[Omari]

Greetings to all,

Anyone here try demo contests before and actually win real dollar cash?? I just see Eightcap is doing one  https://contest.eightcap.com/. Rules say first prize is 1000 USD. Not bad? But what is the deal?? Can we use any strategy we want? And what kind of traders are join this – like pros or more beginners??

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[James Barra]

Hi Omari,

Demo contests can pay out cash, like this Eightcap competition, but it’s always worth carefully reading the terms and conditions. I’ve seen it before when winnings can only be used as trading capital, ie you cannot withdraw it. Also, sometimes providers do not permit certain strategies.

On your question about the traders who join contests – this can range from beginners through to experienced traders. It will depend on the competition.

If you want to see other demo contests, we’ve collated a list of brokers with demo trading competitions.

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[Omari]

But do you know if this Eightcap contest lets you withdraw the cash if you win it or come second and third because they get $500 and $300 too??

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[James Barra]

The text below from the contest rules suggests the cash would be paid directly into your bank account. But there’s no harm in checking with Eightcap’s support team if you have any questions about the process. They’re available 24/5.

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[Omari]

Good call. I messaged them to confirm 🙂

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[Vaper GH]

Dunno about Eightcap but I know Axi brokerage firm runs trading tournaments with way bigger cash prizes. Like there was one for $250,000. Dunno what your chances of winning are tho lol.

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[Omari]

Wow that is big time money! Where do you join that because I can’t find it on the Axi website or Facebook.

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[Steve]

Yes, some so-called ‘demo trading contests’ do pay cash prizes to winners.

One thing to keep in mind, however, is that they put these on to encourage new users to join their platform.

I’ve also seen that often these firms run the competitions through offshore entities with little to zero regulatory oversight. What does this mean? Well, it means you may not have many recourse options in case of disputes and their trading operations and processes may not be subject to the same rigour as well-regulated providers.

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