For over 14 years, we have been hosting forex trading contests on our platforms. During this time, we have collaborated with various companies, tested numerous rule variations and prize structures, experimented extensively, and searched for the perfect forex contest format for everyone. Acting as a bridge between brokers and traders, we began asking ourselves: what makes the most successful contest?
To explore this topic more thoroughly, I reached out to companies and traders—our regular participants—asking what an ideal contest should look like, how it affects trading on real accounts, and whether participating in forex contests is worthwhile at all. Let’s see what we discovered.
Contents
- Why brokers conduct or don’t conduct forex contests
- Can contests be beneficial for traders in future real account trading
- How many clients remain to trade with the company after participating in a contest
- Does contest success translate to real trading success
- Why do traders participate in forex contests then
Why Brokers Conduct or Don’t Conduct Forex Contests
Through conversations with companies, we discovered one fundamental truth: brokers conduct contests either for brand promotion or to aggressively attract new clients. This isn’t groundbreaking, so let’s explore a more nuanced aspect—do companies actually recommend that their traders participate in contests?
“Absolutely, we recommend it,” says Ilya Gontmakher, head of the investment department at GKFX. “For us, it’s certainly a marketing strategy to attract new clients. But contests can also be quite beneficial for traders. It’s not just a chance to earn money without risk, but also an opportunity to experience the broker’s conditions in a real-world scenario.”
Indeed, marketing aside, these events benefit traders too. They can test a company’s service, evaluate its strengths and weaknesses, verify their trading tactics on specific quotes, all for free with the possibility of winning cash prizes. Contest participants themselves confirm this: “…at minimum, to discover new companies and understand the real execution conditions.”
Can Contests Be Beneficial for Traders in Future Real Account Trading
On this question, we have mixed opinions. On one hand, contests offer an excellent opportunity to test your strategy, psychological approach, or trading bot before opening an account with a company. Additionally, beginners can experience market trading and the thrill of competition.
On the other hand, contest trading strategies often differ significantly from what’s needed in real trading. Let’s be honest—not everyone will trade all-in with their own money, yet that’s often how contests are won. Therefore, the most optimal rules would be those that bring contestants closer to real market conditions: longer timeframes, drawdown limits, trade volume restrictions, and other rules that enforce disciplined trading.
Here’s how one company commented on this: “Contests are held on either real or demo accounts, which have identical trading conditions. However, the psychology is different. Contest traders are more relaxed in choosing their trading strategy and take more risks. Regardless, a contest is the right place to hone your skills and test strategies.”
Interestingly, some companies refuse to conduct or sponsor contests altogether, arguing that the lack of strict strategy adherence and proper money management principles won’t lead to anything positive in future forex trading.
How Many Clients Remain to Trade With the Company After Participating in a Contest
The answer to this question naturally follows from the previous discussion. Essentially, it depends on how well-executed the contest was and what the company actually wanted to achieve.
If the company’s sole goal was marketing—attracting clients and collecting their data—the contest typically aims to maximize participant numbers. There are no restrictions, and the prize pool usually cannot be withdrawn. According to reviews, participants rarely become clients quickly after such events. However, if trading conditions were decent, results improve.
“I can’t provide exact conversion data. But many traders will try trading with us after the contest, and that’s already enough for us. Our execution quality speaks for itself,” says a TickMill manager.
When a company showcases its trading conditions by offering real account trading with bonuses, or demonstrates its full potential through contest rules, it acquires more clients and more frequently. The logic is simple: when you have something to show and be proud of, you should display it. A well-executed event with favorable conditions for contestants makes traders more loyal, and they happily remain to trade where they’ve already earned well.
Our contest participants agree: “Serious contests demonstrate that a company can and wants to take steps to differentiate itself among other brokers. A contest is simply an entry point for skilled traders who win prizes and later generate consistent profits for the broker,” believes participant TraPole.
Does Contest Success Translate to Real Trading Success
This is a crucial question and the culmination of our entire research and the purpose of these events. As we’ve learned, contest-specific strategies don’t always work for real trading, and the psychological mindset should differ. Additionally, demo trading, where most contests occur, isn’t the same as trading with real money.
FxPro’s sales director Ruslan Khafizov agrees: “In a demo contest, the trader’s psychology is comparable to that of a demo account trader. Virtual profits and losses are perceived differently than on a real trading account.”
Ultimately, all the companies we interviewed agreed on one point: not every trader who wins a contest can earn on real trading. This is only possible if their strategy can be adjusted differently or if they have two strategies.
Why Do Traders Participate in Forex Contests Then
A. Test Your Strategy or Bot – contests provide an ideal atmosphere for such experiments. You can learn more about development and even generate profit, something you can’t do on a demo account.
B. Test Broker Performance – this was the most popular answer among surveyed traders. Many contestants register to verify their tactics under specific conditions of a particular company. That’s why everyone loves contests on real accounts with bonuses. Some even find their favorite broker this way.
C. For Entertainment and Fun – one of our regular participants said it perfectly: “I think a contest is a great opportunity to take a break from real market stress and have fun. I would apply my most ‘crazy’ trading algorithms in them. If you compare real trading to contest trading, you can draw a parallel with everyday driving and go-kart racing. On go-karts, you can enjoy yourself and do things you’d never risk doing on city streets.”
D. For Social Status in the Trading Community – winning a contest is an achievement since you’re competing against hundreds of rivals. A good strategy immediately attracts attention, and many traders successfully use this, selling their strategies or attracting investors after the event.
E. Earn an Initial Deposit or Win a Prize – this is the most popular and understandable desire. Often, traders with good strategies lack market access for personal reasons. Successful contest trading helps overcome this stage in a trader’s development.
P.S. Haven’t you participated in contests on our site yet? You should! Subscribe to the event announcements thread and be among the first in the next contest.
