Crypto

Explained: Crypto Trading Contests and Their Benefits

Crypto trading contests can come in many types and forms. Many popular crypto exchanges such as Binance or Coinbase hold trading contests that can last 24 hours or last a few weeks.

Those who follow the market closely know that there are different ways to earn from crypto other than investing or trading. You can also participate in staking, mining, or lending to earn crypto. Moreover, you can also sign up for airdrops, use faucets, or just learn more about the various Web3 projects to earn crypto or fiat rewards.

Likewise, another great way to earn digital assets is to enter a crypto trading contest. These online contests offer investors and traders great rewards. They also allow you to improve your trading strategies and learn new ones. But what is a crypto trading contest and how does it work? Keep reading to find out!

Crypto trading competition: what is it?

A crypto trading contest is a simple online competition that pits traders against each other to see who can earn the most profits within a given time frame. Several popular crypto exchange platforms such as Phemex, Binance, Coinbase, and Kucoin hold such trading competitions from time to time. This is a great way for these exchanges to entice their loyal users and keep them engaged and motivated at the same time.

What are the different types of crypto trading contests?

Crypto trading contests can come in many types and forms. Many popular crypto exchanges such as Binance or Coinbase hold trading contests that can last 24 hours or last a few weeks.

Some of these exchanges also offer the choice between demo and live trading contests. Indeed, not everyone has the amount of crypto required to participate in such competitions. Therefore, a demo contest allows these users to participate for free, gain trading experience, and develop an understanding of the competitive ecosystem. On the other hand, live trading contests are mostly for experienced traders who are willing to put their crypto on the line to win the grand prize.

Some of these popular exchanges may even run contests where top traders are offered rewards in the form of tokens or NFTs while others offer fiat rewards.

Generally, these competitions have their own set of rules and entry requirements. To participate in certain competitions, an exchange may require participants to hold a specific number of a particular token(s). They can also require participants to have held these tokens for a minimum amount of time, say 6 months or a year in some cases.

Some of the best crypto trading competitions are hosted by popular exchanges such as Coinbase, Binance, eToro, and others. For example, Coinbase recently held the “NBA x Coinbase Sweepstakes”. It was a giveaway program where the rewards included a food and beverage allowance of $3,500, $3,000 of Bitcoin directly transferred to the winner’s wallet, and a chance for the winner and 14 of their guests. to watch an NBA game of their choice and much more. ! The contest is currently online and ends tomorrow.

Other popular crypto trading competitions are the World Series of Trading (WSOT) hosted by Bybit and the Futures Grand Tournament hosted by Binance. The latter took place last year and offered a hefty prize of $1.8 million. eToro, another major crypto exchange, held a trading challenge where the prize money consisted of $15,000 allocated to the top 10 traders.

Benefits of participating in a crypto trading contest

Exposure and experience

Crypto competitions give you a great opportunity to learn from other talented and skilled traders. Sure, you can read plenty of articles about trading strategies, but there’s nothing like seeing those strategies deployed in real time.

Try different trading strategies

Demo contests allow novice investors to try out new strategies, without risking losing. If your strategies work, you can confidently use them in the real market. Moreover, if the strategies are good enough to win you the demo contest, you will also win some nice rewards. Win-win, right?

Learning about risk management

Participating in trading competitions is a fun way to explore various risk management strategies that you may not have known before. Watching others use innovative strategies to mitigate risk and generate rewards can help you learn good strategies.

Awards

If you are a skilled trader and love to trade, there is nothing better than using your skills and earning big rewards, and yes, those rewards can be huge. Moreover, you have the opportunity to earn so much money without investing a penny from your pocket, but only your skills and time.

Conclusion

Crypto trading competitions are a great way to generate large sums of money and all through a fun experience. You can search for several such exciting contests on social media platforms such as Twitter or crypto forums such as Discord or Reddit. Remember to do your own research and only stake the amount of crypto that you are comfortable losing entirely.

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