When is the contest held?
The “Week with CFD” contest for demo accounts is a recurring event, providing traders with the opportunity to showcase their skills and potentially win prizes. The contest takes place every week, from 12:00:00 a.m. on Monday to 11:59:59 p.m. on Friday (server time). In this extensive guide, we will thoroughly explore the ins and outs of this contest, ensuring that you have a comprehensive understanding of the rules, requirements, and potential rewards.
What is required for participation?
Participating in the “Week with CFD” contest begins with a straightforward but essential step: account verification. Before you can join the contest, you need to have your Members Area verified. This verification process helps ensure that participants adhere to the necessary criteria and the contest’s terms and conditions.
How to participate with a contest account?
Once your Members Area is verified, you can proceed to create a contest account. It’s important to note that you are allowed to have only one contest account, and this single account will be used for all the competitions held throughout the “Week with CFD” contest.
– Initial Deposit: The contest requires an initial deposit of $3,000. What sets this contest apart is that this initial balance is deposited just one minute before the start of each competition. This specific timing ensures a level playing field for all participants, as everyone begins with the same initial capital.
What are the trading conditions?
A comprehensive understanding of the trading conditions is crucial for success in the “Week with CFD” contest. Here’s an in-depth look at the key trading conditions:
– Stop Out Level: In this contest, a Stop Out level of 40% is in place. This is a critical aspect to be aware of since it represents the point at which your trades will be automatically closed to limit further losses. Proper risk management is key to avoid reaching this level.
– Leverage: The leverage available for this contest is set at 1:300. Leverage plays a crucial role in determining the scale of your trades. It’s important to understand and use it wisely, as it can amplify both profits and losses.
– Account Type: The contest makes use of the MT4 Demo ECN account type. This is the platform that participants will use for their trading activities, so familiarity with this platform is highly beneficial.
– Trading Platform: The trading platform used in this contest is MetaTrader 4 (MT4), which is widely recognized for its user-friendly interface and powerful analytical tools. Participants should be well-acquainted with MT4’s features.
– Contest Ticker Group: The contest is classified under the CFD ticker group. This means that participants should ensure that their trading activity falls within this group during the contest.
– Position Limitations: One of the strengths of this contest is that the number and size of positions opened at the same time are not limited. This provides flexibility for participants to employ a variety of trading strategies.
Are there any restrictions on trading?
While the contest offers substantial flexibility, certain restrictions are in place to ensure fair play and compliance with the contest’s rules:
– Expert Advisors (Scripts): The use of Expert Advisors (scripts) is prohibited during the contest. Participants are expected to rely on their trading skills and strategies without the assistance of automated trading tools.
– Close Family Members and Affiliated Persons: Close family members and affiliated persons are not allowed to register or participate in the same competition. This practice is aimed at preventing any form of unfair advantage 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 helps maintain a level playing field, ensuring that each participant competes fairly.
– Rule Violations: Participants who break 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.
How are orders closed at the end of the competition?
At the conclusion of each competition, all open orders are automatically closed by force. This is an important aspect of the contest’s mechanics, and participants should be aware of it. In cases where it is technically impossible to close all orders simultaneously, they will be closed sequentially. It’s critical to understand that any differences in closing times will not be considered as a basis for complaint or a request for recalculation of participants’ final balances. This ensures a fair and standardized approach to closing positions.
Determining the Winners
How is the winner determined?
The process of determining the winners in the “Week with CFD” contest is of paramount importance. Here’s how it’s carried out:
– Largest Deposit: The participant with the largest deposit on their contest account by the end of the competition is declared the winner. This criterion rewards participants with exceptional trading skills and strategies that lead to significant gains during the contest period.
– Prize Distribution: Beyond the top spot, the remaining prizes are distributed using the same criteria. It’s important to understand that accounts with final deposits less than their initial deposits are not considered in the ranking. In the event that a participant who claims a prize is disqualified, the prize goes to the next participant in the ranking. This ensures that the competition’s rewards are distributed fairly and according to the established criteria.
– Complaints: Participants have the right to file a complaint concerning the contest results within one business day after the results are announced. Complaints should be sent to [email protected]. This avenue provides a mechanism for participants to address any concerns they may have regarding the results.
How often does the contest occur?
The “Week with CFD” contest is a regularly scheduled event, taking place for a total of 12 competitions. This regular schedule provides participants with numerous opportunities to test their trading skills, compete with other traders, and aim for winning positions in the contest.
What is the prize pool?
The prize pool in the “Week with CFD” contest is set at $1,500. This pool represents the total amount of funds allocated for distribution to successful participants. The prize pool is a key element that attracts participants, as it holds the potential for financial rewards.
How are prizes distributed?
The distribution of prizes in the “Week with CFD” contest is based on the final ranking of participants. Here’s how it’s done:
– The prize pool of $1,500 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 “Week with CFD” 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 be received?
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 StopOut event takes place, Prize Money is written off the account. This underscores the importance of careful risk management to avoid reaching the StopOut 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 “Week with CFD” 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 others, and potentially win prizes. Good luck, and may your trading strategies lead you to success in the “Week with CFD” contest!
In conclusion, the “Week with CFD” 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 “Week with CFD” 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.