Crypto Derivatives Powerhouse Phemex Launches Trading Contest With Colossal $ 750,000 Prize Pool – Sponsored Bitcoin News

Some say that trading is a game of luck; others see it as an adventure sport. Just as athletes love to perform mind-blowing maneuvers, there is a thrill that comes with performing the perfect craft, for newcomers to the scene, business competitions allow novice traders to learn and grow as a broker, and give more experienced participants the chance to take on a new challenge.

If you know what you are 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 mediocre prices and unpredictable markets. Phemex is no stranger to hosting trading contests, having successfully hosted Bitcoin Bonanza last month celebrating the launch of their reverse BTCUSD contracts. This time, however, the stakes are raised.

In November, Phemex, a Singapore-based crypto derivatives powerhouse, launches the fourth edition of its’Phemex Traders Arena‘, encouraging teams to compete for a colossal prize pool of $ 750,000.

Fun and games

Unlike Bitcoin Bonanza, where only reverse BTCUSD contract volumes counted towards the contest, all contract products from Phemex will count towards participants’ scores. This means that each player will record the ROI in their USD and BTC trading accounts, with the higher value counting towards a team’s final ROI. Individual price results are calculated using the aggregate PnL on the USD and BTC trading accounts.

In addition, participants who make deposits in their contract trading accounts During the registration period, you will receive further prizes, with the possibility of earning trading bonuses of up to $ 1,000 for deposits greater than 2 BTC (or $ 100,000). Additionally, users are only permitted to participate using one account, and players with trading volumes below $ 500 will be disqualified from receiving rewards.

Team and captain registrations will open between November 25, 2021 and December 9, 2021, and with three-quarters of a million dollars in BTC at stake, the stakes are high. 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 are successful in building a team can earn up to $ 6,000 depending on the number of team members. Team rankings will depend on the average ROI of its top 10 traders, although players will also receive rewards and rankings on an individual level using PnL.

The pot of gold

78% of the total prize pool is allocated to prizes for teams, while the remaining 22% is reserved for individual traders. 25% will be awarded to the team placed first, 15% to the second team and 8% to the third. The remaining 30% will be split evenly among the other seven of the top 10 teams.

Captains receive a 40% share of their team’s earnings, and 30% will be split among the top 10 traders on the team, with all other team members sharing the remaining 30%. However, for teams with less than 20 members, Captains still receive 40% of the prize, with the remaining 60% being split evenly among the rest of the team.

Of the 22% allocated to individual awards, 8% will be awarded to the 1st place person, 5% to the finalist and 2% to the third place winner. The remaining 7% will be shared equally among the remaining members.

Phemex is also running a series of Twitter campaigns to help spread the word, inviting all registered attendees to follow their page @Phemex_official. Randomly selected subscribers will be eligible to receive rewards for the duration of the contest, including limited editions and themed products.

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