Phemex recently announced a new edition of Trader’s Arena, a crypto trading competition with a prize pool of up to $2,000,000 (45 BTC).
Destined to both individual traders and teams, Phemex has opened the registration on the 10th of March, and those interested will be able to sign up until the 24th of March. The more traders join, the bigger the prize pool will be. So make sure you don’t miss your shot at a share of the $2,000,000 prize.
The total prize pool will vary based on the number of traders that register for the competition, having reached $75,000 only 1 day after the registrations were opened. The next milestones for the prize pool are as follows:
- 2,000 – 3,999 participants – $150,000
- 4,000 – 5,999 participants – $400,000
- 6,000 – 7,999 participants – $600,000
- 8,000 – 9,999 participants – $1,000,000
- 10,000 – 13,999 participants – $1,250,000
- 15,000 – 17,999 participants – $1,875,000
- 18,000+ participants – $2,000,000
At the moment, over 4281 people joined the Phemex Trader’s Arena, putting the prize pool at 8 BTC.
Those who want to participate can register until the 24th of March, that being the day the competition begins.
Phemex Trader’s Arena Explained
Phemex Trader’s Arena is a cryptocurrency trading competition where you can compete as an individual or together with a team. To participate, you only need 2 things:
- A Phemex account;
- A BTC Trading Account Net Value of at least 0.005 BTC.
Simple as that.
If you meet the criteria, you can register for the individual trading competition, join an existing team, or form your own team.
But bear in mind that every team needs to have at least 10 members on the day the trading contest begins to be considered valid. If the team doesn’t meet this criterion, it will be disbanded, and all of its members will be automatically assigned to other teams.
The competition will start on the 24th of March and will take place until the 7th of April. The award distribution will then begin on the 13th of April.
Prize Pool Distribution
Once the competition is over, the prize will be split between individual participants and teams, with individuals receiving 22% of the total prize pool and the teams getting 78%.
Distribution for individual participants
- The 1st place will receive 8% of the total prize.
- The 2nd place will receive 5% of the total prize.
- The 3rd place will receive 2% of the total prize.
- Places 4 to 10 will receive 7% of the total prize, distributed equally. That amounts to 1% of the award for each participant.
Distribution for teams
- The 1st place will receive 25% of the total prize.
- The 2nd place will receive 15% of the total prize.
- The 3rd place will receive 8% of the total prize.
- Places 4 to 10 will receive 30% of the total price, distributed equally. That amounts to around 4.28% of the prize for each team.
The team awards will then be further distributed inside each team, as follows:
- The team captain will receive 40% of his team’s prize.
- The top 10 traders will equally split 30% of their team’s prize.
- The remaining traders will equally split 30% of the team’s prize.
To put things into perspective, let’s see what the winning team’s awards would look like, given the maximum prize pool of $2,000,000.
- The team captain will receive $200,000
- The top 10 traders will receive $150,000, meaning $15,000 each
- The remaining traders will also receive $150,000. Assuming a team of 30 members, the remaining 20 participants will receive $7,500 each.
However, bear in mind that if a team has less than 20 members, the prize distribution will change a bit. The team captain will still receive 40% of the team’s prize, but the remaining 60% will be equally split between all of the members. Following the example above, given a team of 19 traders, each member will receive close to $15,800.
Phemex Trader’s Arena – Playing by the Rules
Given its huge potential prize pool, the organizing team wants to ensure that nobody abuses or exploits the system to win. This is why certain actions will lead to the immediate disqualification of a participant, such as:
- Registering with multiple accounts
- Manipulating the market for profits
- Performing reverse transactions between team members
Also, API trading is strictly forbidden, and the sub-accounts of a participant will not count as individual traders in the competition.
Phemex – The Platform Behind the Competition
Phemex is a cryptocurrency trading platform founded by Jack Tao and an expert team of former Wall Street investors and traders. Founded in 2019 with the goal of empowering people to trade easily and manage risk efficiently, Phemex has quickly risen to popularity through qualitative services and positive customer reviews.
Using advanced functions such as FIX API, a sub-account system, and L3 quotes, Phemex empowers its users to maximize their chances of generating profits from market movements.
If you were planning to get into trading, this might be the sign you were waiting for. Join the Phemex Trader’s Arena today and compete with thousands of traders for a share of the prize!