On September 24th, Phemex put in motion an exciting competition for crypto traders – The Phemex Trader’s Arena. Registrations are open until October 23rd, so make sure you don’t miss out.
Phemex’s competition has a prize pool that ranges between 2 BTC and 100 BTC, depending on the final number of participants. It is a team competition, so you may want to gather as many friends as you can.
There’s really nothing difficult you must do in order to participate. Simply continue to trade as you normally do, and it won’t cost you anything extra.
Instead, you get some intriguing perks!
For the entire duration of the competition, all participants receive a 10% discount on trading fees. Moreover, they start the contest with a $10 trading bonus. If you prove to be an exceptional trader, you are likely to win much more than that.
The more participants, the better the prize! Newcomers are welcome as well – it only takes two minutes to create a free account on Phemex.com and then register for the competition.
What’s the competition timeline?
The Phemex Trader’s Arena has four phases:
- Captains register and create their teams (September 24th – October 23th);
- Crypto traders join their chosen captains (October 9th – October 23th);
- The trading contest is held (October 24th – November 7th);
- The most powerful teams and traders are rewarded (November 12th).
With 10,000 participants, Phemex puts up to 100 BTC (the maximum prize pool) on the line for this competition. That means over 1 million US Dollars in fiat value.
How exactly are players rewarded?
This competition is focused on team play, but Phemex offers individual prizes as well. The top 10 performing teams are rewarded with 78% of the prize pool, while 22% of it will be distributed to the top 10 strongest individual traders.
In terms of teams, the rewards are as follows:
- The top team will get 25% of the total prize pool;
- The second team will get 15% of the prize pool;
- The third team will get 8% of the prize pool;
- Teams 4 to 10 will share 30% of the prize pool equally.
Team prizes are also dynamically distributed among members based on performance – the captain gets 40%, the top 10 members share 30%, and the rest of the team gets the remaining 30%.
In terms of the 22% allocated for individual prizes, it will be distributed as such:
- The best individual trader gets 8% of the prize pool;
- The second place gets 5% of the prize pool;
- The third place gets 2% of the prize pool;
- Places 4 to 10 will share 7% of the prize pool equally.
What do I need to qualify?
To be eligible for the contest, all you need is:
- A Phemex account;
- A minimum of 0.02 BTC in your Bitcoin Trading Account at the time of registration.
Each team needs to have at least 10 members to qualify. However, if there aren’t enough members, traders will be randomly assigned to other teams that meet the requirements at the start of the competition.
If you don’t want to struggle with recruiting members as a team captain, you can always join teams that already have enough players.
Is Phemex’s Trading Competition better than others?
If you ask us, then the answer is yes.
Of course, there are a lot of other crypto trading competitions. Companies like Binance, OKEx, or ByBit organize them quite often. But some particular aspects made us consider Phemex above others.
- The prize pool and the number of participants
Every crypto trading competition has a prize pool. Some of these are dependent on the number of players and some are not. Those that don’t require a specific number of participants may reward more players, but the ultimate size of the prize pool is generally much smaller.
Take for example the OKExElite Team Trading Contest or the Binance P2P Trading Competition. Both of these had very small prize pools – from $150,000 to just $30,000.
When a prize pool is only shared with the strongest teams, players are much more motivated due to the level of competitiveness – which also makes trading more enjoyable.
ByBit took that into consideration and put $500,000 on the line for the Japan Trading Competition, given a minimum of 8,000 participants – which is pretty cool.
However, Phemex set its maximum prize pool at 100 BTC (valued at over $1,000,000) for 10,000 participants. Double the amount of money for only an additional 2,000 players.
- How players are rewarded
If we make a comparison with the most recent crypto trading competitions, we’ll see that Phemex leads in terms of distributed rewards as well.
OKEx, for example, offers only 13.33% of its prize pool to the winning team and ByBit offers 20%. Phemex, on the other hand, comes with 25% for the winning team and offers individual prizes as well. Moreover, they take into consideration how active the team members are – which is actually impressive.
- The bond between the company and the participants
It was such a delight when we saw that the relationship between Phemex and the participants isn’t confined just to the trading competition.
After crypto traders join the contest, they are invited to follow Phemex’s social media channels, where they can participate in daily giveaways for the entire duration of the competition. All participants are eligible to win:
- Hardware wallets;
- Daily $1000 Trading Bonuses.
What is Phemex?
At the core of this crypto derivatives exchange lies an experienced team of professional Wall Street Traders.
The platform is fantastic – it allows users to trade perpetual contracts with up to 100x leverage, and it supports 12 spot trading pairs and 15 contract trading pairs. Not just that, but Phemex is the first such platform to offer its users zero-fee spot trading in exchange for a low-cost membership.
With a dedicated team, quality support, high security, and more, it continues to conquer crypto users from all over the world.
Ready for the challenge?
Whether you have adrenaline deeply rooted in your blood or not, the Phemex Trader’s Arena will benefit every player. You get discounts, bonuses, giveaways, and a chance to win your share of a 100 BTC prize pool just for registering.
If you are ready, gather your friends and show us what you got!