Bitcoins have been trending for quite some time, which piques everyone’s interest in the financial scene—veterans and newbies alike. They’re interested in these forms of cryptocurrency because it’s a new currency that allows one to trade and profit from it.
But earning goes beyond that, as there are platforms that not only increase your cryptocurrency skills but also give opportunities to brush up trading tactics in the form of crypto trading competitions. These short-term competitions pack a lot of intensity and excitement as it tests the skills and wits of a trader as they fight for leverage among their peers. And yes, anyone could earn bitcoin for free if they’re lucky enough to win.
What Are Crypto Trading Competitions?
Crypto trading competitions are short-term events hosted by a specific platform. They’re a newfound way of earning profit using Bitcoin currency. These sponsored activities generate earnings on the spot and derivative exchanges that usually run for a couple of hours or span a number of days.
You can start trading even if you’re a newbie by finding a host and a dedicated platform. Once you find a suitable one, familiarize yourself with the rules of the specific competition you’re joining. As you’ll discover, trading competition platforms have their own guidelines about registration and trading, with some requiring individuals while others prefer set teams. Some also require a minimum equity and succeeding deposits as the trading competition is ongoing. But if all of these procedures make you a bit nervous, there are demo trading platforms that offer tutorials and mimic trading venues where you can practice first to hone your skills.
Generally, crypto trading competitions have traders contend with fellow traders. Their scores are tallied in a leaderboard, and the top traders are awarded with corresponding cash prizes or subjected to a unique prize distribution scheme. The scores are a combination of volume and profit or return of investment (ROI) trading. These are tabulated, and the highest traders are awarded corresponding prizes at the end of the competition.
What Are The Rewards?
Not only do traders compete for the cash prize in these competitions, but platforms also provide incentives in the form of trading bonuses, discounts on trading fees, and giveaways for participants. Prizes can come in the form of USDT or another cryptocurrency.
While it often entices traders to join because of the cash, there are other benefits from entering these trading competitions. It also has a mental and psychological aspect since the game pits traders together to see who has the better strategy to come up with more gains.
Thus, crypto trading competitions can be very beneficial to any serious Bitcoin trader. Skills gained through these competitions serve as an advantage as these are skills and strategies gained apart from regular Bitcoin trading. Aside from joining crypto trading competitions, you can likewise get more tips on how to improve your crypto trading skills by joining forums and groups that share the same interest and passion for cryptocurrency.
Choosing The Best Crypto Trading Platform
A number of crypto trading competition platforms can be found on the web. Most come up with very attractive offers to promote the coin and its participating exchanges. The process could also increase the value of the cryptocurrency being traded. Some of these events are even launched as anticipated annual or semi-annual events that traders look forward to because of the prizes at stake.
While there’s quite a handful, here are a few qualities that could make one stand out as the best cryptocurrency trading competition:
- Allows participants to enter into the contest for free or with a minimal amount to accommodate all interested in the competition
- Enables traders to create their profile and set up a portfolio to monitor their success
- Displays available bitcoins on the current trading market and allows traders to employ forecasting skills
- Has a real-time leaderboard to show your rank and that of competitors
- With wide prize distribution to reward top traders and also provide incentives for all involved
- Provides a stimulus for traders to learn various skills and strategies required for high risk and time-constricted trading competitions
- Encourages traders to pursue Bitcoin use long after the competition has ended
- The platform comes from a reputable host and has security features for identity verification and prize withdrawal
A Niche In Cryptocurrency
Crypto trading competitions are on the rise and may well become a staple in the Bitcoin arena to showcase skills and as an added avenue to earn profits. Traders may do well in participating in these events not only as a means to expand their pockets, but most of all, enhance their market analysis and trading abilities. Trading competitions also serve to spark interest and increase intensity in the world of cryptocurrency.