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TOP FOREX BROKERS REVIEW

THE INTERNET'S MOST COMPREHENSIVE LIST OF ONLINE FOREX BROKERS AND FOREX REVIEWS. 

author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 1, 2024 by TOP FOREX BROKERS REVIEW

Understanding the Forex Demo Contests and Tips to Win

forex demo contests, forex demo contests brokersNovice traders usually get afraid to invest money in forex trading. Therefore, they tend to search for a reliable broker. Brokers also want to gain trust first. Therefore, brokers arrange forex demo contests for free for potential traders. Traders do not require to put any money to participate in a demo contest arranged by the forex demo contests brokers. But they surely need to have the basic trading skill; else, their winning chances may diminish.

Anyone can join a demo contest whether you are a new or even a vastly expert trader. You may choose any broker if you don't wish to invest real money, but if you are firm about investing, you should look for the best forex broker that offers a demo contest.

That being said, we will take you through the ins and out of forex demo contests so that you can get a clear idea about everything before joining the contest.

Understand the Forex Demo Contests

Demo contests usually come out with a great opportunity for the traders as they can check their trading skills for free. Besides, they can learn forex trading from scratch too. A demo contest is typically the opposite of a live contest.

Although it is newbie-friendly, sometimes pro traders also to the forex demo contests to check the broker.

Broker NameDeposit BonusesNo Deposit BonusesClaim Now
XMUp to USD 5000$30Claim Now
HFM100%Claim Now
FX Primus100%Claim Now
FBS Markets100%$50Claim Now
Dukascopy$100Claim Now
OANDA10% Equity BonusClaim Now
Vantage FX50%Claim Now
ACY Securities10%Claim Now
BitEclipse$10Claim Now
Axiory50%$25Claim Now
FXCC200%$50Claim Now
InstaForex10%$3,500 StartUpClaim Now
LiteForex50%Claim Now
USG FX50%Claim Now
JustForex100%$30Claim Now
WelTrade100%Claim Now
Synergy FX10%Claim Now
OctaFX50%Claim Now
FortFS10% to 50%$100Claim Now
FXOpen$10$10Claim Now

How does a Demo Contest Work?

The idea of a demo contest is pretty simple. Whenever you find suitable forex demo contests brokers, you will sign up and ask for participation in the demo contest while registering. After that, the broker will approve your account, and then you will be eligible to trade. But before that, the broker will provide you with some virtual money, which you can use to participate in the contest.

How much virtual money you are getting in your account depends on the broker itself. Each broker has its own rules and policies while conducting the demo trading contest. Hence you should check the details before going for the demo trading contest.

Once you get your account refilled with the virtual money, you are ready to start the trading. The more money you earn from trading, the more your winning opportunity increases. However, you can never withdraw any money from your demo contest account.

If you win a contest, you will be eligible to get the prizes allotted for the winners. The prize can be anything from cash to a premium account with real money.

Best Forex Brokers List 2024

RANK VISIT
BROKER
REGULATION

We only list licensed brokers that comply with the requirements of prominent regulatory agencies.

MIN
DEPOSIT

The minimum amount you need to deposit in order to start trading.

DEPOSIT
BONUS
RATING MAX
LEVERAGE

Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.

PAYMENT
SYSTEM
SUPPORT START
TRADING
1
ASIC, CySEC, FSP
$100
No Bonus
1:500

Telephone: +44 28 2544 7780

image
Pros
  • Excellent education tools
  • Low forex fees
  • Fast account opening
  • Easy funding methods
Cons
  • No bonuses
Platforms & Devices
2
FSA, FMA
$0
No Bonus
1:500

Telephone:

image
Pros
  • 9 base currencies
  • 24/7 technical service
  • Direct market access
  • VPS, FIX API, copy trading
  • Superior trading conditions
Cons
  • No negative balance protection
  • Withdrawal fees
Platforms & Devices
3
ASIC, FCA, CySEC, SCB
$100
No Bonus
1:500

Telephone:

image
Pros
  • Fully digital account opening
  • Low forex fees
  • Research tools
  • Free Education Resources
Cons
  • No bonuses
Platforms & Devices
4
CySEC, FSCA, MISA
$25
50% Deposit Bonus
1:1000

Telephone:

image
Pros
  • Ultra-low spreads
  • Quick withdrawals and deposits
  • 24/7 online support
  • Negative balance protection
Cons
  • Mobile copy trading services available only for Android

Platforms & Devices
5
FCA, CySEC, FSCA, SCB
$100
No Bonus
1:100

Telephone: +44 (0) 203 151 5550

image
Pros
  • Excellent customer service
  • Free deposit and withdrawal
  • Negative balance protection
  • Wide range of platform
Cons
  • Inactivity fee
  • High Trading Fees for some CFDs
Platforms & Devices
6
AFSL
$100
No Bonus
1:500

