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eToro, the fastest growing online financial trading platform has announced the winners of its inaugural Australian Trading Challenge. The Challenge, held from 16 March to 01 April, attracted over 5,000 contestants who entered the competition to learn foreign exchange (Forex) and commodities trading skills using eToro’s simulation software and virtual trading funds.
Christopher Pearson, a 22 year old skilled labourer from Cambridge Gardens, Penrith, gained first place in the competition achieving a virtual Forex trading profit of over $30,950. Commenting on his win, Mr. Pearson, who takes home $1000 in prize money said: “I have only recently started trading Forex and didn’t expect to win believing that others with more experience would have the edge. But winning this competition has made me realize just how lucrative and easily accessible the Forex market is. I now intend to continue studying Forex with a long term goal of trading professionally.”
eToro, which recently joined forces with International Capital Markets (IC Markets) in Sydney, launched the competition in response to the significant growth in Forex trading in Australia. Statistics from the Australian Trade Commission (2009) report that Australia now ranks as the fastest growing Forex market among the top 10 Forex centres in the world, with the Australian dollar ranked as the sixth most traded currency, and the AUD/USD the world’s 4th most actively traded currency pair.
Matthew Gibbs, aged 33, a business consultant who lives in North Gosford with his wife and two children won second place with profits of nearly $13,500. Matthew started trading the markets only one month ago. “I originally thought that not being an accountant or stockbroker or from a financial background meant that I wouldn’t be able to successfully trade the markets” he said. “I think the eToro platform enables anyone to trade as you have all the information, tutorials and tools required.”
Third place went to Michael Kwong aged 38, a full time financial trader from Rosanna, Melbourne.
“While I enjoy accountancy it can be a bit of a dull area. Trading the markets is a lot more interesting and dynamic,” he said.: “One of the most interesting aspects of eToro is the online chat and being able to see what the top 1000 traders were trading – certainly a positive. It’s a platform that is useful for getting into the FX market the first time around.”
Jonathan Assia, eToro CEO said: “We congratulate all who entered the competition and in particular our top ten ranked traders. Having over 5,000 entrants in the Challenge highlights the level of interest Forex trading is gaining in Australia. The overwhelming majority of contestants were beginner traders and yet they achieved remarkable success. This demonstrates the accessibility of the eToro platform in providing educative, informative and highly engaging learning tools to enable anyone to trade the markets.”
Full details of the Australian Trading Challenge, the winners and their trading strategies will be available in the May/June edition of Wealth Creator Magazine.
About eToro
With more than 2,000 new accounts created each day, eToro (etoro.com) is the fastest growing platform for online Forex and commodities trading. eToro brings financial trading to life with its user-friendly platform and comprehensive toolboxes featuring instructional animations, e-tutorials, analytical tools and real time data feeds to facilitate financial trading for everyone, from absolute beginner to expert trader. With a live chat for traders, ongoing trading championships and the traders’ insight tools, interaction and co-operation becomes the heart of the trading experience at eToro.
About International Capital Markets (IC Markets)
International Capital Markets is a leading CFD, Forex, Futures, Options and Share broker in Australia. The company was created with the vision of offering a global product range previously only available to large institutions and high net worth individuals to retail investors online.
International Capital Markets is regulated by ASIC (AFSL 335692), the financial services regulator in Australia and has its head office in Sydney.
About Wealth Creator
Wealth Creator magazine is Australia’s leading publication for entrepreneurs and investors. Each issue features in-depth profiles on the world’s wealthiest and most successful self-made multi-millionaires. Covering every aspect of wealth creation from trading and property to managed investments and shares, Wealth Creator it the only magazine in Australia that specifically focuses on wealth creation and entrepreneurship.
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