A Forex Traders Competition is a type of activity, when participants, having equal time limits and rules, compete against each other in Forex trading.
Trading is performed in a Demo account. So, traders do not bear the risk of losing real money. What is more, they have a chance to win real money prizes.
Competitions can be created by the ForexCup Administrator or the Manager.
Anyone who is interested in Forex trading aged 18 and older can participate in ForexCup competitions.
Please, note that in accordance with the Company’s policy we do not accept residents of the USA as participants.
Only registered users can join any available ForexCup competition. How to register?
To be able to withdraw funds (prizes/ bonuses) your FXOpen eWallet must be verified.
At the end of any competition FXOpen pays prizes and/or bonuses to the most successful traders.
The Administrator or the Manager can set specific rules or limitations for each separate competition.
Registration for a competition, as well as the competition itself, lasts for a certain period of time.
There can be 2 types of competitions:
a) competitions with free participation;
b) competitions where traders need to pay an entry fee to join.
At the start of a competition all participants get demo accounts with the same initial balance and leverage.
Competition rules also specify the following aspects of trading:
a) the list of available trading instruments;
b) the minimum and the maximum lot size and the maximum number of orders;
c) the use of automatic trading (expert advisors), allowable trading strategies (hedging, scapling, etc);
d) the amount of prize funds and their distribution (number of prize places, prize amounts).
Prizes and bonuses in ForexCup:
The winner of any ForexCup competition gets a real money prize.
There can be several prize places in a competition.
The prize for the 1st place will be transferred to the winner’s FXOpen trading account, as a rule, within 48 hours of the end of the contest.
The main prize below $1000.00 and all the other prizes can be used for trading on ECN and STP accounts unless other conditions are stated in competition's description on the website or on the forum.
The main prize above $1000.00 can be used ONLY for opening PAMM account. This amount can be withdrawn by the PAMM Manager after 3 months of trading and after making at least 60 trades in the PAMM ECN account or after making 120 trades in PAMM STP. If a trader gets the main prize in the Forex Championship, the money can be used only for opening PAMM ECN/ PAMM STP account, the prize withdrawal is not permitted!
The gained profit can be withdrawn at any moment of time.
Money prizes received in the "CryptoMania" competitions can be used ONLY for opening Crypto account and can't be withdrawn. But the gained profit can be withdrawn at any moment of time.
The amount of bonuses paid to a single trader cannot exceed the specific limit defined in the rules of a particular competition.
Profit bonuses can be withdrawn via any available payment system. Profit bonuses can be withdrawn after completing certain requirements that are specified in the competition rules (for example, not earlier than in ХХ calendar days, after ХХ trades of ХХ minutes each).
The total amount of all bonuses in a competition cannot exceed its budget. If the competition budget is exceeded we will reduce the bonuses based on the difference between the actual sum of all bonuses and the budget.
Hedging is a prohibited trading strategy for fulfillment of bonus withdrawal conditions, it means that trades performed by means of hedging will not be counted in the number of trades, obligatory to fulfill the conditions for bonus withdrawal.
If a trader receives more than $1000.00 in prizes and bonuses, he/she will be able to participate only in competitions with entry fee. To be able to join free competitions again he/she needs to deposit at least $500.00 to the trading account or FXopen eWallet. For deposit you are free to use any available payment system or external transfer.
If the trader withdraws this deposit ($500.00) within less than 30 days of the deposit date, joining competitions free-of-charge will be prohibited for this trader.
ForexCup Administration has the right to void a prize or a bonus if the trader does not follow the rules of withdrawing prizes and bonuses. For example, a prize can be voided if the trader does not follow the rule of making a certain number of forum posts before withdrawing.
It’s prohibited to provide unreliable personal information.
It’s prohibited for one and the same trader to participate in a competition on several accounts from one IP address, as well as, to use other traders' accounts.
It’s prohibited to copy other participants’ trading strategies in a competition.
It’s prohibited for relatives to trade in one competition using one and the same IP address.
It’s prohibited to use automated trading strategies (unless otherwise specified in a competition rules).
If a trader violates minor rules he/she will be disqualified from participating in a competition. In this case, one must pay some penalties to be able to join any other new competition.
Frequent rules violations or major violations can lead to a trader’s account block. In this case, all the prizes and bonuses gained in a competition will be annulled.
When a contest is over all your open positions may be closed with a certain delay, and the close price may differ from the one as of the end of the competition.
The delay may take a period of from a couple of minutes up to several hours and mostly depends on the number of open positions. It is because the open trades are closed one after another, not simultaneously.
In case of postmarket trading (after Friday midnight), an open position will be closed at the last valid rate before the market closing.
Thus you may either advance or lose your profit. Please mind the above mentioned when making your decision whether to close your trades in time or try your luck and wait for the trades to be closed automatically.
FXOpen has a right to disqualify participants for rules violations to change/amend competition requirements in its discretion.