Dear LiteForex’s clients,
Please be aware that the registration for the “Feel the spread” contest is suspended.
Follow the company news. We’ll inform you about the launch of new contests and renewal of registration with an additional notification.
LiteForex Group of companies invites everyone who values trading on the accounts with floating spread to take part in a new contest «Feel the spread».
The only criterion for winning is the minimal spread on all the orders executed on Floating Spread accounts during a day. The first 7 participants of the contest who have achieved the highest rating value during a contest day will be acknowledged to be the best. The monthly prize fund is $2500. It’s shared between the 10 participants who achieved the best results. The funds are available for trading as well as for withdrawal immediately after they are credited to Floating Spread account.
The success will be easily achieved by the traders who feel the financial market and know all the advantages of low spread.
Get acquainted with the detailed conditions of the contest “Feel the spread”, register as participant and show the best sense of Forex market.
- 1. PARTICIPATION TERMS, TIME AND REGISTRATION
- 1.1 The contest is weekly and is held on Floating Spread accounts each Tuesday from 00-00-01 to 23-59-59 according to server time GMT+3 (indicated in the terminal).
- 1.2. Each holder of a “Floating Spread” account in LiteForex Group of Companies can take part in the contest «Feel the Spread» once a week. It’s allowed to register for each new contest just once a week. One individual may register for each current contest only once.
- 1.3. The registration for a new contest stage is open as soon as the previous contest stage starts.
- 1.4. Prior to registration, a participant should register his personal profile (Client’s Cabinet) and create a Floating Spread account in case it has not been done previously. All participants are required to provide up to date and correct information in their personal profiles.
- 1.5. Registration involves providing certain information in the Registration Form, including your Floating Spread account number and its trader’s password; you are also required to indicate your nickname for participation in the contest that will be displayed in the rating of the “Feel the Spread” contest.
- 1.6. In case either attempts of entering the contest from several trading accounts/profiles or the fact of using anonymizers are found out, a participant will be disqualified.
- 1.7. By registering for the contest, a participant admits all restrictions and rules applicable for the contest. Should the contest rules be violated, the Organiser reserves the right of disqualifying a participant in the course of the contest.
- 1.8. During registration period the trading on contest accounts is conducted without any additional restrictions, the current rating is calculated since the beginning of the contest.
- 1.9. Ten prizes will be distributed among the holders of “Floating Spread” accounts.
- 1.10. All disputes arising in connection with the contest or its results are to be settled through negotiations.
- 2. TRADING CONDITIONS
- 2.1. Type of account: Floating Spread.
- 2.2. Account currency: USD.
- 2.3. Initial deposit: none.
- 2.4. Deposits: the deposits amount and quantity are not limited during the contest period.
- 2.5. Stop Out Level: 50% for Floating Spread accounts.
- 2.6. Leverage: 1:500 - 1:50.
- 2.7. Trading Instruments – all trading instruments provided by LiteForex Group of Companies, except for CFD - NYSE STOCKS (CFD - NYSE STOCKS are allowed in trading, however profit or losses gained from trading on such instruments will not be taken into consideration).
- 2.8. According to LiteForex’s regulations, the transactions with less than 3 pips will not be considered when calculating the rating.
*1 pip is equal to:
- - The minimum change of the fourth decimal digit (for 5 decimal digits pairs);
- - The minimum change of the second decimal digit (for 3 decimal digit pairs).
- 2.11. LiteForex Group of Companies reserves the right to refuse in registration and disqualify the participant without explanations. The reasons for disqualification can be the following:
- breach or violation of the rules of the contest;
- registration of several contest accounts by 1 client or creating several clien't profiles by one individual;
- big volume locked orders opened on different trading accounts approximately at the same time on the same currency pairs;
- using the failure in quotation flow for getting the guaranteed profit;
- presence of contest transactions, including lock trades, whose duration is less than 2 minutes;
- ascertainment or suspicion that a Participant has committed any kind of fraudulent action for being listed among the winners.
- 3. WINNERS AND PRIZES
- 3.1 The winners of ”Feel the Spread” contest will be 10 owners of “Floating Spread” accounts determined as per the rating formed at the end of the contest. The final results will be formed within 2 working days after the end of the contest, as soon as they are checked by the security department.
- 3.2. Ten participants of the contest who gain the highest rating at the end of the next stage will become winners.
The rating calculation algorithm is as follows:
Rating = 10 × ( Participant’s Effective Volume * Participant’s Trade Frequency)/(Average Effective Volume)
The Participant’s Effective Volume is calculated as follows:
The Average Spread is calculated for each transaction which is equal to (Opening Spread + Closing Spread)/ 2. For example, at the opening of the order, the spread is 2.1 points, at the closing – 1.3 points, the average spread is 1.7 = (2.1 + 1.3)/2
*If the average spread is equal to zero, then it is taken as 0.01 value for calculations in order to avoid division by zero in further calculations.
Then the coefficient of the transaction’s efficiency Ke is calculated. The resulting average spread is compared with a fixed spread value of the given instrument. For example, the fixed spread on EURUSD equals to three points, Ke is 0.5667 = 1.7/3.
Then the transaction’s volume is lead to the Participant’s Effective Volume Оэ by raising to the 0.01st power (it is stipulated by the necessity to even the participants’ chances with the strongly differ funds used in trading) and by division the efficiency coefficient.
For example, the volume of the executed transaction is 0.5 lot, respectively, Oe is 1.7524= 0.5^0.01/0.5667.
Participant’s Trade Frequency is calculated as the ratio of the number of transactions of the participant to the number of transactions of all the participants.
Average Effective Volume is a total effective volume of all the participants of the contest divided by the number of participants.
- 3.3. Participants need to confirm the contact phone number, prove the identity and the address (fully confirm the Client’s Profile according to LiteForex’s requirements) in the Client’s Cabinet. LiteForex Group of Companies reserves the right to request any additional identification data when crediting the prize.
- 3.4 Those participants, who get prize-winning places in accordance with items 3.1, 3.2 and 3.3 will receive money on their trading accounts. Depending on the place, sums vary as follows:
- Floating Spread account types
Ranking Prize amount, $ 1 150 2 100 3 70 4 50 5 40 6 30 7 10 8 10 9 10 10 10
- 3.5. In case 2 participants have got the same value amount of Feel the spread by the end of the contest, the decision about the distribution of places will be made by LiteForex Group of Companies.
- 3.6. Participants who use only credit funds for trading cannot become contest winners.
- 3.7. Only those participants who have been actively trading during the contest period without breaking the contest rules and whose rating is above zero can become winners.
- 3.8. Prize sums can only be credited to the winner’s accounts.
- 3.9. The prize amount will be credited to the account registered by the contest participant within 5 working days, assuming that his profile is completely verified. If account currency is different from the USD, funds are converted at the market rate at the prize crediting.
- 3.10. Prize funds can be used in trading or withdrawn from accounts as soon as they are credited on winners’ trading accounts. Any profit made by investing the credited funds into trading may be withdrawn from the account without any delays.
- 3.11. Winners are invited to participate in LiteForex’s advertising and marketing actions such as interviews, photo- and video-reportages, and press releases concerning the contest. At the same time LiteForex commits itself not to divulge winner’s private information (including name and surname) without winner’s consent. Should a winner refuse to participate in these actions, LiteForex group of companies reserves the right to change the composition of the winners’ list and award the prize to the participant occupying the next place in the final rating.
- 3.12. LiteForex group of companies has the right to change the contest terms at any time, without special notification.