HitBTC is conducting a NEM (XEM) trading contest right now. It will finish on March 13 so if you are an ambitious trader interested in trading NEM, it's not too late to join the action. The prize fund is 44,500 XEM. As of March 11, the leader of this contest has over 30 BTC in trading volume. If you are ready to do more, apply here!
HitBTC & Trading Contests
HitBTC is one of the largest crypto exchanges in terms of daily trading volume and the number of supported coins. The exchange was founded in 2013 and since then, it gained much attention from the community and became one of the leading trading platforms by liquidity. More than that, the functionality of HitBTC is wide: the exchange not only allows trading over 440 crypto assets but also provides an opportunity to perform margin trading (up to 12x), OTC trading, to buy cryptocurrencies for fiat money, and so on.
One of the social features of HitBTC is that the exchange regularly conducts trading contests. The idea behind them is simple. Each contest requires traders to focus on a single asset and trade it as much as possible in a certain period of time. Usually, contests last around 10 days. Traders who managed to gain the biggest trading volume selling and buying this asset are getting the pieces of the prize fund. The winners are selected automatically without any engagement from the HitBTC team.
These contests are hitting numerous goals. From the exchange's perspective, contests attract new users to HitBTC. For the exchange, it is another opportunity to widen its user base and raise liquidity. As the contest is aimed at intensive trading activity, the market associated with the asset chosen for the contest will get heated. As for traders, they will get the chance to trade in the unusually active market. It can boost their wins, however, the risks are higher, too. The contest conditions presume that some casualties can be compensated if the goal is reached and the winner grabs the prize. The very prize is, of course, a stimulus, too. No contest could be possible without the prize. Trading contests without the prize is what all exchanges do 24/7. That's normal trading. And finally, we have one more perspective — the asset dev team perspective. For developers, such contests are the chance to boost their coin and get more attention to their product. A chance to get this product popularized a bit. That's why the contests on HitBTC are important and have layers of benefits.
NEM Trading Contest
This time the contest is dedicated to NEM (XEM), one of the fastest-growing cryptocurrencies of 2021.
The prize fund of 44,500 XEM will be divided between the 10 highest volume NEM traders. A person with the highest trading volume will 13,350 XEM. The second position brings an 8,900 XEM prize. The third best trader gets 6,675 XEM. The fourth best result is rewarded by 4,450 XEM. The fifth position brings 2,225 XEM. The positions from 6th to 10th are rewarded equally. The prize is 1,780 XEM.
?5 DAYS TO GO until our @NEMofficial (XEM) Trading Contest ends!
— HitBTC (@hitbtc) March 8, 2021
?Trade XEM on HitBTC and win up to 13,350 XEM tokens.
? Prize Pool: 44,500 XEM
⏰ 00:00 (UTC) on March 13th, 2021.
✅ Apply Now: https://t.co/NmnjxkI1ek pic.twitter.com/7vBgnV0D0u
All these prizes are already good as they are. However, considering the growing price of NEM, these prizes have the potential to grow into something bigger. Plus the very act of high volume trading can be rewarding itself if you are a lucky trader. See more info about the contest here.