Forex demo daily and weekly contests are held to encourage new traders and get them interested in Forex trading activities. Although Forex demo accounts usually involve a virtual trading ambience with virtual currency, these contests involve awarding actual money to traders. Although the Forex demo contest weekly rules tend to differ from one broker to another, there are generally some common regulations. These include the following:
Submitting actual information
Every participant has to offer actual information at the time of registering for a Forex demo weekly contest. A client has to log in from his cabinet to let a broker know his email id, unique identification number (UID) as per his/her client profile and also a nickname which would show up in contest results. Participants have to fill up all mandatory fields of a registration form. The unique identification number is generally displayed on each page of the clients’ cabinet, next to his name.
Timely closing of transactions
Each transaction has to be closed prior to the time the contest comes to a close. In case any transaction is open at the exact moment when the Forex demo contest weekly ends, it will be closed automatically by the organizer as per current price. Although, having open transactions when the session or contest comes to a close does not lead to a disqualification of a participant.
One-time contest participation
Most brokers have a policy to let their profile holders take participate just once every week. A person can register for every contest for only one time. Every participant can make use of trading strategies and experts’ advice without any restriction or fear of violating the regulations of a broker agency.
Right to refuse participation
The company or organizer of a Forex demo contest weekly generally reserves the sole right to refuse participation or even disqualify a participant without any form of explanation if they deem necessary. Among various pretexts for disqualification are - violation or breach of public offer agreement, of the contest regulations and for spotting trades on the contest account below a 2-minute duration.
Refusal to credit the price
The broker company also reserves a right for refusing to credit a price if any form of violation in the rule is observed. The price will not be credited also in case a winner does not completely verify his profile or does not offer any extra requisite identification information. Any participant who gets a prize cannot demand the prize money to be credited to the account of a third party.
Right to change the terms of promotion
Broker agencies usually also reserve the right to change terms of promotion at any time, without any notification. Winners are often invited to take part in marketing and advertising activities, such as video and photo reporting, press releases and interview.
In case a Forex demo weekly contest winner refuses to take part in such activities, the broker company can exercise its right to have him disqualified. The company may refuse to award the prize to the person.