A big futures tournament with a prize from Binance
- 1. Binance as a fundamental part of the cryptocurrency world
- 2. Description of the futures tournament, its structure
- 3. Types of futures contests on Binance
- 4. What is RevenueBot
- 5. Conclusion
- 6. Reviews
One of the international cryptocurrency giants Binance (go online) has launched a bonus event to form a global arena where traders can compete for prizes. In this tournament, the exchange raffles off up to 1,800,000 BUSD and 2,400 digital collectibles from top performers. The NFT collection is dedicated to the 12 zodiac signs with unique artistic elements. Up to 500,000 participants can participate in the futures tournament, and the total amount of the prize fund depends on the number of invited traders. Already authorized traders as well as newbies can apply to join the tournament after registering an account and checking their identity.
Binance as a fundamental part of the cryptocurrency world
Binance is a leader among blockchain-ecosystems and infrastructure providers, which has been operating in the international arena since 2017. According to statistics from the popular information project CoinMarketCap, the Binance exchange ranks first in terms of daily trading volume and weekly attendance, including a large liquidity ratio. The platform outpaced its competitors almost 20 times when it comes to the average trading volume per 24 hours. The second place according to CoinMarketCap is held by the exchange Coinbase (https://www.coinbase.com) with a volume of 9,724,394,504 USD per day, showing a steady rise upwards.
However, the Binance project shows about 214,902,663,231 USD with an overall user score of 9.9 out of 10. In 4 years, the company has connected more than 1,500 markets, opened access to trading 409 coins, and developed comprehensive support for trading with fiat currency. New tools, a range of financial services, a variety of educational materials, decentralization - all these factors make Binance a major player in the world of crypto-assets. The platform is suitable for traders with trading experience, as well as beginners, due to the user-friendly interface and user support. Cryptocurrency exchange supports four basic types of trading, which are open to traders with all instruments after registration:
- Spot. Usually this type of trading is the starting point for most traders. In general, spot trading refers to the standard purchase or sale of an asset and its hold on the underlying balance until a suitable rate on the market. Spot trades are distinguished by the instant settlement of two similar orders, as well as the application of accurate exchange rates with a supply/demand ratio. Spot trading on Binance is considered a basic tool for interacting with crypto assets.
- Margin. A trading tool that focuses on the evaluation and prospect of potential profit. The marginal type of transactions involves opening a position with a size that initially exceeds the current balance. When placing a margin deal, traders take into account the available leverage, as well as the current level of commission on the exchange.
- Peer-to-peer trading. One simple way to interact with digital assets and other users of the platform without involving external parties. The procedure of P2P transactions is similar to a standard currency exchange, where the parties receive an equal amount of assets, taking into account the exchange rate. The peer-to-peer exchange provides security for traders to ensure that everyone involved in the transaction fulfills all the conditions for a correct currency exchange. Along with this P2P trade on Binance provides a variety of payment methods, including credit cards, e-wallets, and even a cash transaction.
- Futures. Beginning in 2019, Binance will offer free futures-trading, or transactions with futures contracts. Traders can participate in market changes, making profits through opening Short/Long positions on the current contract. Unlike standard spot trading, futures can generate profits even when the price of a digital asset declines overall, provided the forecast is correct.
With the last mentioned trading method in mind, crypto exchange Binance has launched a large futures tournament for teams and private traders. On the event page, the exchange has published detailed conditions for participation, as well as the dynamics of the potential prize fund for all connected participants. Before applying or joining an open team, you should study the structure of this contest.
Description of the futures tournament, its structure
On the title page of Binance's contest, the exchange offers traders to explore the personal world of futures trading with four participation options. Each of the available contest types is open to all traders who have previously registered an account and also passed the identity verification procedure. Profile verification consists of filling out a questionnaire with basic contact information and sending live photos of the document with selfies of their owner. Most often it takes no more than 15 minutes to review the application, but can take up to 10 business days.
Binance has indicated on the event description page the exact dates of the event, including the duration of registration along with the key tournament launch. It is possible to apply for participation and start the competition during such a period:
- Initial registration for the campaign: November 27 03:00 - December 25 02:59 (Moscow time);
- Invitation contest (referral): November 27 03:00 - December 10 02:59 (Moscow time);
- start and finals of the final competition: December 10 03:00 - December 25 02:59 (Moscow time).
Before registering on the Binance platform, you need to check the number of authorized accounts with verification on the exchange. The company prohibits the creation of more than 1 profile with active and valid identity verification. For violation, the exchange has the right to cancel all open accounts, as well as disable access to the page without the option to restore.
Types of futures contests on Binance
There are 4 types of tournaments designed as part of the bonus campaign, where entire teams participate along with private traders. For each of the groups there is a volume of prize money that totals 1,800,000 BUSD. In addition, Binance raffles off 2,400 branded NFT assets depicting the signs of the zodiac (200 items per sign). Open contests differ in requirements for traders and conditions, so they need to be broken down step by step.
Within the referral contest, the conditions are designed based on its name. A participant needs to invite traders to the tournament, as well as conduct transactions on futures contracts. Binance has developed a separate contest grid, where a specific number of points is provided for each action. A user gets 3 points for a confirmed invitation of a new referral to the tournament who was not authorized in the Binance ecosystem.
2 points are awarded to a trader for inviting an already active trader on the exchange, who has applied for participation. For trades in BUSD-M futures after every 10,000 BUSD, the trader receives 1.5 points. For trading in non-BUSD-M contracts, 1 point will be awarded. After earning 8 points, the contestant automatically becomes a member of the daily NFT Zodiac drawing together with 200 other users. Binance plans to give away all open digital assets of this collection (2,400 copies) in 12 days.
Competition for private traders
All traders with a total transaction volume of at least 10,000 Binance USD will be divided into competition places based on their daily ROI. The competition will be held in 15 separate rounds beginning December 10, where prizes depend on the participant's personal ranking. The daily prize is one 15th of the total prize pool, and futures contract profits are multiplied by 2 for the total ROI for each stage.
As for NFT holders, their profits are multiplied by coefficient 3 similarly to the calculation of daily ROI. For the 1st place in the rating, a trader receives 25% of the daily prize pool, for the second place - 15%, and for the third place - 10%. The rest of the tournament participants (places 4-20) share the other half of the prize pool among themselves.
Single tournament of crypto-brokers
To participate in this contest, traders need to register through one of the 12 available tournament brokers. Users with a total trading amount of at least 10,000 BUSD will be similarly allocated on a daily return on investment basis. There are also 15 stages of the campaign, in which traders-participants receive prizes in proportion to their daily rating. According to the event, 1-3 places get 25-10% of the prize pool, and 4-20 places get the rest 50% of the tournament pool. Binance counts purchases along with sales when calculating trading volume, but excludes Wash trading.
Competitive event of a group format, in which the total trading performance of all team members is taken into account. Binance generates daily statistics on profit and loss (PnL) of 10 leaders of a particular group, according to the volume of which the teams are allocated to places. Profit from futures is also multiplied by coefficient x2 in calculation, and income of NFT owners is multiplied by 3. The formulas for these calculations are published on the tournament page, including the daily ROI deduction for brokers and private traders.
Under the terms of the group competition, a trader needs to reach 30,000 USD per day to participate in the tournament. The prize pool is divided on similar terms when calculating the results of a brokerage or private competition. However, there are personal rules for each participant within a team. The team leader receives 40% rewards, the first 10 participants with PnL 30,000+ USD share another 30%, and the balance goes to other users in the team.
Team participation in the tournament gives traders a chance to take the prize, relying on the mutual contribution of each member in the group. Single tournaments are suitable for players who regularly have high trading volumes on the exchange. New users or less active traders can join open teams, the number of which has already reached 175+. In this list the user will see private groups, communities of corporate traders, as well as participants from cryptocurrency services or applications.
One such team is. RevenueBot (to the robot's website), which openly offers to join and compete for 1 place in the "futures universe" from Binance. The project is recruiting 154 participants, and it is possible to enter the team using a separate referral link. RevenueBot is popular among Russian traders who use embedded strategies to automate trades on exchanges.
What is RevenueBot
RevenueBot positions itself as automatic bot with algorithms for autonomous work on exchanges according to prepared strategies. The project was developed for trading on Binance, OKex (https://www.okex.com), Kraken (https://www.kraken.com), KuCoin (https://www.kucoin.com), as well as on other popular projects. With this robot, the trader provides passive income without additional efforts, as the algorithm manually conducts transactions.
The robot owner only needs to periodically log in to the exchange and view detailed statistics on closed orders. RevenueBot also provides a log of actions, which is published in the user's personal cabinet. The strengths of the robot can be highlighted by the following theses:
- fully cloud-based trading with no stops or interruptions (24-hour cryptocurrency market tracking);
- flexible bot settings (every bot parameter can be changed at the owner's request, and a comprehensive help center at revenuebot.io has been published for newbies);
- the robot does not keep the user's assets (funds remain on exchanges at the time of trading similarly and are not transferred to separate accounts or accounts);
- Complementary trading (the robot involves trading different pairs on different platforms at the same time without stopping any algorithm);
- open statistics (all information about the results of the Autobot is published in the trader's personal cabinet, including a summary of the referral program along with the final profit);
- Payment model (the project has no rate schedule - bot only gets 20% commission from profits, but not exceeding $ 50 for every 30 days).
RevenueBot's operating structure is based on the Martingale model, which is implemented in gambling and forex trading. The robot automatically raises bets until the moment of winning, after which its size is reduced to the initial position. If we talk about reviews, the project is often mentioned among traders on thematic resources. Most of the comments are accompanied by high praise, as well as listing the advantages of this robot.
Users praised the option of manual bot settings, detailed statistics, and a convenient payment model. However, there are also negative publications. Traders complained about the lack of winnings, which is characteristic of this degree of risk in trading digital assets. RevenueBot does not guarantee a regular profit, as its frequency depends only on the trader and his experience in this area.
Binance has launched an interesting bonus event where beginners can participate along with larger traders. The structure of the tournament provides a flexible calculation of the prize pool, different odds, and staggered calculation of results. This is complemented by relatively easy conditions for entering the fight for the first place, where the desire for leadership is motivated by a large prize pool in the BUSD currency. Along with this, the exchange offers the NFT-collection, the value of which will vary with the vector of development of this area.
You can reinforce competitive interest by joining a team, where the actions of each participant are important. A group tournament increases the chances of winning if the player does not trade large volumes. You can become a part of the promising RevenueBot team through a referral link, but before that you need to create an account and pass the verification procedure.