Marketdraft Review, Is MarketDraft Legal, Is Marketdraft Paying, Genuine or Hyping
Hi Buddies, You are welcome to Marketdraft Review, Yes, In this review we will answer certain questions like( Is MarketDraft Legit or Scam?, Are they really paying, Will you earn real money and prizes are they claim..How does Marketdraft Works? How to play on Marketdraft and so on.
So relax and Read to the end.
Without wasting much time let’s get Started.
What is MarketDraft
MarketDraft is a stock and cryptocurrency market simulation platform designed to provide users with stock and crypto market trading education, experience and strategy based on a real-life market simulated scenario.
Contests are designed to promote competition and encourage users to utilize accumulated research, experience and strategy in building their portfolios.
In each contest, users have a fake money budget to spend on building their portfolios. At the end of the designated trading day, the users with the most gained or remaining fake cash balance wins the contest.
The platform was engineered to help users accomplish three things:
Learn about the stock and crypto markets, acquire trading knowledge and experience (it’s an educational tool)
Have fun in skill-driven contests (it’s a competitive game of skill)
Earn Real Money and Prizes (by joining sponsored contest and being a top performer or out competing your opponents)
Marketdraft Team and Mission
The MarketDraft leadership team is comprised of successful entrepreneurs, day trading experts, and some of the brightest minds in online innovation platforms.
The mission is to help educate people about the stock market while providing a safe, legal, and entertaining way to acquire stock picking and portfolio building skills.
Bringing you more Tools and More Fun…
You can download the MarketDraft app on iOS or Android.
How does Marketdraft Works/ How do I play on MarketDraft?
Step 1: Create an Account
Register for an account. It is fast, free, and easy. Your custom profile will be setup in no time.
Step 2: Optionally Deposit Funds
Some contests require an simulation fee to join. You can deposit funds by following the instructions on the Add Funds page.
Step 3: Choose a Contest
Browse the lobby to choose Free, sponsored or simulation fee based contests. Contests range from daily, multi-day or longer.
Step 4: Make your Selections
Review the stock options available to you, do your research, and make your picks. Simply choose the stocks you think will have the highest gains each day or longer.
Think the entire market will go down? Hold on to some your fake cash budget. You can choose to use your in-contest fake money budget as you decide.
Step 5: Watch the Results
Monitor your live entries at any time to see how the results progress or finalize.
At the end of the designated contest trading day the users with the most gained or remaining fake cash balance in the contest could win Real Cash and Prizes!
Are there any restrictions involving who can play on MarketDraft?
To play, you must be a resident of the United States and age 18 or older. See our terms and conditions.
How fast does MarketDraft pay users after a win?
When you win a contest, you earn the prize money almost instantly.
As soon as our data provider verifies the stock market is closed and final prices are in, we can calculate the final portfolio-cash values for each user in the contest, and thus, determine winners.
Contest winners are then paid automatically to their on-site real money account balance.
From there, you can use the funds to join more sim fee based sponsored or free contests or elect to withdraw funds at any time.
Most withdrawals are processed within 24 hours.
Is MarketDraft legal?/ Is MarketDraft Legit or Scam
Yes. The gameplay is legal. They are in compliance with SEC laws regulating the industry and run contests verified as by their legal team as entertaining games of skill where you pay for platform access, contest simulation fee’s, and educational resources.
There is no restriction or non-official speculative securities. MarketDraft is a safe, responsible and educational.
What is Extended Hours Gameplay?
After the market closes each day, stocks can still be traded. This is typically referred to as “extended hours” trading.
The gameplay simply inverts and you need to make stock picks during normal trading hours based on what you think will happen during the after-market closing hours.
Winners are decided based on the opening price rather than the closing.
How does the market simulator work?
You create your own private contest where you decide how much fake money to start with. You then pick the stocks you want to simulate, choose how many shares, and watch the results over the duration you set.
Can I create a private contest?
Yes. You can create or join a contest that was created privately. The same general gameplay applies, only the contest is private to just the people invited.
