What is a Bracket Order Battle?
This is a volume-based trading competition using CoinFLEX’s new order type: a bracket order.
Why have these games?
It’s the best way for users to learn about our offerings. And who doesn’t like prizes?
Why Bracket Orders?
We feel bracket orders are a simple and flexible way to manage risk on individual trades – please see the links below:
1) The Bracket Order — A Simple Way to Manage Risk
2) How to trade with the Bracket Order?
3) Bracket Order video tutorial
As it is an unfamiliar order type for many people, we want to introduce this type of order into our competition so people can learn more about how to use it.
How can I enter this competition?
All you need to enter this competition is a starting initial collateral amount of $888 or $8,888 (for the two different competition levels) in the XBT.Dec and USDT.Dec futures assets when the competition begins (you need the amount to start the competition)
How is this competition scored? How do you win?
The measurement metric for this competition is the “FLEX Multiple” (FM), which is:
FLEX Multiple (“FM”) = XBT/USDT Dec 19 trade volumes using Bracket Trades
The value of your collateral (not including leverage) that you initially converted up to December futures and any additional collateral you converted up during the competition
Competitors will be ranked by FLEX Multiple over a given period of time. So the more you trade as a multiple of your initial amount, the better. Note this is not determined by pure volumes, but the volume multiple of your account! All users have a chance to win.
If this is based on volume, won’t bots and algos just win automatically?
No, because bracket orders must be manually placed via the trading interface in order to qualify for this competition. Under our fair play rules, if any participant is seen to have automated the process of bracket orders, we will disqualify them. This decision will be made at our sole discretion.
How much in prizes are being awarded?
The total amount of prizes awarded in the first competition total of 100,000 USDT! We expect similar sizes going forward.
Hold on, did you just say going forward…?
Yes! We will be holding these competitions weekly! Rules may change going forward as we evolve the competition.
<Additional FAQ on Bracket Order Battle>
Q: Will I be disadvantaged if my deposit is not as large as other competitors?
A: Not for this competition! Unlike other trading competitions, participants are ranked by the FLEX Multiple (FM) rather than the volume traded.
Flex Multiple (“FM”) = Total trading volumes / Initial deposit excluding leverage plus any additional deposit injected during competition. Below is a very simple example showing how Mark beats Kenny with a smaller amount of initial deposit:
Mark has an initial deposit of 100 USDT, traded volume of 2000 USDT, hence FM=20
Kenny has an initial deposit of 1000 USDT, traded volume of 10000 USDT, hence FM=10
Q: What is the minimum deposit for me to qualify for the battle?
A: We have two different competition divisions. Their minimum deposits are 888 USDT and 8888 USDT respectively.
Q: Are the rewards and ranking cumulative or separated for every battle?
A: Separated, and thus it is never too late to join!
Q: I have never tried trading with Bracket Orders, are they hard to use?
A: No. After taking a few steps to set up before your first trade, you can start one-click trading! Please visit here to learn how to trade with the Bracket Orders: https://coinflex.com/blog/how-to-trade-with-the-bracket-order/
Q: What if I encounter a problem during the battle?
A: Don’t worry, you may seek help in our Telegram group at any time. We are operating 24/7.
Q: When will I receive the reward?
A: Shortly after the competition ends. You may check from the “ACCOUNTS HISTORY” page.
Q: As I am doing non-stop trading during the competition, will the trading fees be too high?
A: CoinFLEX provides you a low fee rate of 0.03% for each transaction. However, there are more ways to lower your fees:
1. You may redeem 50% of your trading fees using just 100 FLEX Coins. For more details, please visit: https://trading.coinflex.com/flex_coins/redemption
2. FLEX STAKING
I’ve got some additional questions…
Find us on Twitter (@CoinFLEXdotcom) or enter our telegram groups (https://t.me/coinflex_EN)!