Trader competition – Genesis

Hello everyone.
The staff is now loaded with work on putting in order the new site and personal cabinet (and with holidays, for sure). Therefore, I decided to publish the main rules of the «Genesis» and «Genesis Prime» competitions before they appear on the site. Future participants need to see the rules in advance.
Once again, I apologize for the delay in publishing the competition terms and conditions.

Since the technical support staff has just begun to study the competition documents, before publishing the rules on the site, you can ask questions here in the comments.

The first round of the competition starts on 15.01.2018, however, due to the delay in publication of the rules, it is allowed to apply and start participating in the current round up to and including 16.02.2018.


The «Genesis» and «Genesis Prime» competitions are aimed at finding perspective and effective trading managers in Forex.

Level of yield is not the major criteria for assessing a participant’s trading activity. When assessing a participant’s performance, attention is mainly focused on compliance with risk and money management, as well as on the systemic nature of the trading activity.

Trading activities of each participant are analyzed on a case-by-case basis.

To take part in the Genesis competition, the participant does not deposit his/her own funds. However, the participant will be able to receive additional bonus funds when he/she deposits his/her own funds.

The competition is conducted continuously and consists of four rounds, each lasts for 13 weeks (calendar quarter).

The participant can take part in the competition from the beginning of a new round only. To do this, he/she must apply for participation at least 2 weeks before the start of the round* and receive approval from the Company. The participant has the opportunity to apply for competition from the beginning of any of the following rounds (not necessarily the nearest).

* For Participants starting to trade at the 15.01.2018-30.03.2018 round, the deadline for submission of applications is 16.02.2018 (due to delay in publication of the rules, terms, and conditions of the competition) and they will be eligible to participate in the 15.01.2018-30.03.2018 round.

1 REQUIREMENTS

1.1 Requirements for applicants

An applicant should provide a trading monitoring (any company is accepted). The monitoring must meet the following requirements:

  • The third-party monitoring system is verified;
  • There is open access to the applicant’s list of completed trades;
  • Must include at least 6 months (26 weeks) of continuous trading;
  • The expectancy of trade is at least 2 pips (four-digit) for Forex instruments and at least 20 pips for metals;
  • There is trade monitoring for both real and demo accounts;
  • A third-party monitoring system from any company is allowed.*

* In case the trading was carried out in a third-party company (not in ICE FX), confirmation that the third-party monitoring system belongs to the applicant may be requested.

  • Each application for the competition is analyzed on a case-by-case basis.
  • An application may be rejected without explaining the reasons.

1.2 Requirements for participants

Any applicant accepted to participate in the competition becomes a participant. A participant is obliged:

  1. To maintain continuous contact with the company’s risk manager overseeing the competition.
  2. To publicly submit a third-party monitoring system for the competition account.
  3. To open and maintain a topic for discussion of his/her trading activity on the company’s official forum.

1.3 Requirements for trading within the competition:

  1. Maximum leverage is 1:20;
  2. Maximum loss on equity per week is 10%;
  3. Maximum drawdown on equity during the competition is 20%;
  4. The total yield for each round separately is not less than 0%;
  5. The total yield for all the rounds combined (from 2nd to 4th round) is not less than «2%*(number of rounds).
  • If there are multi-copies of the competition account, all the parameters specified in paragraphs 1-5 are calculated for the «basic» (x1) Managed Account (MA).
  • The risk management parameters specified in paragraphs 1, 2 and 3 are forcibly established by the company.
  • In some exceptional cases and on the request of the participant the risk management parameters can be adjusted in accordance with the trading strategy requirements.
  • Exceeding the levels of losses specified in paragraph 3 leads to the immediate removal of the participant from the competition.
  • In exceptional cases and at the discretion of the ICE FX risk manager, the requirements contained in paragraphs 4-5 may not be applied to the Participant at any round.
  • At the discretion of the ICE FX risk manager, the participant may be sent to re-run the current round of the competition.
  • Competition account equity (in this case) is the summing up of the participant’s own funds, bonuses credited and the yield that the participant received, but did not withdraw. When calculating equity, open trading positions in the participant’s account are taken into consideration.

