Binance has unveiled its most ambitious trading competition, the Traders League, which features a total prize pool of $10 million. This initiative allows traders to demonstrate their skills and compete for substantial rewards, aiming to engage retail and more prominent traders in a collaborative environment.
Two separate competitions
The Binance Traders League comprises two competitions: the Spot Traders League and the Futures Traders League. Each league has its own set of qualification criteria and prize distribution methods. To qualify for the Spot Traders League, participants must achieve a minimum trading volume of $500 during the competition. For the Futures Traders League, the qualification period extends into early 2024, enabling participants to prepare and strategize for the challenges ahead.
Spot traders’ league details
The Spot Traders League offers a rolling prize pool of up to $3 million in BNB token vouchers. Participants will be ranked based on their total spot trading volume and return on investment (ROI). The top performers in this league will share a portion of the $1.5 million allocated for the competition. A limited-time mission campaign will reward participants exploring Spot Copy Trading and Trading Bots with an extra $200,000 in USDC. The solo competition is set to run from October 8 to October 28, 2024, providing ample opportunity for traders to showcase their expertise.
Futures Traders League insights
The Futures Traders League boasts a prize pool of up to $7 million in USDT token vouchers. This league allows traders to engage in solo ROI and team profit and loss (PNL) competitions. First-time futures traders will be eligible to share a welcome prize of $700,000 in USDT. The solo competition mirrors the timeline of the Spot Traders League, while registration for the team competition opens on October 10, with trading scheduled from October 17 to November 6, 2024.
Rachel Conlan, Chief Marketing Officer at Binance, emphasized the aim of this initiative, stating that the competition is designed to create an inclusive space for retail traders. She noted that participants can learn, grow, and earn rewards based on their trading efforts.
Market impact and current BNB trends
In light of the competition, Binance Coin (BNB) has experienced a decline of approximately 3% over the past week, though it remains up by 12% over the last 30 days. The introduction of this trading competition is expected to bolster interest and trading activity, potentially impacting the value of BNB. As of the latest update, BNB is trading at an average price of $563.06.The Binance Traders League engages the trading community and aims to enhance the overall trading experience on the platform. With significant rewards, novice and experienced traders are encouraged to participate and test their strategies in this high-stakes environment.