Forex Contests

Sometimes forex trading firms start a contest for both the beginners and the experienced traders. The aim of these forex contests is only to increase the popularity of the trading firms among the traders. Every trader can join these contests but the participation from the beginners is more as compared to the experienced traders. The forex contests may be of many types such as monthly, micro, mini, Refco FX and MG Forex. The winners of these contests receive the cash prizes.

Different types of contests

Monthly

The monthly contests are open to everyone but with one condition and according to the condition, the account of the trader must be eligible to participate. The eligibility condition requires some minimum amount in the account and this amount can be $1000. Depositing the minimum required amount in the account would allow a trader to qualify for participating in the contest. The contests may begin at the beginning of every month and may end in the last days of the month and so these are termed as monthly.

The selection of the winner depends on the calculation of the percentage profit. Five winners are chosen every month among all the participants. The first winner gets $2500, the second prize is $1000, the third is $500, the fourth is $250 and the last prize is $100. If the percentage profit of a trader is higher among all the traders then he will be selected as the winner. So the trader scoring the highest profit will get $2500, the second winner will get $1000 and so on. The real money of the traders is involved in these types of participation so it is advised to the traders to first try their hands in the demo account and then move to a live account.

Micro and Mini

These are the types of contests where the entry fee is low for the traders. The entry fee is only $500. The low fee attracts more traders to participate. There are total three winners selected in this contest and the winners are selected on the basis of the highest profit. The first winner receives $25,000, the second winner is awarded the prize of $10,000 and the last winner is also awarded the prize of $5,000. The Mini contests are the types of contests with the entry fee less than the Micro.

The Refco FX

This contest may be $5,000 or $10,000. The only difference between both is $5000 contest involves real investing and the other one involves the virtual deposits and investing.

The MG Forex

This is the demo trading contest where the investor trades with the virtual money and the trading amount is $50,000. The only small monthly fee is required to join this contest.

The PEG Forex, the Akmos, and the Alpari are some of the firms that offer contests for the traders. These forex contests provide fun and make the events exciting for every participant so these are the ways to attract more traders to the forex world. Any trader can join these exciting events after paying the required fee or maintaining the balance in their account.