When it comes to forex, Japan is all business – after all, this little country is accountable for about a third of the forex trading volumes worldwide. A couple of months ago the Cypriot broker XEMarkets acknowledged that by launching a special demo trading contest for its Japanese clients. The prize pool? Two million Japanese yen.
I bet it took you a couple of minutes to realize that JPY 2 million is roughly $20,000 – so not such an insane amount of money but still pretty big.
The Best Japanese Trader contest ran for a month between May 10 and June 10, 2013, and XEMarkets happily reports that quite a few traders got interested and competed for the juicy prize pool. Only the top 30 traders took home prizes, though:
- Winner: JPY 1,000,000
- Runner-up: JPY 500,000
- Second runner-up: JPY 250,000
- 4th place: JPY 60,000
- 5th place: JPY 30,000
- 6th place: JPY 15,000
- 7th place: JPY 12,000
- 8th place: JPY 8,000
- Places 9 – 19: JPY 7,000
- Places 20 – 30: JPY 4,500
All the contestants started with equal conditions: contest demo MT4 accounts with JPY 5,000,000 (virtual money) in them, and traded with leverage of 1:200. Their success was evaluated based on their account equities at the end of the contest, and the results were impressive – the got their hands on the grand prize with a profit of 7105.99%, or JPY 355,299,609.00.
The winners have already been listed on XEMarket's Japanese site, and I'm guessing some of them have already popped a bottle of sake open to celebrate their 100% withdrawable cash prizes.
I'm guessing that if you're not Japanese, you're probably a little bit jealous by now – but don't be: currently, XEMarkets is accepting applications for its $20,000 Countdown Competition
. Unlike the “Best Japanese Trader”, this one is a live trading contest, which means that participants will be even more fierce and dedicated to winning, and collecting the profit they have generated along the way. The registration for the $20,000 Countdown Competition is already open and will close on June 28, and the actual contest will run between July 1 and July 26, 2013.
XEMarkets is the trading name and the registered trademark of Trading Point of Financial Instruments Ltd, regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered as a Cypriot Investment Firm (CIF). Trading Point of Financial Instruments Ltd operates its XEMarkets services for forex, precious metals, equity indices, and energies trading in compliance with the Markets of Financial Instruments Directive (MiFID) and with full European Union authorization.
The popularity of XEMarkets is first of all attributed to its strict no re-quotes, no rejection of orders and no hidden fees or commissions policy, along with real-time markets execution, with 99.35 of all orders executed in less than 1 second. Moreover, 24/5 multilingual Personal Account Managers ensure smooth client communications and professional support in over 15 languages.