Phemex Crypto exchange organizes the Trader’s Arena starting on Mar. 24th. The prize pool for the competition is up to $2,000,000, and it is all up to the competitors to claim it.
The Fastest Crypto Exchange
Already making a name as the fastest crypto exchange and futures trading platform, Phemex brings to the crypto traders’ community a platform that offers low-cost membership, with zero fees for spot trading Bitcoin.
But besides the near-instant transactions and low fees, the trading platform offers lots of events and competition, allowing its users to win free crypto regularly.
One of the most important competitions organized by the exchange is the Phemex Trader’s Arena.
The Phemex Trader’s Arena
On March 24th, the Phemex Trader’s Arena is to take place and engage thousands of traders in a "fight" for the best crypto trading team out there.
It is not a competition where only the top 10 traders win everything, but the top 10 teams get rewarded.
The competition employs a system of trading teams to allow traders to collaborate and reach better results together. By working in teams, more traders can catch a top position and win prizes.
And because the captain is essential in reaching top positions, the competition is thought to reward them generously.
The captain gets 40% of the reward, the top 10 traders in his team equally share 30%, and the rest of the traders will get the remaining 30% of the prize.
Therefore, there is an incentive in leading your team to victory and being proactive, as well as joining in to pump up the numbers.
There can’t be a crypto trading competition without a tangible prize. The $2,000,000 prize will be up for the grab inside the pool as soon as there are over 18,000 participants registered for the game.
The applications are already open, and everyone fitting the criteria can register until March 23rd. On 24th, the registrations are closed, the competition starts, and the contest will play out until April 6th.
All prizes will be distributed starting with April 13th like this:
- 78% of the pool prize for team awards.
- 22% of the pool prize for individual awards.
Regarding team awards, the 1st team gets 25% of the total pool prize, the 2nd gets 15%, and the 3rd gets 8%. The teams that traded up into the first ten positions (4th-10th) are also awarded the remaining 30% of the total prize pool split equally.
And if you’re not the captain, but you did carry the team, you also get rewarded. The individual awards will go as well to the top 10 best traders. The 1st position gets 8% of the total prize pool, the 2nd gets 5%, and the 3rd gets 2%. The top 4-10 traders will receive 7% of the total prize pool equally.
How to Get In?
Are you on board with the competition? The prizes sound tempting? Then that’s how you get in.
The entry bar for this BTC trading competition is really low. You only have to have an active user account on Phemex with a net value of at least 0.005 BTC at the time of registration. And if the value BTC Trading Account net value goes lower than 0.005 BTC after the registration, there is no problem. The platform will still let you in the competition on the 24th.
After registration, you may choose any team you want to join in, or you will be automatically allocated if you don’t have a preference.
However, keep in mind one thing. After getting into one team, there is no going back, and you have to stick with them. So, the best approach is to get into crypto communities and ask around. Find relevant Telegram groups, LinkedIn or even Facebook Groups with crypto traders, get to know them and carefully choose your team. Although you may not be the best trader, you still have a chance of earning winning some crypto if you get into a winning team.
And if you ask around and don’t find the right team, you can take the initiative to make your own team and be a captain.
If you’re a captain, you need at least ten teammates, and there is no limit to how many members you can have.
Whatever the choice, you’ve got until March 23rd to decide.