2 COMPETITION ROUNDS AND PRIZES

Round Multi-copy 3 Unconditional bonus 1 Deposit bonus 1 MA Rating Rebates (% of commission) Investment acceptance Company’s investments (investors’ funds)
1 MAx1: + 1000 USD 2 C 10%
2 MAx1: + 500 USD +10% C 10% +
3 MAx1: + 500 USD +10% C 10% +
4 MAx1:
MAx2:

+1000 USD
+15%
+15%
B 10% +
End of competition MAx1:
MAx2:
MAx3:


+1000 USD
+15%
+15%
+15%
A 15% + $50,000 in MAx1 or equivalent in another multi-copy

2.1 Competition Rounds

  1. The competition consists of four rounds, each of which lasts 13 weeks (3 calendar months).
  2. The duration of the competition is 52 weeks (1 year).
  3. The ordinal calculation of the rounds (from the 1st to the 4th) is personalized (depends on when the participant started the competition).
  4. The applicant can apply for the competition at any time and has the opportunity to choose the start date of his competition (from the beginning of any future round).
  5. The applicant can start the competition only from the beginning of the new stage.*
  6. The first 12 weeks of each round are called the main period. During the main period, deposit and withdrawal of funds from the competition account are prohibited.
  7. The last week of each round is «transitional». During this week:
    • a participant can perform the cash deposit/withdrawal operations;
    • bonuses are calculated and credited/withdrawn;
    • a decision is made to promote the participant to the next round or to exclude him/her from the competition.
  8. At the request of the participant, his/her participation in the competition can be frozen for a period of not more than 1 year (4 rounds).

* For Participants starting to trade at the 15.01.2018-30.03.2018 round, the deadline for submission of applications is 16.02.2018 (due to delay in publication of the rules, terms, and conditions of the competition) and they will be eligible to participate in the 15.01.2018-30.03.2018 round.

2.2 End of competition

A finalist is a participant who has passed all 4 rounds of the competition. The finalist receives additional bonuses; also some requirements to the finalist are reduced in comparison with the participant.

Additional privileges:
1. The competition account is included in the «Genesis» rating:

  • Inclusion in the «Genesis» Index entails standard limitations and requirements inherent in MAs, which are part of the Indexes;
  • The finalist has the right to refuse to include his/her account in the «Genesis» Index;
  • The exclusion of the account from the Index can be made at the discretion of the company’s risk management department.

2. The finalist receives $ 50,000 as the company’s investment in the base competition account with a multiplier of «1» (x1) or in any multi-copy of the base competition account:

  • The funds are placed in the investor’s funds;
  • The finalist has the right to choose a multi-copy, into which the company’s investments will be distributed;
  • The amount of the company’s investments is calculated as ($ 50,000) / n, where «n» is the multiplier of MA (xn);
  • The company’s investments are canceled if the «maximum drawdown» exceeds 20%.

3. The finalist receives a multi-copy of the base competition account with a multiplier factor of «3» (x3), for which $ 1000 will be credited to the manager’s capital. 3

4. The competition account is included in the «A» rating:

  • Within half a year (26 weeks), the requirements for rating «A» do not apply to this MA;
  • After a period of six months (26 weeks), the standard requirements for ratings will be applied to the finalist’s MA.

Bonuses:

  1. The finalist receives a deposit bonus + 15% for each of the competition MA’s multi-copies.
  2. All bonuses received during the 4 rounds of the contest remain on the account.
  3. Rules for using received bonuses remain unchanged.
  4. All bonuses are canceled if the maximum drawdown exceeds 20%.

Rebates:

  1. The Rebates from the paid commission are increased by 5% and are 15% (compared to 10% during the contest).
  2. Withdrawal of funds converted through Rebates is available at any time (compared to the possibility of withdrawal only during the transition period during the competition).
  3. Other standard rules applied to Rebates remain unchanged.

