Some say trading is all about luck; others view it as an extreme sport. Just like adrenaline junkies love amusement parks, there’s a thrill to executing the perfect trade. 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 fun way to make a quick buck If you know what you’re doing, but the risk levels can be hard to justify when you don’t have much capital to invest, especially with bland prizes and thoroughly unpredictable markets.
Phemex has hosted many a trading contest, having successfully conducted ‘Bitcoin Bonanza’ just last month celebrating the launch of their inverse BTCUSD contracts. This time, however, the stakes are much higher. Launching the fourth edition of its ‘Phemex Trader’s Arena’ trading contest this November, the world-class Singapore-based digital asset derivatives exchange is encouraging teams to compete for a gargantuan $750,000 prize pool.
Turning the Volumes Up
Unlike Bitcoin Bonanza, where only the inverse BTCUSD contract volumes counted towards the contest, at Phemex Trading Arena, all of Phemex’s contract products will count towards participant scores. This means players will record ROI in both their USD and BTC trading accounts, with the higher of the two counting towards their team’s final ROI. Individual prizes are determined based on aggregate PnL across both USD and BTC trading accounts.
Additionally, participants making deposits into their contract trading accounts during the registration period will receive even more prizes, with the chance of winning 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 amounting to less than $500 will be disqualified from 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 humongous. Valid teams must consist of at least ten members, and groups that do not meet this requirement will be disbanded and randomly reassigned to other teams.
Depending on the number of team members amassed, up to $6000 awaits captains who successfully manage to build a team. The average ROI of a team’s top 10 traders determines their rank, though rewards and ranks will also be allocated to playersat an individual level using PnL.
Teams are allocated a whopping 78% of the total prize pool, while the other 22% is set aside for individual traders. Of the 78%, 25% will be awarded to the team that ranks first, 15% will go to the second team, and 8% to the third. The last 30% will be equally distributed between the remaining seven of the top 10 teams.
Captains receive 40% of their team’s winnings, and 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, while captains still receive 40% of the prize, the remaining 60% will be equally distributed among the rest of the team.
From the 22% allocated to individual rewards, 8% will be given to the first-place winner, the runner-up receives 5%, and the third-ranked person receives 2%. The final 7% will be evenly shared between the remaining members.
Phemex is also conducting Twitter campaigns to help spread word of the event, inviting all registered participants to follow them @Phemex_official. Randomly selected followers will be eligible to receive rewards throughout the duration of the competition, including limited edition and themed merch.