Online Forex Trading

Fx Trading Tournaments: Fun, Learn and Earn Methodology of Forex Education

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.

Fx Trading Tournaments

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.