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Trading is often viewed as a game or luck. Others view trading as an adventure sport. Just like athletes love performing mind-blowing maneuvers, there’s a thrill that comes with executing the perfect trade, For those newer to the scene, Trade competitionsAllow novice traders to grow and learn as brokers, while giving more experienced participants the opportunity to face a new challenge.
If you know what you’re doing, trading competitions can be a fun way to make a quick buck, but the level of risk can be hard to justify when you don’t have much to invest, especially with lackluster prizes and unpredictable markets. Phemex has been hosting contests for trading since last month’s Bitcoin Bonanza. Inverse BTCUSD contract. However, this time the stakes have been raised.
This November, Phemex, a Singapore-based crypto derivatives powerhouse, is launching the fourth edition of its ‘Phemex Trader’s Arena’ trading contest, encouraging teams to compete for a colossal $750,000 prize pool.
The Fun & Games
Unlike Bitcoin Bonanza, where only the inverse BTCUSD contract volumes counted towards the contest, all of Phemex’s contract products will count towards participant scores. This means each player will record ROI in both their USD and BTC trading accounts, with the higher value counting towards a team’s final ROI. The aggregate PnL from both USD trading and BTC trading account is used to calculate individual prize winners.
Participants who make deposits to their accounts will also be eligible for a reward. Accounts for contract tradingAdditional prizes will be awarded during registration, including trading bonuses up to $1000 (or $100,000) for deposits above 2 BTC. Participants can only use one account. Users with lower trading volumes than $500 are disqualified.
Between Nov. 25th and December 9th 2021, team and captain registrations open. The stakes are high with BTC at the limit of three-quarters to a million dollars. For a team to qualify, it must include at least ten people. Any group that does not comply with this requirement may be assigned randomly to another team.
Captains who manage to create a winning team may win as much as $6000, depending upon the team size. While the ranking of teams is determined by their top 10 traders’ average ROI, each player will receive rewards and rank at his/her own level via PnL.
Pot of Gold
78% is dedicated to team prizes, and 22% goes to individual traders. 25% of the total prize pool will go to first-ranked teams, while 15% and 8% will go to second-ranked teams. Last 30% of the top 10 teams will be evenly divided.
Captains receive a 40% share of their team’s winnings, and 30% will be distributed among the team’s top 10 traders, with all other team members sharing the remaining 30%. For teams with less than 20 members, the captain will still get 40%, while the 30% remaining prize will be divided among the top 10 traders. The rest of the prizes will be equally split between all team members.
Out of the 22 percent allocated for individual rewards, 8 % will go to the winner in the 1st position, 5 % to the runner up, and 2 % to the third place winner. Last 7% of the rewards will be divided equally among all members.
PhemexThe campaign also includes a number of Twitter promotions to spread the word. Participants are encouraged to join their page by inviting them to. @Phemex_official. Followingers chosen at random are eligible for rewards during the whole duration of competition. These include limited editions and themed merchandise.
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