To motivate its traders, FXCM organizes a monthly International Trading Contest. All the broker’s clients can participate, provided they meet certain criteria. Find out how to register, how it works and also what prizes to win?
A trading contest for whom?
The FXCM trading contest is only available to Mini account holders at the broker.
- New traders
New traders who have not yet opened an account can register by meeting this first condition. Opening a Mini account requires only €50, which makes access much easier.
- FXCM members
FXCM traders who have a standard account can also participate by transferring their account to a Mini account. In this case, it is necessary to complete a transfer form.
- What about non-French residents?
For the time being, only FXCM LTD and FXCM AUSTRALIA customers can participate in this trading contest. Even if they live in countries other than France, such as Switzerland or Belgium for example, traders who are members of these entities can easily register. However, FXCM plans to further expand this international competition. To know the latest news, just follow the group’s updates.
What are the admission requirements?
To be eligible to participate in the contest, the Mini account holder must meet certain criteria. He must:
- have a capital of between €1 and €20,000,
- use the FXCM Dealing Desk execution model at the beginning of each month, and
- use either the MT4 platform or the FXCM Trading Station.
There is no entry fee or form to complete to enter the competition. All active traders who meet the imposed criteria are “eligible”.
How does it work?
- The contest period
The FXCM International Trading Competition has already started on November 1, 2015, and is renewed monthly. The monthly period is officially open at 22:00 UTC/GMT 1 on the last working day of the previous month and ends at the same time on the last working day of the month concerned. All new traders can participate in the contest as early as the month following their account opening.
- The principle of the competition
This trading contest is based on the percentage of monthly gains made by the trader, on his currency, index and commodity trades. The winner is the one who performs best at the end of the month. Here is the calculation formula:
(Capital at month end – Capital at month beginning – Deposits) x 100
(Capital at the beginning of the month Deposits)
Thus, regardless of the trader’s capital in his Mini account, he can always participate and win. The chances of winning the competition do not depend on the values bet, but only on the performance of each individual in trading. Before participating, it is therefore in the traders’ interest to improve their trading methods.
- Withdrawal from the competition
It should be noted that participation in this contest is in no way a requirement for FXCM members. Eligible traders can withdraw at any time. All they have to do is send an e-mail to info*fxcm.fr. If, later, the trader wishes to re-enter the contest, he must then send a new request for participation to the same address.
- The disqualification
Any trader who does not comply with the terms and conditions of the contest is automatically disqualified by FXCM. In particular, traders cannot receive a “margin call” or make a withdrawal of funds from their trading account. At its sole discretion, the broker also reserves the right to eliminate an eligible trader for any reason.
What are the prizes to be won?
After determining the percentage of earnings achieved during the month, the broker ranks the highest scores. The winners will then be the 5 eligible traders who participated in the contest and complied with the rules, and who posted the best performances during the reference month.
The total prize pool to be won is $10,000 per month, broken down as follows:
- $5,000 for first place,
- $2,500 for second place,
- $1,500 for third place,
- $750 for fourth place,
- $250 for fifth place.
These prizes are distributed monthly, within 30 days of the end of each monthly period. The initial currency used is the dollar, but FXCM converts according to the name of the account. The rate applied will then be determined by the broker himself.
Note that the results of the ranking are posted directly and transparently on the FXCM website. However, the broker warns traders of possible losses in their transactions. Even in the context of the competition, trading does not become risk-free.