Crypto Competition FAQ
Competition and Tables
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!