MarketDraft Official Rules & Scoring
Below you will find the official rules and scoring for all contests on the MarketDraft.com website and mobile applications.
Applicable to all contests found in the lobby.
A user participates by:
- Viewing contest(s) in the lobby
- Picking a free, sponsored or sim fee-based contest from the lobby to join.
- Choosing (7) stocks in their portfolio they think will perform well from the list of available stocks
- Deciding how to allocate their $10,000 fake money budget for those stocks
A user can elect to buy however many shares or dollar amount they choose of any of their selected stocks provided they stay within their $10,000 total fake money budget.
They may also elect to keep part of their budget as actual cash and not purchase stocks.
Upon making their selections, the user submits their picks and officially joins the contest.
At the conclusion of each contest market day, the user(s) with the highest money in their portfolio are the winner(s).
Extended Hours Gameplay
MarketDraft offers contests labeled “Extended Hours” for those looking to build lineups during normal trading hours and before extended hours begin.
Essentially, picks can be done before 4:00PM ET for this time format and the results are based on the stocks perform during the extended hours trading period.
Results finalize based on the opening values of each stock.
These contests run on a 24/7 schedule instead of the standard open and closing market times. Each has a specified start date/time and end date/time.
When participating in one of these contests, the system automatically will take 10% of the available budget and save it as a buffer.
When the contest locks, pricing will update. If the stocks you originally purchased have increased, they will use the 10% buffer so that pricing is equal for everyone in the contest.
If any part of the 10% buffer remains, it simply becomes part of your total cash value.
In the event, that the 10% buffer is not enough, the system will automatically adjust your shares equally, based on the percentage of the cost of each stock versus the total budget so the deduction is as evenly balanced as possible.
Any data referencing the “prior close” or “prior open” is linked to just the prior day or the beginning of the day, such as 11:59PM close and 12:00AM open since cryptocurrencies do not truly have an open and closing time.
Any reference to opening or closing values for cryptocurrencies are simply a reflection of this.
Editing / Changing Picks
For our standard gameplay, users can change out their picks at any time prior to 9:00AM ET (roughly 30 minutes before the market opens) each day.
There is no limit to the amount of research or pick changes a user can do. For extended hours gameplay, users can change out their picks any time prior to 4:00PM ET (rough 30 minutes before the market closes) each day.
Once the contest locks, edits are no longer able to be made.
Viewing Other User’s Picks
All picks are 100% private prior to a contest locking. Contestants cannot see each other’s picks. When the contest locks, all the picks become viewable.
Contests on MarketDraft are currently set for (1 day) where winner(s) are always declared based on the performance of the actual stock market that day.
*** Note that in the future MarketDraft may offer contests of longer durations such as 1 week and 1 month contests where you can set and optionally update your picks each day. At this time, all contests are 100% locked upon the contest lock time stated above and are in 1 day durations.
In the event of more than one user having the exact same ending dollar amount, the users will be tied. Ties result in the splitting of prizes. For example:
TOP 3 WIN /// RANK 1 = $100 | RANK 2 = $50 | Rank 3 = $25
|1st Place||User 1||$13,856.00||$75 (tied)|
|2nd Place||User 2||$13,856.00||$75 (tied)|
|3rd Place||User 3||$12,995.87||$25|
|4th Place||User 4||$12,994.22|
|5th Place||User 5||$10,884.18|
|6th Place||User 6||$10,774.18|
|7th Place||User 7||$10,220.10|
|8th Place||User 8||$10,010.00|
|9th Place||User 9||$9,989.00|
|10th Place||User 10||$7,997.56|
In this scenario, 1st and 2nd place tied so 1st and 2nd place prizes are tallied ($100 + $50 = $150 total) divided by the number of ties (2) = $75 per user. Had there been no ties, 1st would have earned $100, 2nd would have gotten $50, and so on.
