People go into crypto trading hoping to earn money and sometimes even get rich – they call it “making exes”. Every newcomer wants to repeat the success of such famous colleagues as Philakone (who is known for earning almost $2,000 in 12 hours) or Eric Chow, who charges $1,000 a year for access to his strategies. However, the reality is that the trader’s income is extremely unstable – especially when it comes to beginners. Therefore, it seems reasonable to look for new ways of earning money.
Three types of activity
Here is where we’ll talk about promos, contests, and bounties for traders. Exchanges hold such activities from time to time intending to attract new users and motivate those already registered to trade more. Sometimes such raffles may require a trader to perform simple actions – for example, to pass KYC or publish a post about the exchange in his social media accounts. For each action, he is awarded points or bonuses.
Classic rules for each type of activity are the following:
1) Bounties for traders: each participant receives a small payment depending on the number of points collected. Usually, the prizes are awarded in exchange tokens. This type of promos is very similar to blockchain bounty projects. You won’t make a lot of money here.
2) Contests: a few winners with the biggest number of points receive large prizes. As a rule, it implies having the largest volume of trades, making the biggest number of transactions or getting the highest profit. This option is perfect for more experienced, self-confident traders.
3) Promos: participants carry out the activity (exchange transactions, reposting, etc.) and receive lottery tickets. The prizes themselves are being allocated through a drawing. This is the best option of all, because it requires little effort, while the prize money can be big.
How to participate
The majority of newcomers have probably never even heard about such promos. And there are two reasons for that. Firstly, only a small percentage of exchanges carry them out. In the cryptographic market, this is a new marketing tool which is not yet widespread outside the ICO/IEO industry.
Secondly, exchanges usually do not advertise their contests in the media. Basically, these are the “members only” type of thing, meaning that you can only find out about them from the exchange’s newsletter or blog. Trading platforms are easy to understand here: they want to avoid an excessive inflow of unpromising users, fraud attempts, etc. Who needs 10 thousand new accounts if most of them will never really do trading?
If you do manage to find out about a promo or a bounty, don’t miss your chance – these things are not held so often. For example, the first competition of this kind in the last couple of months right now is carried out by Velvet Exchange. It was launched on September 5th. Let’s take a closer look at its conditions as an example.
The ways and chances of earning money in Velvet Exchange promos
The total prize fund makes $20,000, and $3,500 will be paid in the first round. Those traders who collect the biggest number of tickets will have the maximum chance of winning the competition.
The bonuses are awarded for:
1) Registration: subscription to the newsletter – 1 ticket, registration – 5, verification – 3, 2FA connection – 1 ticket. It means you can get 10 tickets in total.
2) Trading: for each deposit for over $100 – 2 tickets, the first real (not demo) transaction for the amount over $10 – 1 ticket. There are also trade volume and consolidated balance profitability increase coefficients (you can double the number of tickets you’ve earned in other categories).
3) Social media: a subscription to one of the channels – 1 ticket (maximum 6 tickets), repost – 1-3 depending on the number of followers, making a video review – 15. You can get at least 15 tickets just for reposting all of the exchange news and subscribing to all of its channels.
4) Referral program: a participant receives 2 tickets each time a new user registers via his/her referral link and makes a deposit for $10. This limit is set to avoid the inflow of bots. In this case, the new participant (referral) also automatically receives 1 ticket.
Thus, by participating in the four types of activity, you can get up to 50 tickets with little effort. If you are an active trader who also has a large community, you will achieve even more). The competition website will feature a rating of participants, so you can check anytime how many more tickets you need to get in order to surpass your opponents. The one who collects the highest number of tickets gets $2,000. The second-place will bring the trader $1,000, and the third-place winner will receive $500. Apart from that, there are consolation prizes – 50 Bitcoin checks (in Satoshi equivalent). The first 20 of them for $50 each are being given away right now – during the first stage of the competition. Of course, a large number of tickets does not guarantee a win but maximizes your odds.
As it was already mentioned above, the prize fund for the first round is set for $9,000. The exchange has already announced their plans to run the second and even the third rounds.