Bybit Crypto Trading Games Review
Why is Bybit crypto a viable way to earn during crypto winters?
The Bybit crypto exchange is a trading venue where contests and giveaways occur. If you have invested heavily in cryptos and are still smarting from the crypto winter that seized the market, consider looking for alternative ways to earn using the Bybit exchange.
Here are a few ways to earn from the Bybit exchange. This information acts as a guiding light to your path and nothing more. You must walk that path by doing your own research to see which of these contests, if any, are good for you.
Bybit crypto contests
It is Bybit crypto gaming season once more. Even as the crypto market continues to face challenges sustaining the knee-jerk uptick of January 2023, there are opportunities to profit from the market in other ways.
One of these ways is by participating in competitions and promotions pushed out from time to time on centralized crypto exchanges. The Bybit crypto exchange is one such exchange, and several gaming competitions are currently open to the public.
Before taking on the rest of the competition to get your share of the giveaways, you must understand a few things.
a) The giveaways work both ways. They are meant to be for your benefit and that of the exchange. You have to put in the required work to benefit from them. They are an opportunity for the exchange to increase its public engagement and reward users who aid them in such engagement by participating in the contests.
b) Bybit launches several of these giveaway contests from time to time.
c) Some of these competitions do not require you to be an experienced trader. You could win if you know how to engage with people online.
Types of Bybit crypto giveaway contests
What are the various types of giveaway contests found on Bybit? Having some idea about this is essential as it will help you decide where to focus your efforts. There is no point in registering for a trading contest if you are not a good trader. Likewise, if you lack the skills of marketing or social engagement, participating in contests that require a solid knowledge of the use of the various channels of social engagement may not be for you. The good thing is that there is a contest for everyone, so you can always find your bearings.
Core trading contests
These come in different formats, but they all have one thing in common: you must engage in some trading activity as part of the contest.
You are given an event period and you will need to carry out spot or derivative trades and achieve specific targets to get a share of the prize pool. Targets might be to achieve certain profit levels or set amounts in trading volumes.
Account upgrade contests
Some contests reward users for performing account upgrades. The Bybit exchange recently launched a product called the unified trading account (UTA). This account type offers users enhanced leverage of up 10x for margin trades and provides 60 assets for cross-margin trading.
This category usually applies to new listings. You may be invited to use some of your stablecoins to acquire and stake newly listed tokens. You qualify for a reward when you stake these tokens for a certain period. Some staked tokens attract as much as 90% APY. You will find some of these opportunities on the Bybit Earn product suite.
Recent Bybit crypto contests
Here are some of the recent Bybit crypto contests.
a) Unified trading account contest
This contest involves actual trading but provides a volume target of $10,000 in Perpetual Contracts. You must have migrated to the UTA to participate, with a prize of 50,000 USDT to be shared by winners.
b) Trading Rodeo
This is a contest that is offering 700,000 USDT in prizes. To participate, you need to put on spot trades for a share of 100,000 USDT or derivative trades to aim for a percentage of the prize. Contest winners are decided on a ranking system based on trading volumes.
c) P2P trading games
An existing 10,000 USDT prize pool has been set aside for winners in the peer-to-peer trading games. This is for those who buy and sell cryptos to individuals listed on the P2P network instead of others on the spot/derivative markets.
There is a world of opportunity on Bybit crypto. You have to go there and put in the extra work that most will not do to be a contest winner.
Author: Eno Eteng
Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about cryptos, FX and CFDs. Since 2009, he has been a consultant for several companies in the financial market space. His work can be seen on several forex and crypto-related blogs and trading educational websites.