Rally Trade Contest by Grand Capital – Test your trading strategies and real prizes. The competition is held every two weeks. The participants start with […]
Learn more about forex demo contests and competitions. Not only have we compiled a comprehensive list of forex demo contests, but this guide also teaches you what to look out for and how to win real money.
If you’re looking for a way to earn some real money while not actually risking your own account, then forex demo contests may be perfect for you.
A forex demo contest is a risk-free competition where you’re able to match your trading strategy against others, while competing for prizes that may include real money.
Usually, the winner of the contest will be the trader whose account has achieved the highest return over the competition’s set timeframe.
In order to compete in these contests, all you need is a demo account with the broker running the competition.
Once you start competing in contests like these, you’ll quickly discover that they’re actually highly competitive and require a contest-specific trading strategy to win.
After browsing our table of forex demo contests above, consult this guide for answers, tips and tricks to help you win real money prizes.
Can I Make Real Money From Forex Demo Contests?
Yes, you’re able to make real money from forex demo contests and competitions.
Depending on the competition and which broker is running it, you can make real money from prizes even by finishing in the top 10.
Let’s take a look at the 2 types of real money prizes that brokers pay to winners of forex demo contests.
The first way a broker will pay prize money to forex demo contest winners is in the form of a straight-up cash prize.
This is cash money that the winner is able to withdraw directly into their bank account at any time, with no strings attached.
This type of reward isn’t as popular as a broker offering prize money in the form of a funded trading account because it lowers the incentive for you to continue trading.
Keep in mind that forex brokers run trading contests like these for their own marketing benefit, rather than to keep new traders happy.
Funded Trading Accounts
The second and more popular way that brokers choose to pay demo contest winners, is prize money in the form of a funded live account.
For example, the broker may run a forex demo contest with $100,000 up for grabs.
But instead of receiving that in cash, it’s in the form of trading credit on a brand new live account.
As this prize is trading credit and not real cash, the contest terms and conditions will likely stipulate that you’re unable to immediately withdraw the credit.
Checklist Before Entering a Forex Demo Contest
Before entering a forex demo contest or competition featured in our table above, go through the following checklist and make sure it’s right for you.
- Read the terms and conditions: Nobody likes forex broker fine print, but it’s a necessary evil that we all must do. Don’t get caught out!
- Check how the prizes are paid: As we went over in the previous section of this guide to forex demo contests, prizes can be paid out in either cash or trading credit. Both have their pros and cons but make sure you at least understand the difference.
- Ensure you’re not in a banned country: This is especially important for US traders who find themselves locked out of many forex demo contests due to CFTC regulations. Before entering, ensure that you’re able to open an account with the broker or you may be unable to claim your prize even if you win.
- Don’t try to cheat: We shouldn’t have to include this point, but we do. Forex brokers aren’t stupid and if you’re caught trading on multiple accounts or using banned trading robots then you won’t receive your winnings. Follow the rules.
Check off each item in this checklist to ensure that if you happen to win a forex demo content, then you’ll be allowed to keep your prize money.
How to Win Forex Demo Contests
If you’re a conservative trader, then forex demo contests can be seen as a double-edged sword.
This is because the strategies that you need to employ in order to win one of these contests involve taking high risks with the goal of potentially high rewards.
If you’re trying to win a forex demo contest then here are our top 3 tips:
- Take risks: Forex demo contests are more about good luck than good trading. In order to win a forex demo contest, you’re going to have to take extreme risks you otherwise wouldn’t want to take, or you’ll lose out to those who do.
- Focus on win rate, not percentage risked: Regular risk management means focusing on risk:reward, but in a forex demo contest, you want to focus only on your win rate. Set tight stop losses with large profit targets and just hope you don’t lose a few trades in a row.
- Understand the competition’s set timeframe: The trader whose account has earned the highest return over the contest period will win. So make sure you’re following the leaderboard during the final countdown and take more or less risk accordingly.
By following these helpful tips, you’ll put yourself in a better position to win a forex demo contest.
Final Thoughts on Forex Demo Contests and Competitions
While forex demo contests and competitions are a great way to earn real money while not actually risking your own account, they can encourage bad habits to form.
By trading on a demo account, you don’t open yourself up to the same psychological stresses that you would on a live account.
This is where bad habits may form.
As you’re encouraged to take wild risks in order to win a forex contest, you’re not actually learning how to become a consistently profitable forex trader.
So if you’re choosing to enter a forex demo contest, be sure you’re doing it purely to win and not as an exercise in learning to trade.
For other types of forex contests, check out our forex live contests section of the site.
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