Trading Tournaments
Trading tournaments are an increasingly popular way for traders to test themselves and win prizes. In these tournaments, entrants compete using demo accounts to see who can make the most profit, usually for free funds deposited into a live trading account.
Many brokers promote their platforms with elaborate and expensive tournaments: some of the biggest trading tournament prizes are worth over one million USD. In this article, we will explore how trading tournaments work, their advantages and some of the key factors to look out for.
Top Brokers With Trading Tournaments
We have tested hundreds of brokers and these 6 offer the best trading tournaments:
Here is a short overview of each broker's pros and cons
- IQCent - When we tested IQCent’s trading tournaments, we found the entry process refreshingly automatic — live account holders are included by default each week. The leaderboard is based on number of trades (minimum $10 per trade), which keeps things simple and transparent. Prize pools reach up to $20,000 weekly for top performers.
- Videforex - During our testing of VideForex’s tournaments, the setup was impressively friction-free; every funded live account is automatically entered. Contests run weekly from Sunday 21:00 GMT to Friday 21:00 GMT, with prize pools around $20,000 and 20 winners each round. Rankings are based purely on the number of trades (minimum $10 each), and the leaderboard refreshes in real time.
- RaceOption - When we tested RaceOption’s tournaments, the access was impressively seamless—every funded account is automatically entered each Sunday. Leaderboards rank weekly winners based on trade count (minimum $10 trades, excluding CFDs), with a prize pool up to $20,000 and 40 winners weekly. Transparency was strong under examination: live rankings, clear cut-offs, and simple eligibility criteria.
- BinaryCent - When we tested BinaryCent’s trading tournaments, we liked how straightforward the setup was. Entry was free for live users, with weekly prize pools reaching around $20,000. All trades counted equally, keeping the rules simple and transparent. The live leaderboard updated in real time, though the $10 minimum trade size felt a bit limiting for smaller players.
- World Forex - When we put World Forex’s contests under the microscope, their “Cash Wars” series stood out for offering free entry tournaments with real cash prizes (often $10,000+). The rules were clearly laid out, leaderboard live, and every day, traders could join with zero deposit required; a genuine fair-play setup.
- XM - When we took a closer look at the XM competitions, one thing jumped out: the formats cater to every level, including paid-entry challenges featuring reactive re-entry. The prize pools often exceed $100,000 and all winners appear in a live leaderboard, making the race transparent and engaging.
IQCent
"IQCent is great for traders wanting bespoke binary assets, with a growing roster of 150+ products, including ‘Hype Pool’ contracts, which track trending events. Short-term expiries from 5 seconds, payouts that can hit 95% (with up to a 3% boost), and a TradingView charting package with 100+ indicators, also make it ideal for serious, fast-paced traders."
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | IFMRRC |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR |
Pros
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
Cons
- The broker is not overseen by a respected regulator, though this is common among binary options firms
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 175 assets with limited stocks
- The market analysis is very basic with limited technical summaries and insights from analysts
Videforex
"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "
Videforex Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Platforms | TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.
- With the addition of over 60 new assets, Videforex now gives traders access to in-demand crypto (TON, ARB, PEPE, SHIB), top-performing tech stocks (Tesla, Meta, Nvidia, Amazon), and a more diverse FX portfolio (THB, ZAR, and MXN).
- Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.
Cons
- Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
- The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.
- The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
RaceOption
" RaceOption is amongst the best binary firms for its range of assets, notably US technology stocks and niche cryptocurrencies. With 5 second turbo contracts and tick charts through the TradingView-powered charting package, it’s well-suited to intraday traders. Regular contests also provide an extra layer to the binary trading experience. "
RaceOption Quick Facts
| Bonus Offer | 20% - 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs |
| Platforms | TradingView |
| Minimum Deposit | $200 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- RaceOption is in the less than 1% of brokers that offers video chat, available 24/7 in multiple languages, although the knowledge of agents about trading and regulatory issues needs improvement from our direct experience.
- Payouts on popular underlying assets like EUR/USD can reach 95%, beating out most alternatives based on our evaluations, and increasing potential returns, while the first 3 trades are risk-free in Silver and Gold accounts.
- RaceOption makes account funding a breeze with fee-free and near-instant deposits via bank cards and cryptos, plus guaranteed withdrawals processing within 1 hour.
Cons
- RaceOption is one of the only brokers not to offer a demo account, which when considered alongside the absence of education, makes this broker a poor choice for beginners.
- RaceOption is an unregulated, high-risk broker that doesn’t provide investor compensation or legal recourse options should you run into trading or withdrawal issues.
- While still affordable for many retail investors, the $200 minimum deposit raises the entry barrier, especially compared to Deriv and World Forex who are designed for budget traders.
BinaryCent
"BinaryCent suits active binary traders willing to forego regulatory protections for a quick and easy sign up, deposit bonuses, and weekly trading competitions. With its $250 minimum deposit, among the industry’s highest, it’s geared towards experienced, well-funded traders."
Tobias Robinson, Reviewer
BinaryCent Quick Facts
| Bonus Offer | 20% - 200% deposit bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Cryptos, Options, Commodities |
| Regulator | VFSC |
| Platforms | TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- Copy trading and binary options bots are useful for beginner traders
- Trade binary contracts from $0.10 allowing trading opportunities for all budgets
- Payouts up to 95% are higher than most competitors and increases profit potential
Cons
- Not available to traders based in the US
- Not overseen by any reputable regulator, raising risks and reducing customer protections
- The $250 minimum deposit is higher than most binary options brokers
World Forex
"World Forex is best for traders wanting to place all-or-nothing trades on currencies or metals through digital contracts. It’s also a stand-out option for traders wanting to use advanced third-party platforms like MetaTrader, plus mobile traders due to the dedicated binary options app via the FX BO Lite add-on."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- Copy trading solution
- Several different account types with varied pricing structures
- Educational content
Cons
- Weak regulation
- Withdrawal fees apply
- No negative balance protection
XM
"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."
Christian Harris, Reviewer
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus, $35,000 in Deposit Bonuses |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies |
| Regulator | CySEC, DFSA, IFSC |
| Platforms | MT4, MT5, TradingCentral |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
Cons
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable or web-accessible solution for a more beginner-friendly user experience with unique features.
- XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
How Trading Tournaments Work
A trading tournament is a competition held amongst traders to see who can make the most money through demo trading. Online platforms and brokers organise tournaments both to attract new customers and retain old ones. Typically, competitors are given an equal amount of virtual credit to invest how they see fit (for instance $10,000), with the most profitable trader after a set period being declared the winner.
Tournament lengths can range from one day up to one month. Some platforms, like FXOpen or the World Cup Trading Championships, offer a cash prize to the most profitable trader in a calendar year. It is up to the tournament organiser to decide which assets can be traded, with binary options being one of the most common. Forex and crypto trading tournaments, are quite popular.
Some trading tournament platforms operate a ‘league’ system, whereby traders compete against others with similar experience levels and abilities. These types of tournaments are well suited to novice traders and those looking to hone their abilities as they are more accessible. On the other hand, some competitions allow players to compete as part of a team, offering entrants another way to develop their trading skills.
Trading tournaments are often free to enter, though some may require a fee. Some tournaments are known as ‘real cash competitions’, where contestants trade with their own money. There are also free competitions, which involve paper trading accounts to keep a level playing field, though these generally have smaller prize pools. Both free and paid tournaments often have a ‘rebuy’ option, which allows traders to reload their account balance by depositing the original amount again.
Pros Of Trading Tournaments
Chance To Win Prizes
Trading tournament winners are rewarded with a share of the prize pool. Other highly-placed entrants usually also receive some of the winnings (for example, the 10 most successful entrants). Paid tournaments, which may only cost a few dollars to enter, can have very large prize pools. Often, these contain more than just cash as trading platforms compete for attention. For instance, early in 2021 FBS set the record for the biggest trading tournament prize with a prize pool worth $1.2 million, featuring a Mercedes-Benz, 1kg bar of gold and $300,000 in cash. The size of the potential winnings is generally linked to the initial stake and the number of entrants. Free trading tournaments may reward winners with non-withdrawable trading capital, though some have (smaller) cash prizes.
Many sites run daily trading tournaments with smaller prize pools in addition to high-stakes competitions. For example, the popular binary options site IQ Option runs daily trading competitions with prizes as large as $1,000, as well as big competitions with prizes of up to $100,000.
As a precaution, it is well worth checking the terms and conditions of each trading tournament to see exactly how the prize money is distributed. For instance, winnings may need to be held in an account for a set amount of time before they can be withdrawn. Sometimes, the prize money takes the form of account credit, which can be re-invested but not cashed out.
Practise
Trading tournaments offer both beginners and experienced traders a chance to refine their trading skills. Participants usually have access to a large amount of virtual cash, allowing traders to invest more capital than they ordinarily would. Tournaments also allow entrants to experiment with riskier trades, which can often be a recipe for success. This high-risk style of trading can also be a good way to get a feel for the market. The relatively low entry fees of many tournaments make them a low-stakes environment for performing risky trades.
