Last update: 26 March 2020
4 min read

Full Guide to Live Forex Contest Participation

Traders from all over the world can now join the global web of different brokers, to interact with each other, to compete with each other, and even to become part of events regardless of their current residence and the place they live. This makes the online Forex market so intriguing and cool, because it does not have limits, but it increases the options for cool winnings all the time you need, so it’s mandatory to consider each of them. This time we will again talk about some of the best examples of financial trading via the Internet. We will not make you wait any longer about our topic, and we will  tell it to you straight – Live Forex Contests. Have you ever participated in one? Well, if not, then it is probably high time for you to do so. Here is what you need to know about Forex live contests.

What is a Forex contest?

Some people understand Forex contest to be a type of a bonus, and they are not fully wrong. On the contrary, many brokers put the contests they arrange in their promotion section, next to bonuses such as no-deposit, or even rebate pips. But what matters for a Forex contest is not where it is put on the page, but how it works.

Here is how a Forex contest usually works, and what makes it different from a common bonus. The thing is that a bonus is simply given to a trader just like that, as if it is a kind of a gift in a return for your being a broker’s customer, either a regular or a new one. But the live Forex contest is not a gift – it is an event that regular and new customers are invited to participate in. The contest takes place on the website, and it compares the abilities and skills, the trades and the wins, of each consumer. Eventually, the one with the best results takes everything – the prize that has been mentioned as a reward for the Forex contest. We are aware of two types of Forex contests today: live Forex contests, which we are discussing at the moment, and demo Forex contests.

Best and most trusted forex brokers in April 2024

What is a live Forex contest?

forex comparision for traders - liveTo understand it, we need to compare it to the other type of Forex contest: the demo contest. The demo contest only includes traders who are still in their beta stage of trading – the safe stage of trading – which means they use a demo account, where no real money is involved, but only virtual money. The demo account lets the trader practise their skills, because they are not yet so confident about themselves and they do not want to risk their investments. This means that their participation in a contest is simpler, and less risky. On the other hand, if you take part in a live Forex contest, it means you risk more, because you risk your real money. Here, you trade with real money and you need to be more concentrated and focused, because despite executing a standard financial trading activity, you are also a part of a competitive event, where you need to show your best hand. If you do, then you win the live Forex contest, and besides your trading winnings, you will get the award that is announced for the event by the broker.

Why is it worth participating in live Forex contests?

Here are all of the benefits of participating in a live Forex contest that might encourage you to look for such with your current broker:

  • You can win more than you will from your ordinary daily trades, and the prizes are usually quite huge – including real gifts such as mobile devices, for instance.
  • You can finally see where you are in your financial trading experience. Competing with others is the best assessment of the current pack of skills you use in your daily trading.
  • You can diversify your activity, because let’s face it – sometimes, no matter how good it is to make winning trades, it can become really stressful!
  • You can have fun and win an award at the same during your standard experience, so actually you are not losing anything, but winning a chance to have a bigger final outcome.

Participating in a live Forex contest is like socialising with other people like yourself. This is indeed a great chance to evaluate yourself as a trader, and to show your broker that you are one of those big players who deserve special attention and attitude. All in all, winning a live Forex contest is superb for your personal confidence, and maybe it will stimulate you to proceed with your growth and to become even bigger in the financial trading field. It’s mandatory for you to try a live Forex contest!

Was the information useful?