By
Bena Ilyas
April 18th, 2024
Trading and staking competitions might not make you rich, but they can supplement your main income while providing an incentive to try out new exchanges.
Crypto traders are always seeking an edge that will enable them to maximize their profits, whether it’s lower taker fees, a generous referral program, or the inside scoop on a forthcoming protocol upgrade. Trading competitions are another way to grow your crypto holdings by accruing rewards for doing what you were already doing: swapping cryptocurrencies in the hope of profit. When leveraged correctly, trading events can provide a residual income – and in some cases even a primary one.
But not all trading competitions are created equal. Some offer paltry rewards or require trading with the sort of volume that’s the preserve of whales. Unless you’re holding fat stacks of BTC and USDT, to begin with, you’re unlikely to earn much of the pot. Fortunately, not all trading competitions are reserved for high net-worth individuals only. Here are three events you can participate in this summer that gives you a fighting chance of turning a profit.
Bybit’s World Series of Trading
The largest and most talked about event of the summer, Bybit’s World Series of Trading (WSOT) comes bearing a 200 BTC prize pot. That’s a lotta dollars on the line, and the best part is it’s skill-based. If you’re good enough, you’ll be in with a shout of claiming a slice of the $2 million Bybit will be dispensing. The event, which runs from August 10-31, is open to retail and institutional traders and is expected to attract a handful of poker pros too.
The competition will be tough, then, but at least you can compete on an even playing field. WSOT’s ranking criterion is based on each trader’s profit vs. loss percentage. Notch up more winning trades than losing ones and you’ll be in with a chance of glory. Even if you don’t emerge victoriously, however, you can take consolation in the form of a 20% reduction in trading fees and up to $9,400 in USDT bonuses.
KuCoin’s KardiaChain Listing Competition
Listing competitions are commonly offered by exchanges as a means of generating liquidity for new crypto assets. They also provide an incentive for existing token-holders to deposit funds and cash out their profits. While it can’t compete with WSOT for prize value, KuCoin’s latest coin listing is open to all traders, regardless of ability. Participate and you’ll be eligible for a share of the $20,000 in rewards that have been pledged by KuCoin.
There are a few requirements to take part in the event, which runs until July 21, but nothing too onerous. You need to have a minimum net deposit volume of 12,000 KAI, but that’s only around $40 worth of KardiaChain’s native asset. Thereafter, the top 30 accounts with the highest net buying amounts of KAI, calculated using total buys minus sells minus withdrawals, will win a share of the reward. The top trader will receive 1,000 USDT and $500 in KAI.
BitMax’s THORChain Staking Contest
Okay, so this isn’t technically a trading contest – it’s a staking one – but to all intents and purposes, the outcome is the same. To celebrate the launch of its THORChain (RUNE) staking service, BitMax.io is giving away 60,000 RUNE worth around $30,000. The event provides an incentive for locking up your RUNE tokens to receive regular staking rewards, with the added sweetener of a reward just for depositing your tokens if you’re among the top 100 stakers. The top staker will receive a cool 10,000 RUNE bonus, while the top 100 will earn a minimum of 200 RUNE apiece.
Trading and staking competitions might not make you rich, but they can supplement your main income while providing an incentive to try out new exchanges. Shop around for the best deal and start making your crypto work for you.