Trading tournaments are events organized by spot and derivative crypto exchanges that allow traders to profit from their cryptocurrency holdings. These tournaments provide a unique opportunity for traders to test their knowledge of the cryptocurrency market and be rewarded for their skills.
Due to the highly competitive nature of the crypto industry, trading platforms host these tournaments to attract new users and incentivize them to trade.
Each trading tournament has specific requirements and formats that aim to enhance users’ skills and contribute to the development of new trading techniques and tactics. Generally, participants in trading tournaments speculate on the price movements of selected cryptocurrencies and engage in buying and selling the underlying coins through authorized exchanges or CFD (contract for difference) trading accounts.
While the rules and rewards may vary, crypto trading tournaments typically reward traders with the highest trading volume of a specific coin/token during the tournament duration.
Here are some frequently used terminologies in trading tournaments:
Ben Zhou is the co-founder and CEO of Bybit, a global cryptocurrency derivatives exchange. With eight years of forex experience as the General Manager for the Greater China region at forex brokers XM, Ben developed a keen interest in crypto in 2016. In 2017, he launched a YouTube channel to educate users about the benefits of investing in cryptocurrency. Combining the best aspects of traditional finance and crypto, Ben founded Bybit in 2018, which is now one of the top three derivatives exchanges worldwide. Connect with Ben directly on Twitter.
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