This biweekly contest is based on the demo accounts. Everyone can participate in this free contest by opening a demo account and registering for the competition. $3,000 prize fund is shared among the 8 top traders of the contest at the end of it:
- 1st place — $1,000
- 2nd place — $750
- 3rd place — $500
- 4th place — $250
- 5th place — $200
- 6th place — $150
- 7th place — $100
- 8th place — $50
All demo accounts start with $30,000 virtual funds. All participants use 1:500 leverage but can choose whether to use a non-swap account or trade with swaps. All available trading instruments except Gold can be used in the contest.
Important: The winner is based not on the net profit at the end of the contest but by the special score. The pips of the winning positions are added to the score and the pips of the negative positions are subtracted from the score. But the maximum limit that one winning position can add to the score is 10 points. Losing positions don't have such limit. So, it's better to make a lot of small profitable positions rather than several positions with huge profits.
You register for the contest on InstaForex site and the demo account is opened for you automatically. With $30,000 starting capital you begin trading when the contest starts and finish 2 weeks of demo trading with a total of $67,529.13 of profit. But as this contest's rules use a special point system to calculate the winners, the resulting profit in USD doesn't matter much. You close 35 positions with 10 or more pips of profit, 1 position with 5 pips and 2 positions with 6 pips of profit. The total loss of all your negative positions is 270 pips. So, the total score you get is 367 — 270 = 93 points. This result qualifies you for the 6th place in the tournament and a prize of $150, which you can use for trading and earning profit.
Prize money will be transferred to a real account opened by InstaForex. You can use prizes to earn profit but you can't withdraw the prize funds. Earned profit can be withdrawn freely.