Some say trading’s about luck; others call it an extreme sport. There’s a special thrill that comes with executing the perfect trade, buying the dip, and selling at the market’s peak. Trade competitions offer traders new to trading the chance to develop their skills and also provide an opportunity for more experienced traders to take on new challenges.

Trading competitions can be a great way to make some sizable earnings if you know what you’re doing, but the risk levels, especially with how unpredictable cryptocurrency markets are, can be hard to justify with lackluster prizes.

Phemex is not a stranger to trading competitions, having successfully conducted ‘ Bonanza’ just last month, which celebrated the launch of their inverse contracts. This time, however, they’ve raised the stakes. Launching the fourth edition of ‘Phemex Trader’s Arena’ this November, the Singapore-based global digital asset derivatives exchange is challenging teams to battle it out for a massive $750,000 prize pool.

Unleash Your Inner TraderUnlike Bitcoin Bonanza, where just the volumes of its USD-margined Bitcoin contracts counted towards the contest, at Phemex Trading Arena, all of Phemex’s contract products will count towards the final scores. This means player ROI will be calculated for both their USD and BTC trading accounts, with the higher value counting towards their team’s final ROI. The individual prizes, however, are determined by the total PnL for both USD and BTC trading account.

Participants who make deposits to their contract trading account during registration will be eligible for exciting bonuses, such as trading bonus of up $1000 or accounts that have more than two Bitcoins. Participants can only use one account. Users with trade volume below $500 may not be eligible to receive rewards.

The registrations period for captains and teams will be open from Nov. 25th to Dec. 9th 2020. With Bitcoin at three-quarters million dollars, it is high stakes. Teams must consist of ten or more members, and groups that do not meet this minimum will be considered invalid, disbanded, and it’s members randomly reassigned to other teams.

Captains can win up to $6000 depending on how many members they manage to pull together in a team. Based on their PnL, the average ROI for a team of 10 top traders will determine their rank. However, rewards and ranks can also be assigned to players.

Victors & Winnings78% of the whopping $750,000 prize pool is set aside for rewarding teams, while the other 22% is allocated to reward individual traders. First place will receive 25%, followed by 15% for the second and 8% for the third. All the remaining 30 percent will be evenly distributed among all the teams in the top 10.

40% of the team’s winnings go to captains, and the team’s top 10 traders are given 30%, with all other team members equally splitting the remaining 30%. Captains receive 40% of team prizes for groups with less than twenty members. However, 60% of team prizes will be split equally among all team members.

Out of the 22 percent allocated for individual players, 8% will be awarded to the top-ranked player. The runner-up will receive 5%, and the third-placed person will get 2%. To help promote the event, Phemex (NYSE:) is hosting Twitter campaigns. All registered participants are invited to follow @Phemex_official. Randomly selected followers will receive prizes, such as limited-edition merch and themed merchandise.

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