Platforms that offer a league-based structure, such as OlympTrade, are good for helping traders of all abilities to improve. When players are divided into leagues, beginner traders have a greater chance of being successful. This allows them to build confidence and learn strategies in a less competitive environment. Experienced traders, on the other hand, can stretch themselves by competing against similarly skilled opponents.
Connecting With Other Traders
Trading tournaments can be a chance to learn from other traders. Studying the strategies of winning competitors is a great way to improve your skills. Many clients also relish the opportunity to connect and discuss tactics. Team tournaments also encourage collaborative trading, which can help to develop trading acumen.
What To Look For In Platforms That Offer Trading Tournaments
Prize Value
Trading tournaments have a diverse range of winnings, from daily competitions with prize pools of around $1,000 to million-dollar one-off events. Daily competitions are usually cheaper to enter, costing only a few dollars. Large competitions, on the other hand, may require a deposit of up $100. They are also likely to feature far more competitors.
Some platforms offer in-house benefits to winning competitors. For instance, successful entrants may win trading capital that can be re-invested but not withdrawn. On some sites, like Pocket Option, traders can unlock achievements by participating in tournaments, which are used to buy trading advantages in the market.
Fees
Trading tournaments can be divided into free and paid competitions. The entry fees for paid tournaments vary, often linked to the prize pool available and the duration of the tournament. As a general rule of thumb, daily tournaments with winnings of a few thousand USD usually have low entry fees. Large, longer-running tournaments often require entry fees in the tens of dollars but will likely feature bigger prizes. On the other hand, some tournaments are free to enter, though these may require you to make a minimum deposit into an account with the platform to take part, so check the terms and conditions first.
Many trading tournaments come with a ‘rebuy’ option, allowing entrants to reset their account balance for a fee. Traders should exercise caution when using rebuys and take care not to invest more than they can afford.
Format & Assets
Trading tournaments can take many different forms. One factor to consider is the length of the tournament, which can last from a day up to a year. Longer contests, lasting for more than a month, may require entrants to invest significantly more cash. In addition, some trading platforms organise competitors into leagues comprising traders of similar abilities. Other platforms run team competitions, allowing groups of traders to work collaboratively.
Many trading tournaments provide entrants with an equal amount of virtual capital to invest. This format is more common in daily tournaments. Alternatively, some sites simply distribute prizes to the most profitable traders on their platform in a given period (usually longer than a month). These types of tournaments are usually run as a promotion and the prizes on offer can be huge.
The range of assets available to trade varies from tournament to tournament. Some of the most popular formats include forex, binary options (like the popular IQ Option) and cryptocurrency trading tournaments. Many competitions allow you to trade in the full range of assets available on the platform, which may include traditional instruments like stocks, futures, commodities and shares.
Regulatory Status
All prospective trading tournament participants should be cautious when signing up for trading tournaments with a new platform. To protect your money, always choose a reputable broker or tournament organiser. It is important to check where the company is registered and how long it has been operating. Firms that have been trading for less than a year or two may require more research. In addition, if a firm is registered offshore, it may be subject to lightweight regulation, meaning that you might not be covered legally if something goes wrong. Finally, it is worth reading online reviews of the company to weed out potential scams.
Final Word
Trading tournaments can be a good opportunity for both budding and veteran traders to develop their skills, meet other investors and trial new tactics, assets and brokers. There are both free and paid competitions run regularly, though the latter will usually offer larger prize pools, sometimes exceeding £1 million. As always, you should be careful not to spend more than you can afford during trading tournaments, especially on rebuys. Nonetheless, trading tournaments can be a fun and rewarding way to trade.
FAQs
Can I Take Part In Free Trading Tournaments?
Yes, several online platforms run free trading tournaments. These sometimes have cash prizes but contestants may also win in-house benefits like free capital or trading advantages. Free trading tournaments are a low-stakes way of getting experience in the market.
What Are The Biggest Trading Tournament Prizes?
Some trading tournaments have featured prize pools worth over one million USD, including one massive tournament run recently by FBS. The prizes keep growing in value, so keep an eye out!
How Long Do Trading Tournaments Last?
Trading tournaments can last anywhere from one day up to a year.
Are There Forex Trading Tournaments?
Several platforms and brokers run regular forex trading tournaments. Other popular tournament assets include CFDs, binary options and cryptocurrencies.
Are Trading Tournaments Good For Beginners?
Trading tournaments, particularly free or low-fee competitions, can be well suited to novice traders. Tournaments can be a good place to pick up strategies, meet other traders and experiment.