The Phemex Olympics Trading Competition

With the start of the Tokyo Olympics, people worldwide are excited to see which country sets a new record in the end. But crypto enthusiasts and traders at Phemex also have a reason to celebrate the global phenomena of the Tokyo Olympics. Phemex has announced launching “The Phemex Olympics.” Phemex aims to bring together all kinds of people to share in the feeling of belonging to one huge community that overshadows all individual differences in the same way as the Olympics does. 

The Phemex Olympics, a trading competition inspired by the international competition, will include weightlifting and sprinting events. Winners of each of the sports will be rewarded generously based on how they rank. 

Let’s have a look at the detailed reward structure for weightlifting and sprinting matches of the Phemex Olympics. 

For Sprinting: 

The Sprinting competition is for Phemex traders who would reach 500% ROI the fastest. All you have to do to participate is sign up and start trading. 

For Weightlifting:  

In this competition, the trading volume of every individual will be tracked and ranked. Those with the highest trading volumes or the “heavy lifters” will receive bigger and better rewards. 

Note: Top 10 players of the weightlifting competition will also receive a mystery box containing unique gifts based on their ranking. 

Schedule of Phemex Olympics 

The games will begin on the Phemex platform on July 30th at 8 AM UTC and end on August 13th at 8 AM UTC. After that, the internal team will finalize the winner’s list and prize distribution after August 20th.  

But before you partake in the festivities at the Phemex Olympics, make sure to read all the rules & regulations, which are as follows: 

Weightlifting Rules: 

• As mentioned earlier, the heavy lifters, i.e., the weightlifting competition participants, will have to maintain the highest possible trading volume during the campaign period. 
• In case of a tie, individuals who joined the competition first will take precedence. 
• All types of contract pairs offered by Phemex will be allowed for weightlifting.
• Phemex has ruled that only contract trading will be counted in the weightlifting competition. 

• To keep a track of participants leading the competition, there will be a real-time leaderboard showing everyone’s trading volume on the competition landing page. 
• API users will not be allowed during these competitions. 

Sprinting Rules: 

• At the time of registration, valid participants must have a minimum of 0.003 BTC as the net value in their BTC trading account. 
• The sprinting competition will only count the BTCUSD contract pair.
• Users who reach 500% ROI (both realized and unrealized PNL) in the least amount of time will be considered winners (in chronological order). 

• In case no one reaches 500% ROI, then winners would be ranked based on the highest ROI they acquired. 
• As a tie-breaker, users who join the competition earlier would be chosen as winners. 
• API users are allowed in sprinting competitions. 

Terms and Conditions 

Phemex has the authority to make amendments to the rules explained above. The final amount of BTC issued would be subjected to the OTC settlement exchange rate. Phemex can adjust the converted price rightfully. One user can partake in all two trading competitions, but they will be disqualified if Phemex authorities find batch account registration and profits from market manipulation.