TOP-5 Competitions on Cryptocurrency Exchanges
There is serious competition among crypto exchanges. Therefore, each platform is trying by any means to attract the trader.
Developers list more tokens on the exchange, reduce transaction costs, and speed up the system in order to attract users. One of the most common methods of attracting traders is to hold competitions where a user with the highest trading volume within a certain period wins. In this article, we decided to recall the most interesting competitions that have been or are held at cryptocurrency websites.
Lamborghini Huracan Giveaway
On the occasion of New Year holidays, developers of the largest cryptocurrency exchange Binance decided to raffle off a racing supercar between traders. The giveaway was sponsored by Monaco project (MCO) which allows you to store your token on a Visa card.
In order to win, you had to have the largest trading volume of this coin on Binance exchange. The trader who took the 2nd place received 4000 MCOs (about $11000), for 3rd place – 1500 MCOs (approximately $ 4000).
Helicopter for trading
Not so long ago, OKEx exchange held a competition to promote the Perpetual Swap cryptocurrency derivative. Derivatives are a complex financial tool that allows you to trade futures and forecast a rate using a swap. Futures are used to sell assets at a fixed price in the future which is especially relevant in the cryptocurrency world. The swap is necessary to predict whether the rate of the token will rise or fall in the future.
The trader who had the highest volume of trading in derivatives could win a helicopter. Top-30 derivatives traders received between $300 and $3000.
A trip to the Maldives from a crypto exchange
Bibox exchange was giving away $300000 among the largest traders on November 19-25th 2018. But the most interesting thing is that the exchange also was giving away trips to the Maldives in own online-lottery. There was also a possibility to from 1 BIX ($0.15) to 50 BIX ($7.5).
Referral games… the strongest will survive
The founders of Estonian exchange p2pb2b have decided to hold a competition where you can win a great amount by inviting new users to the platform. Referral games actually work as a referral program but have quite interesting rules.
The games are held in seasons, the 2nd season was recently closed. $10 000 in XRC currency was raffled off between traders. The winner got approximately $3800. All participants received a 50% discount on a transaction cost.
They say, that soon the next season will start.
Money made of air
In summer 2019, BitForex exchange has a competition related to the futures that were recently introduced at the platform. Each trader received a demo-account equal to 1.8 mln USDT in order to buy demo-futures. Everyone who participated in the competition on this derivatives trading simulation automatically joined the giveaway of 1 million BF Tokens ($ 20000), 50000 ELF ($ 8000), 300000 ACT ($ 3000) and 300000 KCASH ($ 1500).
Conclusion
Healthy competition among cryptocurrency exchanges encourages their founders to come up with new ways of attracting users and increasing their loyalty through competitions. Sometimes it is not even necessary to have a large turnover on the exchange to get bonuses. For example, on p2pb2b you can get a discount on transactions for inviting a user, and on the
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
