Singaporean crypto-derivative trading platform Bityard announces that it will host a trading contest with a prize pool of $60,000 in Tether. Bityard’s contest will kick off before May this year.
Registrations for team captains are currently ongoing on Bityard’s official portal and will remain so until April 21, 2021. According to Bityard’s press release, registration fees for each team captain will be waived.
Those that want to participate as team members will have to wait until after the 21st in order to register. Team rankings will be based on each team member’s trading volume.
Increase in Trading Contests as Crypto Rises
Several crypto exchange platforms have held similar promotions in the past. Hosting trading contests is a good way of promoting and validating the platform and greatly benefits its user acquisition efforts while livening the market in general.
The increase of brokers running such promotions can be directly attributed to the increasing number of retail traders, which is spurred on by the significant appreciation of digital currency prices.
Bitcoin, Ethereum, XRP, and even the meme, Dogecoin, have all experienced monumental growth rates this year. The volatile global political climate, inflation, and short supplies are primary factors driving growth within the virtual currency realm.
Bityard is a Singapore-based exchange that has shown tremendous growth during the past year. Bityard hosts a number of functions, including trading crypto contracts and buying cryptocurrencies.
Outside of the crypto bubble, Bityard also has contract for difference (CFD) offerings with indexes, commodities, and Forex pairings as trading instruments. Similar to the social trading promoted by outfits such as eToro, Bityard offers a copy-trading system for those that want to automate their positions without relying on bots.
“With the copy trading system, Bityard users can find traders with great performances and follow the trading activities of these traders,” Bityard describes the feature on its press release.
Image courtesy of Bityard Crypto Exchange/YouTube