The world’s largest cryptocurrency exchange Binance has started a new trading strategy competition which awards users who employ better trading strategies than their peers. The competition will run from October 18 to November 1. The exchange will be distributing 37,000 BNB tokens as prizes, which are worth over $358,000 at current prices. The exchange announced the competition via a blog post on Thursday.
Rules of the Competition
The cryptocurrency exchange suggests that there are no restrictions on the tokens that the users want to trade, buy or sell. Users can work with as many tokens as they want. The exchange also writes that:
“You are free to select the cryptocurrencies you like to trade, buy, and sell, whether you trade one token or 50. We’re measuring for overall crypto wisdom here.”
Binance further says that previous competitions on the platform focused on volume. However, in this competition, they intend to focus more on quality of trade, rather than the number of coins traded. The traders who participate in this competition will be ranked on the basis of the percentage of returns that they receive.
The exchange further suggests:
“Regardless if you trade one token or 50, your total returns will be appraised in comparison to your starting balance, all measured in Bitcoin (BTC). This way, we are leveling the playing field by looking at growth rates, not just the crypto added.”
What Is at Stake?
Binance will be giving away prizes to all traders during the competition in BNB tokens. During the promotion period, the top 50 traders on the leaderboard will be receiving 37,000 BNB tokens in prizes. The champion of the competition will win 8,000 BNB, 2nd place winner will get 4,000 BNB, and 3rd place winner will get 2,000 BNB. A total of 6,000 BNB will be split between the traders securing the 4th and 10th place. Every trader in these positions will get 857 BNB each.
Another 7,000 BNB will be split evenly between 40 traders who rank from 11th to 50th. Therefore, each trader will receive 175 BNB.
Other traders who participate in competition and trade at least 1 BTC worth of crypto during the time will be eligible for 50 BNB tokens. A total of 10,000 BNB will be distributed between 200 winners who win the lucky draw. The draw will be broadcasted live.
Traders will also get 25 percent savings when they use Binance Coins to pay for trading fees.
Users with at least 0.1 BTC worth of crypto holdings in their accounts will be eligible to participate in the competition.