What Is A Forex Demo Contest?
A forex demo contest is a competition that is done on demo accounts but with winners getting real cash prizes. The demo contest allows trade to stand a chance of winning excellent cash prizes without risking any capital.
These contests are usually available to anyone who signs up with a broker and opens a demo account for the contest.
Do you always make profits when trading on your demo but make losses on your real account? Then these demo contests may be just for you.
Demo contests are also great for testing out strategies before trading them in the live market.
Below are The Best Forex Demo Contest Brokers For South Africans.
The FBS League is a bi-monthly demo contest for traders who wish to get additional funds for their successful performance in the market. Get a demo account with $10 000 and fight your way to the top with winning trades. The top five traders with the largest balances at the end of the contest win prizes.
You can choose whether you want to hit the top 5 as a solo player or as part of a team of up to 5 traders. Or you can be both and get rewards for two matches!
|The prizes for solo players are as follows:||The prizes for team players are as follows:|
|1st Prize $450||1st Prize $900|
|2nd Prize $250||2nd Prize $600|
|3rd Prize $150||3rd Prize $300|
|4th Prize $100||4th Prize $150|
|5th Prize $50||5th Prize $150|
The amount players get in a team is calculated proportionally per player. So if a team of three win $900 then each trader will get $300 each.
Get more details about the FBS league demo contest here.
InstaForex Sniper Demo Contest ($ 1500 Prize)
This is a weekly forex contest that is held from Monday to Friday.
How To Register For The InstaForex Sniper Demo Contest
Anyone with an InstaForex account can participate in the demo account contest. You can open your account here. You can register for the next weekly contest during the week preceding it. Registration finishes 1 (one) hour before the Contest starts.
Conditions Of The InstaForex Sniper Demo Contest
Participants start the contest on demo accounts with a $10 000 virtual balance. The leverage is 1:500, the minimum trade volume is 0.01, the maximum is 1 lot.
The maximum number of open trades at any time is 5. The prize funds will be credited to a verified live trading account opened by the winner. The prizes cannot be withdrawn, but any profit made over the prize amount can be withdrawn without any limits.
In order to obtain a prize, each winner shall fulfil the following requirement: at least 5% of the total profit has to be derived from trading results on GBPUSD and 5% of the total profit from trading results on GBPJPY.
Prizes Of The InstaForex Sniper Demo Contest
- 1st place – $500
- 2nd place – $400
- 3rd place – $300
- 4th place – $250
- 5th place – $100
The HotForex ‘Virtual to Real’ Demo Contest is a contest only held on demo accounts. Therefore, there is no monetary risk for the participants but the cash prizes awaiting the winners are real!
To participate in the contest you must simply register an account with Hotforex. The contest is held every month from the first to the last day of the month. The leverage for the demo account is fixed at 1:200 and there is an initial balance of US$10 000.
The traders with the largest gains after the monthly trading rounds are given prizes as stated below:
- 1st Prize 2,000 USD
- 2nd Prize 1,000 USD
- 3rd Prize 500 USD
All the prizes are credited to a live account and you can then withdraw profits from trades taken using the profits.
Learn more about the Hotforex ‘Virtual To Real' Demo contest here.
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The Gold Rush demo contest by Superforex is held every three weeks.
The prizes for the winners are as follows
- 1st Prize 100 USD
- 2nd Prize 50 USD
- 3rd Prize 30 USD
Learn more about the Gold rush contest here.
Conclusion On Demo Contests For South African Forex traders
There's nothing better than being rewarded for your skills, especially when you've risked nothing yourself! This is the beauty of forex demo contests. However, you should be aware of the terms and conditions of the demo contests.
Some brokers do not allow you to withdraw the winning capital. They only allow you to trade the profits from the amount you would have won.
Have you entered any demo contests before? Are you planning to enter any contest soon? Are there any other brokers that you think we should include in the list of the best forex demo contest brokers for South Africans?
Share your experiences and thoughts in the comments below.