Having started on September 24th, crypto trading enthusiasts joined the new thrilling trading competition organized by Phemex. The registrations are still open until October 23th – the more players there are, the bigger the prize is!
The Phemex Trader’s Arena is a team contest with a prize pool that ranges from 2 BTC to 100 BTC. It’s the perfect way to earn more from an activity that you’re already doing – trading.
And the best part – it doesn’t cost you anything extra! On the contrary.
All participants will receive a 10% discount on trading fees for the entire duration of the competition, alongside a $10 trading bonus on the first day of the contest – no matter if they are in the winning team or not. Of course, if you happen to trade well, you’re very likely to win other prizes as well.
As we said, it is all about teamwork, so the more members get involved, the better. And if you want to gather your friends to compete, tell them it only takes two minutes to create a free account on Phemex.com.
How and when does the contest take place?
The Phemex Traders’ Arena is organized in four stages:
- From September 24th to October 23rd – The captains register and create their teams;
- From October 9th to October 23rd – Crypto players join their chosen captains;
- From October 24th to November 7th – The trading battle takes place;
- On November 12th – It’s time for the awards!
It is very important to note that the prize varies according to the number of players. To unlock the maximum prize pool, the game requires just 10,000 participants – and we’re talking about 100 BTC, whose fiat value exceeds 1 million US Dollars.
How Is The Jackpot Distributed?
The competition is meant to be a team game, but there will be individual prizes as well. 78% of the prize pool will be awarded to the top 10 best performing teams, and 22% to the top 10 individual players – we need a little competition even between friends, right?
That being said, the team prize is distributed as such:
- The 1st place team gets 25% of the prize pool;
- The 2nd place team gets 15%;
- The 3rd place team gets 8%;
- Places 4 to 10 will get an equal share of 30%.
It is obvious that the members will have to share their prize, but in every team, there is always that one person who’s more determined than the others.
Phemex is very aware of that, and that’s why the team prize is also divided into 40% for the captain, 30% for the top 10 team members, and 30% for the remaining ones. That way, everything is fair, right?
And because competitiveness makes us better players, 22% of the prize pool will be shared with the top 10 individual players regardless of team status, as follows:
- The 1st place will get 8% of the prize pool;
- The 2nd place 5%;
- The 3rd place 2%;
- Places 4 to 10 will get 7% equally distributed.
What Are The Requirements?
You don’t need much to participate in the contest. All you need is a trading account and a Phemex BTC Wallet with at least 0.02 BTC at the time of registration.
Each team needs to have at least 10 members. If your team does not have enough, don’t worry, you will be randomly assigned to another team that meets the requirements. You can also choose to join a team that already has enough members to begin with, it’s all about how you see yourself – as a leader or follower. Both of them are equally important.
How Is Phemex’s Trading Competition Better Than Others?
Well, this is obviously not the first crypto trading competition in the world, and definitely not the last one either. Companies like ByBit, OKEx, and Binance are active event organizers of such contests. But there are a few things that differentiate Phemex.
Every such competition has a prize pool, most of the time-dependent on the number of players, and so far Phemex leads in terms of the prize value. Let’s make a little comparison between the most recent crypto trading competitions:
- Phemex Traders’ Arena – up to 100 BTC (over $1,000,000 valued) for 10,000 participants;
- Bybit Japan Trading Competition – up to $500,000 for 8,000 participants;
- OkexElite Team Trading Contest – $150,000 regardless of the number of participants;
- Binance P2P Trading Competition – $30,000 regardless of the number of participants.
When it comes to prize distribution, Phemex takes into consideration a larger number of factors.
In comparison with Bybit for example, which offered the top team just 20% of the prize pool, Phemex is offering 25% alongside additional individual prizes. OKEx, gives just 13.33% of the prize pool to the winning team.
Also, taking into consideration how active the team members are, it is definitely a plus.
The thing that really caught our attention is how the relationship between Phemex and the participants doesn’t just stop at the trading competition.
All the players are invited on their social media channels were for the entire duration of the competition there will be daily giveaways – t-shirts, hoodies, hardware wallets, and even a $1,000 Trading Bonuses!
What Do You Need to Know About Phemex?
Phemex is a crypto derivatives exchange founded by several professional Wall Street traders. The platform allows users to trade perpetual contracts with up to 100x leverage and supports 12 spot trading pairs and 15 contract trading pairs.
It is especially known for being the first platform to offer its users zero-fee spot trading in exchange for a low-cost membership. Phemex has everything that traders need, from quality support to high security.
Regardless of whether you are a competition enthusiast or not, the Phemex Trader’s Arena offers benefits to anyone that chooses to join – from the prize pool to discounts, bonuses, and giveaways. The more the participants, the bigger is the prize. So gather your friends and join the adventure!
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
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