Despite their notoriety, which largely stems from high volatility and the lack of a proper regulation base, cryptocurrencies continue to get traction and draw in more and more active users each day. A day does not go by without a news report of bitcoin’s rise or fall, and the eyes of millions are locked on the price charts of numerous exchanges.
Today, cryptocurrencies and blockchain technology have found common applications in the real estate, logistics, education, and health sectors. But for those who’ve mastered the art of earning money off cryptocurrencies, the options of use are actually unlimited. So, if you belong to the lucky ones who managed to crack the code of profitable crypto trading, a wide range of platforms offer to try your luck and skills in crypto tournaments.
Crypto tournaments are a competition between crypto users which is held on special platforms or exchanges, with a variety of prize selections that are awarded at the end of the event. The prize pool usually includes cryptocurrencies, NFT’s and tokens. A lot of these competitions are organized in the form of an engaging game with a prospect to win some fiat, cryptocurrency or to become the best trader. Each contest has unique terms and requirements, so before entering it’s advisable to familiarize yourself with the rules and check if the platform is legit.
Let’s take a closer look at some of the most prominent platforms that have proven their credibility and have successfully hosted above mentioned tournaments.
Binance’s Trading Contests
Binance is one of the most reputable crypto trading platforms with an estimated 28.6 million users and a staggering annual profit of $1 billion in 2020. It has long since earned the trust of crypto enthusiasts all over the globe and took it upon itself to organize different types of high-profile contests.
Among the latest contests was the EUR Trading Competition with a prize pool of 50,000 EUR. The contest was divided into two stages: Promotion A and Promotion B. To enter Promotion A the users had to deposit at least 200 EUR or make a purchase of crypto in an amount no less than 200 EUR to qualify for a prize pool of 20,000 EUR. Promotion B was the part where users had to apply their trading skills to trade themselves up to the top and obtain a rank of top trader. The prize pool of 30,000 EUR was distributed among 100 top traders based on their transaction volume.
The most recent tournament under the umbrella of the exchange was Binance Futures Spring Tournament. It was completed in spring and had a total prize pool of about $ 1 600 000 BNB. The tournament included a Top 10 Team contest, rewards for the Top 20 most popular team leaders, daily ROI rewards, and prizes for choosing the top 10 teams.
Apart from the rewards for trading, Binance allocated 20,000 BUSD tokens to give out the bonuses for the voting, and more funds were raised from the purchase of the voting tickets. As the trading competition was over, users who voted for the Top 10 teams received the share of the voting bonus pool depending on the resulting rank of the team they voted for.
It’s worth noting that Binance cares for its users and encourages them to be sensible and not to take rash actions, seeing as crypto trading tournaments is quite risky business and one can suffer substantial losses in pursuit of big profit.
Lot.Trade Gamified Trading
LotTrade is a relatively new service that provides unlimited access to crypto games, challenges, and tournaments. Based on the reliable Binance Smart Chain, LotTrade is a decentralized platform with a multichain architecture that supports BSC, with other networks to be added soon. The mission of the company is to make cryptocurrencies and blockchain technologies mainstream through entertaining pastime – trading games.
LotTrade proves that crypto trading games can be equally easy for dummies and professionals, and to jumpstart your career as a trader you don’t have to meet stringent requirements. There are no entry restrictions, so everyone can join the game or challenge at any time as well as connect an account on any number of crypto exchanges, integrated to LotTrade, to participate in tournaments.
By making orders, a trader can work their way up to the top and become the best trader, winning the tournament. The platform shows the ranking of all traders participating in the tournaments as well as a portfolio of each participant. The process is completely transparent, and all traders’ activities and rankings can be tracked in real-time.
By purchasing and staking a native token of the platform called LOTT users can manage and govern the platform and receive even more rewards such as staking offering up to 45% of annual returns. All LOTT holders that stake LOTT is included in the governance committee that is entitled to participate in the decision-making processes concerning the operation of the platform.
The eToro Trading Challenge
Israeli trading platform eToro, which was set up way back in 2007, became a real phenomenon, paving the way for what industry experts dubbed as “social trading”. Users of eToro follow other traders, modeling after social media platforms, and monitor their performance over time. If those traders’ strategies were successful, followers can copy them and add them to their own portfolios. The investors that get to be copied most receive various benefits from eToro, including payment of up to 2,5% of the annual amount invested by their copiers.
An interesting feature of the platform is that traders can keep in touch with their followers and exchange ideas with them. By using these tools, eToro managed to build a strong community that revolves around traditional trading, crypto trading, and gaming.
The platform holds a monthly Trading Challenge that invites all avid traders to join, including those who are adept at cryptocurrency trading. eToro provides a prize pool in major cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Dash. There’s also the possibility to stake tokens and collect other bonuses and rewards.
Rookies can find the platform especially useful, for it provides a venue for honing their skills and getting a better understanding of trading techniques.
That’s just a few platforms from a variety of existing services on the market. So, if you think you are savvy enough to outperform other traders, you might as well give it a try, just be realistic about your own abilities and keep a cool head.