Social trading exchange Bingbon has announced it is planning to hold a trading competition to celebrate its third anniversary. Traders will compete to win a share of a prize pool worth $198,000 of USDT and NFTs. Prizes will be awarded based on profit rankings and a popularity contest.
Singapore-based Bingbon opened its doors in 2018, and over that time, has expanded its markets to cover crypto, indices, forex, and commodities. It offers users the opportunity to participate in copy trading, where beginners can replicate the activities of more advanced traders who publish their trading strategies on the platform.
To celebrate its third anniversary of trading, Bingbon invites users to showcase their trading skills in a Profit Ranking Competition and Popularity Contest.
Preliminary Contest for USD and NFT Prizes
The contest will be split into two rounds, and prizes will be awarded in either USDT or non-fungible tokens minted by Bingbon.
The preliminary round will consist of three phases, each lasting one week. At the end of the first phase, the top 30 contestants with the most profit will automatically be placed into the final round, which starts after the third phase of the preliminary round.
At the end of the second phase, the top 60 contestants with the most profit will win NFT prizes. Bingbon will mint 500 NFTs for the event in four categories: common, rare, epic, and legendary. If a winner decides not to withdraw their NFT prizes to an individual wallet, they also have the option to trade them in for USDT at the official buyback rate.
In the third phase, the top five traders with the most profit will win prizes between $500 and $5,000 USDT depending on their ranking.
Final Round with a Grand Prize Worth $50,000
The entrants to the final round will consist of the 30 traders who won the first phase of the preliminary round and an additional 100 contenders. The 100 will be selected by a popularity contest to take place during the preliminary round. Bingbon users can cast their votes once each day for their favorite traders to help boost their ranking so they can get to the final round.
The final round will be one week long. The top ten traders by profit will earn USDT prizes, with a 50,000 USDT grand prize for the first-place winner. There will also be a popularity contest among teams, where users can once again vote for their favorites. Teams can increase their popularity by having more members join to take a shot at the top prize for the popularity contest, worth 30,000 USDT.
Any Bingbon user can join the contest, providing they have a minimum of 30 USDT deposited in their Bingbon exchange account. Registration is open now, with the preliminary round due to begin on May 20. The final round will take place starting on June 10 and ending on June 17. Anyone interested in registering can find out more on the Bingbon tournament landing page.