Bingbon Celebrates 3rd Anniversary with A $200K Trading Competition
Social trading crypto exchange, Bingbon continues to spread cheer in its 3rd anniversary with a trading competition that has gone underway on May 20. Called ‘Profit Ranking Competition,’ the multi-stage event will end on June 17 when participating individuals and teams compete for a generous prize pool.
Singapore-based Bingbon has released details of its trading competition earlier this month, stating that lucky winners will be rewarded with USDT and non-fungible tokens. Bingbon’s newest tournament will follow the standard format in ranking participants by their overall profit or popularity listing.
The contest is split into two rounds, and a maximum of $198,000 has been placed up for grabs during the four-week event. Only users with an account balance of 30 USDT or higher can take part.
The preliminary round of Profit Ranking Competition consists of three phases, each lasting one week. The top 30 contestants in the first phase, ranked by profit amount, will automatically secure their spot in the final round.
For the second phase, the top 60 candidates will be rewarded with non-fungible tokens. A total of 500 limited NFT collections were minted exclusively for the winners in order to provide another layer of earning potential for those who perform well. NFTs winners can keep their tokens or sell them back to Bingbon for Tether.
The third phase of the preliminary round follows suit with the top 5 candidates claiming between 500 and 5,000 USDT depending on their ranking. Further, 100 candidates selected in the preliminary round by the popularity race will automatically advance to the final round.
More prizes as traders assemble in teams
Although the trading contest is very much an event for individual traders, teams also will gain a larger share of their squad’s pot according to their own popularity margins. This means that if one team member does well, the rest of the team’s popularity scores will benefit. Conversely, however, one underperforming trader could drag the whole team down.
Specifically, at the end of the final round, there will be a separate award for the three most popular teams who compete to win the highest reward of 45,000 USDT. The top team will earn two-thirds of the total prize pool – which could mean a handsome $30,000. The second and third-placed teams will claim $10,000 and $5,000 respectively.
Moving fast to the final round, which runs from June 10 to June 17, contestants will compete for the grand prize of 50,000 USDT granted for the first-place winner. The runner-up of the pot and third place winner will take home $20,000, while the fourth-place will get $10,000. Other contenders who round out the top ten will earn $1,000 each.
Bingbon’s contest reflects a growing industry trend to attract the interest of novice and professional traders with similar competitions.
Launched in 2018 and based in Singapore, the crypto derivatives trading platform is dedicated to providing professional trading services. Unlike most of its competitors, Bingbon not only provides cryptocurrency trading, but also mainstream investment products, as well as a copy trading function for passive income. Their catalog covers digital assets, stock indices, commodities, and forex with up to 150x leverage.
One of Bingbon’s major selling points is that it offers a demo trading account, which allows newcomers to explore trading before putting their real money on the line.