The Hidden Benefits of PrimeXBT Trading Contests Explained

The pitch is simple and straightforward: PrimeXBT Contests lets users of the award-winning margin trading platform access real-time, simulated market environments and compete to win prizes using completely risk-free virtual funds. Prizes range from $1,000 in USDT to $10,000, and more and new competitions are offered each week.

Beyond winning huge prizes and a chance to earn bragging rights by placing first in any weekly competitions, there are several important hidden benefits that investors and traders of all skill levels should be aware of. This guide looks at those hidden benefits and how to get the most out of PrimeXBT Contests.

What Is PrimeXBT?

PrimeXBT is a rapidly-growing margin trading platform offering a broad range of cryptocurrency-based products and services from a single account. Such services include the aforementioned margin trading, Covesting copy trading, yield accounts, the all-new PrimeXBT Trading Academy, COV memberships, Contests, etc.

Contests are the icing on the cake, so to speak – an enticing addition that adds a layer and depth to the experience. The platform is ultra-fast, reliable, and lists more than 100 of the most popular and essential assets today. The list includes assets from forex currencies, global stock indices, commodities, and a vast array of cryptocurrencies from GameFi to Metaverse and more.

What Are Contests?

Think of PrimeXBT Contests as a venue offering free, no-risk entry to weekly trading competitions with the chance to win all kinds of prizes. Because users trade with virtual funds only, there is no risk and only reward. The reward comes, of course, in the form of prizes, but this article is devoted to the many other ways users can get even more value out of Contests.

Prizes change depending on the type of competition. Competitions can have unique requirements, such as trading a specific asset or meeting certain turnover or ROI requirements – keeping competitions interesting and exciting, as well as traders on the edge of their seats. Prizes span from $1,000 in USDT to $10,000 for larger weekly competitions, and $100,000 in crypto for Global Competitions sponsored by PrimeXBT. Other brands can also host their own competitions to engage with the PrimeXBT user base.

What About Hidden Benefits?

With no risk to speak of, traders can enter the competition but don’t need to participate in a serious capacity. Instead, novice users can take advantage of the real-time, simulated market environments and practice trading for the first time. More experienced traders can hone their skills, and professionals can spend time backtesting trading strategies to review performance statistics. Backtesting technical indicators or certain types of trading setups is an excellent way to minimize risk and maximize capital allocation and results.

Because no capital is on the line, traders can get even more daring with their experiments and feel no pressure for doing so. Most traders spend several months losing money until they first start getting it right and becoming profitable. Contests can save newcomers a lot of time, money, and effort by providing a trading environment based on real-world assets from around the globe. Chartered market technicians rely on the regular backtesting of strategies as part of a strict analysis process, and it is an effective tool for any experience level.

Where To Learn Strategies?

The Contests section benefits even more from the fact that PrimeXBT has launched its PrimeXBT Trading Academy educational website. PrimeXBT Trading Academy is filled with tips, guides, platform tutorials, trading strategies, market updates, and so much more. Led by expert trader Dirk Hartig, PrimeXBT Trading Academy is designed to improve the skills of pro traders while offering an introduction for newbies.

After spending time learning strategies within the PrimeXBT Trading Academy, users can then jump over the Contests and put their newfound skills to the test. With enough practice, patience, and a commitment to learning, anyone can find the education they need at PrimeXBT.

What Else Is There?

PrimeXBT also provides tools like yield accounts and a referral program for more ways to earn passive income outside of trading for those that are still practicing but haven’t reached profitability yet.

When worse comes to worst, and no matter how much they’ve practiced or how much time they have spent learning to trade, they still cannot get it right; there is always the Covesting copy trading module. PrimeXBT partnered with fintech firm Covesting to introduce copy trading to the world. Using the tool, novices can follow and copy the trades of skilled strategy managers who rank highly in the online global leaderboards.

Conclusion: Consider PrimeXBT Contests

PrimeXBT is a solid platform whether you are a pro or just getting started in global markets for the first time. The platform has everything necessary for success under one roof and from a single, secure cryptocurrency account.

For those looking for some fun, a chance to practice, and the possibility of winning prizes while they’re at it, be sure to check out PrimeXBT Contests and join the next weekly trading competition.