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The GFT Trading Challenge Terms & Conditions
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COMPETITION ELIGIBILITY
The competition is open to new and existing self-directed accounts of Global Futures & Forex, Ltd. or its subsidiaries (GFT). Employees of GFT, their relatives, employees of competitors (as determined by GFT at its sole discretion) or employees of referring parties are not eligible to participate. GFT Prime customers are not eligible to participate.
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COMPETITION TRADING PERIOD:
The competition will begin at 5 p.m. ET on 7 Feb. 2010 and will end at 5 p.m. ET on 30 April 2010. New and existing customers have until 5 p.m. ET on 31 March 2010 to enter. Open positions need not be liquidated for purposes of determining the winners. The percentage gain will be based on the Total Ending Equity (account equity balance as of 30 April 2010 at 5 p.m. ET) plus subsequent customer deposits.
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COMPETITION TRADING ACCOUNTS:
Forex and CFD accounts that meet the minimum total beginning equity requirement between 5 p.m. ET on 5 Feb. 2010 and 5 p.m. on 31 March 2010 will be automatically entered into the competition. See the minimum total beginning equity requirement per currency in the table below:
| Currency |
Minimum |
| USD |
2,500 |
| GBP |
1,500 |
| AUD |
3,500 |
| JPY |
300,000 |
| SGD |
3,500 |
| EUR |
1,500 |
| CAD |
2,500 |
| CHF |
2,500 |
| PLN |
7,000 |
The total equity (including floating profits and losses) in the account at 5 p.m. ET on 5 Feb. 2010, or at the time of entry into the competition, will be considered the Total Beginning Equity. Withdrawing or transferring funds to another account during the duration of the competition will disqualify you from the competition. Your account will not be disqualified for falling below the minimum total beginning equity requirement during the competition as long as you’ve abided by all terms and conditions.
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COMPETITION TRADING REGULATIONS:
Contest participants must place a minimum of 20 trades every 30 calendar days for the duration they are in the competition. For any period that is shorter than 30 calendar days, the required number of trades will be prorated accordingly. A trade is defined as any order that results in the opening or closing of a position (not including roll) with a 100,000 lot size for forex OR the equivalent volume for other forex lot sizes, and US$10,000 notional value for CFDs. Working orders do not count as trades. Failure to comply with this rule will result in disqualification.
For example: if you opened a 10-lot trade (lot size of 100,000), then closed 5 lots, that would count as 15 trades. If you opened a 10-lot trade (lot size of 10,000), then closed 5 lots, that would count as 1.5 trades.
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DETERMINATION OF THE WINNERS:
The competition winners will be determined by the highest percentage gain. The percentage gain will be based on the Total Ending Equity compared to the Total Beginning Equity plus subsequent deposits. All results to determine weekly and ending prizes at the conclusion of trading will be adjusted for customer deposits made during the competition.
For example: A competitionant who had US$2,500 in Total Beginning Equity when they entered the competition made deposits of US$7,500 during the competition. At the end of the competition, the competitionant’s Total Ending Equity was US$25,000. The competitionant’s percentage gain would be 150%, which would be calculated as:
So, in this particular case,
US$50,000 Cash Prize Terms & Conditions (1st Prize)
The winner is defined as the trader who has the highest percentage of gain on 30 April 2010 at 5 p.m. ET AND has met all of GFT Trading Challenge Terms & Conditions. The winner will be announced by 10 May 2010.
US$25,000 Cash Prize Terms & Conditions (2nd Prize)
The winner is defined as the trader who has the 2nd highest percentage of profit on 30 April 2010 at 5 p.m. ET AND has met all of GFT Trading Challenge Terms & Conditions. The winner will be announced by 10 May 2010.
US$10,000 Cash Prize Terms & Conditions (3rd Prize)
The winner is defined as the trader who has the 3rd highest percentage of profit on 30 April 2010 at 5 p.m. ET AND has met all of GFT Trading Challenge Terms & Conditions. The winner will be announced by 10 May 2010.
Account Package Upgrade Terms & Conditions (4th & 5th Prize)
The winners are defined as the traders with the 4th and 5th highest percentage of profit on 30 April 2010 at 5 p.m. ET AND have met all of GFT Trading Challenge Terms & Conditions. The winners will be upgraded to Gold account package status for one year. Winners who already have Gold account package status will be upgraded to Platinum account package status for one year. Winners who already have Platinum account package status will be awarded an alternative prize chosen by GFT. The winners will be announced by 10 May 2010.
Consolation Prize Terms & Conditions
The winners are defined as the traders who have the 6th, 7th, 8th, 9th and 10th highest percentage of profit on 30 April, 2010 at 5 p.m. ET AND have met all of The GFT Trading Challenge Terms & Conditions. The winners will be entitled to one of various prizes chosen by GFT and will be announced by 10 May, 2010.
Weekly Prize Terms & Conditions
A weekly prize will be awarded to the trader with the highest percentage of profit at that point in the competition. This trader will be entitled to a prize chosen by GFT. Each weekly Period runs from 5 p.m. ET on Sunday to 5 p.m. ET on the following Friday. Weekly winners will be announced on 15 & 22 Feb.; 1, 8, 15, 22 & 29 March; 5, 12, 19, 26 April; 3 May (ET). Each trader is eligible to win the weekly prize only once for the duration of the competition. In the event that a trader achieves the highest percentage of profit more than once, the weekly prize will be awarded to the trader with the second highest percentage of profit at that point in the competition (or the trader with the next highest percentage of profit who has not previously won a weekly prize).
Featured prizes may be substituted with prizes of equal value at GFT’s discretion.
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DISENTITLEMENT:
GFT has sole discretion to disqualify any Entrant found in violation of the rules of the competition or applying inappropriate trading strategies. Withdrawing or transferring funds from the account is grounds for disqualification. Your account will not be disqualified for falling below the minimum total equity requirement during the competition as long as you’ve abided by all terms and conditions.
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TAXES:
If required by law, GFT will furnish an IRS 1099 Form to winners of the competition for the cash value of the prize for the tax year in which the prize was won. Winners are solely responsible for all federal, state, and local taxes on the prize, and GFT shall have the right, but not the obligation, to make any deductions and withholdings that GFT deems necessary or desirable under applicable federal, state, and local tax laws, rules, regulations, codes, or ordinances.
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COMMUNICATION DELAYS
GFT shall not be responsible for any delays in the acceptance or transmission of orders due to a breakdown or failure of transmission or communication facilities, or for any other cause beyond their reasonable control or anticipation. GFT shall not be responsible for errors, omissions or delays in competition information including but not limited to leader board updates (i.e. deposits/withdrawals), determining weekly prize winners, or any other communication to the competitionant.
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POSTPONEMENT OR CANCELLATION
GFT reserves the right to change the terms and conditions, extend the trading period, or cancel the competition if GFT, in it its sole discretion, determines that such action is reasonable or necessary. GFT in its sole discretion, may reject any Entrant's account application for any reason.
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COMPETITION OPT OUT
Eligible traders are not required to participate in the trading competition. Traders can choose to opt out from the competition at any time prior, during and after the competition. Without opting out, you are subject to the competition rules. The decision to opt out is final. To opt out, please click here.
If you have any questions about the terms and conditions for the GFT Trading Challenge,start a live text chat or email us at info@gftarabic.com.
CD01M.055.020310
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