Open Trading Competitions/Challenges & Trending Scams To Avoid

[ElysianSignals]

Dear Esteemed Members,

This list represents only my personal opinion. It shouldn't be interpreted as a certification or as a proof of scam.

Do your research.

I try to contribute to your market analytics with my personal opinion.

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1. Seemingly Legit Contests:

CloseOption - a binary options platform that offers weekly contests with a total prize of $3000

World Forex - a CFD and digital contracts broker that offers daily, weekly, and monthly contests with various prizes, such as cash, gadgets, and cars

PrimeXBT - a cryptocurrency trading platform that offers weekly contests with generous rewards, such as Bitcoin, trading bonuses, and merchandise

Traders of Crypto - a cryptocurrency trading platform that offers free competitions with over 50 cryptocurrencies to trade and real cash prizes

Swingtrading - a platform that offers monthly contests with prizes ranging from $500 to $10,000 for the best swing traders.

Capital.com - a platform that offers weekly contests with prizes of up to $1,000 for the most profitable traders.

ForexTime - a broker that offers various contests with prizes of up to $10,000 for the top performers in different categories, such as scalping, news trading, and technical analysis.

Dukascopy - a Swiss bank and broker that offers daily, weekly, and monthly contests with prizes of up to $15,000 for the best traders in forex, binary options, and social trading.

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2. Probably Shady Methods:

AMF Database: This is a list of the Autorité des Marchés Financiers (AMF) blacklisted companies or websites, warnings and/or usurpations of regulated companies.

AMF Blacklist

AMF Warnings

Personal Findings: These are challenges I found to be shady. I wrote the reason of my suspicion after the organizer company's name.

• FundedNext - Reason

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I will update the list as I learn about more competitions and user feedback.

Feel free to correct me if I made a mistake with the grouping.

It represents only my personal opinion, not proof of anything.

Kind regards,
Ely

 

[ElysianSignals]

New challenges/competitions/contests that seem legit to me:

DayTrading: A website that provides information and reviews on various trading demo competitions that are free to join and offer real cash prizes. You can find contests for forex, stocks, CFDs, and more2.

DEXTools challenge: Over 20,000 $DEXT up for grabs. Next deadline: January 9th, 2024. Participation is completely free of charge. No payment or specific balance required. In addition to the final prizes, there will also be weekly rewards for the top players. You can test your trading skills in decentralized markets.

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Everyone, I didn't write URLs, but let me know if you want to confirm the one you have doesn't belong to some pishing/fake copy.

I update my database about trading contests (and scammers) in real-time from many other databases and my findings.

In reality, I know many more contests, I only posted the more popular/active ones.

 

[TrAndy2022]

Actually I cannot find value in participating on such demo contests. You need to go all-in everytime with crazy risks, that it can only called gambling. So in the end you cannot learn to be successful in reality, because you learn too much bad habits from those competitions. The more serious and longer term orientated competitions like Robbins Cup which take 1 full year, are only for those interesting to offer services around their own trading. Also you are publishing all your trades in details which is not what you want as a trader, as future front-runs on your trades cannot be eliminated because of those publishings. There is also no prize in trading to win, except the money you make. If someone needs to feed his ego by aiming for first prize or "gold medal" winner, it is simply not good. One should aiming in minimzing risk or maximizing returns to get the most money with trading, nothing else. So in case you need this kind of marketing then you also must go the second step in managing third party money. Else the whole is ridiculous, because you do not learn anything good habits here.

 

[ElysianSignals]

Actually I cannot find value in participating on such demo contests. You need to go all-in everytime with crazy risks, that it can only called gambling. So in the end you cannot learn to be successful in reality, because you learn too much bad habits from those competitions. The more serious and longer term orientated competitions like Robbins Cup which take 1 full year, are only for those interesting to offer services around their own trading. Also you are publishing all your trades in details which is not what you want as a trader, as future front-runs on your trades cannot be eliminated because of those publishings. There is also no prize in trading to win, except the money you make. If someone needs to feed his ego by aiming for first prize or "gold medal" winner, it is simply not good. One should aiming in minimzing risk or maximizing returns to get the most money with trading, nothing else. So in case you need this kind of marketing then you also must go the second step in managing third party money. Else the whole is ridiculous, because you do not learn anything good habits here.

I don't claim not to understand your point because a few traders make mistakes like you wrote, but I have the opposite experience.

Firstly, I'd say I do this for fun, and we can always fall back on this reason because it in itself is a good enough reason for me to participate in challenges.

But let's consider this example. One month to win this DeFi contest was worth it. The number of people whom I could help with extraordinality grew. I could reach more than ten times as many as before because I entertained them with live trading. I also believe it's being a challenge added to the value. Think of the famous TikTok challenges. People are thrilled by the challenge. I think winning new friends was worth it.

I had fun and friends, totally worth it from my view, but did these friends lose on the sessions? I don't think they lost their trading skills watching me. I observed the opposite. Winning the contest "proved" the strategies in their minds, and consequentially, they were more open to learning more. I'm still in contact with them, and we had sessions about risk management, capital management, and hedging strategies. I think we all won.

You might have noticed I wasn't writing about money so far. That's because fun, friends, and public education are priceless. But in numbers, all I can write is, that I had more crypto after the contest than before.

I wonder what other possibilities you know where you have fun with your friends and the entertainer pays you.

(Usually, you pay to the entertainer.)