At the end of last month the first Forex Championship in Russia, organized by a famous broker company FXOpen, was over. As informed by its organizers, the characteristic feature of the tournament is the fact that it is the first all-Russian trader competition at ForexCup, in which victory could be won solely by the citizens of Russia. However, eventually… Chinesehave become the winners!
How has such paradox happened? Why do citizens of another country win the victory in a Russian championship? What have been the characteristic features of another regional tournament from FXOpen? These and many other not less interesting issued have been studied by the Analytics Team of the “Market Leader”.
Victory in a Championship as Indicator of Success
From October 7 to November 29, 2013 an unusual event was held at Russian Forex market; special attention has been given to it by native traders, financial experts, and analysts. It is referred to the first large-scale all-Russian trader championship, organized by one of the largest Forex companies worldwide FXOpen.
In his interview to the “Market Leader” Director of FXOpen company and the head of organizing committee of the championship Denis Peganov has admitted, “It has been our great pleasure to organize a Russian trader championship and watch the struggle for prizes and titles.”
According to the specialist, FXOpen company has always been interested in supporting forex traders despite their work experience at the market. Owing to this purpose, the company’s clients get extremely favourable terms for effective work at Forex and access to the company’s innovative findings. Low spreads and fair commission fees attract traders, who find trading terms of FXOpen rather democratic. What is more, every client of FXOpen may partake in bonus and partner programs, thus earning additional capital.
“A separate point in FXOpen activity, targeted at support of traders and managers, is represented by a range of contest projects, which make it possible within a short time to acquire basic trading skills and get the opportunity to show one’s competency and win a PAMM account with a serious sum of money on it. In particular,” highlights Denis Peganov, “contests and championships of forex traders are held within the framework of high-potential Forex project ForexCup.”
At present winners of some tournaments of ForexCup have become successful managers of PAMM accounts with high starting capitals, provided by FXOpen company as a reward.
Besides, FXOpen contests give an opportunity to grasp Forex market specifics in practice without considerable risk, and in many case – without them at all. This enables earning prize money, mastering one’s trading strategies, testing various methods of trade, and learning to remain cold-blooded in extreme market conditions. In this reference, every tournament, including such popular ones as FX Market Masters, Profitable Week, Profit Hunters, Forex Championships in Asia, Ukraine, Moldova, Russia, etc., considers the interests of all categories of traders: from beginners to professionals, from conservatives to lovers of aggressive trading, from scalpers to those who trade in mid- or long-term periods.
Denis Peganov has also informed that for this expiring year FXOpen company has successfully held several global regional championships in Forex, which have been interesting for beginning and professional forex traders alike. Forex Championship in Asia has become one of the most memorable ones; its winner has received from the company a PAMM ECN account with a balance of 3 000 dollars, as well as the title of Best Asian Trader (for more details read the “Market Leader” article “FXOpen: Who has Become the Winner of Forex Championship in Asia”).
Such Turn of Event was Surprising
“Forex Championships in Ukraine, Moldova, and Russia have gained similar success,” informs the interviewee of the “Market Leader”. By the way, results of the last one have proved most surprising for the entire history of holding similar tournaments. Paradoxical though may it sound, but a Russian Championship has been won by… Chinese!
How was this possible? It is rather simple. Let me remind that, according to the rules of the tournament, forex championship has been held among Russians with the purpose to reveal the best trader, but as an experiment anyone could partake. As far as the competition has aroused high interest not only of traders from Russia, but also many other foreign countries, its participants have included representatives of different countries. As a result, Chinese have won.
It is rather interesting that all three winners come from the Heavenly Empire; they have shown better results than their rivals. “According to the rules of the tournament,” explains Denis Peganov, “prizes for winners of Forex Championship in Russia have amounted to 3 000, 2 000, and 1 000 dollars for 1st, 2nd, and 3rd places, accordingly.”
However, according to the rules of the tournament, three main prizes may be received only by citizens of the Russian Federation, whereas representatives of other regions may lay claim only to money bonuses. Therefore, winners from China may only count only on money bonuses, whereas the actual prizes will be received by forex traders from Russia, who have become leaders according to the results of the competition.
“Terms within the framework of Forex Championship in Russia have been rather democratic. Anyone could partake in the competition,” admits the specialist. By the way, some time ago the “Market Leader” informed about the tournament in its article “FXOpen Announces the Start of First Russian Forex Championship”. Let us remind that participants of the championship have been offered the following trading terms:
− contest Demo ECN account and MetaTrader4trading platform;
− starting deposit of 5 000 dollars;
− credit leverage: 1: 100;
− 49 currency pairs at choice;
− opportunity to choose advisors and hedge positions.
FXOpen has previously held similar Forex Championships in Asia, Moldova, and Ukraine; according to their results the best traders of these regions have been defined. However, Russian Championship seems to have become most interesting and intriguing, and its outcome has been surprising to many. Nobody could expect that Russian traders will prove to be weaker than Chinese, who, just like representatives of other nationalities, have been allowed to participate in the context just for an experiment.
On the other hand, such unexpected final has brought additional interest to the tournament. It has also become a strong motivation for Russians to improve their trade and reach new summits of Forex market in the nearest future. “ FXOpen company will be pleased to contribute to this by providing most up-to-date technologies and favourable trading terms for effective, stable, and highly profitable trading,” concluded Denis Peganov.
