Trading Contests Attracting Crypto and Bitcoin TradersJuly 1, 2020
Who doesn’t enjoy thousands of dollars being given away for free? What about tens of thousands of dollars?
The newest exchange tactic to drive users to their platform are trading competitions. These competitions determine winners based on many metrics from percentage gains to volume attained. Considering the prize pool is being given away by the exchange it is a novel way to provide money to entice traders.
A recent competition held by OKEx saw over $150,000 USDT given away with my personal team taking home more than $5,000. These trading competitions seem to be growing in popularity with both exchanges and their users.
Prior to trading competitions exchanges gave away “trade credit” for signing up which was usually just cashed out after one trade. Or they attempted bonuses for deposits which had a similar impact, individuals trying to game the system. Trading competitions are different because they get a user accustomed to a platform while providing an enormous monetary incentive if they perform well during the competition.
ByBit recently announced a trading competition beginning July 5th, awarding 0.5 – 3+ BTC. This competition will be held in conjunction with the Crypto Kingdom Telegram group. To join make sure you have an account (click here), and once you have an account, make sure to join The Trading Competition (Click Here)!
By providing $4,500-$30,000+ to traders ByBit has created a very unique incentive to drive users from other platforms onto their own. This acquires users while immediately familiarizing themselves with the platform.
It is likely we see many more trading competition in the next few months as exchanges compete for their percentage share of the overall crypto and Bitcoin trading market. Are you ready to win your share of the free money?!