contest does not involve trades that are made with real money, but they bring you such. The rules are simple: all the newcomers on the website, who are yet in a demo account mode, but not in a standard live account, trade and try to reach the best results to get the reward.
  • Forex contest for big loyal or regular customers
    It`s a bit strange, but the other type of a Forex contest is the opposite – it does not bring beginners, but mainly experienced traders, who are already a little bit bored with standard and ordinary trading and need something more, something more exciting and extra ordinary. A Forex contest is by all means an option these kinds of traders would try. So, maybe, that`s the reason why all new Forex brokers include Forex contest as a specialty in their pages, so they can attract more new and regular customers, who usually tend to spend more money on trends.

How to find great Forex contests?

This is not harsh at all, but still, we need to give you some instructions as to how to find some great Forex contests. Here are some good ideas for this goal of yours:

  • Check out if your current broker does offer Forex contests, too. If so, then, you can immediately get informed about the terms and conditions and how to sign for it.
  • Use Google to search for a Forex contest. Simply, write down on the search tab “Forex contest” and you will get the most popular or the advertised results – pages with available Forex contests – right away.
  • Get a recommendation from your best fellow, who you discuss the trading strategies with. Every fan of this activity is aware of the latest things that are going on Forex world.
  • Check out the latest Forex broker reviews and see the bonus part. Here is where they mention if the broker does have a Forex contest.

Forex contests are superb for all of you, who love having fun, while making trades and earning extra cash and money. They are indeed different methods to test your skills and newly acquired knowledge. Of course, do not get deluded that a Forex contest can bring you a lot of money. They are too rare and they usually don`t bring that much money. The fun is actually more here, but why not diversifying your trading experience once in a whole anyway?

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