Forex or Fx as is fondly known in the global foreign exchange trading community, could probably rank as the most fancied investment avenue. I am sure that a popular search engine would yield millions of results for forex or fx. What does it imply? It simply means that a lot has been written on the subject of Fx trading and I don’t intend to bore you any more with stuff like basics of forex, introduction to forex and fundamentals of forex.

I am going to write something about Fx trading tournaments. Have you ever heard of it? Well, unlikely, as it is probably a new idea. I am inclined to say that it is indeed an innovative approach to forex training. Carry on further with a short FAQ on Fx Trading Tournaments.

What does it mean?

Fx trading tournament has nothing to do with any of your favorite sports. Fx trading tournament or alternatively Fx championship is an innovative opportunity offered by few forex brokers to forex investors to test their trading skills. Essenially, it is an event where large numbers of forex traders participate in online foreign currency trading at one common forex platform.

How does it work?

I would advise that you must thoroughly go through the rules and regulations of the concerned forex broker although I am narrating few common rules imposed by most of the forex brokers.

• Participation is available only to those who have registered on the website of the forex broker. Few brokers ask you to open a real account. Some brokers may ask you to just register on their website to take part in the fx trading tournament.
• You will be allotted an initial deposit (virtual money) of about $10,000. Initial deposit cannot be topped up under any circumstances.
• Fx trading tournament is held during a specified period that may last from 2 to 4 days.
• No participant is allowed more than one fx trading tournament account.
• Fx trading tournaments are conducted on demo servers of the concerned forex brokers.
• Participants are allowed to make use of all the available tools on the forex platform. They can also employ various types of forex trading strategies.
• Participants with largest balance as on the close of the fx trading tournaments are declared winner based on various criteria. Final decision of the jury is binding upon all the participants.

What are the benefits?

• Most of the forex trading brokers offer demo forex accounts to provide hands-on experience on online forex trading. After having gained sufficient exposure to real-time forex trading on the demo account the next obvious step is to get started with real money. Well, if you are not yet sure to plunge into forex trading then fx trading tournament is an excellent opportunity to further your trading skills.
• Fx trading tournament is like a final examination for those who have just completed their forex education and forex demo accounts.
• As the number of participants is large, it is a real assessment of your trading skills and strategies.
• You don’t lose anything as there are no fees for participating in the fx trading tournaments. All the participants compulsorily trade with a virtual money.
• If you make it to the list of prize-winners, you would earn money by means of cash prize.

Summing Up:

One point of caution – You are not allowed to withdraw your cash prize; the prize amount gets credited to your real forex trading account if you have one or you would be asked to open an account where the prize would be credited as your initial deposit. I would say that although the concept of fx trading tournament looks like a marketing trick but at the same time, there is nothing to lose for the participants.

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Introduction

Forex brokers or forex brokerage firms act as an intermediary that facilitates order routing between the buyers and sellers. With rapid development of forex markets, brokers have transformed into full service agencies. Forex brokers offer vast number of innovative features and services instead of just acting as the dealers. Forex brokers fall under two categories – small and medium brokers and large and heavyweights like financial institutions or banks.

If you are a potential investor in the forex currency trading then your first step in the right direction is to choose a reliable forex broker. There are many important factors that need proper due-diligence in order to select professional forex broker. It is indeed a daunting task for the beginners. This article intends to provide a comparison between forex brokers operating in and around UK. Comparison is centered on UK because UK plays a very vital role in the entire global forex markets and due to its dominance in the global forex markets, majority of the forex brokers provide their services in UK.

Table given below shows a comparison of forex brokers based on the most important parameters viz. leverage ratio, pip spread, and minimum deposit. We have selected about a dozen plus leading names from small/medium/large forex brokers who are registered under NFA (National Futures Association, USA) or CFTC (Commodities Futures Trading Commission, USA) or FSA (Financial Services Authority, UK) or any other global regulatory authority.

Broker	Maximum Leverage	Pip Spread	Minimum deposit for Account opening	Demo Account
Alpari	100:1	Minimum 2	200$	Yes
IbfX	200:1	2-3	250$	Yes
Crown	200:1	1	300$	Yes
Forex Club	100:1	3-5	10$	Yes
Forex.Com	100:1	1-2	250$	Yes
Easy Forex	200:1	2-7	100$	No
Forex yard	200:1	3-5	100$	Yes
eToro	200:1	2-6	50$	Yes
MF Global	40:1	0-3	25,000$	Yes
IG Markets	700:1	2 fixed	0	Yes
FXA	100:1	2	500$	Yes
dbFX.com	100:1	2-4	5000$	Yes
GFS	200:1	3-5	500$	Yes
ODLS.Com	100:1	2	2000$	Yes
GFT	400:1	1	250$	Yes
Saxo Bank	100:1	2-3	10,000$	Yes
FXCM	200:1	1	300$	Yes
GCI Financial	200:1	2-5	50$	Yes

In addition to the above three parameters you should also visit the individual websites to learn more about the following points.

• Functionality and features of forex trading platform
• Types of orders
• Charting, technical analysis and other analytical tools
• Access to fundamental and technical research
• Live global news
• Customer support
• Special features, promotions, cash back, bonus
• Overall reputation, reliability, resources, R&D and geographical reach
• All in one or multi-segment trading – choice of products such as Forex, CFDs, Commodities, Options, Spread-bets etc.

NOTE: It is likely that the information given in the above table might have changed and hence we do not guarantee the correctness or accuracy about this information.

Summing Up:
Despite the control and regulation of regulatory authorities such as NFA and CFTC in USA and FSA in UK, forex scams frequently appear in the international media. Regulatory authorities constantly introduce stricter compliances like increased net worth, capital, trading infrastructure, NDD (no dealing desks), STP (Straight through processing) for safeguarding the interests of retails investors. Forex investors must pay careful attention to various aspects before entrusting their hard-earned money to any forex broker.

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Disclaimer: We do not recommend any specific forex brokers. We do not get any commissions from any of the forex brokers. Depending upon the investor profile, risk taking capacities and proficiency in forex trading, readers are advised to gather all the necessary information. Readers should take an unbiased and well-informed decision before signing up with any of the forex brokers mentioned elsewhere in this article. Investment in forex is a high-risk investment that has a potential to generate huge losses.