Fantasy Trading Contests: Are They the Perfect Way to Earn Crypto?
Oct 11, 2021 at 10:26 //
NewsFantasy trading contests can teach you about the crypto market while giving you a chance to profit in the process. Read more info about these competitions!
You tried fantasy sports competitions and loved them. If you have some knowledge about cryptocurrencies, how about trying a fantasy finance contest? These are exciting tournaments that offer a chance to win while guaranteeing a lot of fun!
It’s enough to read daily news to understand that cryptocurrencies have never been this popular. The reports indicate that one in ten people invest in crypto. The number of traders also increases every day as they try to boost their profits.
If you already have some crypto knowledge, fantasy contests are the perfect way to earn. You can utilize the information gathered and try to outsmart other players. But even if you are a beginner, joining a fantasy finance platform is an ideal method of learning more about crypto. You’ll become comfortable with the basics, which will get you ready for actual trading and investing. The best part is that you can earn in the process!
Why you should try Fantasy Trading contests
Why are fantasy crypto tournaments attractive for crypto traders? Here is why newbies and experienced users love these competitions.
You need less money to start than with actual trading
If you want to trade actual cryptocurrencies, you’ll need a decent sum to start. That means you’d be wagering a lot of money, which is not smart for a crypto beginner. That’s why fantasy contests have different categories to suit all preferences and experience levels.
For example, StockBattle allows new users to enter a limited number of freerolls. This gives them an idea of how the system works while offering a chance to earn a little something. Even when you start playing real money matches, you can choose how much to invest.
It’s up to you whether to be a high roller or a casual player. If you feel like investing more, go ahead and pick premium competitions. But if you want to practice, you can pick sessions that require a smaller investment.
It’s fun and simple
You could be playing a fantasy finance contest in a couple of minutes. It only takes filling out a simple form to register and deposit funds into your account to start. Before joining a competition, you need to select your portfolio for that session. You can try different trading strategies or stick with your intuition.
Fantasy trading competitions offer impressive versatility. If you want to play at a fast pace, StockBattle is perfect because it offers 15-minute sessions. You compete in head-to-head matches and only need to outsmart one player to end up as the winner.
You can learn about crypto
Source: StockBattle
While you are playing on a fantasy finance platform, you’ll learn about the crypto market. That includes basic knowledge about the different cryptocurrencies and their volatility. Most platforms will show the latest changes in the price of offered crypto. You can check how much the currency was worth a day, week, or a year ago. That could be important information when selecting it for your portfolio.
For a trader, it’s imperative to know how to choose assets for short-term performance. The fast-paced fantasy contests teach you how to choose wisely since the most successful player in a small time frame comes out as the winner. You’ll also understand the importance of reading the news. Each event can have a huge effect on a particular currency’s value. That’s why a wise trader needs to know how to use the available info to their advantage.
Which Currencies Are the Best for Earning Crypto?
Let’s clarify one thing – there’s no guarantee any cryptocurrency will bring you profit. Their prices fluctuate up and down frequently. That’s why it’s all about following market trends, conducting analysis, or even going with a hunch.
Here are some currencies that could be fine choices for fantasy traders:
-
Bitcoin. BTC is the highest-valued and most famous crypto. Its price history is impressive, and there’s no doubt it can make a good bet on your portfolio. It’s especially smart to choose Bitcoin if its value dropped recently. If there’s a price bump around the corner, you don’t want to miss benefitting from it.
-
Dogecoin. DOGE had some excellent advertising, which is why its value increased significantly. Be careful with its short-term trends, but this currency is a smart long-term bet.
-
Binance Coin. Since it’s a coin owned by one of the biggest crypto exchanges, it’s hard to imagine its value will drop significantly. The statistics show it increased to $350 from less than $1 in only four years. Who’s to say its value won’t continue rising?
-
Cardano. While the public is talking about other cryptocurrencies, Cardano focuses on performing. Its value increased more than 12,000% from 2017. ADA handles volatile times well, which makes it a smart bet in situations when Bitcoin crashes.
Tips for maximizing your earnings on Crypto Fantasy Trading
If you are only starting with fantasy competitions, it’s wise to listen to the advice offered by experienced players. Here are some tips you can use when betting on crypto:
-
Follow the latest news. You never know when an expert or famous millionaire can go public to promote a particular cryptocurrency. Once that happens, many start buying that currency like crazy. It’s why the price is likely to go up soon, and you should take advantage of that.
-
Pick the right strategy. A short-term session requires predicting which currency value could increase soon. It could be smart to pick a highly-advertised currency. But if you play competitions that last for weeks, you want currencies with chances for steady growth. That’s why it’s important to adjust your strategy to the tournament.
-
Consider hedging. This tactic involves covering your initial bet by wagering on the opposite outcome. It could be smart if you see you are close to the win in a competition. You can join a new competition on the fantasy finance platform and bet on the opposite. If you win the primary contest, you profit significantly and if not, you always have the second bet to control your losses.
-
Bankroll management. Make sure to follow responsible gaming rules in fantasy trading. That means only investing money you can afford to lose and not going “all in.” It’s the best way to keep things fun and minimize risks.
Finally, don’t forget the basics. If you want to participate in fantasy trading, make sure to understand how it works. The competitions vary in duration, rules, and other parameters. Always check out all details before you begin. That way, there'll be no surprises that could cost you down the road.
Final thoughts – can Fantasy Trading contests be profitable?
Fantasy finance platforms are suitable for all player types. StockBattle, Altcoin Fantasy, and similar sites offer you a chance to play casually to learn more about crypto. If you want to invest more, these platforms also have high-stake tournaments. That’s where you can profit the most, but you’ll need to choose the right currencies for the competition.
You can also consider fantasy trading as an introduction to the actual crypto world. Before you start trading on the real market, these competitions will teach you everything. You’ll learn how the currency prices move and you’ll understand what affects them. The fact that you can boost your profit in the process is definitely a bonus, so don’t hesitate to try these contests today!
Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Guest Author, @Khareem Sudlow
