Competition Terms and Conditions
It is your responsibility to determine if you are legally able to participate in The Competitive Edge Competition. If you participate in the competition you are automatically consenting to the competition terms.
Competition trading is based on hypothetical investments only and there is no cash benefit, cost or risk to participate in the competition. Nor is there any obligation created on the part of First Global Credit to remunerate the participant in any way. If you participate in the competition you agree that we may publish the results of your trading as well as the creation of any content based on your performance in the competition.
Winners will be provided with a Novice membership in the Elite Trading Group and a Level 1 trading account with an initial maximum stock/ETF trading collateral of 20 bitcoins or 4 bitcoins for futures trading and 4:1 leverage on bitcoin to fiat currency trading.
As the trader’s profit increases the amount of trading collateral increases in line with the table above. If the trader’s account balance (including collateral employed in trading) drops below the Minimum Balance for a level, the amount of trading collateral available decreases and all positions will be proportionally decreased to reflect the collateral available to trade. If the trader’s account balance drops to minus one bitcoin the account will be suspended. If the trader’s account is closed. It may be possible to request readmittance into the group by submitting a trading strategy document.
Level 13 Performance Incentive
When a trader reaches Level 13 of the Novice Account they can choose to use a portion of their profits to lease a Porsche Boxster or other similar vehicle. First Global Credit will part fund the lease with our portion of the profits. The lease will be arranged by First Global Credit for an initial term of two years. The profit to cover the full cost of the lease will be removed from the trader’s account at the time of the lease and will not be available as trading collateral. The trader will need to sign a lease contract and to abide by the terms of the lease agreement.
The sports car lease is currently only available to traders located in North America, certain countries in mainland Europe and the United Kingdom and is subject to availability and the local laws present in the winner’s country. It may be available in other countries in the future. To apply for this incentive bonus, the trader must have a clean driving record and age restrictions may apply. The purchase and maintenance of appropriate levels of insurance will be part of the lease structure. The lease can be terminated if the trader’s driver’s license undergoes restriction, suspension or if the trader is convicted of a crime other than a parking violation. In the instance of theft or damage the leasee is obligated to inform both First Global Credit, the insurance provider and the appropriate authorities.
Another similarly priced vehicle may be substituted for the Porsche Boxster if the Boxster proves unavailable at time of lease. The lease will remain in effect even if the balance of the account falls below Level 13. The trader is not limited to a single lease, and if the account balance returns to Level 13 or greater at the time the lease ends, the trader can choose to apply for the bonus again. The account balance needed to maintain the lease cannot be removed as profit nor allocated for trading.
Removing profit from the Elite trading account
At any time, the trader can choose to remove some or all of their share of their profit from the trading account to an off-service wallet. The profit must not be used for securing trades at the time it is removed from the account.
This will have the net effect of decreasing the amount of trading collateral and lower the available trading power of the account as well as decreasing the level of the account. If the Level 13 sports car bonus option has been exercised then that profit is unavailable to be removed from the platform. The trader’s profit is calculated on a marginal basis based on the minimum balance trading level.
It is not possible to remove assets from the account until the trader starts generating profit.
Under periods of high volatility XBT Corp reserves the right to temporarily reduce leverage and adjust levels on self-employed trading accounts. This may need to be done on short notice.
Account Closure or Termination of Access
First Global Credit has the right to terminate access to the trading account at any time at their sole discretion. If this option is exercised the share of the profit belonging to the winner may be removed to an off-site wallet.