Scores will be measured based on performance and volumes in MXN and BTC. The competition will be held between September 10th and October 10th.
Bitso, Mexico-based cryptocurrency exchange house, announced the creation of a trading competition that will award those with the best performance in their transactions for one month. Through its website, Bitso explained that more than 450,000 Mexican pesos (MXN) will be awarded to the winners. This is equivalent to more than USD 20,000.
Through a publication on its portal, the Mexican exchange house presented the details of the Trading Cup. It doesn’t matter what trades you do but how you multiply them, according to a basic principle of the event.
The Trading Cup will be held on the platform of the exchange house between Tuesday, September 10th and October 10th. The introduction of the contest describes that any user enrolled in Bitso can participate. This will be possible, provided that they are natural persons and comply with level 2 verification. Additionally, participants must be over 18 years old and have no business relationship with the exchange house, as either employees or former employees.
Participants will accumulate points based on three factors. The first factor is based on the percentage of performance, with each percentage point equal to 100 points from the competition.
The second aspect will be the volume in MXN, with a scale ranging from 5 to 400 points. Finally, the “BTC Trading Volume Multiplier” will be applied. This last measure will be governed by the user with the highest volume in the cryptocurrency exchange markets. That user will have a 2X multiplier, that is, the points will be doubled while the rest of the participants will have a multiplier based on the proportion of their volume with respect to the highest.
Bitso explains that, if a competitor’s highest volume is equivalent to 20 BTC, that will be 100% and the user would be assigned a 2X multiplier. The exchange house sets as an example that, if another competitor reaches 15 BTC, he or she would be assigned a 1.75X multiplier.
Prices for the First 10 Places
Regarding the prices, the first place will get a total of MXN 200,000 (around USD 10,000). The second best trader will take MXN 100,000 and the third will win MXN 50,000. The first three places will also receive a kit with promotional material from Bitso.
The participants who finish the competition in the places between the fourth and the tenth will have a prize of MXN 20,000, in addition to a shirt of the exchange house. Bitso will liquidate all the prizes in Bitcoin, according to the average-weighted price of the day before the liquidation.
Bitso advanced this trading competition before during the Blockchain Summit Latam México 2019. There, the Bitso team advanced the Trading Cup as part of the Alpha launch. It is a platform more focused on traders than its original interface. In Alpha, users have technical analysis tools, an order and balance display, and other features. The proposal seeks that traders can make their movements with a larger amount of information available.
By Willmen Blanco