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Official Rules
The Ultimate Forex Championship is a trading contest for CMS Forex clients with $300 USD or more in their live trading accounts as of Friday, December 5, 2008 at 4:00 PM EST. The contest will begin at 5:15 PM EST on Sunday, December 7, 2008 and will end Friday, January 2, 2009 at 4:00 PM EST. There is no registration or fee required for this contest, and those eligible will be automatically enrolled. At the close of this competition, the top overall leaders and award winners for the Ultimate Forex Championship will be posted on our Contest Rankings page. Employees of CMS Forex, its affiliates, and their immediate families are not eligible to compete in this competition. It is at the sole discretion of CMS Forex to disqualify any trader who does not abide by the rules of this competition or tries to abuse CMS Forex’s trading systems.
Ultimate Forex Championship Competition
The Ultimate Forex Championship consists of two concurrent competitions: the Grand Prize competition and the weekly competitions. To win the Grand Prize competition, you must be one of three traders with the highest increase in P/L per standard lot traded over the entire four-week run of the competition. The weekly competitions coincide with the trading weeks during the Grand Prize competition, and winners will be selected each week. To win the weekly competition prize, you must be one of three traders with the highest increase in P/L per standard lot traded over the week. Positions opened prior to the start of the contest period will not count towards your P/L or lot requirements. Positions do not need to be closed before the end of the contest. Statistics for the weekly competition will be reset at the beginning of each trading week as well.
Winners and Awards
Grand Prize:
The top Grand Prize winner, or the trader that has the greatest increase in P/L per lot traded between the Sunday, December 7, 2008 at 5:15 PM EST and Friday January 2, 2009 at 4:00 PM EST (the "Contest Period"), will win $12,000 USD. The second and third Grand Prize winners, or the competitors that have the second and third greatest increase in P/L per lot traded, will receive $7,000 USD and $3,000 USD, respectively, in their live CMS Forex trading accounts. To be considered for the Grand Prizes, traders must have completed their lot requirements.
Weekly Competition:
There will be weekly competitions (Rounds) where the top three traders per week with the highest increase in P/L per lot traded for each week will be awarded prizes. At the end of each Round, the first, second and third place winners will be rewarded $1,000, $600, and $450 respectively. There are different lot requirements for the Grand Prize and weekly competitions. Winners of the weekly competitions who are also eligible for the Grand Prize will also be considered for the Grand Prize competition.
Eligibility Requirements
To be considered for the Grand Prize, the competitor must have a balance of at least $300 USD in their live trading accounts by Friday, December 5, 2008 at 4:00 PM EST. To be considered for the weekly competitions, competitors must have an account balance of at least $300 USD by 4:00 PM EST on the Friday before the week in consideration. Customers who are not in the Grand Prize competition can still be considered for weekly competitions if they become eligible. Please note that due to laws set by Japan's Fair Trade Commission, Japanese residents will not be able to participate in this competition.
Customers that do NOT have a CMS Forex live account must establish an account with at least $300 USD by the start of the competition(s). CMS Forex live clients who do NOT meet the minimum balance requirements, should fund their accounts with one of our convenient deposit methods prior to the deadline.
*Please make your deposits at least two days in advance to ensure that they will be reflected in your live trading accounts by the contest start date.
Managed accounts are not eligible; the Utimate Forex Championship is exclusively for self-traded accounts. Only one live account per CMS Forex client can be entered into the competition and considered for the awards. If multiple accounts are held, please email us at contest@cmsfx.com with the account you wish to use for participation in the contest. If no email is received, your most recently opened account will be used.
Lot Requirements
To be eligible for the weekly competitions, the trader must open at least 5 Lots per week. To be eligible for the Grand Prizes, the competitor must open twenty-five (25) Lots (or 2,500,000 currency units) during the contest period to be eligible for one of the three Grand Prizes.
Claiming Awards
In the case of a tie for any of the awards, the trader with the most standard lots traded will be the winner of the award. The prizes will be reflected in the winners’ live trading accounts within 30 days from the end of the entire contest. The first place Grand Prize winner, who is awarded $12,000, must complete fifty (50) round turns before being able to withdraw their award funds from their live account. The second place Grand Prize winner, who is awarded $7,000, must complete twenty-five (25) round turns before being able to withdraw their award funds from their live account. The final place Grand Prize winner, who is awarded $3,000, must complete ten (10) round turns before being able to withdraw their award funds from their live account. Weekly winners do not need to complete any additional round turn requirements in order to withdraw their funds.
Rankings
There will be 2 concurrent leader boards, one for the Grand Prize, and one for the weekly prizes. For information purposes only, CMS Forex will rank the top 10 competitors with the highest P/L gained per lot on our Contest Rankings page. Ranks will be displayed with the traders’ Net P/L, lots traded in contest period, net gain per lot traded. The rankings page will be updated after the end of each business day.
Opt-Out
All CMS Forex clients that meet the Eligibility requirements will be automatically entered in the Ultimate Forex Championship. Clients can opt-out of being a participant in the competition at any time by emailing Contest@cmsfx.com with the subject line "Opt-out of UFC contest." Once an opt-out request has been sent, the client can no longer re-enter the contest or be eligible for any of the prizes thereafter.
Please note: Forex trading involves substantial risk of loss and may not be suitable for all individuals. CMS Forex reserves the right to change the terms and conditions at our discretion at any time.
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