Traderace is putting the entertainment factor back into trading...
It frequently seems as if regulators globally are doing their best to discourage people from trading FX, amidst claims that the process is unfair.
Whether that stems from a perception that the whole process is weighted too much in favour of brokers, there’s a lack of transparency, or concerns that clients being left exposed to significant potential losses, leveraged trading is struggling to shrug off a rather grubby reputation.
So, amidst the recurring claims of fast execution, great customer service and tight spreads, it’s encouraging to see some entities coming to market with a rather more innovative concepts, developed to find a new way of engaging both existing and potential traders alike.
Hong Kong based Traderace seems to be doing just this with its newly launched trading competition. It’s been structured to make it simple to understand, runs on a pure STP model and leaves the traders not only working on building their own P&L as would be the case with any broker, but also competing for prizes which are funded from the broker commissions generated.
The concept is understood to be a world first and if the company can achieve its target of 100,000 participants, the prize fund is forecast to be in the region of EUR 1,500,000 per month.
Participants will be limited to funding a maximum of five accounts per month, with a maximum deposit of EUR100 per account. That’s been designed deliberately to provide a level playing field across the board, so that heavyweight participants aren’t immediately put at an unfair advantage of winning either the monthly or annual competitions.
Accounts can’t be funded more than once in a month in a move to encourage responsible trading, although the option to have multiple accounts allows several trading strategies to be run in parallel.
These will be looking for both the absolute return and also the greatest volume generated in a month. Leverage terms are set at industry standard levels with popular currencies offered at 400 times margin and all prize money is funded from 70% of the trading commissions generated.
This creates a fair and transparent competition that should be both fun – and for some has the potential to see them gain life changing sums of money.
As Antonis Nicholas explains, “We decided to structure this competition in a way that puts clients in the driving seat. The full STP model means we’re agnostic to each trade so competitors are left to trade against the market and one another, with winners benefitting from a share of the commission as well as their own trading profits.
There’s Negative Balance protection in place and we like to think of this concept as meeting the needs of both professional and recreational traders alike.”
“We have also taken the decision to push out spreads, funding a bigger prize pool and also ensuring the best possible trading experience. This has all been designed to entertain participants, as well as providing a traditional platform for generating wealth.”
Details of the prize fund and a leader board will be updated daily in the Traderace Portal entering the website www.traderace.com, with winners being announced on the first trading day of each month.
Traderace is working with the recently established 4XCube brokerage to deliver the necessary Liquidity components. Participants will deal over the popular MT4 platform, opening up the competition to the widest possible audience, with the opportunity to trade on a range of instruments including currencies and indices.
IBs will also be incentivised to encourage their clients to participate in the initiative. In a world that at times seems to be sorely lacking innovation, this illustrates that other options do exist. The cooperative nature of the prize fund also provides valuable transparency.
Assuming Traderace can gain the necessary scale, as the company says the prize payouts – which are in addition to an individual’s trading profits – could prove significant.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.
It frequently seems as if regulators globally are doing their best to discourage people from trading FX, amidst claims that the process is unfair.
Whether that stems from a perception that the whole process is weighted too much in favour of brokers, there’s a lack of transparency, or concerns that clients being left exposed to significant potential losses, leveraged trading is struggling to shrug off a rather grubby reputation.
So, amidst the recurring claims of fast execution, great customer service and tight spreads, it’s encouraging to see some entities coming to market with a rather more innovative concepts, developed to find a new way of engaging both existing and potential traders alike.
Hong Kong based Traderace seems to be doing just this with its newly launched trading competition. It’s been structured to make it simple to understand, runs on a pure STP model and leaves the traders not only working on building their own P&L as would be the case with any broker, but also competing for prizes which are funded from the broker commissions generated.
The concept is understood to be a world first and if the company can achieve its target of 100,000 participants, the prize fund is forecast to be in the region of EUR 1,500,000 per month.
Participants will be limited to funding a maximum of five accounts per month, with a maximum deposit of EUR100 per account. That’s been designed deliberately to provide a level playing field across the board, so that heavyweight participants aren’t immediately put at an unfair advantage of winning either the monthly or annual competitions.
Accounts can’t be funded more than once in a month in a move to encourage responsible trading, although the option to have multiple accounts allows several trading strategies to be run in parallel.
These will be looking for both the absolute return and also the greatest volume generated in a month. Leverage terms are set at industry standard levels with popular currencies offered at 400 times margin and all prize money is funded from 70% of the trading commissions generated.
This creates a fair and transparent competition that should be both fun – and for some has the potential to see them gain life changing sums of money.
As Antonis Nicholas explains, “We decided to structure this competition in a way that puts clients in the driving seat. The full STP model means we’re agnostic to each trade so competitors are left to trade against the market and one another, with winners benefitting from a share of the commission as well as their own trading profits.
There’s Negative Balance protection in place and we like to think of this concept as meeting the needs of both professional and recreational traders alike.”
“We have also taken the decision to push out spreads, funding a bigger prize pool and also ensuring the best possible trading experience. This has all been designed to entertain participants, as well as providing a traditional platform for generating wealth.”
Details of the prize fund and a leader board will be updated daily in the Traderace Portal entering the website www.traderace.com, with winners being announced on the first trading day of each month.
Traderace is working with the recently established 4XCube brokerage to deliver the necessary Liquidity components. Participants will deal over the popular MT4 platform, opening up the competition to the widest possible audience, with the opportunity to trade on a range of instruments including currencies and indices.
IBs will also be incentivised to encourage their clients to participate in the initiative. In a world that at times seems to be sorely lacking innovation, this illustrates that other options do exist. The cooperative nature of the prize fund also provides valuable transparency.
Assuming Traderace can gain the necessary scale, as the company says the prize payouts – which are in addition to an individual’s trading profits – could prove significant.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.
Bybit Bolsters P2P Trading Security with Launch of Bybit P2P Shield
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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