1. About the conditions to open a contest

You cannot create more contests when one is pending. You need to activate the contest to create more.

2. About time in the competition

• The default start time of the contest is the start time of round 1.
• The default end time of the contest is the end time of final round.
• Contest rounds starts from 00:00:00 on the start day to 23:59:59 on the end day (server time).
• The start time of the next round cannot be prior to the end time of the previous round.

3. About contest rule, condition and prize structure.

• Contest introduction and conditions to join the contest are required to set up.
• Disqualification criteria and prize structure in all rounds are required to set up.
• Trader's Guard is optional. The Organizer can install Trader's Guard to set up the contest rules. Trader's Guard is not to be used for the purpose of disqualifying contestants.
• All information will not be editable after activating the contest (change status from Pending to Live).

4. About fees and total prizes

To know how to calculate the total prize of a contest, the prize of each round, we need to find out the fees and donation in advance.

a. Participation Fee (FXCE)

When creating a contest, the Organizer needs to set up a registration fee, which will be paid by the contestant upon registration.
Eg:

• The participation fee is 10 FXCE, a total of 1000 participants registered for the exam.
• So the total participation fee will be 1000*10 = 10,000.

b. Organization fee (FXCE)

The organization fee is set by the Organizer with a value of <= 50% of the total participation fee. Organizer will be automatically received this fee amount before the final prize is transferred by system. Admin is not entitled to receive this fee.

• Organization fee is 10%
• So the organizer will receive 10,000*10% = 1000 FXCE

c. System fee (%)

The default system fee is 1% of the total participation fee, this fee will be automatically paid to the system every time someone registers for the contest.

• Total system fee is 10,000*1% = 100 FXCE

d. Donation (FXCE)

The contest may be donated by sponsors on FXCE Arena. For example, total donation is 5,000. See how to donate here. All donations are in the prize pool for qualifying contestants.

e. Total Prize Value (FXCE)

The total prize value of the contest will now be calculated according to the following formula:

Total Prize Value = Total Participation Fee - Organization Fee - System Fee + Total Donation (FXCE)

For this example, the total prize pool would be: 10,000-1,000-100 + 5,000 = 13,900 FXCE

f. Reward rate (%)

The reward rate for the contest rounds and the final prize is calculated based on the total prize value.

• The reward rate for the top 1-10 in round 1 is 20%.
• Each contestant will receive: (13,900*0.2)/10 = 278 FXCE

g. Activation Fee (FXCE)

After creating the contest information and rules, your contest will be in Draft form, you need to change status from Pending to Live to be able to activate the contest. Once activated, your contest will display on the Contest List, where contestants can find and register for the contest.

The activation fee is fixed at 50 FXCE.

***Note: In case all accounts registered to participate in the contest are eliminated before the start of the contest or the request to cancel contest is approved, the system will automatically return the registration fee for participants, donations to the sponsors, as well as the 50 FXCE activation fee for whom paid the fee (Organizer or Admin).

5. About editing and canceling the contest

• Both Organizer and Admin have the right to edit and cancel the contest when the contest is Pending (Not activated yet).
• Once the contest is activated, the Organizer and Admin will not be able to edit any contest information.
• In case the Organizer (or Admin) wishes to cancel the contest after activating (provided that the contest has not ended round 1), Organizer (or Admin) must send an email requesting to cancel the contest to [email protected].
• In case all accounts registered to participate in the contest are eliminated before the start of the contest or If the cancellation request is approved successfully, the system will automatically return the registration fee to all the participants, the donation to the sponsors, as well as the 50 FXCE activation fee to the person who paid the fee (Organizer) or Admin).