Top Forex Trading Contests of 2021: An Expert Review
The world of forex trading is a competitive and ever-changing landscape, and forex trading contests are a great way to showcase your skills, learn from others, and win big prizes. But with so many contests taking place online, it can be tough to decide which ones are worth participating in. That's why we've researched and reviewed the top forex trading contests of 2021 to help you make an informed decision about where to enter.
What are Forex Trading Contests?
Forex trading contests are competitions hosted by forex brokers that allow traders to participate and compete against each other for prizes and recognition. Participants can showcase their trading skills, learn from others, and gain exposure to the forex trading community.
The contests are often based on metrics such as profit percentage, trading volume, and risk management. Participants can typically track their performance throughout the contest duration, and winners are declared based on certain pre-determined criteria.
Forex trading contests come in various shapes and sizes, including:
- Live account-based contests, where participants trade with real money
- Demo account-based contests, where participants use virtual money
- Weekly, monthly, or quarterly contests
- International or regional contests
- Contests based on trading styles, strategies, or instruments
What are the Benefits of Participating in Forex Trading Contests?
Participating in forex trading contests can have several benefits for traders, including:
Showcasing your Trading Skills
Forex trading contests offer an opportunity for traders to showcase their skills and knowledge. Participants can test their trading strategies, apply their analysis techniques, and get feedback from other traders. Winning a forex trading contest can also help traders build credibility, gain recognition, and increase their chances of getting hired by a forex brokerage.
Improving Trading Techniques
Forex trading contests offer a platform for traders to learn from others and improve their skills. Participants can observe trading patterns, risk management techniques, and trading behaviors of other traders. They can also communicate with experienced traders and learn from their strategies.
Increasing Exposure
Forex trading contests offer traders a chance to gain exposure to the wider forex community. Participants get listed on the contest leaderboard, and this provides them with visibility among other traders. By winning a contest they can become a known figure in the forex trading community.
Winning Prizes
Forex trading contests offer a chance to win big prizes such as cash, trips, expensive gadgets or other commodities. Some contests offer extremely large prizes, such as a grand prize of $1 million or more.
What to Look for in a Forex Trading Contest?
With so many forex trading contests available online, it is important to select a contest wisely. Here are some factors to consider:
Type of Contest
Forex trading contests come in different types as mentioned earlier. Consider the type of contest that best suits your trading style and goals. Live contests are usually best for experienced traders, while demo contests are perfect for beginners.
Prize Pool
Check the actual value of the prize pool offered by the brokerage before signing up. Consider the size of the prize, how many contestants win, and what could disqualify you from winning.
Contest Duration
Ensure the duration of the contest is suitable for you. Some contests last for a week, some for a month, and some for even longer. Choose a contest that fits your schedule and allows you to honor your other commitments while participating.
Eligibility
Make sure you fulfill the eligibility requirements before signing up. Not all contests are open for all participants, as some might have regional or age restrictions.
Trading Conditions
Verify that the trading conditions under the contest are favorable. Check the lists of allowed instruments, execution speed, and leverage offered by the brokerage.
Terms and Conditions
Go through the contest terms and conditions carefully before signing up. Ensure that you understand the rules of the contest and any disqualification criteria.
Reputation of the Brokerage
Make sure the brokerage hosting the contest is reliable and has a good reputation. Check reviews of the brokerage online to know the brokerage`s customer satisfaction level, trading platform technology, and regulations compliance.
Top Forex Trading Contests of 2021
Now that you understand the benefits of forex trading contests, here are the top forex trading contests of 2021:
Forex Time (FXTM) | Formula FX contest
Forex Time (FXTM) is one of the largest forex brokerage firms and offers the Formula FX contest. The contest is held every week and is based on the percentage of profit made by a trader. The contest is open to traders with a minimum deposit of $100. The weekly prize pool is $400.
OctaFX | cTrader Weekly Demo Contest
OctaFX is another well-known brokerage firm and offers the cTrader weekly demo contest. The contest is held every week and is based on the trading volume of a trader. Participants can use virtual money to trade. The weekly prize pool is $400.
RoboForex | KingSize MT5 Demo contest
RoboForex is one of the oldest forex brokers out there. The KingSize MT5 Demo contest offered by RoboForex is held every two weeks and is based on the percentage of profit made by a trader. The prize pool is $3,000 and is divided among the top five traders.
Exness | Future Trade Contest
Exness offers the Future Trade Contest, which is held every month and is based on trading volume. The contest is open to traders with a minimum deposit of $1,000. The prize pool is $3,000 and is divided among the top three traders.
FBS | FBS League
FBS is a global brokerage firm that hosts the FBS League. The contest is held every two weeks and is based on trading volume. The prize pool is $1,000, and the winners are the top 10 traders.
Conclusion
Forex trading contests offer traders an excellent platform to showcase their skills, learn from others, and win big prizes. The contests are available in different types, durations, and prize pools, and traders are advised to select the contests wisely based on their goals and trading styles. As 2021 unfolds, choose the forex trading contests that appeal to you and that suit your goals based on our expert review. With careful planning and a solid strategy, you could end up winning big.