Requirements for finalists:

  1. Risk management requirements are retained – if the maximum drawdown exceeds 20%, bonuses and company’s investments will be canceled.
  2. The yield requirements are canceled.
  3. The requirement to keep in touch with the risk management department of ICE FX is retained if the finalist is in the Genesis Index and is canceled if the finalist refuses to be included in the Index or is excluded from the Index.
  4. Refusal to maintain contacts with the risk management department of ICE FX and refusal to execute trading recommendations received from employees of this department will lead to the removal of the finalist from the Genesis Index.
  5. Refusal to maintain contacts with the risk management department of ICE FX and refusal to execute trading recommendations received from employees of this department does not lead to cancellation of bonus funds or company’s investments.
  6. The requirement to maintain a topic dealing with the managed account at the company’s official forum is canceled.

1 The amount of bonuses received at the beginning of the corresponding round.
2 If the trade that is conducted in compliance with the established risks requires more funds, the amount of the initial bonus can be increased with a further equivalent reduction of the bonus funds provided in the next rounds.
3 The participant has the right to open any multi-copy of the competition account at any time using his own funds.

3 OTHER CONDITIONS

3.1 Funds depositing and withdrawal

  1. A participant can deposit funds to or withdraw funds from the competition account only during the «transitional period» (the 13th week of each round).
  2. In case of emergency, an application for conducting deposit/withdrawal operations from/to the competition account can be considered by risk manager individually and might be rejected.
  3. The participant has the right to withdraw the funds, which consist of:
    • the contestant’s own funds deposited to the competition account;
    • the yield received as a result of trading activity;
    • a part of the bonus funds converted into deposit funds through Rebates.
  4. At the end of the competition, the participant has the right to withdraw deposit funds without limitation in time.
  5. When there is a deposit bonus on the account if a request is made for withdrawal of a part of the account deposit, the bonus for depositing decreases in proportion to the amount withdrawn.
  6. When there is a deposit bonus on the account, if a request is made for withdrawal of a part of the account yield or Rebates, credited after receiving this bonus, the bonus for depositing remains in full.

3.2 Bonus funds

  • Bonuses are funds credited to a participant for successfully completing a competition round or for depositing funds into his/her competition account.
  • Bonuses are funds credited to the competition account as manager’s funds.
  • Funds credited to the competition account as investor’s funds or the company’ investments are not bonus funds.
  • A participant cannot withdraw all bonus funds from the trading account to his ICE FX personal account, except for those deposit funds received from rebates.
  • If a competition account makes a loss, the loss is distributed between the bonus and deposit funds in proportion to their amounts.
  • The total amount of bonus funds available to be received by one participant for the entire duration of the competition is $10,000.
  • Bonus funds are credited in the last weekend of each round.
  • All bonuses are added to each other unless otherwise stipulated.

Types of bonuses:
Deposit bonus – bonus funds credited on the participant’s deposit. If a part of the deposit involved in calculating the deposit bonus is withdrawn, the deposit bonus amount will be reduced in proportion to the withdrawal share of the entire deposit. If a part of the deposit not involved in calculating (the yield or Rebates) is withdrawn, the size of the deposit bonus does not change. To calculate the size of the deposit bonus, the value of the deposit at the time of the bonus calculation is used.

Unconditional bonus – bonus funds credited to the participant for successfully completing one of the rounds in a competition. This type of bonus can be canceled only when the participant is removed from the competition (for active participants) or when he/she exceeds the risk management limits (finished competition). Withdrawal (by a participant) of deposit funds from the account does not affect the size of the unconditional bonus.

A deposit – is a sum of funds of all multi-copies of the competition account, which includes:

  • The participant’s own funds deposited to the competition account;
  • The yield earned as a result of trading activity;
  • The part of the bonus funds converted into deposit funds through Rebates.

