As the price of cryptocurrencies goes down, companies are coming up with creative ways to get people to keep trading. The very simple fact of the way the markets work is that if people keep trading, the market will recover. BitMEX has come up with one of the most lucrative offers to keep people interested. They have announced that just by trading on BitMEX, people can win prizes totalling $100,000. It is the great terms of the offer, which make it newsworthy.
Normally, in order to qualify for such offers you have to spend a lot of money at a place. Here, things are working a bit differently. BitMEX doesn’t want you to give them their money – they want you to trade Stellar contracts instead. Anyone who trades five thousand stellar contracts will get one ticket to the lottery. The grand prize in the lottery is $25K. The rest of the $75K in the giveaway pool is up for grabs as smaller prizes. This is a fantastic offer, especially when you consider how inexpensive Stellar contracts are right now.
The terms are exceptional
Usually, when a company announces an offer like this, there are many terms and conditions, which show that the offer isn’t as good as it seems. Here things are opposite. The terms are why this is exceptional – they seem to be designed to make sure the maximum number of people win and that everyone gets an equal chance. For instance, all tickets are equal, which means every ticket has an equal chance of winning. Spending more doesn’t give you access to higher probabilities.
There’s also a limit to make sure that high volume traders don’t end up winning all the prices. Traders can get 10 tickets in total. The only way to get more tickets is to cross the 1 million Stellar contract threshold, which will give you 10 extra tickets. The most interesting term here is that one trader can only win one prize. So even if someone trades a lot, they cannot win more than one prize. This is important because it ensures that the winning prizes will be distributed well, instead of most of them just going to the biggest trader.
There are some more things you should know before you start trading. You should definitely read the full terms and conditions on the BitMEX website, and also keep in mind that all prizes will be given out in Bitcoin (though that was to be expected). This is an interesting time for cryptocurrencies. While a few days ago crypto exchanges were shutting down sign up pages because of too much demand, they are now offering people prizes if they trade. It remains to be seen whether this move will work or not, though one good thing is that it will be easy to track.
We will be keeping a close eye on the prices of Stellar and other currencies on BitMEX to see if any of these campaigns had a true effect. If you want to get in on the action for your chance to win click here visit BitMEX.com or click the banner down below for more info.