Some say trading is a game of luck; others view it 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, trading competitions allow novice traders to learn and grow as a broker, and give more experienced participants the chance to overcome 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 is no stranger to hosting trading contests, having successfully conducted Bitcoin Bonanza last month celebrating the launch of their inverse BTCUSD contracts. This time, however, the stakes are being 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. Results for individual prizes are calculated using the aggregate PnL across both USD and BTC trading accounts.
Additionally, participants that make deposits into their contract trading accounts during the registration period will receive further prizes, with the chance of winning trading bonuses of up to $1000 for deposits over 2 BTC (or $100,000). Furthermore, users are only allowed to participate using a single account, and players with trading volumes under $500 will be disqualified from receiving rewards.
Team and captain registrations will open between Nov. 25th 2021 and Dec. 9th 2021, and with BTC worth three-quarters of a million dollars on the line, the stakes are enormous. Teams must have at least ten members to be valid, and groups that do not meet this requirement will be randomly reassigned to other teams after being disbanded.
Captains who successfully manage to build a team can win up to $6000 depending on the number of team members. The ranking of teams will depend on the average ROI of its top 10 traders, though players will also receive rewards and ranks at an individual level using PnL.
The Pot of Gold
78% of the total prize pool is allocated to prizes for teams, while the other 22% is set aside for individual traders. 25% will be awarded to the first-ranked team, 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 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%. However, for teams having less than 20 members, captains still receive 40% of the prize, with the remaining 60% being equally distributed between the rest of the team.
Of the 22% allocated to individual rewards, 8% will be given to the person in 1st place, 5% to the runner-up, and 2% to the third-place winner. The last 7% will be shared equally between the remaining members.
Phemex is also conducting a series of Twitter campaigns to help spread the word, inviting all registered participants to follow their page @Phemex_official. Followers selected at random will be eligible to receive rewards through the entire duration of the competition, including limited edition and themed merch.