Free Trading Contest with Withdrawable Cash Prizes
Free trading contests with withdrawable prizes may be uncommon, but that doesn't mean you can't find any. These forex brokers provide demo trading contests for traders who want to use their skills to win cash for free.
Traders who like to participate in contests often wonder if there are free trading competitions with withdrawable prize money. Is it realistic to hope so?
Before discussing whether trading contest prizes can be withdrawn or not, you must understand a condition that commonly applies in the world of forex contests:
Most free trading contests by forex brokers offer prizes of up to thousands of Dollars. However, the money will be credited to the winner's account so it can only be used as additional margin.
Additionally, you still have to trade a certain number of lots to do any withdrawal. If you get a profit, then that profit is what you can withdraw. It can be concluded that most prizes from trading contests cannot be immediately cashed out.
After knowing the real situation, are you disappointed?
You can feel so, but there's still hope because some brokers present demo trading contests with withdrawable cash prizes. Even though they're not many, their trading contests are worth trying.
FIBOGroup Demo Contest
The FIBOGroup Demo Contest offers the opportunity to compete for a $1000 prize. Each new round starts on Monday at 00:00 WIB.
Participants must register on Client Area to create a contest account. The first round would use the "MT4 NDD" demo account where the winners were chosen based on profitability and drawdown. The top 10 participants will proceed to the second round where they trade on NDD real accounts with certain specifications.
Participants must meet the minimum trading volume requirements, otherwise they will be charged a fee. The participant with the best performance in each round will emerge as the winner.
FXOpen Demo Trading Contest
FXOpen offers novice traders the opportunity to enter the world of forex through demo contests. This competition has been running regularly for several years and has attracted more than 23,000 participants from all over the world.
With prizes exceeding $100,000 per year, this demo contest is held on the ECN account. Winners are free to withdraw the prize money or use it for trading on a live account.
To participate, traders only need to register, install the TickTrader platform, and select the available tournament.
Octa Demo Contest
Demo Contest from Octa broker offers cash prizes of $40 to $500 to the top five winners. The best participants are determined by the highest balance at the end of the contest round, regardless of their return rates.
Even though the prize will first be credited to the participant's account, the money can be withdrawn after the participant completes the verification process with the broker. The cash prize can also be used for trading on a real account or invested in Octa's copy trading.
Eightcap Demo Contest
Eightcap Broker organizes a demo trading competition where participants have the opportunity to win cash prizes that can be withdrawn.
Eligible clients will be automatically registered in this competition. Winners are determined by the highest results during the competition period. The first prize is $1000, followed by $500 for the second prize and $300 for the third prize.
Once the winner is verified, the prize will be deposited into the winner's bank account.
Things to Pay Attention to
There are things you need to pay attention to before you join one of the demo contests above. One of the most important points is: Don't cheat or manipulate your way. Some traders may use any means to win just because want to win the prize and withdraw them. This is of course detrimental to their status as a participant; instead of getting the cash prize, they'd end up being disqualified.
In addition, carefully read the terms and conditions of the demo contests you are participating in. Some brokers allow full withdrawals for their prizes after verification. However, there are a few brokers who may give just a part of the prize for withdrawal. By reading more carefully, you will avoid feeling disappointed by false hopes.
The majority of trading contests last for days or even weeks. If you don't want to compete for a long time, consider joining daily forex trading contests.