In parallel with the Olympic Games in Rio de Janeiro, Forex broker NordFX held its own "Olympic Games".
And so, the Olympic flame went out. For some this sport event became the way to the medal stand, for others – bitterness of defeat.
The rush of winning is in human nature, and this refers not only to wrestlers or track and field athletes, but also... to traders. Each of us wants to prove to the whole world, that he is faster, stronger, and more successful than the others. Sportsmen demonstrate it during the Olympic Games and the championships, as for the traders, DemoCup contest, which has been held for six years now by Forex broker NordFX, gives them such opportunity.
Only virtual demo accounts participate in this two-week contest, which takes place in the middle of each month. However, the prizes awarded to the winners are quite real – monthly prize drawing makes $3500, $3000 from which are divided among 10 winners, and 10 contestants obtain consolation prizes of $50.
In total, since March, 2010, about 300.000 dollars were awarded! Even though anyone can take part in this contest absolutely for free.
The thing, which juices up this contest, is that traders from almost 100 countries take part in it, namely, from: China and Russia, Ukraine and India, Kyrgyzstan and Sri Lanka, Romania, Iran, Thailand, Poland, Kazakhstan, Egypt, Belarus, Indonesia, Uzbekistan, Vietnam, Estonia, Korea, Singapore, Hong Kong, Australia, Bulgaria, France, Pakistan, Mexico, Lithuania, the Czech Republic, Moldova and the USA, Morocco and Syria, Israel and Nigeria, Bangladesh, Great Britain, Peru, the United Arab Emirates, Germany, Tajikistan, Costa Rica, Saudi Arabia, Malaysia, Paraguay, Brazil, Libya, Armenia, Angola, Chile, Spain, Colombia, Ghana, Slovakia, Uruguay, Cote d'Ivoire, Algeria, Yemen, Argentina, Latvia, Bolivia, Ecuador, Azerbaijan, Nepal, Philippines, Cuba, Kenya, the Republic of South Africa, Taiwan, Peru, Morocco, Venezuela, Tunisia, Guatemala, Italy, Georgia, El Salvador, the Dominican Republic, Portugal, Bahrain, Mongolia, Kuwait, Swaziland and even from Saint Helena...
"The geography of the contestants is so broad, that DemoCup can be easily called a world-wide contest", the leading analyst of NordFX and the jury member John Gordon says. "And so we thought why not to hold our own Olympics for the traders in parallel with the Olympic Games in Rio de Janeiro. So said - so done: we established the organizing committee, developed special rules and allocated a very plum prize fund of $23100 for the winners.
Unlike standard, regular DemoCup, in the Olympic DemoCup we drew three sets – total 89 – of awards in team and individual scorings. The contests were held from August 8 to August 19, and during all these ten days the heat of the struggle did not subside for even a minute, the traders looked for the slightest opportunity to increase individual and team deposits.
And if in the medal ranking at the Olympic Games in Rio the Russian team took only the 4th place, here it could step on the top of victory podium. In a very short time twenty best traders from the Russian team could increase their deposit by 22.5 times – from two hundred thousand to almost four and a half million virtual dollars! Such that they received yet 10000 real dollars – $500 for each member of the "gold" twenty.
The national team of Ukraine got "silver" and $5000, and the representatives of China, having overtaken Russian sportsmen in Rio, took only the third place in the Olympic DemoCup, having received $2500 as a prize. As for the host country of the Olympic Games – Brazil, it took the fourth place. One more South American country – Venezuela - was in Top 5.
As for individual scores, Russian trader, who increased the deposit from 10.000 to 1.670.000 dollars, that is by 167 times, became the absolute winner here! Having won in all three nominations, he obtained $2000 as an award.
The organizers didn't forget about consolation prizes of $50 each, which got representatives of Pakistan, Vietnam, Egypt, Cuba, Kyrgyzstan, Nigeria, Belarus, Indonesia, Mexico and India.
"I'd like to emphasize", J. Gordon says, "that contests on demo accounts require traders to have not less, and sometimes even more self-control. If, trading on the real account, the trader is constantly struggling with a fear to lose his deposit, he has to overcome euphoria from the first successes and the seeming impunity – because the money is not real. Of course, a loss won’t ruin him, but he won't become a winner either. In DemoCup it is very easy to cross that fine line between a justified risk and mindless adventurism."
"In conclusion", the jury member sums up, "I'd like to congratulate our winners and invite all traders to take part in the next stages DemoCup, which, as a reminder, unlike the Olympic Games, are held every month. The annual prize fund makes $42000, and you can study the rules of the contest on NordFX website, they are simple. I'm sure, that you will appreciate advantageous terms and high quality of the services, which NordFX offers to each client. And the number of our clients, – John Gordon smiles, – already makes about 1.500.000 – a big close-knit family Olympic family!”
Risk Warning: CFDs are complex instruments and come with a high risk of losing your invested capital rapidly due to leverage. 66.67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your invested capital. If you do not fully understand the risks involved, please seek independent advice. For a better understanding of complex financial products please click here.
NFX Capital CY LTD does not provide financial services to the residents of USA, Canada, Japan, Belgium and other additional jurisdictions.