Forex demo contests are great ways to earn some actual money for trading, and not putting your own funds at risk. These are similar to a virtual trading contest. With demo contests, traders get the chance to conduct trades in virtual trading ambiance. A lot of broker firms offer actual prizes for Forex demo contest daily so that new traders can test their own skills and get interested in Forex trading. Although many expert traders also join into these contests, these are held mainly to encourage new traders. Read on and find out how you can take part in these contests.
Sign up with a broker
You can find thousands of Forex brokers online, and each of them offers varied trials and packages. Demo accounts are offered to new traders to provide them with trading opportunity. Various brokers have varied rules for trading and demo accounts, although most of their rules are similar in quite a few areas. You need to have a demo account with a broker you have signed up for trading with.
Register for the specific contest
Before you take part in a specific Forex demo contest daily, you need to register for it. You should clear the registration for participation in the contest. Do not forget the registration deadline. It is important to be careful regarding the deadline for the participation, considering the fact that lots of brokers keep a long registration period.
Go through the regulations
Before taking part in the Forex demo daily contest, you need to check out the contest rules and regulations on the broker company website. Never do anything that violates the broker company rules. Refrain from using any type of software which is prohibited strictly for trading purposes. Else, you might invite a ban. Although the criteria and rules associated with a demo account are the same as an actual account, the money offered by the broker agency is not real. However, in Forex demo contest daily, the owner who makes the highest profit is rewarded actual money. Without proper verification, the prize money cannot be withdrawn.
Avoid IP mixing
Many traders also end up mixing IP, which is a common error. You should always use a specific IP for the trading purposes. Otherwise, you may be regarded as a fraud by your broker. Also, do not make a request for withdrawal during the promotional period. Otherwise, you may be eliminated from the Forex demo contest daily. It is important to know about all necessary rules in order to avoid elimination.
Look for the Forex demo daily contest result, which is usually announced through a demo contest section on the broker website or in a news section. The biggest profit owner is awarded actual money. You can trade in your own way. Keep in mind that the prize money is directly added to the demo account balance of traders. A lot of brokers offer non-monetary prizes to the contest winners, which can be sent to them via courier. These are non-cash incentives to encourage people in Forex trading.