The cryptocurrency markets have momentum on their side right now, with all of the top 10 coins trading in the green at last check. But it was only a week ago that the BTC price slipped below $7,000 and it looked like the bottom might fall out again.
Maybe that’s why many traders who are tired of being made a fool by the market are finding creative ways to generate returns. Thousands of them flocked to StormGain’s Coin Contest in which 100,000 USDT was at stake for traders.
If you blinked, you might have missed it. StormGain, a relatively new cryptocurrency trading platform that launched in 2019, just named the lucky 500 winners – from novices to sophisticated traders — who walked away with a piece of the pie. Nearly 30,000 cryptocurrency traders tried their luck, participating in what StormGain describes as “four weeks of intense trading” that began in mid-March.
BUY NOW, the most popular Stablecoins are a class of cryptocurrency that aims to provide price stability. A perceived drawback of cryptocurrency is price volatility…. More and fourth-biggest cryptocurrency based on market cap, basically gives the winners the equivalent of U.S. dollars. USDT is pegged to the U.S. dollar at a 1:1 ratio and has been trading on par. BeInCrypto has been documenting the active printing press in which the Tether Treasury has been minting more coins hand over fist.
Off to the races
According to the announcement, traders were off to the races with 50,000 USDT in a demo account. Their challenge was to bolster the value of their “holdings” through April 9, with the winner generating the “highest total positive balance of all profitable and losing trades during the contest period.”
At the finish line, 100,000 USDT was being spread across a pool of 500 winners. The first prize winner, who topped the leaders board and received $5,824, chalked their success up to a combination of “experience and luck,” saying to StormGain:
“It is an incredible feeling to win first place against several thousand opponents! I could hardly believe that I scored so much and found myself at the top on the first day. I didn’t relax until the end.”
Meanwhile, second through fifth place prizes weren’t too bad either.
- 2nd place = $3,372
- 3rd place = $2,146
- 4th place = $1,686
- 5th place = $1,226
Checking in with the StormGain #Crypto #Coin Contest champions: how does it feel to #win 🤑?
🖥️Register and try our #demo account for yourself!https://t.co/kfR3uoNOa3 pic.twitter.com/054PLeglc3
— StormGain (@StormGain_com) April 16, 2020
The top 100 winners get their reward in “real money,” which they could use to trade on the platform or withdraw. The balance of the winners receive bonuses in their StormGain cryptocurrency A crypto wallet is a device or app that stores digital assets. Unlike the physical wallet in your back pocket,… More, which can be applied toward further trading or future contests.
More Tricks Up Its Sleeve
StormGain has other incentives generating passive income on the exchange. StormGain CEO Alex Althausen in an interview with LearnBonds explained a feature in which traders can earn “passive income ‘hodling’ crypto” on the exchange. The more you deposit, the higher your earnings though the interest is capped at “10-12% for deposits of a $10k equivalent.”
They also have plans to expand their margin trading feature from only USDT to include “BTC, ETH, LTC,
BUY NOW, and BCH.”
If you missed the Coin Contest, don’t fret. StormGain also says it has more tricks up its sleeve for the future. The first-place winner had this piece of advice:
“For beginners in crypto trading, I can only advise one thing – study first. Before you register, read the rules carefully.”
Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, Trading View and Twitter.
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This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.