Some say trading is about luck; others say it’s an extreme sport. There’s a thrill to executing the perfect trade, or buying and selling at the right moment. For novices, trading competitions afford the opportunity to learn and grow as a broker, while giving more experienced players the chance to overcome new challenges.
Disclosure: This is a sponsored article
Trading competitions can be a great way to make a quick buck if you know what you’re doing, but the risk levels, especially in cryptocurrency markets, can be hard to justify when the prizes are lacklustre and markets are thoroughly unpredictable.
Phemex is far from a stranger to trading competitions, having successfully conducted ‘Bitcoin Bonanza’ just last month, celebrating the launch of their inverse BTCUSD contracts. This time, however, they’ve raised the stakes. Launching the fourth edition of ‘Phemex Trader’s Arena’ this November, the world-class Singapore-based digital asset derivatives exchange is challenging teams to compete for a massive $750,000 prize pool.
A Giant Pool Party
Unlike Bitcoin Bonanza, where just the volumes of its inverse BTCUSD contract counted towards the contest, at Phemex Trading Arena, all of Phemex’s contract products will count towards participant scores. This means player ROI will be recorded in both their USD and BTC trading accounts, with the higher value counting towards their team’s final ROI. However, individual prizes are determined based on aggregate PnL across both USD and BTC trading accounts.
Furthermore, participants that make deposits into their contract trading accounts during the registration period will receive some exciting bonus prizes, including trading bonuses of up to $1000 for deposits over 2 BTC (or $100,000). However, users are only permitted to participate through a single account, and players with trade volumes of less than $500 will be disqualified from getting rewards.
Captain and team registrations will open between Nov. 25th 2021 and Dec. 9th 2021, and with three-quarters of a million dollars worth of Bitcoin on the line, the stakes are up there. Valid teams must consist of ten or more members, and groups that do not meet this minimum will be disbanded and randomly reassigned to other teams.
Depending on the number of members amassed, up to $6000 awaits team captains who successfully manage to build a group to play with. The average ROI of a team’s 10 best traders determines their overall rank, though rewards and ranks will also be allocated to individual players based on PnL.
A whopping 78% of the total prize pool is set aside for team rewards, while the other 22% is allocated for individual traders. Of the 78%, the team that ranks first will be awarded 25%, with the second team receiving 15%, and the third bagging 8%. The last 30% will be equally distributed between the rest of the top 10 teams.
Captains receive 40% of their team’s winnings, and another 30% will be distributed to the team’s top 10 traders, with all other team members equally sharing the remaining 30%. However, for teams of less than 20 members, although captains still receive 40% of the team prize, the remaining 60% will be equally distributed among the remaining members of the team.
From the 22% allocated to individual rewards, 8% will be given to the winner in first, the runner-up receives 5%, and 2% goes to the third-ranked individual. The final 7% will be evenly shared between the remaining members.
Phemex is also hosting Twitter campaigns to help publicize the event, inviting all registered participants to follow them @Phemex_official. Followers will be selected at random to receive rewards throughout the competition’s duration, including themed and limited edition merch.