Cryptocurrency trading platform Bingbon is doing its bit to spread a little Christmas cheer, with its annual Xmas Team Trading Contest set to get underway on December 24 (00:00, GMT+8). The competition, which will end on New Year’s Eve (23:59, GMT+8), will see participating teams compete for a generous prize pool of 400,000 USDT.
Bingbon isn’t a stranger to competitions; the platform recently dangled a $300 carrot for anyone who could guess the price of BTC come January 1. Bitcoin’s price has held steady since breaking its all-time high earlier this month.
With the trading tournament due to commence in just a few day’s time, team member recruitment is currently ongoing, with a minimum threshold of five traders per group. Only users with an account balance of 100 USDT or higher can take part and the more participants who enter, the greater the prize pool.
After the event concludes, trading teams will be ranked by total profit ratio in the contest, with the top team taking home 30% of the pot. The runners-up will take 20% while third place claims 10%. The remaining 40% will be distributed among teams who round out the top ten, with payouts triggering seven working days after results are confirmed.
Although the trading contest is very much a team event, individual participants will gain a larger share of their squad’s pot according to their own personal profit margins.
Bingbon’s contest reflects a growing industry trend, with similar competitions having been run by the likes of Phemex and Bybit this year. Back in August, Bybit’s World Series of Trading made headlines by offering a prize fund of 200 BTC. At the time, that represented $1.8 million – although Bitcoin’s price has since more than doubled.
Successful traders, meanwhile, have become some of the most-followed accounts on Crypto Twitter, with followers hanging on to their every forecast. One of the most popular, CryptoCobain, has over 180,000 followers at the time of writing.
Launched in 2018 and based in Singapore, Bingbon is a platform geared towards both novice and professional traders, with support for crypto trading as well as global indices, commodities, forex, and other forms of contract trading with up to 150x leverage. The exchange has been enhancing its offering in 2020, having recently partnered with fiat-to-crypto payment gateway Banxa.
The alliance means that users in the U.S., Canada, Europe, Great Britain, and Australia can purchase digital assets using their local fiat currency for the first time. Prior to integrating the onramp, Bingbon was largely focused on the Asian market, which is where many cryptocurrency exchanges are headquartered.
Unlike most of its competitors, Bingbon offers a demo and social copy trading service, which allows newcomers to get to grips with the vagaries of trading before putting real money on the line.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
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