WhiteBIT cryptocurrency exchange has announced a significant enhancement to its Trading Competitions, a well-received feature that enables users to demonstrate their trading prowess and compete for substantial cryptocurrency rewards. This upgrade introduces three primary tournament categories, including beginner tournaments, where participants can claim cash prizes, NFTs, branded merchandise, and more.
WhiteBIT Trading competitions have long won the favor of exchange users, so the news of their update has caused quite a stir in the community. Previously, the main parameter for determining the winners was only the trading volume of the participants for the selected trading pair. The WhiteBIT team expanded the competition by adding two more types of trading tournaments — now, in addition to trading volume, avid traders can compete for the highest realized profit (rP&L) and the combined indicator of rP&L and trading volume.
Note that the realized rP&L indicates the profit or loss received after closing the position. Within WhiteBIT Trading competitions that include rP&L parameters, only the profit indicator will have weight. To get to the leaderboard of this type of competition, the participants need to focus on the effectiveness of their deals. This means that participants have every chance to win, even with a small budget.
As a result, there are three types of trading competitions designed to cater to both novice traders and seasoned professionals:
- Trading Volume: In this category, the primary determinant for victory is the trading volume achieved;
- rP&L (Realized Profit and Loss): Here, participants are judged based on their realized profit (rP&L);
- rP&L+Volume: This category assesses winners based on a combined metric of rP&L and trading volume, providing a comprehensive view of their performance.
The introduction of additional tournament features is an exciting novelty that enhances the diversity of competitions and broadens users’ choices. As such, any of the three main tournament types can incorporate supplementary elements. For instance, there are tournaments tailored for beginners, welcoming new users to the exchange who haven’t yet participated in WhiteBIT Trading competitions. These tournaments offer an opportunity for practice and the chance to earn rewards for trading accomplishments.
Furthermore, WhiteBIT has implemented several additional parameters that may be applied to any type of competition. For example, the proportional distribution of rewards allows the winners to receive prizes according to their contributions to the total trading volume or rP&L. Some tournaments also feature a minimum trading volume threshold for entry to the leaderboard and introduce new reward types alongside traditional cash prizes. These additional tournament settings empower users to select competitions that align with their experience, skills, and aspirations.
The enhanced WhiteBIT Trading competitions offer an excellent chance to refine your trading strategy, satisfy your appetite for spirited competition, and reap generous rewards for your accomplishments.
You can get a sneak peek of upcoming competitions well in advance, with all comprehensive details about the tournament conditions to be found on the respective tournament page and supplementary materials on the WhiteBIT Blog.
WhiteBIT is one of the largest European centralized crypto exchanges, originally from Ukraine, founded in 2018. The exchange offers 350+ trading pairs, 270+ digital assets, and 10+ national currencies. The highest average daily trading volume is $2.5 billion. The company is an official partner of the Ukrainian national football team, FC Barcelona, FACEIT. The goal of WhiteBIT is the mass implementation of blockchain technology worldwide.
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