The 1st edition of League of Traders Competition was held in January 2021 to resounding success. That first event had a prize pool of 1.5 BTC with 263 participants. The No.1 trader had an astounding 1389.51% ROI receiving the top prize of 0.52 BTC.
Phemex is once again partnering up with League of Traders to organize the 2nd edition.
The trading competition will start on the 27th of April at UTC +8, and its prize pool will range between 0.1 and 4 BTC based on the number of participants:
- 0.1 BTC for 25-49 participants
- 0.2 BTC for 50-74 participants
- 0.3 BTC for 75-99 participants
- 0.4 BTC for 100-149 participants
- 0.6 BTC for 150-199 participants
- 0.8 BTC for 200-249 participants
- 1 BTC for 250-299 participants
- 1.2 BTC for 300-399 participants
- 1.6 BTC for 400-599 participants
- 2.4 BTC for 600-799 participants
- 3.2 BTC for 800-999 participants
- 4 BTC for 1,000+ participants
So, in a nutshell, the more traders participate in the competition, the larger the prize pool will be.
League of Traders Explained
The League of Traders is a social trading service that allows its users to visualize assets across multiple exchanges while gaining access to copy trading functions. Phemex is partnering with League of Traders to offer a second trading competition that will have users battle with their crypto assets, with the 5 best traders being rewarded for their performance. However, if the contest registers over 200 participants, prizes will be distributed to traders who rank 6 to 10 as well.
Registrations will officially begin on the 22nd of April and will be live until the 11th of May. The competition will then begin five days after registrations are open, on April 27th, and will take place until the 18th of May.
In order to participate, there is just one simple requirement – have a minimum balance in your Phemex account of 0.02 BTC, or the equivalent in any altcoin.
If you meet this criterion, you can go ahead and register through a simple process:
- Download the League of Traders app and create your account.
- Create an API key on Phemex and connect the account to the League of Traders app.
- Once connected, your participation will be confirmed automatically within 5 minutes. If you meet the 0.02 BTC criteria, that is.
The registration takes only a few minutes (together with the waiting time). You can also check if you were registered successfully in the League of Traders App, in the Phemex 2nd League Leaderboard.
For more information and step-by-step instruction, please visit https://event.leagueoftraders.io/phemex/second
We mentioned earlier that the total prize pool will increase based on the number of participants. But how will the prize pool be distributed?
There are 2 scenarios.
If fewer than 200 people register for the competition, the prize will be distributed to the top 5 traders, as follows:
- 1st place gets 40% of the prize;
- 2nd place gets 30% of the prize;
- 3rd place gets 20% of the prize;
- 4th and 5th places get 5% of the prize each.
If 200 or more traders register for the competition, the prize will be distributed to the top 10 traders:
- 1st place receives 35% of the prize;
- 2nd place receives 25% of the prize;
- 3rd place receives 15% of the prize;
- 4th and 5th places will each receive 5% of the prize;
- 6th to 10th places will each receive 3% of the prize.
So given the maximum prize pool of 4 BTC, the prize will be distributed as follows:
- The top trader will receive 1.4 BTC;
- The 2nd trader will receive 1 BTC;
- The 3rd trader will receive 0.6 BTC;
- Traders 4 and 5 will receive 0.2 BTC each;
- Traders 6 to 10 will receive 0.12 BTC each.
However, traders can also earn a few bonuses.
Those who register between April 22nd and April 27th will receive an early-bird registration bonus of $10. In addition, participants can complete the tasks on Phemex’s Gleam page to earn an additional $5 bonus.
Phemex is a cryptocurrency trading platform founded in 2019 by Jack Tao and an expert team of former Wall Street investors and traders. Despite being launched only a few years ago, Phemex has quickly risen to popularity through qualitative services and positive customer reviews. Their primary goal is to empower people to trade easily and manage risk efficiently.
With the help of advanced functions such as FIX API, a sub-account system, and L3 quotes, Phemex empowers its users to maximize their chances of generating profits from market movements.
Read more about the 2nd edition of League of Traders and stay connected with Phemex using their official communication channels:
Official website: https://phemex.com/
League of Traders channels: