Contest is an event in which participants compete each other to prove their superiority from others in that particular field. The winner in the contest is awarded with prize and in some contests runner ups are also granted with smaller prizes. Contests are organized to attract people and promote the organizer. The main purpose of these contests is to encourage forex traders to continuously learn forex trading concepts and strategies

Forex trading contests are organized by different brokers through out the year. Different brokers have different conditions to participate in their contest. The winner of the contest gets the winning prize, whereas some brokers also give smaller prizes to the runner ups. Prize is usually money, but sometimes it can also be a special membership or some special service.
In demo contests, you can participate without risking your money but the prize of contest is real money which you can use where ever you want it to. Some brokers require you to make some initial deposit but your deposit will remain intact as only virtual money is used in demo contests. In these contests participants try new aggressive strategies to earn big as it cant give them a real loss. In live contests, you risk you real money, but the prizes are much bigger then from the demo contests. Minors can not participate in these contests. Before joining a live forex contest make sure that you have read and understood the terms and conditions of that broker.

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