3.3 Rebates

  1. Bonus funds received by a participant can be converted into funds withdrawable from the account by receiving trading Rebates.
  2. The share of Rebates from the commission paid for the Genesis competition is:
    • 10% for active participants of the competition;
    • 15% for finalists.
  3. «Rebates» – the share of the commission paid by the participant (finalist) for committing the trading operations in favor of the company, returned to the participant (finalist) in the form of a bonus funds part that is accessible to withdrawal.
  4. In the Rebates calculation, a commission paid only from trades carried out on the manager’s funds (including bonus funds) is used. The commission paid from trades carried out on investors’ funds is not taken into account when calculating the size of Rebates.
  5. The amount of bonus funds is reduced as they are converted into withdrawable funds from Rebates.
  6. The Rebates amount cannot exceed the size of bonus funds.
  7. Rebates are a part of the participant’s deposit, and can be withdrawn from the competition account:
    • During the «transitional period» – for active participants of the competition;
    • At any time – for the finalists.
  8. The amount of rebates available for withdrawal is updated once a week during a weekly rollover.
  9. Rebates that are available for withdrawal but have not been withdrawn at the time of crediting the deposit bonus are considered a participant’s deposit and are included in the base for calculating the deposit bonus.

3.4 Removal from competition

  1. A participant may be removed from competition for the following reasons:
    • Suspicion of fraud (including suspicion of providing someone else’s trading monitoring system for participation in the competition);
    • Violation of the rules of the competition or failure to comply with the requirements for participants;
    • Exceeding or reaching the maximum drawdown established by the rules;
    • Abuse of «toxic» money management methods (martingale, averaging, overstaying in loss-making trades);
    • Conflict with the company’s employees, regardless of the reasons for such;
    • Obvious deviation from the trading strategy used on the monitoring system earlier provided when applying for the competition;
    • Ignoring the trading recommendations of employees of the risk management department of ICE FX;
    • Refusal to open and maintain a topic for discussion of the participant’s trading activity on the company’s official forum;
    • Voluntary refusal to participate in the competition;
    • Other actions of the participant that run contrary to the logic and objectives of the competition, which could not be envisaged in advance.
  2. A participant cannot appeal against removal from a competition.
  3. If a participant is removed from a competition:
    • All bonuses are canceled;
    • Rebates that are not withdrawn can still be withdrawn (not canceled).
  4. Trading in the competition managed account can be continued by the participant provided that the participant’s own capital is sufficient for this.
  5. Having been removed from the competition, a person can participate again within at least 6 months (2 competition rounds) after the removal.

4 APPLYING FOR THE COMPETITION

Only the persons aged 18 or over can participate in the competition.
The application can be submitted at any time, but no later than two weeks before the start of the new round* (the dates of the competition rounds are published on the official ICE FX website).The application can be drawn in any form and sent to genesis@ice-fx.com. The application must include the following information:

  • Surname, name, middle name (or patronymic name) and date of birth;
  • Login in the company (if any). The login is the e-mail address specified when registering as a client;
  • Name of the competition in which you want to participate (Genesis or Genesis Prime);
  • The date when you want to start the competition. The date must coincide with the beginning of one of the competition rounds. The graphical schedule of the competition is published on the company’s website;
  • Link to the third-party monitoring system (in any company) for the participant’s trading activity. The monitoring should include the list of completed orders and be verified;
  • A brief summary and description of the trading strategy (optional).

* For Participants starting to trade at the 15.01.2018-30.03.2018 round, the deadline for submission of applications is 16.02.2018 (due to delay in publication of the rules, terms, and conditions of the competition) and they will be eligible to participate in the 15.01.2018-30.03.2018 round.

ATTENTION!

  • Any applicant can get a refusal to participate in the competition without explaining the reasons.
  • If the applicant provides monitoring of trade from another company (not ICE FX), the Company reserves the right to request confirmation of the participant’s future trading strategy reflected in the monitoring, by «test-trading» on the Demo-account up to 4 weeks.
  • The company reserves the right to change the terms of the competition at its discretion. Any change in the terms of the competition does not affect the participants who started trading before the conditions change and applies only to future participants.
  • In the case of a multi-copy account, all calculations of parameters are carried out according to the «basic» (x1) MA. Similarly, all trading requirements and risk management restrictions apply only to the «basic» MA.
  • The participant has the right to open any multi-copy of the competition account at any time using his own funds.

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