Forex demo contest is a way to start a trading career. Most of the time, newbies start trading through deposits that totally a wrong approach. After practicing on the demo and demo trading contest, you can judge whether you are prepared or not for the live trading.
What is a demo contest?
It’s one kind of test and challenge for demo traders. Forex brokers arrange this type of contest to get some clients and helps them. It brings an opportunity for all demo traders to learn strategy development without any deposit.
Advantages of forex demo contests
Though it’s virtual trading, it brings the feel of live trading. It’s not an uncommon topic in forex for expert traders, and sometimes they also take the chance to earn free money and cash prizes. This being said it’s an extreme opportunity for novice traders in participating a demo contests. Some of the important beneficial things are:
- You can understand how real market trading works. It will increase substantial forex knowledge, gain skill in managing tools, improve physical and mental confidence. It will help to judge yourself and intend to take up trading in the near future seriously.
- Though there is no risk of fund losing, the losing or winning chance pumps up the heart rate that creates real trading conditions. So, it helps to gain the psychology of real trading.
- You can check, test, develop, and correction of your trading strategy.
- You can gain self-confidence without losing or risking your own funds.
These kinds of different benefits made forex demo contests exciting and competitive for traders. Specially, who are planning to get involved with live trading?
Standard rules of demo trading contests
Every broker sets different types of rules as their company policy. You have to adhere to them. Some standard rules are:
You need a demo account with the offered broker.
The account must have to verify.
You can use only one account, which is also restricted to one device and one IP address.
Any violation of rules and regulation the account will disqualify to participate, and even the broker have the right to terminate or suspend the account.
However, every broker will set different rules, and due to the regulation, it should be country-specific. So, before participating, understanding and carefully check all terms and conditions are important.
Things to consider before invest your time
Before you start participating, selecting the proper contest is mostly important for good use or valuable time. We don’t suggest any broker that doesn’t have transparent conditions and a doubtful reputation.
Before starting, check the broker’s reputation, regulation, licenses, terms and conditions, trading rules, etc. Make sure the trading profit is withdrawal or can be used for live trading. Furthermore, check the offer terms and conditions and make sure you can fulfill all required things to become a winner. If rules are not fit for you, we recommend to avoid; otherwise, your time would be just wasted.