LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Application-based retail FX platform company Tradable is hosting a trading challenge in which participants compete with eachother on demo accounts.
The company’s perspective is that only those who never risked real money in the markets think that trading demo and live account is anything remotely similar.
On this basis, the company has organized a demo competition, and has explained the ethos behind it, including why it is worthwhile for serious traders to participate in it.
According to Tradable, real money competitions normally have a minimum deposit requirement which can run from a thousand to several thousands of dollars, and that whilst more well heeled customers may participate, others struggle to meet the entry criteria and many are entirely put off by it on the first sight.
Tradable therefore considers that using virtual funds levels the playing field in that those traders who would not be eligible or able to afford to participate in a real money competition also get to measure up.
Participants also do not have to worry about identification procedures, scanning, let alone authenticating documents before submission. Demo competition only requires an entrant to provide a name and email address.
Tradable’s Patrick Mortensen stated on the company’s blog that “Probably the most frequently repeated argument brought up against demo competition and demo trading in general is that without pressure or anything at stake traders’ performance is not representative of their skills.
“That’s exactly why we created an amazing prize pool of $35,000 to make your efforts count! Not only will the top 3 players with the highest percentage return rewarded with trading accounts of $5,000, $2,500 and $1,500 but there will be daily, weekly prizes and rewards for best news traders, blogger and prize for the best tradable app idea” concluded Mr. Mortensen.
For the official announcement from Tradable, click here.