Disclaimer: The text below is a press release that was not written by Cryptonews.com.
After the successful 1st edition of the League of Traders Competition, whose prize pool consisted of 1.5 BTC, Phemex and LOT are back with the 2nd edition – but this time with 4 BTC on the line.
This competition will start on the 27th of April, and it will last until 18th May. Crypto trading enthusiasts can join the competition starting with 22nd April.
What is the League of Traders Competition?
If you missed the first edition, find that the LOT is a crypto trading individual competition that takes place on Phemex, where participants will trade with the help of the League of Traders app.
With this app, participants can visualize their assets across multiple exchanges while gaining access to copy trading functions. Of course, if you want to step up your game, you will need to make some changes here and there so that your profit could be even greater than your model trader.
You know the old saying – the student has become the master.
What is the prize pool?
The prize pool of the League of Traders competition will depend on the number of participants, with the maximum pool being 4 BTC. So, the more traders, the better:
- 0.6 BTC for 150-199 trading participants;
- 0.8 BTC for 200-249 trading participants;
- 1 BTC for 250-299 trading participants;
- 1.2 BTC for 300-399 trading participants;
- 1.6 BTC for 400-599 trading participants;
- 2.4 BTC for 600-799 trading participants;
- 3.2 BTC for 800-999 trading participants;
- 4 BTC for 1,000+ trading participants.
How to join the contest
To join the contest, all you need is a Phemex account with a minimum balance of 0.02 BTC or the equivalent in any token. After that, you would need to:
- Get the League of Traders app on Google Play or App Store and create an account;
- Connect your Phemex account with the LOT app, based on the API key;
- Wait a couple of minutes for your participation to be confirmed.
And if you want to be sure that you successfully signed up for the competition, you can check the “Phemex 2nd League” Leaderboard and see if you can find your account name.
Who will be rewarded?
There are actually two scenarios for the prize distribution, which depends again on the number of participants. The reason is that the prizes need to be worthy so that the most powerful traders should really feel in the spotlight.
Scenario 1 – Less than 200 participants
If there are less than 200 trading participants, there will be rewarded the top 5 best traders in the competition:
- The first place will get 40% of the total prize pool;
- The second place will get 30% of the total prize pool;
- The third place will get 20% of the total prize pool;
- The 4th and 5th places will get 10% of the total prize pool distributed evenly.
Scenario 2 – Over 200 participants
More participants mean a bigger prize pool, which will be enough to reward the top 10 most powerful trading participants:
- The first place will get 35% of the total prize pool;
- The second place will get 25% of the total prize pool;
- The third place will get 15% of the total prize pool;
- The 4th and 5th places will get 10% of the total prize pool distributed evenly;
- The 6th to 10th places will get 15% of the total prize pool distributed evenly.
Are there any bonuses?
Of course, like any other contest where Phemex was part of.
First of all, if you don’t have a Phemex account yet, your sign-up will give you 30 USD directly to your Phemex account. The participants who join the contest before 27th April will also receive USD10.
The trading volume during the competition will give you:
- 50 USD bonus – for a 500,000 USD trading volume;
- 200 USD bonus – for a 3,000,000 USD trading volume;
- 800 USD bonus – for a 10,000,000 USD trading volume.
And if you are seeking more, just follow Phemex on Twitter and retweet the competition post to receive an additional 5 USD.
What are Phemex and League of Traders?
Phemex is a crypto trading platform brought to life by former Wall Street investors and traders like Jack Tao. The platform got the spotlight among the competitors not just because of the high qualitative services but also because of all the exciting activities the team organized for Phemex Traders.
For example, they often organize trading competitions for teams, dotted with references to well-known video games. And not long ago, they made an NFT Art out of the wallet addresses’ QR codes of Phemex Traders.
Everything here is about innovation, competitiveness, and fun. And with League of Traders as a collaborator, things become even better.
League of Traders is an app that helps new crypto traders and investors to make trading decisions based on the assets’ value across exchanges.
The app also provides users with the copy trading feature so that newbies can learn from the best. And for a plus of quality, LOT also offers portfolio information regarding the trading models users chose.
The top 10 traders on League of Traders have a monthly profit rate of 208%. If this doesn’t convince you, find that the top 30 traders have a total monthly profit of 7.02 million USD.
See what impact a single feature can have?
If you want to find out more about the League of Traders Competition or about these two crypto instruments, don’t miss their updates on social media accounts: