Exploring the “KingSize MT5” Contest: Rules, Prizes, and More
Are you a trading enthusiast looking for a way to test your skills and potentially win prizes? The “KingSize MT5” contest offers an exciting opportunity for traders to compete using demo accounts and showcase their abilities. In this comprehensive guide, we will walk you through the key details of this contest, including the contest schedule, participation requirements, conditions to determine the winner, details on prizes, and additional terms set by RoboForex Company.
When is the contest held?
The “KingSize MT5” contest is a recurring event, providing traders with an opportunity to compete and demonstrate their trading strategies using demo accounts. The contest kicks off every Thursday at 8:00 p.m. (server time) and concludes exactly 24 hours later on Friday. This concise timeframe adds an element of intensity to the competition.
Terms of Participation in the Contest
What is required for participation?
To join the “KingSize MT5” contest, the first step is to ensure your Members Area is verified. This verification process is a standard requirement to confirm that participants meet the necessary criteria and adhere to the contest’s terms and conditions.
How to participate with a contest account?
Once your Members Area is verified, you can create a contest account for your participation. It’s important to note that participants are limited to having one contest account, and this single account will be used for all competitions throughout the contest.
Initial Deposit: The contest requires an initial deposit of $1,000. Notably, this initial balance is deposited just one minute before the competition starts, ensuring that all participants begin with an identical starting capital.
What are the trading conditions?
Understanding the trading conditions is essential for participants. Here’s an in-depth look at the key trading conditions in the “KingSize MT5” contest:
Stop Out Level: The contest imposes a Stop Out level of 20%. This is a critical level to be aware of, as it represents the point at which your trades will be automatically closed to prevent further losses. Effective risk management is crucial to avoid reaching this level.
Leverage: The contest provides a leverage of 1:200. Leverage plays a vital role in determining the scale of your trades, so participants should be well-informed about its usage and implications.
Account Type: This contest operates with the MT5 Demo Pro account type, a platform with specific features and settings for traders to familiarize themselves with.
Trading Platform: The trading platform used in this contest is MetaTrader 5 (MT5). Known for its advanced charting and analytical tools, MT5 is a powerful platform preferred by many traders.
Position Limitations: In this contest, participants have the advantage of opening multiple positions at the same time. There are no specific limits on the number or size of positions, granting flexibility in trading strategies.
# Trading Restrictions
Are there any restrictions on trading?
While the contest offers substantial flexibility, there are certain restrictions in place to ensure a level playing field and adherence to the contest’s rules:
Expert Advisors (Scripts): The use of Expert Advisors (scripts) is prohibited during the contest. Participants are expected to rely solely on their trading skills and strategies without the assistance of automated trading tools.
Close Family Members and Affiliated Persons: The contest rules prohibit close family members and affiliated persons from registering or participating in the same competition. This is a standard practice to prevent any potential advantages that could arise from internal connections.
IP Address Usage: Participants are not permitted to use the same IP address (PC) for multiple contest accounts. This rule aims to ensure fairness in the competition and prevent any form of duplicate participation.
Rule Violations: Participants who breach the contest rules, whether intentionally or unintentionally, will face disqualification. In such cases, they will not have the right to claim any prize, underscoring the importance of adhering to the established guidelines.
# Order Closing
How are orders closed at the end of the competition?
At the conclusion of each competition, all open orders will be automatically closed by force. This process ensures that all trades are settled promptly, in line with the contest’s timeframe. In cases where it is technically impossible to close all orders simultaneously, they will be closed sequentially. Importantly, any differences in closing times will not be considered as a basis for complaint or a request for recalculation of the participants’ final balances. This maintains fairness and consistency in the contest’s operations.
Conditions to Determine the Contest Winner
# Winner Selection
How is the winner determined?
The process of selecting the winners in the “KingSize MT5” contest centers around the volume of orders opened. Here’s how it works:
Largest Order Volume: The participant who opens an order with the largest volume is declared the winner. This criterion rewards traders with the most substantial trading activities during the contest.
Prize Distribution: The allocation of prizes beyond the top position is determined in the same way—by considering the size of orders. It’s important to note that accounts with final deposits less than their initial deposits are not considered in the ranking.
Complaints: Participants have the right to file a complaint concerning the contest results within one business day after the results are announced. These complaints should be sent to [email protected], providing a channel for participants to address any concerns regarding the results.
How often does the contest occur?
The “KingSize MT5” contest is structured to take place over 12 competitions. This recurring schedule provides participants with multiple opportunities to test their trading skills, compete with others, and aim for winning positions in the contest.
# Prize Pool
What is the prize pool?