Pre-Established Prize Structure(s)
MarketDraft administrators publish contests with numerous buy-in and payout structures. The contests in the lobby each specify what the buy-in cost is and what the payout structure is. The specific breakdown of the payout can be accessed by clicking on the prize column’s data. The most common payout structures are as follows:
- WTA = Winner Take All (minus sim fee)
- Top 3 = Top 3 Evenly Split the Prize (minus sim fee)
- 50|50 = Top Half of users win 2x their Entry (minus sim fee)
Official Stock Market Data
All contest results are 100% based on the closing market data as provided by our data feed companies, POLYGON and ALPHA VANTAGE. MarketDraft does not have the ability to manipulate closing stock prices. Closing prices for most stocks are available by 4:30PM ET (shortly after the market closes).
S&P500+ Stocks found on MarketDraft
MarketDraft is capable of making any stock available that is traded on the NYSE, NASDAQ, or DOW. We maintain a list of the S&P 500 and also add select stocks based on popular demand. You may notice a variety of our public contests have stocks that are not available in our private or simulation tools.
MarketDraft lets you join a single contest with multiple entries. Look for the blue [M] icon associated with a contest to determine if you can enter more than once.
MarketDraft has contests that automatically expire and refund your entry fee if they do not fill, and also has contests that are marked as guaranteed or sponsored. Look for the green [G] icon associated with a contest to determine if it is guaranteed or sponsored, meaning it will run with no minimum required contestants and guaranteed prizes.
Refunds and Contest Withdrawals
You are able to remove yourself from any contest by visiting the “Upcoming Contests” screen. Your buy-in will be refunded automatically. Upon a contest filling (or locking once full), you are no longer eligible to remove yourself and ineligible for a refund.
Live Data for Extended Hours Contests
The live data for Extended hours contests stops usually around 12AM (midnight) Eastern time. When that happens, you will not see any movementt on scoring. However, once the market opens up the next day, scores will update again before finalizing the contest.
MarketDraft offers “stock market simulations” that are entirely separate from our public lobby contests. These contests are set up for people looking to run simulations for 1 full day or longer, without any day-trading or repurchasing. A user can create a private market simulation by:
- Accessing the lobby
- Hitting the [create market simulation] button
- Choosing the settings for their simulation (period / budget / start and end dates / stocks included)
- Paying the simulation fee
- Allocating their fake money budget towards their selected stocks
- Optionally creating additional entries (up to 10 entries total)
The market simulation is specifically set up for a “set it and forget it” type of situation. There is no selling of stocks and buying additional stocks or shares of any kind after you’ve submitted an entry. The simulator is not designed to be a day-trading platform. The intention is to allow someone to create a short-term portfolio as if they were a swing-trader or holding for whatever duration they desire.
If a user opts to create multiple entries, they are essentially competing with themselves. The user will be able to see each of their entries, each of which may have its own respective stocks and shares. When establishing a:
- Minimum of (1) and maximum of (30) stocks per entry
- Maximum of $999,999,999 fake budget
- Maximum duration of (90) days for simulation
MarketDraft allows users to create and participate in private contests. These contests follow the exact rules and settings as noted above under “standard” and “extended hours” gameplay. There is no difference.
These contests are simply restricted to users who have the ID # and the Password to join the contest.
A user can create a private contest by:
- Accessing the lobby
- Hitting the [create private contest] button
- Choosing the settngs for their contest (name / size / buy-in / start and end dates / stocks included / prize structure)
- Proceeding with inviting users via email or by manual link, ID, password sharing
- Paying the associated simulation fee to submit their entry
The contest will then be configured and will operate as per the settings. Any private contest made will appear in the My Contests > My Private Contests area where they can see their created or joined contests prior to their start.
A user cannot select the actual stocks nor purchase shares for the stocks until the prior day’s open or closing value is understood (depending if a standard hours or extended hours contest) because the stock price data is not yet known.
Upon the values being set, picking can transpire.
These private contests have:
- Maximum of (30) days
There are no other restrictions associated with these private contests.