Telephone:

image
Pros
  • All base currencies
  • 24/7 technical service
  • Direct market access
  • Superior trading conditions
Cons
  • No negative balance protection
Platforms & Devices
7
ASIC, CySEC, FSA, SCB
$200
No Bonus
1:500

Telephone: +248 467 19 76

image
Pros
  • Low forex fees
  • Fast order execution
  • Analytical training materials
  • 90+ instruments
Cons
  • Slow live chat support
  • Non-EU traders don’t get investor protection
Platforms & Devices
8
ASIC, CySEC
$1
100%
1:3000

Telephone: +35 7251 23212

image
Pros
  • No withdrawal fee
  • Low stock and stock index CFD fees
  • Negative balance protection
  • No inactivity fee
Cons
  • Average forex CFD fees
  • No PAMM accounts
Platforms & Devices
9
ASIC, CySEC, FSC
$5
Up to $10,500
1:1000

Telephone: +501 223-6696

image
Pros
  • Low withdrawal fees
  • Great educational tools
  • Wide range of leverage
  • Multilingual customer support
Cons
  • Non-EU traders don’t get investor protection
Platforms & Devices
10
ASIC, FCA
$0
No Bonus
1:500

Telephone: +61 2 9965 5830

image
Pros
  • Automatic insurance coverage
  • Low entry threshold
  • Fully digital account opening
  • Low forex fees
Cons
  • Limited research tools
  • Only forex and CFD trading
Platforms & Devices

Basic Rules by the Forex Demo Contests brokers

Though we have mentioned earlier that each broker can have their own rule, which may vary from other brokers, but there are few basic rules that are the same by all brokers for all the contestants. Following are some of the basic rules.

  • The broker shall clarify the competition rules.
  • All the participants will get the same balance to start the contest. However, the balance may vary on brokers itself.
  • Brokers may not allow multiple participants from the same IP.
  • A single user may not have multiple accounts for the same demo competition.
  • Forex demo contests brokers may not allow a trader to withdraw from the competitions. However, it may vary on the broker.

These are the common ground rules you may keep in your mind. Nevertheless, these cannot be firm but won't harm you, keeping these in mind. Apart from the rules, you should keep in mind to check your intended broker. You can check out our forex broker reviews to judge a broker's reliability.

Benefits of a Demo contest

Since you don't need to put any sort of real money, you may find everything as benefits. Still, we found some core benefits that can encourage anyone to join in a demo contest. Check out the following benefits to enlighten yourself.

  • Beginners can understand the psychology of forex trading, which ultimately covers the substantial forex knowledge on everything such as forex pairs, forex trading platforms, instruments, leverage, and more.
  • It can be the first step to the forex world, and you can understand real forex trading without risking your money.
  • Understand the real market and get updates on that.
  • A trader can test their strategies for free of cost. Testing a strategy with real money can incur huge losses if the strategy is failed.

Last but not the least, you are getting an opportunity to earn some free money out of the forex demo contests.Ways to pick the correct demo contest

A broker may offer demo contests in different categories. Therefore, blindly joining any demo contest will not get you the ultimate benefits. Hence you will require to select the right demo contest to get the definitive benefits.

You can check the offered instruments, the number of participants, charges and fees, leverage, and other trading-related terms and conditions to pick the correct demo contest. Besides, you can also check the prizes and trading hours. However, you can also check the trading platforms. Usually, MT4 and MT5 platforms are the most popular ones. So, you can sign up with the MetaTrader 4 forex brokers as well as MetaTrader 5 forex brokers.

Contest Prizes

Usually, brokers offer real tradable money in the winner's account. Some may also offer cash benefits which the winners can withdraw. So, know the available prizes before you proceed with the forex demo contests.

Tips to Win a Demo Contest

Although traders will trade with free virtual money, they will get the real competitor. Hence few tricks may increase the winning possibilities for a trader. You may go through the following list to win a forex demo contests. 

  • Take everything easy and be positive about trading. However, you are investing a cent, so stay calm and quiet during the trading process.
  • Keep your eyes open and keep the mind attentive at any stage. This can eventually help you to make decisions while trading.
  • Take each decision and trading seriously, even though you are trading with free money. This kind of trading habit will definitely enhance your confidence while trading with real money.
  • Start the trading after other participants order their trade. You can set your goal after seeing other contestant’s trade.

This stuff can get you a win in the forex contest.

Final words

Forex demo contests are highly beneficial for any trader. As we have mentioned earlier that it is risk-free trading, you can check a broker's authenticity for free. Moreover, brokers offer demo contest to grab new clients. You may go through our top 10 forex brokers list to check each broker if that offers a demo contest.

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