Bitcoin & Crypto & NFT News
Phemex has come back with its popular Phemex Trader’s Arena trading competition. The previous 2020 edition of the competition saw traders win over 100 Bitcoin. The fourth edition of the anticipated trading competition promises to be exciting with massive rewards. This time around, Phemex has upped the stakes. The crypto exchange is calling on all traders to participate for a chance to share in the prize pool of $750,000.
Traders will battle each other and victorious traders will be rewarded at the end of the competition. Traders can compete in Phemex IV as individual traders or as part of a team. Prizes will be awarded to the victors in two categories: individual and teams.
Changing The Rules, Not The Game
Previously, Phemex had only counted inverse BTCUSD contract trades towards the final total for each trader. However, the 2021 edition of the competition comes with a few tweaks to allow for more participation. Phemex has announced that for Phemex IV, all contracts available on the platform will be counted.
ROI on both USD and BTC trading will count towards the final total. The contract with the highest amount at the end of the competition will be counted for the individual. Phemex will calculate individual results using PnL across BTC and USD trading accounts. Users with the highest ROI at the end of the allocated time period will emerge as winners of the competition.
How To Participate
Traders can sign up for the Phemex IV trading competition through the registration link. The more traders sign up to participate in Phemex IV, the bigger the prize pool.
Traders can sign up to compete as individual players. Although traders who possess enough clout to get a team behind them can sign up as a Team Captain and compete as a team. Team Captains will need to sign up for their team and each team must include 10 members to be considered a valid registration.
Traders can add to their team over time but if they do not reach the minimum requirement by the time registration closes, the team will be automatically disqualified/disbanded. Members from disbanded teams will then be assigned randomly to other teams in order to compete. A team may have well over 10 members. However, only the ROI of the top 10 traders in each team will be counted towards the team’s final total at the end of the competition.
Registration for Phemex IV will run from Nov. 25th, 2021 to Dec. 9th, 2021, after which the competition will kick-off. The competition is scheduled to begin on Dec. 9th, 2021 8 AM UTC to Dec. 24th, 2021 8 AM UTC.
Enter The Phemex IV Arena
Players in the Phemex IV trading competition will be rewarded according to the category they compete in. Individual traders will be rewarded based on their BTC and USD PnL (profits and losses). While teams will be ranked according to the average ROI of their top 10 performing members.
Bonuses are up for grabs in both categories. For individual traders, Phemex IV is giving trading bonuses to participants who make high enough deposits into their contract trading accounts for the duration of the competition. The higher the deposit, the larger the bonuses that individuals can get.
Team Captains are not left out of the bonuses. Team captains will be awarded prizes based on the size of their teams. Teams can be as small as 10 members and as large as 200 members. The higher the team members, the better the prize
Prize Pool Allocation
The prize pool for Phemex IV will feature a 78%-22% breakdown. Teams will receive a larger share of the final prize pool, while the remaining 22% goes to individual players.
For teams, the team captains will receive 40% of the team’s award. The top 10 members will each receive 3%, amounting to 30% of the total team’s award. The rest of the members will receive a share of the remaining 30% according to the number of people in the team.
Winners in the individual trading category will receive 8% of the total prize pool if they place in the first place. 5% will go to the 1st runner up of the individual competition and the 2nd runner up will receive 2%. Individual players who place 4th-10th will have the remaining 7% divided up equally among them.
Prizes, bonuses, and awards will be distributed after the competition ends. Up to $750,000 in BTC awaits the teams/traders that emerge victorious in this competition.