Best Forex Demo Contests in 2023 for Newbies

What is forex demo contest?

We know that the forex contest is a challenge like a tournament. But there are two types of contests available in the forex. These are 1.Forex live contest and 2. Forex demo contest. In a live forex contest clients has to invest real money. But in a demo contest, traders don’t need to invest from their own pockets. Brokers will provide a fixed amount of money to every participant for participating in the contest.

The forex demo contest is a great opportunity for a newbie trader to test his/her trading capability. This type of contest is the opposite type of live forex contest. And also there is a very good chance to win a real trading prize money or cash. The most important thing is, you can win a prize without having risk. Sometimes pro traders also taking apart into these contests while there will be big prize money. Some of the experienced traders are telling that, if a newbie trader can win a demo contest than, he/she can be a good forex trader in real trading.

Some basic rules of forex demo contest: Each demo contest has different rules, but few rules are common in each contest. There are some basic rules for the forex demo contest. You may check here below.

The broker will specify the competition rules.
Participants start the competition with the same balance.
Most of the broker doesn’t allow multiple accounts from a single IP.
Multiple accounts are not allowed by the brokers in demo competitions.
Most of the broker make rules that, after joining the contest clients can’t withdraw themselves from the competition.
Most of the brokers are providing winning prize money as real trading money. Which is able to trade in real forex trading. But some brokers are providing prize money for withdrawing.

Before joining any of the forex demo contests please be sure that, your broker is reliable in the market. Here is forexnewbonu.com will help you to find out the right demo forex contests. Check our list to get updated.