The Phemex Trader’s Arena BTC/USD trading competition is now open for registration. It will give away as much as 2 million USD in prizes and begins on March 24, 2020.
It offers traders an opportunity to trade in a competitive environment, and create big returns in the form of prizes. There is already significant interest in the event, and people are signing up to participate.
Like many competitions, the total amount that is given to the winners will be decided by how many participants sign up to the Phemex Trader’s Arena.
Here is how the prize amount will be determined:
Participants – Prize Amount in USD
- 200-499 – $10,000
- 500-999 – $25,000
- 1000-1999 – $75,000
- 2000-3999 – $150,000
- 4000-5999 – $400,000
- 6000-7999 – $600,000
- 8000-9999 – $1,000,000
- 10000-14999 – $1,250,000
- 15000-17999 – $1,875,000
- 18000-20000 – $2,000,000
Registration is open now, and anyone can keep an eye on the progress – or sign up for the competition right here. The traders will work in teams of at least 10, and each individual trader must have an account balance of 0.005 BTC to be eligible to compete.
The Phemex Trader’s Arena: What to Expect
The Phemex Trader’s Arena will begin on March 24, 2020, and run until April 7, 2020.
The results will then be calculated, and prizes will be awarded on April 13, 2020. There is a $10 bonus for the first 2,000 traders that register who also may gain unique Phemex merch, and team captains will all receive a $100 prize for team formation.
In addition, team captains will gain 40% of the total team prize and a maximum share of 50% of the trading fees.
According to Phemex:
Assuming the maximum prize pool of 2 million USD, the Captain of the Top Team that is also a TOP 10 Trader within his Team, and is the Top Individual Trader of the competition will win $375,000 USD.
Here is how prizes will be calculated, according to Phemex:
Team Award Formulas (ROI):
Calculation formula for Individual Return On Investment (ROI):
Individual PNL / (BTC Trading Account…