The cryptocurrency ecosystem has moved from a time where there were a handful of exchanges. Now, there are so many options that there are competitions to incentivize trading.
In this article, we explore cryptocurrency trading competitions, how they work, and how you can leverage them.
What are trading competitions?
These are unique trading campaigns organized by exchanges to encourage users to trade to win lucrative prizes.
These competitions have become more common as cryptocurrency exchanges battle for users and the attention of traders. Trading competitions keep existing traders engaged and also bring new users to an exchange.
Traders are attracted to these competitions by the incentives provided by the exchange. These incentives range from earning tokens to winning hardware wallets, mobile phones, and more.
How do trading competitions work?
Trading competitions take different forms. Each competition has rules that specify the trading pairs or coins included in the contest, required volume or deposit, and prizes for the winner(s).
The most popular kind are competitions based on trading volume. For instance, some competitions reward users who trade above a certain volume during a specific period. Also, some competitions reward traders with the highest trading volume.
Other types of trading competitions include deposit contests where depositing up to or above an amount of a cryptocurrency could win you a prize. Further, trading competitions can also be built around crypto purchases with fiat and more.
Trading competitions on AAX
AAX organizes trading competitions frequently, allowing users to earn while they trade. These trading competitions can be found in the promotions tab at the top of the exchange interface.
The drop-down menu that appears after clicking promotions shows a list of all active trading competitions you can choose from.
For instance, AAX ran a trading competition in September 2020 on decentralized finance (DeFi) coins. During this competition, traders who deposited and traded specific DeFi coins won different prizes.
All trading competitions on AAX are also announced through email updates, so you don’t miss them.
Go here to see what competitions are ongoing on AAX.