Demo account contests are a great way to test your knowledge, gain experience and get a chance to win your first (or additional) real money deposit. But they have one more advantage. You can think of demo contests as an opportunity to test how serious a broker is.
Demonstration contests as an opportunity to assess the seriousness of a brokerA self-respecting company will behave with the same tact and courtesy in relation to both actual and potential clients. In this case, to the participants of the competition who have not yet invested real money. What do you think, if within the framework of such an event a broker allows himself technical problems in the terminal, irresponsible work of technical support, poor quality of service, outright failures and cheating, will he behave completely differently towards real clients? After all, a demo contest for a broker is, first of all, a way to attract attention, to get new traders.
One way to assess a company for its level of professionalism and honesty is to enter such a competition. At the same time, you will not need to invest a single penny, it will just take your time. Usually, a week of active participation is enough to understand whether it is worth continuing to cooperate on real accounts.
Checking the broker by competition
Once you have chosen the company with which you would like to open an account in the future, register for the demo contest. Unfortunately, not everyone provides this opportunity, but if so, use it.
Then open trades, record profits and losses on a laptop, watch the terminal work. Call technical support a couple of times, write once, just to ask a question about transactions and assess the level of service, courtesy and competence. Observe carefully how the terminal works for faults. Make pending orders, write down their prices and later check if they were opened and if the price was really the one you indicated.
Demo contests as an opportunity to assess the seriousness of a broker 2In general, in the course of your work, you will have the correct opinion about the broker. Still, it is important to pay attention to:
The courtesy of technical support, their willingness to answer your questions.
Response speed. How quickly can you get help in case of problems if you cooperate with this company?
The correction of the accumulation of virtual funds. Since traders have practically no rights in the demo contest, some companies allow themselves to reduce the size of their profits after closing deals …
Adequacy of responses. For example, if you are asked why you did not count the amount you won on a deal, you are told that according to the rules of the regulations, the broker is not required to tell you, and there can be no question. of any cooperation. Even if he really isn’t required to tell you, according to the regulations. Any reasonable questions must be resolved, explained and the customer’s business problems resolved.
Comfort of work in the terminal provided by the company. Do you have the ability to track news in real time to open deals on it? They are behind? Are there enough graphic tools?
Do the quotes match the real ones? Interestingly, there are also brokers whose values differ from the others. Sometimes it’s insignificant and then it’s not scary. But sometimes there is a difference of 10-20 points (for 4 digits), which is already serious. You can check with news agencies or check the performance of 2 or 3 other forex companies.
Of course, all this will not be enough to get complete information about the broker. There are many other criteria that must also be taken into account. But it will be an additional “live communication” through which you will see the work of the company. And at the same time you can try to win a real deposit in the competition, practice and hone your trading skills
