The Phemex Trader’s Arena is live once again, with registrations having started on March 10th. This time, Phemex set a prize pool of up to $2,000,000 (45 BTC), depending on how many participants join the competition. The registration stage will be live until March 24th, when the competition will begin, coming to an end on April 7th.
Phemex Trader’s Arena explained
This Phemex Trader’s Arena puts together teams against teams and individuals against individuals in a crypto trading competition. To participate, all you have to do is register and then continue your trading as usual – so it only takes you a few simple clicks to join.
Both teams and individuals will be ranked based on the amount they trade throughout the competition, and in the end, they will be rewarded based on their position in the ranking.
How is the prize distributed?
78% of the prize will be allocated to the team awards, and it will be distributed as follows:
- The 1st spot will earn 25% of the total prize pool.
- The 2nd spot will receive 15% of the total prize pool.
- The 3rd spot will get 8% of the prize pool.
- The remaining 30% will be distributed equally to the teams that placed 4 to 10.
The prize will be further distributed to each team, based on the following system:
- The team captain will receive 40% of his team’s reward.
- The top 10 traders will equally split 30% of the reward.
- The rest of the traders will equally share 30% of the reward.
However, if a team has less than 20 members, the captain will still get 40% of the reward while the rest of the members will equally split the other 60%.
The remaining 22% of the prize pool will be allocated to individual awards, being distributed as follows:
- The 1st spot will earn 8% of the total prize pool.
- The 2nd spot will receive 5% of the total prize pool.
- The 3rd spot will receive 2% of the total prize pool.
- The remaining 7% of the prize will be distributed equally between the players in positions 4 to 10.
So what is the total prize pool?
Well, that will depend on the number of total participants.
The prize pool can range between 0.2 BTC for 200 participants and can go up to 45 BTC for 18,000+ participants.
At the moment, over 1,000 people joined the Phemex Trader’s Arena, putting the prize pool at 1.5 BTC just one day after registrations were opened. Once the number of participants reaches 2,000, the prize pool will double, going up to 3 BTC.
What else do I need to know?
As in all competitions, the Phemex Trader’s Arena has several rules that participants need to follow.
For starters, your BTC Trading Account Net Value must be at least 0.005 BTC at the time of registration.
Secondly, each team must have at least 10 participants to be eligible. If a team has fewer than 10 members when the competition begins, the team will be disbanded, and all the members will be randomly assigned to other teams that meet this criterion.
Also, to make the competition as fair as possible, the following actions will result in the immediate disqualification of both individuals and teams:
- Batch account registrations
- Profits from market manipulation
- Reverse transactions between team members
API trading is also prohibited for every participant, and sub-accounts will not count as individual participants in the competition.
Phemex is a cryptocurrency trading platform founded in 2019 by Jack Tao and a team of experienced Wall Street traders and investors. After identifying some of the existing problems with the crypto industry, such as lack of trustworthiness and proper customer support, they dedicated themselves to building a simple, efficient, and trustworthy trading platform.
The platform supports both spot and contract trading and allows its users to buy cryptocurrency through various methods, including credit and debit cards, ApplePay, and bank transfers.
So what are you waiting for? Join the Phemex Trader’s Arena and get your share of the prize!
Disclaimer: This article is a paid post and must not be considered as news/advice.