There are no shortage of bonuses and promotions put out there by online trading firms, but this one is kind of interesting, if only for the size of the prizes.
Australia-based retail forex broker AxiTrader has announced what it is calling the Million Dollar Trader competition, to run between February and April 2016. AxiTrader clients will have the chance to vie for the top prize – a (USD) $1 million trading account. There is also a second prize $250,000 account, and third and fourth place $100,000 prize accounts to be won. In total, close to $1.5 million in prizes.
There are, of course, rules for those who can qualify for the competition, such as having a minimum opening account balance of USD $5,000. However there are no trading volume requirements.
The prizes also come with some restrictions, such as each coming with a 20% drawdown provision.
Traders will be able to track their performance against other competitors via an online leaderboard compatible with the MT4 trading platform.
For the duration of the competition, all participants will get free access to FXWW Chatroom (usually US$50 per month). Contest participants will be able to log in and gain the same depth and quality of market information as banks and institutional traders.
According to AxiTrader General Manager Alex MacKinnon,
We want this to be a very open competition, so we’re welcoming all kinds of traders and trading styles.
Ultimately we’re not expecting people to change the way they trade. Million Dollar Trader is more of a chance for the next generation of talented traders to show what they’ve got, measure their performance against their fellow traders and, if they’re a top performer, get access to external funds that can help take their trading to a higher level.
More information on the Million Dollar Trader competition can be found on AxiTrader’s website.