Let’s face it – while we are ecstatic with Bitcoin getting close to $60K and most altcoins already getting 10X, we can’t help but feel that the market is getting out of our reach.
Yes, I do believe that we have not seen the last of BTC’s growth and hope it goes parabolic. Yet, I get mixed feelings when a 17K BTC is a bargain while the whales, investment funds, and (nowadays) corporations make it look like it’s late to jump into the crypto world.
Tell you what, you can still make some big money in cryptocurrency if you win a crypto trading competition.
What is a crypto trading competition?
A crypto trading competition is an event hosted by one or several exchanges in which they register their users in an event of competitive trading.
Basically, users participate in a trading competition in which they will be ranked based on their returns. The exact formula to rank the traders may vary from a competition to another and from an exchange to another.
But one thing is sure, the organizers take precautions against cheating or exploiting the system. So naturally, things like bots, APIs, and multiple accounts are a sure winning ticket to disqualification.
Also, the formulas employed to decide rankings usually imply more activity than just having a particular net account value at the end of the day. Therefore, whales that want to flex on trades of 10,000 BTCs may not rank that high if they don’t meet the other requirements.
Hence, as a regular talented trader, you have a chance to get to the top based on your skillful trades.
Team crypto trading events
If the whales represent centralization in the Bitcoin space, then the numerous Bitcoin hodlers and traders represent decentralization, especially when the funds are more spread out.
And crypto trading events organized for teams of traders are precisely about that.
Maybe one trader can’t take on a whale. But ten coordinated traders can reach the top of a trading competition.
And there’s where Phemex Trader’s Arena brilliance is.
The long-awaited Phemex Trader’s Arena is finally open for applications. As the Cryptocurrency accumulation gets more troubling, Phemex is putting out $2,000,000 in an epic ”team battle royal” for traders. The event starts on March 24th, and you have time to register until the 23rd.
Now, traders can gather up and register as teams to show off their skill and rank as high as possible.
Be it as a captain or as a regular team member, you can get in and have a real chance of winning the big prize.
The $2,000,000, approximately 45 BTC, will be up for the grab in the prize pool when the competition registers over 18,000 applications.
At the moment, over 2574 people joined the Phemex Trader’s Arena, putting the prize pool at 3 BTC.
And more important, there are multiple winners. The top 10 teams will get the awards in the prize pool.
How is the winning calculated Phemex Trader’s Arena?
The 18,000 applicants will participate in various teams. Between March 24th and April 6th, the team has time to trade and rank up. At the end of the competition, the winners will be ranked first as teams and then as individual traders.
78% of the prize pool is allocated to awarding the top teams, while 22% is for rewarding the most hard-working individuals. So, if you participate and feel that you carried the entire team to victory, don’t worry; you have a special prize waiting just for you.
The teams will be ranked based on the average Return on Investment from the top ten team members. The return of investment to rank the team members is calculated as follows:
- Individual Profit and Loss / (BTC Trading Account initial net balance + incoming transfers during the event + commission income during the event + bonuses received during the event)
As for the remarkable individual traders, they will be ranked accordion to the Individual Profit and Loss formula:
- BTC Trading account current net value (balance + unrealized Profit and Loss) – BTC trading account initial net value (balance + unrealized Profit and Loss) + outgoing transfers during the event – incoming transfers during the event – commission income during the event – bonuses received during the event
To put it simply, you and your team need to be active and profitable.
So captains, rally up your lads and put up a good fight.