The Forex broker FXOpen organizes a series of trading competitions for their customers known as ForexCup, which offer cash prizes for the winners. These tournaments for traders are performed with demo accounts and may have different conditions such as the contest duration, prizes for the top places, requirements for participants and other similar aspects. Overall, ForexCup offers two types of competitions:
- Competitions with free participation.
- Competitions where the trade has to pay a fee to join.
Through ForexCup competitions over 1000 participants have received cash prizes. The categories of ForexCup trading tournaments are as follows:
- Team vs Team: These are trading contests in which a team of traders competes against another.
- Individual Competitions: Regular trading competitions in which each participant competes against others.
- One on One Contests: These are direct trading competitions between two traders only.
General rules of ForexCup competitions
- At the beginning of a competition all participants get a demo account with the same leverage and initial balance.
- The rules of each competition specify the following:
- The list of trading instruments available for the trader (Forex, precious metals, etc). That is, the markets in which the competitor can trade.
- The maximum and minimum transaction size and the maximum number of orders.
- The use of automated trading systems, trading strategies accepted (scalping, hedging, etc).
- The total amount of the prize fund and distribution of prizes (number of winners, the prize amount).
Prizes and bonuses on ForexCup
- The winner of a ForexCup competition gets a cash prize.
- There may be several winners in a competition of ForexCup.
- The prize for first place is transferred to the winner´s account (FXOpen eWallet) in a period no longer than 48 after the completion of the competition.
- The prizes which are inferior to 1000 USD can be withdrawn via any payment system accepted by FXOpen.
- The prizes which are above 1000 USD can only be used to open a PAMM ECN account with FXOpen.
- The bonuses are transferred to the participant trading account (Micro, STP or ECN) indicated in the user profile.
- Bonuses can be withdrawn through any of the payment systems used by FXOpen. However, the trader must meet certain requirements specified in the rules of each competition.
How to participate in ForexCup competitions
Any client of FXOpen who has a trading account can participate in these competitions.
- First, the trader interested in participating should register on the website of ForexCup if he or she does not have an account with FXOpen (through this site the participant open the account and enroll in the platform). If the trader already has a trading account with FXOpen simply has to enter with their login data.
- Download the Metatrader 4 platform from FXOpen website or ForexCup.
- To enter any of the active trading tournaments, the trader must access ForexCup website and click the “Join” button for each competition.
You can learn more about ForexCup trading contests and participate free with a demo account via the following link:
