Cryptocurrency exchange Phemex has announced it is hosting an Olympics competition for traders. The competition will give traders a chance to earn rewards based on their trading volume and return on investments (ROI). The competition is scheduled to start at the end of July on the 30th. Kick-off time has been placed at 8 AM UTC. The Olympics will run for two weeks until August 13th at 8 AM UTC.
Check the Phemex Olympics website to register and monitor your progress.
Phemex has decided to take a page from the playbook of the Tokyo Olympics, which was recently kicked off. They’re giving their own “players” a chance to win prizes in their own sport of crypto trading.
Traders will be ranked according to their trading volume and speed of achieving a certain ROI. Participants in the competition only need to sign up for Phemex and meet the requirements for enrollment.
Phemex Olympics Trading Competition Rewards
The Phemex competition is divided into two categories. Based on which requirements they meet, users can participate in one or both categories of the Phemex Olympics. These categories include weightlifting, ranked by highest trading volume at the end of the event, and sprinting, based on who can reach 500% ROI the fastest.
Weightlifting competitors will be rewarded based on the following table:
| Prize/Participants | <250 | 250-500 | >500 |
| Rank 1 | 10,000 USD | 12,500 USD | 20,000 USD |
| Rank 2 | 5,000 USD | 7,500 USD | 10,000 USD |
| Rank 3 | 3,000 USD | 4,000 USD | 5,000 USD |
| Rank 4-6 | 1,000 USD | 2,000 USD | 3,000 USD |
| Rank 7-10 | 500 USD | 1,000 USD | 1,000 USD |
| Total | 23,000 USD | 34,000 USD | 48,000 USD |
Sprinting competitors will be rewarded based on the following table:
| Prize/Participants | <1000 | 1000 | 1500 | 2000 | 2500 | >3000 |
| Rank 1 | 2,000 USD | 4,000 USD | 6,000 USD | 8,000 USD | 10,000 USD | 20,000 USD |
| Rank 2 | 1,500 USD | 2,000 USD | 3,000 USD | 4,000 USD | 5,000 USD | 8,000 USD |
| Rank 3 | 1,000 USD | 1,500 USD | 2,000 USD | 2,500 USD | 3,000 USD | 6,000 USD |
| Rank 4-10 | 500 USD | 600 USD | 700 USD | 800 USD | 900 USD | 1,500 USD |
| Total | 8,000 USD | 11,700 USD | 15,900 USD | 20,100 USD | 24,300 USD | 44,500 USD |
Competitors will be subject to different rules and requirements for each category. For a full list of rules, please review the official Phemex Olympics announcement.
Phemex Terms And Conditions
Calculations for ROI will be done on Individual PNL. This includes the initial balance on the trading account, the number of deposits to the account during the competition, commissions earned for the duration of the competition, and the bonuses received on the account during the competition.
Users can participate in both categories but are only allowed to use main accounts. Sub-accounts are not allowed in the competition. Also, batch account registrations, profits from market manipulation, and using APIs in the Weightlifting category will result in immediate disqualification. APIs are only allowed in the Sprinting category.
Rewards will be distributed 15 days after the competition ends. Amounts of bitcoin awarded to participants are subject to the OTC settlement exchange rate on the day they are paid out.
Phemex reserves the right to adjust the converted prices and the right to make final and binding amendments to the rules.
Phemex will display participants’ current trading volume ROI on the Phemex Olympics landing page. This page will be refreshed every 10 minutes to show the current progression of each participant.