Binance Launches Crypto Trading Strategy Competition; 8,000 BNB for Winner

Binance, the largest cryptocurrency exchange in the crypto market, has recently announced on its blog that the Binance Trading Strategy Competition has begun.

The competition will be held from  October 18 (so it has already started at the time of this report) and it will last until November 1.

The competition will be distributing a total of 37,000 Binance Coins (BNB), worth almost $370,000 USD due to its current value, which was $9,85 USD at the time of this report.

Binance occasionally decides to make contests like this one and you might have heard of one if you are familiar with it for some time. This will be a new competition, though, so you will need to go to the official page and read the rules:

The Rules Of The Binance Trading Strategy Competition

This time, you can participate in the competition and select which currencies you want to trade, buy or sell. While prior competitions prioritized volume, this one is judging quality, the blog post affirmed. Because of this, the traders will be ranked on their percentage of return not on how much money they made.

The main difference of using this rule is that it greatly diminishes the barriers for entry in the competition as your returns will all be measured in Bitcoin (BTC) and the whole point is looking at the growth rates of the users.

You can use whatever strategy you see fit if you follow the rules. Discounts by using BNB tokens are allowed but you need to trade using only the platform.

To be eligible to participate in the event, you have to hold at least the equivalent of 0.1 BTC at the start of the event, which was yesterday. So if you didn’t, tough luck, you’ll have to be more prepared next time. During the competition, you cannot withdraw any money, too, or you will be disqualified.

Any deposit and referral commission will not be counted for your ranking in the competition.

It is also important to remember that Binance reserves the right to understand these rules as the company sees fit, so at any case of disagreement, you will have to go talk directly with them, which makes it even more important to be prepared and well-informed about the rules before you start.

What Are The Prizes?

Here is the prize list:

  • 1st: 8,000 BNB
  • 2nd: 4,000 BNB
  • 3rd: 2,000 BNB
  • 4th-10th: split 6,000 BNB
  • 11th-50th: split 7,000 BNB

Another prize will be 10,000 BNB tokens which will be given by change to 200 people who participate in the pool. They have to trade at least 1 BTC counting buy and sell actions on any trading pairs to participate in the draw. The event, the company has affirmed, will be broadcasted live on multiple social media platforms to ensure fairness and transparency.

The results of the competition will be also posted on the site of the time after the event is ended and the money will be sent directly to your Binance wallet.

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