Are these competitions legit?

I've noticed a bunch of Tier 1 exchanges running challenges and competitions lately. But it makes me wonder: are these things for real, and do users actually win anything? Sometimes I get sick of throwing money at trades that don’t pay off. I’m looking for ways to make some ROI or APR without getting into trading all the time, so I thought about these competitions. Before I jump in, though, I’d like to hear if anyone's had some real experience with them. I’m especially curious about the current one, the Onchain Trading Competition 53, where you trade coins like CUDIS, USDUC, or VELO for a shot at 20k BGB. Is it worth it?

I have only participated in such competition once and it was through Bybit exchange. I participated but wasn’t selected amongst the winner, the task was quite simple that many can take part, while waiting to get a share of the prize pool, we were told that they only selected on a first come first serve basis which we didn’t get to be part of. They never mentioned that in the rules and I was not happy about that. I don’t know the exchange you’re referring to this challenge but since the rewards is BGB token which is the native coin of Bitget, then I’ll assume it’s on Bitget exchange. Just know that for every challenge, they stand to be at the profitable side. Whether they’re really going to give the reward or not is what I don’t know because I haven’t seen anyone talked about winning them. Maybe it’s only for those insiders working with them that gets to win. I only get to see people winning on prize pool that are not big, those as small as $10 they share to almost everyone you know when they want to do gifting.

When an exchange organizes a competition, the exchange platform distributes all the budgets of that competition among the winners and I saw this because I was connected to a Telegram group related to an airdrop, where I saw many such offers and there they would constantly provide such links and after a few days it would be seen that they would also publish it when it was distributed among the winners.  I got $200 from Bybit exchange in such an offer where I had to first register with the exchange and deposit $100 there and complete a trade of $100 with the token that the competition offered and follow the Twitter of the Bybit exchange platform and follow the Twitter of that project and fill out a form and submit it and after a few days I saw that they had given many winners tokens worth $200. The value of the token was more than $200, so I can say that they definitely deliver on the offer that the exchange platform provides and they do not cheat.

These competitions are not the alternative you're looking for then, and you still have to trade. Honestly, the competition can be really tough especially with the tier 1 exchanges which we all know are heavily popular. Whales who have shit ton of volumes rise up on this, and who knows how many are up in profit after—it'd be a different story. Check in with your risk appetitite, I think these competitions are for those with a high one.

I believe there are people for whom that is their focus. I mean, this person must have won in such competitions before or even know someone closely who has won before, hence their motivation. Many people fail out of these competitions because they are overwhelmed by the pressure of trying to meet up to win. Trading under pressure is never the way to trade; losses will be numerous.

Well I've got an experience with it and the rewards to show you too. All I'll say is read the rules, and make sure you surpass the minimum requirements. That's the key to staying ahead. Here's my previous rewards i got, some of my buddies got up to 50 BGB from it. Like I opined, go for it!.

The requirements for these types of events are generally based on volume, and I've noticed that winners far exceed these requirements. This is certainly not a requirement that all users can afford. I've never seen the main winners make a special ann about their achievement, or they simply don't want to. Only occasionally does the last-place winners do so.

They are real but beating all of those traders is not easy. You may be wasting money on unprofitable trading and that will not guarantee you win the prizes. If you realize that is difficult for you, it is better for you to leave those competitions and just trade as usual in spot or futures. That will not make you chase the prizes but you only want to make a profit from your trading. The difficulty of competing with all traders in that competition makes me ignore that. I know that my skills are not enough to win from them so I'd better focus on my spot and futures trading. That will help me to make a profit without wasting my money like in the competitions.

Tier 1 exchanges like binance, OKX, Kucoin and Bybit etcetera would arrange any competition with attached rewards and not keep to it, they would be risking their repute and customers trust.  Sometime When binance was still having their market in my country I participated in one of those their competitions to trade a particular altcoin  I participated but didn't win but I was sure other customers did. The one I won $5 was from a deposit limit amount challenge, I think something above $100 deposit.

