The press release from Huobi says that it is launching a Bitcoin futures trading feature on its BitVC platform and according to the company it has a 10-day simulated trading competition to get users involved. Also, the company is offering prizes of funded trading accounts to the top 50 traders in the competition, which closes at 12:00 (Beijing time) on 19th September.
The company says that the only catch is winners must then turn those accounts into profits to pocket the winnings. Talking to media professionals BitVC COO Wang Huaiqiang explained the competition’s purpose and said that his organization tried to design BitVC Futures to be easy for beginners to understand and convenient for experienced traders.
He further added that playing the game is a good opportunity to learn the system, practice trading strategies, and win prizes and according to him the organization is very interested to get user feedback from this competition. He clarified that existing BitVC users may participate immediately, but new users must register at BitVC first.
The company claims that a regular account with parent company Huobi’s exchange is not necessary and at the start of the competition, users will receive 100 ‘virtual BTC’ to trade in the simulated BitVC futures market. BitVC made it clear for the participants that the name, rank, and profit of the top 50 traders will be posted and updated daily.
Exciting Offers for Bitcoin Traders
However, at the same time BitVC also made it clear that if two users have the same profit percentage at the end of the competition, whoever has the higher trading volume will take the upper place. The representative for the firm said that one first-prize winner will receive trading accounts worth 50 BTC.
There are provisions for other winners as well. For instance, four second-prize winners will get 25 BTC each, 10 third-prizers will get 10 BTC each and 35 fourth-prize winners 1 BTC each. However, the prize money must be used for trading for one month and winners need to demonstrate further trading talents to score the Bitcoins.
The representative elaborated the entire process saying that at the end of that month, the principal prize amount is returned to BitVC and the winner pockets whatever profit they’ve made from trading. In situation, there is no profit, and then no prize will be offered for the traders or participants.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org