One of the best things to happen to traders in a bull run is to have a cryptocurrency trading competition coming. It has the potential to bring new funds to crypto users and allow them to expand their portfolio as the market is going parabolic.
And the Phemex Trader’s Arena shines that warm ray of light upon the crypto community by organizing a competition in which teams of traders do their best to rank as high as possible to earn generous rewards for their effort and results.
Who is Phemex?
Phemex is the fastest cryptocurrency trading platform for crypto-assets and futures. The trading platform was founded in 2019 after several Wall Street professional traders and investors realized the lack of professionalism in cryptocurrency traders have to deal with.
Therefore, Jack Tao and the other founding members put great emphasis on professionalism, trustworthiness, and customer support while building Phemex.
Their approach caught the public’s attention, so no wonder it grew and can nowadays provide more than 300K executed orders per second, with an order response time of less than 1 Ms, and register an average trading volume of $574,000,000.
How is the Phemex Trader’s Arena organized?
The Phemex trading platform organizes the Trader’s Arena as a “team battle royal” in which various trader groups can participate and compete against each other for the top positions.
The teams have to be of at least 10 members and have no maximum number of teammates.
Any trader can register into the competition as long as they hold a BTC Trading Account net value of at least 0.005 BTC at the time of registration.
Applicants can then chose to join any team they want. However, once they joined a group, they can’t change their mind. So it’s best to ask around in crypto communities and enter the competition with a team of traders they know.
Also, anyone is free to create their own team as long as they can find at least 10 members to tag along with.
The competition will employ a BTC/USD perpetual contract trading only. Therefore, all calculations will be based and settled on BTC Trading Account data. But besides technicalities, Phemex Trader’s Arena will employ various gamification elements, incentives (especially for the captains), and bonuses received during the event.
The application period has started on March 10 and will last until March 23 (included). All applications in this time frame will be taken into consideration, even if a user got his BTC Trading Account net value under 0.005 BTC. In this situation, the user will begin the competition with an initial net value calculated as the BTC Trading Account net value from the time of the registration.
On March 24 the competition begins, and traders have until April 6 to show that their team is the best.
Finally, the rewards will be given starting on April 13.
What are the prizes?
The Prize Pool will reach $2,000,000 as soon as there are 18,000 participants registered in the competition.
At the moment, over 2590 people joined the Phemex Trader’s Arena, putting the prize pool at 3 BTC.
Being a team competition, Phemex Trader’s Arena gives a chance to as many traders as possible to win some Bitcoin at the end of the event.
78% of the prize pool will go to team rewards, while 22% will go to individual trader awards.
- The #1 team will get 25% of the prize pool.
- The #2 team will get 15% of the prize pool.
- The #3 team will receive 8% of the pool prize.
- The top 4-10 teams will also get awarded with the remaining 30% shared equally.
Inside the team, the captain is awarded 40% of the prize for leading the team to victory. The top 10 traders inside the team will receive 30% of the prize for doing the heavy lifting. And of course, the other teammates that collaborated with the winning team will equally share the remaining 30%.
However, in the cases where a team has less than 20 members, the captain receives 40%, while the remaining 60% will be shared equally among the team members.
Although it’s a team competition, Trader’s Arena also incentivizes the individual traders’ efforts to carry the team to victory. Therefore, 22% of the prize pool will go to individuals. The #1 individual trader 8%, #2 individual trader 5%, #3 individual trader 2%, and top 4-10 individual traders 7%.
There are lots of prizes to win this season, and it doesn’t seem that we’ve seen the last of this bull run — so good luck in getting the most of the cryptocurrency trading business.