The world’s largest exchange Binance recently shared an announcement via a blog post that its crypto Trading Strategy Competition begins from October 18 and will last until November 1, 2018.
As part of this competition, Binance will be distributing a total of 37,000 Binance Coins (BNB) that is worth approximately around $370,000 USD. The exchange is known for occasionally organizing similar contests. However, this is a new kind of competition. So in order to participate, users must visit the official website to go through the rules in detail.
This time, users can take part in this crypto Trading Strategy Competition and select the currencies that they wish to trade, sell or buy. While the previously held competitions gave priority to volume, this particular contest will be judged on the basis of quality. Hence traders will be ranked on the percentage of return and not on how much money they made during the contest. Binance also shared this announcement about the competition on their official Twitter account.
Have you heard about our new #Trading Strategy Competition? Show off your #crypto trading talents for a chance to win 8,000 $BNB!
A total of 37,000 Binance Coins are at stake here and contest ends November 1. Read more about the rules here:https://t.co/PUC4Vq7OpR
— Binance (@binance) October 19, 2018
The edge of using the above-mentioned rule is that it greatly diminishes the barriers for entry in the contest, as all the returns of the user will be measured in BTC. Also, the whole point is to look at the growth rates of the participants. Discounts by using BNB tokens are allowed, but users need to trade only via the Binance platform, as stated in the Bitcoin Exchange Guide report.
Traders must hold at least the equivalent of 0.1 BTC at the beginning of the event, in order to be eligible to participate in the competition. Users won’t be able to withdraw any funds during the competition. Any referral commission and deposit won’t be counted for a trader’s ranking in the competition.
As mentioned on the Binance blog, any kind of crypto trading that the exchange deems to be “wash trades” won’t be applicable. The exchange announced that rewards will be issued within two weeks after the competition. Users can log in and check their prize via Distribution History > Account Center.
The post Crypto Trading Strategy Competition Begins On Binance From October 18 appeared first on OWLT Market.
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