XM, an online broker in Cyprus, is going to run this huge FX Demo Trading Contest.
The trading contest will be run for a year and the awards will be distributed every month.
The total amount of the awards is “1 million” and it is available for withdrawal without conditions.
How to join the contest?
Joining the trading contest is totally free and it is also Risk-Free.
There is a few steps you need to follow in order to join the contest.
- Open an account with XM and submit required documents
- Register your nickname in the “XM Mmbers Area”
- Select a contest to join(as contests are run monthly)
- Register for the Contest
- Trade directly on the “XM Contest Arena platform”
The point is that you cannot trade through MT4, but in the “XM Contest Arena platform”, where you are not allowed to use EAs or any other automated trading programs.
Is the contest prize really available for withdrawals?
Yes, the contest prizes are fully withdrawable without any conditions.
It is also described in the “Terms and Conditions” of the contest.
*This is from the “Terms and Conditions” of the Promotion.
*This one is from the FAQ of the Contest.
Well there is no more information regarding to the “withdrawals of the contest prize”, so we are pretty sure that these are really withdrawable without extra conditions.
Some main points of this XM 1 million Demo Trading Contest are:
The trading is Demo with virtual money
The contest award is 1 million
The 1 million can be immediately transferred to your bank account
Some main conditions you should be careful of…
XM has been running many promotions with “simple conditions” thoug, this contest(or championship) has got a little bit more.
Everything is specified in the “Terms and Conditions”, but here we will point out some of them which are really important.
1. No EAs(Expert Advisers)
You cannot use EAs or other trading programs whatsoever, you can only trade manually on the online XM Contest Arena platform.
2. No High Leverage
XM offers up to 1:888 maximum leverage though, this highest leverage is not available for the championship.
In the Championship, the leverage is set to 1:30 for Majors and 1:15 for Minors and Commodities.
3. No MT4 but “XM Contest Arena”
The beloved MetaTrader4 is not available for this contest, but you will need to trade on the online trading platform of XM, which is called XM Contest Arena.
There is no need download the platform to your devices.
4. Need to validate your real account
It is free to join the contest, but you still need to have as least one XM real account.
Also it is required to that you validate your account with documents(ID and Proof of Address)
5. Only 10 people can participate in the final round
In the contest, there are 10 normal rounds and 1 semifinal, and 1 final round.
Everyone can join these 10 rounds though, you need to be the top 5 of at least one round, in order to proceed to the semi-final round.
Then only the 10 top traders of the semi-final, can proceed to the final.