The Forex Robot World Cup or FRWC, a worldwide competition was held in the year 2010 to find the best Expert Advisor. Two of the world’s largest broker and trading company FXCM and Boston technologies sponsored this competition. The prime motive of this competition was to find the best non-commercial Forex robot in the world. A non-commercial Forex robot was an expert advisor not available for purchase developed by traders themselves.
This FRWC gave the top 3 non-commercial world best Forex trading robot finalists a combined prize money of $140,000. Out of this, the finalist in 1st position got $100,000, the one in 2nd position got $30,000 and in 3rd position got $10,000. Additionally, positions 4th to 13th received prize money of $1,000 for their brilliant efforts.
This competition progressed in two phases:
Qualification of the Forex robots out of the ones submitted, and
Live trading phase of the ones qualified
In the 1st phase, interested traders could take part in this competition by submitting their Forex robots to the FRWC. The FRWC would then select the best ones in its 2nd phase out of the ones submitted. It would then start live trading to determine the top 3 finalists. These top 3 Forex robots would go on sale in FRWC’s official website which traders could easily purchase.
The 1st phase saw a submission of a total of 329 robots. After 2 months of rigorous analyzing, on December 2009 FRWC picked only 24 for the 2nd phase. The live-trading commenced with these 24 selected in the official Forex Robot World Cup website which gave out updates every 15 minutes.
The top 24 Forex robots went through a live-trading phase with real money on FRWC’s website. It also published the account statements of each robot and how it performed in every trade. The live-trading phase ensured that once these finalist world best Forex robot went on sale, traders could see what they were purchasing and how it had performed.
The finalist Forex robot in 1st place: LMD Multicurrency developed by a Croatian trader named Drazen. In 2nd place: HiRider and in 3rd place: Super Volcano. The FRWC’s official website hosted the sale of all these three expert advisors.
FRWC held the exclusive rights to market these robots for a period of 6 months after the end of this competition as it deemed fit for its own benefit. Post 6 months, FRWC will hold a non-exclusive right to these robots. The developer would be eligible to market it in any way they want to.
Numerous other Forex robots, available for purchase online promise up to as high as 900% profit margins. However, none are 100% trustworthy, and few of them are even fraudulent which make several traders lose a large amount of money.
What the Forex Robot World Cup did with this competition - present traders with Forex robots that came tested with real money and live traded in front of them. This not only reduced newbie traders from losing their money but opened new opportunities to establish themselves as a worthy trader.
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