The total prize pool for the “KingSize MT5” contest is set at $1,000. This pool represents the total amount of funds allocated for distribution to successful participants, adding an extra layer of motivation for participants.
# Prize Distribution
How are prizes distributed?
The distribution of prizes in the “KingSize MT5” contest is based on the final ranking of participants. Here’s how it’s done:
– The prize pool of $1,000 is distributed among the top 10 traders of the competition. The final ranking of these traders determines the amount they receive.
– Importantly, the distribution of prizes occurs only after the winner has successfully passed the verification procedure in their Members Area at the RoboForex Company. This verification process is in place to ensure the authenticity and eligibility of the winners, preventing any form of misconduct.
# Prize Account Types
Which account types can receive prizes?
Participants who secure prizes in the “KingSize MT5” contest have the flexibility to choose the type of trading account to which their prize money will be credited. The available account types include:
This flexibility allows participants to select the account type that best aligns with their trading preferences and objectives. It’s important to note that this choice can have an impact on how the prize money is used and managed, so participants should make this decision carefully.
# Receiving Prize Money
How can prize money
To receive the prize money, participants are required to follow a specific procedure:
– Participants must email their real account number, with the base currency in USD, to [email protected]. This communication step is crucial, as it ensures that the prize money is directed to the correct account and reaches the intended recipient.
– In the event that the prize account is deposited with the participant’s own funds, it’s crucial to understand the policy regarding negative balances. The policy states that, in case of a negative balance on the account, the participant’s own funds are used first. This policy helps manage potential risks associated with trading.
– Additionally, participants should be aware that once a Stop Out event takes place, Prize Money is written off the account. This underscores the importance of careful risk management to avoid reaching the Stop Out level.
Additional Terms and Conditions
What rights does RoboForex Company reserve?
The RoboForex Company, as the organizer of the contest, reserves certain rights to ensure the smooth and fair operation of the event. These rights include:
Use of Information: The company can use any information related to the prize accounts in advertising and may publish it on the Company’s website and message board, as well as in various media outlets. This practice is aimed at highlighting the achievements of the contest winners and promoting the event.
Interviews: The company may conduct interviews with the winners of the competition. These interviews serve both as recognition for the winners and as a way to provide insights into their trading strategies and experiences. Sharing success stories can inspire and educate other traders.
Verification of Information: The company has the right to check the adequacy of the participants’ registration information to ensure that it complies with the contest rules and requirements. This verification process helps maintain the integrity of the contest.
Review of Server Logs: To maintain transparency and fairness, the company reserves the right to review server logs and statements of contest accounts. This helps identify and address any discrepancies or irregularities in trading activity. It’s an important step to ensure that the contest remains fair and free from any manipulation.
Cancellation of Results: In cases where a participant is found to have used non-market quotes in the competition, the company may cancel the results or recalculate the results of that participant’s transactions. This action is based on technical statements issued by the Company’s Brokerage Department. The cancellation of results is a preventive measure against any unfair practices.
Disqualification: The company has the authority to disqualify any participant without advance notice or without providing a specific reason for disqualification. This authority is used when there is an obvious violation of the contest rules on the part of the participant. Disqualification helps maintain the contest’s integrity and fairness.
Rule Changes: The company can change the contest rules with advance notice. Such changes will typically be published on the Company’s website or message board. Participants should regularly check for updates to stay informed and ensure they are in compliance with the latest rules.
Prize Money Deduction: In certain situations, the company has the right to write off prize money previously awarded and cancel all transactions made using these funds, without disclosing the reason for such actions. This right is exercised in situations where it is necessary to maintain the contest’s integrity and fairness.
Understanding these terms and conditions is essential for participants, as they provide a clear framework for how the contest is managed and the rights that the organizing company holds.
With this comprehensive guide, you are well-equipped to participate in the “KingSize MT5” contest, knowing the rules, conditions, and potential rewards associated with this exciting trading competition. Whether you are a seasoned trader or just starting, this contest offers a valuable opportunity to test your skills, compete with other traders, and potentially secure financial rewards. Good luck, and may your trading strategies lead you to success in the “KingSize MT5” contest!
In conclusion, the “KingSize MT5” contest for demo accounts provides an excellent platform for traders to showcase their skills and compete for valuable prizes. By adhering to the rules, understanding the conditions, and making informed trading decisions, participants can maximize their chances of success in this dynamic and recurring contest. It’s an opportunity to test and improve trading strategies, learn from other participants, and potentially secure financial rewards. As you embark on your journey in the “KingSize MT5” contest, remember that diligence, discipline, and risk management are key to your success. May the market be in your favor, and may your trading endeavors be both rewarding and educational.