Crypto Competition FAQ
Competition and Tables
Is it really free to enter ?
Yes. There are no strings. We want to build a community of people who love crypto and trading crypto. Maybe you will open an account with an exchange using this site and we will earn a small commission that helps us pay for the prizes.
How does a Portfolio Competition work ?
The portfolio competition looks at the change in the total value of your portfolio over the course of the month. This means :
- your dollars,
- the current value of your crypto holdings, and
- the value of any open orders you have
You don't have to make trades for this competition so if you are an avid "hodler" you can just sit on your coins and hope they come good by the end of each month, or when the competition period ends.
How does a Trading Competition work ?
Trading competitions look at the profits you have made on the sell trades you make. Profits are calculated by comparing your sell price to an average cost price of your entire holding for that coin.
Trading competitions typically require you to make a minimum number of trades in the period to qualify and also to trade in a minimum number of different coins/pairs.
Changes in the value of coins held in your portfolio do not have any impact on trading competitions
Will you add more competitions ?
Yes as the site grows we plan to add more competitions with different criteria such as a competition purely for Bitcoin trading and also a competition for users that have been members of the site for a long time to reward their loyalty.
Trading
What is Mana ?
Mana are trading credits.
Instead of charging fees on transactions in the game we require that you have mana to make a trade. You need 1 mana to make a market order and 2 mana to make a limit order.
You get extra mana each day you login so you should always have enough to make a few trades, but not enough to overload our systems!
How do I get more Mana ?
On the Membes Dashboard you will find a section called Activity. At the bottom it shows your Login streak, being how many consecutive days you have logged into (or visited) the members area
Each day you login and visit the members dashboard you will get a man reward based on your current login streak.
How can I get more virtual dollars ?
You don't really need them. We run all our competitions based on ROI - so its the percent change in your portfolio and percent gains on trades that determine how well you do. The absolute dollars you have wont affect this.
Can I buy/sell any amount at the market price ?
Yes you get infinite liquidity at the bid and ask prices so you can trade as much as you have in coins/dollars. Because you are making virtual trades you wont move the market price either.
Will my or other traders trades affect the market ?
No its virtual trading so your trades or the trades of others playing the game wont have any impact on the market price, which comes directly from exchanges
Why do limit trades expire after 24 hours ?
For now we are a small site with limited resources. We charge you nothing to play and we give away some real crypto for free! We need to limit our use of resources, and checking many days/weeks/months of limit orders for a match every minute would be expensive.
If the site grows we may be able to change this
Can you add other coins to the trading competition ?
Yes for sure if you contact us and make a persuasive case we will look to add more coins. For now we run the competition off the Binance feed so we can only offer coins that they list, however this is a long list!
Prizes
Can I really win real money ?
Yes. While the trades you make are all virtual, if you trade successfully you can win real money!
Of course its much less than the virtual money you are playing with but it is free, so you cant lose, and hopefully you can have fun learning and competing.
Check out the competitions section of the menu where you will see the prizes and the tables. If you finish high enough in the tables then you will win. We have several different categories of competition and you can win every month.
How do I convert my portfolio to real money ?
Hahaha, you wish!
Its virtual money that we give you to play with. if you are successful though and rank high in the competition tables you may be able to win some real money.
Why are the prize values in Dollars and not in Crypto ?
Our bills and income are in dollars and crypto is very volatile so for now we need to use dollars to ensure you don't bankrupt us. When you claim payment though the dollar value is converted to crypto and you are paid in crypto.
Will the prize money increase ?
Yes as the number of users grows we will increase the prize money. Also once we add fee-less/low fee payment options we will add more small value prizes so that the number of winners in each competition will be greater and you will have a much better chance of winning something every month.
How do you Win a Prize ?
To win a prize you need to finish in one of the top positions in one of the competition tables. On the Tables pages you can see the current rankings of the top performing traders and the criteria required to win a prize such as a minimum number of trades or a requirement to trade in a minimum number of different coins. You can also see your own rankings in each table on your members Dashboard. Dont forget that it is important to understand the qualifying criteria for each table as you might show at the top of a table but not have made enough trades to qualify.
Can I win more than one prize ?
Yes you can win one prize in each table we have. You dont need to do anything to enter specifically, you just need to make trades, and we will calculate your profits and ranking in the tables.
About the Site
How can I help support the site ?
Aww thats sweet of you
Basically there are 2 main ways:
- tell all your online and real world friends about us so we have more visitors
- if you are looking to open an account with a new exchange, click on a link from this site so we will make a commission. It wont impact you at all, but helps us develop the site more, increase prize money, buy Lambos (only joking)
Winners and Payment
What can I do if Bitcoin withdrawal fees are really high ?
If you win a prize of say $10 or $20 then its possible that after Bitcoin transfer fees this could leave you with not very much at all. While we hope that fees will come down and this wont always be a problem you can of course wait to withdraw until you have built up a larger balance or the fee levels have reduced. We do also hope soon to offer other currencies for withdrawal with lower or zero fees.
Do you plan to offer payment in other cryptocurrencies ?
Yes we do. Once the site grows a bit we plan to introduce one or two other coins. Most likley we will choose very low or zero fee options like Nano or Iota so that you get to keep all of your winnings
How does the withdrawal process work ?
Once you have been credited with winnings at the start of a month you are free to claim payment by giving us your receive address. We will then convert the dollar value of your prize into crypto and send it to that address, less any blockchain fees.
We have written a full guide on withdrawal here.