If you are doing those kind of engagement is better you participate for the ones those big exchanges are doing because since people could consider them reliable definitely they would bring something that's real but for those you don't no you might not be sure of anything, although I still don't get it why people hope to see something big from sharing 20k because the volume percentage could be a factors that could make the winners not to even have $1 out of it because is possible to see up to 30k persons who would want to fulfill the criteria to be part of the sharing and you no that if they share this amount among themselves nobody would even get up to one.

Anything you see the exchanges advertise are always real, once you merit the conditions that has been given thy will definitely pay you accordingly, but the issue now is that they don't have the required flexibility conditions that one may often fulfil without taking much time and extra efforts to fulfil. I only know much of APR and their ROI if you invest in them, they have their rules and if you're ok by their terms, they will definitely reward you as appropriate, just that what they may give you can be smaller to what you may expect from them and also very small to what you can by your own self earn if you engaged trading and make more from it.

Exchanges that are top tier won't risk their popularity to scam customers by deceiving them. In fact competition is part of advising theirselves and so they won't renege from the rewards as promised but the difficult thing there is that you have much criteria for qualification and also to be part of the winners looks herculean because some traders own most of the coin in large quantity and so they can manipulate the market either by crashing it or increasing liquidity. However, if you are found to qualify, I believe you will get your reward if you win.

I don't believe that these exchanges will spoil their reputation by advertising fake competitions just to gather attention, then deceive the participants who show interest without selecting any of them or declaring winners after the whole competition is over. Trading competitions are real, but they are really tough. If you are looking for an alternative to trading, this is not the best you can go for

Exchange trading competition depends on the exchange, and even if they pay, it will be through the exchange as well. But on-chain trading competition depends on the team directly. If the team is honest and announces an on-chain trading competition, then they should pay themselves the contest winnings. I have seen a lot of on-chain trading competitions that don't pay winnings eventually. So you have to check how trustworthy the team is. On the other hand, CEX trading competitions are really not for small traders like us. You will just lose the trading fees, and you may lose the funds as well if the token price dumps. So I never bother to participate in trading competitions at all; there are a lot of whales who will win eventually.

They're not fake, just set. How are you going to prove that you had more profit or more trades done than someone else when they can manipulate the data? It's basically like telling people to pay you money and the person who pays the most wins, but they don't know how many people paid you, how much money each of them paid and if your friends and family are participating in the game  If you want to play that's fine but know that there will always be someone better than you, either because he can dedicate more time, or because he's cheating.

Most of all these competitions requires you having to reach some minimum level before engaging in the competition or have traded some certain amount of trades before qualifying or other rules to follow. And yes, these competitions are legit and distributes to those that actually qualify. Be sure to read the rules to know your place in the competition, if you really meet the criteria, then proceed in the tournament and get some parts of the rewards.

You are free to look for anything but be careful with your capital and keep in your minds very basic and vital principles. Anything that is "too good to be true" must be avoided as it is risky and another similar warning is "there is no free lunch". For example there were many warnings about too high and unrealistic of Terra APY but greedy and unknowlegeable people ignored all. Terra advertised an annual yield of approximately 19% for depositors. I use Terra as an example and also warning, and if you see any project with too high APY promise, stay away from it.

I've actually never seen people winning some trading competition prize such as iphone, car, or anything in my life. The only thing that I'm sure is legit is when the exchange opens up giveaways with clear t&c and clear requirements. That's where you gonna get the bonus for real. As for the other? I'm not so sure. I just don't think the prize really going where it should be. I will be happy to be proven wrong.

After the competition is over, there will usually be a list of winners with more volume generated and some of them do not publish their achievements, but there are also top winners who publish them if they are an influencer, or can check in their profile section if available. Not only on Bitget, but some big exchanges like Binance often do this kind of competition with sizable rewards. I'm not very good at trading, so I don't follow it, but some get rewards from other competitions like spin wheel luck and such, but it's only about $10, that's all.

Well, we have to take them in their face value, I mean they are top tier exchange, they have the reputation and the resources to back up a big competition with huge rewards. But sometimes, we will have to think if there is also a clear winner or if they could manipulate the result in their favor. So I understand your concern, and to answer your question, we really don't know. There could be ways that they could rigged the result, or they could include someone as a winner and that person don't know that he inadvertently become part of that manipulation by acknowledging that he or she has won besides the other so called "winners".