What Is the Bybit World Series of Trading (WSOT)?

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WSOT, the World Series of Trading, is the largest crypto trading competition in the world. This year’s WSOT promises a bigger and better trading experience with up to a $7.5 million prize pool for grabs. Anyone who knows how to trade crypto or who’s interested in following experienced crypto traders can participate by registering at the official tournament website.

The mega-event is a brainchild of Bybit, the innovative crypto exchange established in 2018. Bybit held the inaugural WSOT in 2020 when traders took away nearly $1.27 million in prize money. While the current event is held on a much larger scale, the inaugural 2020 WSOT helped fuel the frenzy, leading to the 2021 World Series of Trading.

The Positive Influence of WSOT

According to Ben Zhou, co-founder of the Bybit platform, the reason for initiating an event on such a large scale is threefold. First, it will allow people to get interested in cryptocurrency and technology. Secondly, the event will let others know how crypto can positively influence people’s lives — in this case, crypto traders. And most importantly, the event will donate $400,000 in BTC to UNICEF.

How Does the WSOT Work?

If this is the first time you’ve heard about this crypto trading tournament, don’t be surprised if you see a lot of fire-breathing dragons adorning the official tournament website. Dragons, battlegrounds and troops fighting dragons is the main theme of WSOT tournament 2021. 

Every trader who joins the tournament can either participate as a solo trader or join forces to participate as a troop. At the end of the day, players and teams are ranked according to a profit-loss formula. Last year, the leading player amassed a whopping 5,242.02% in individual profit-and-loss, or P&L.

To give everyone a fair chance, traders use a demo account to trade. The demo trading amount is deposited once the trader fulfills the minimum requirement for registration. This means that there’s no real money at stake — which should be a relief to any hesitant contestants.

Should You Join WSOT?

The WSOT Bybit tournament has already attracted thousands of participants, as it allows both professional and novice traders to benefit. The highlight of WSOT is you don’t have to be a pro to take home huge prizes and bonuses. If your team can generate profits and end up high in the overall ranking, every member of the troop will benefit.

Who Can Participate in WSOT?

Anyone can participate in the tournament as long as they’re not part of service-restricted locations. However, you need to have the required equity excluding the transaction fees, deposit and withdrawal fees and trading P&L in Bybit derivatives account balance before you can successfully register for the tournament.

For instance, Troop Throwdown requires equal or more than 0.03 BTC or 0.45 ETH at the time of registration. This amount is approximately $1,500, depending on the exchange rate at the time of registration. However, traders who registered for the Troop Throwdown and wish to join the Solo Showdown are required to register separately. A considered successfully registered Troop is when the team has 10 troop members before the competition commences. 

The minimum balance for Solo Showdown is at least or equal to 300 USDT, 80 EOS, or 500 XRP at the time of registration. Based on the exchange rate, this amount will be a bit more than $300. Solo Showndown participants can choose to trade contracts ranging from USDT, EOS and XRP perpetual contracts. 

The early birds that participated in WSOT can enjoy the $70 worth of BTC early bird bonus that will be credited to your account and trading fee discounts. Here’s an overview of the trading fees discounting scheme: 

Invitees:

  • Successfully registers = 10% trading fee discount

For inviters:

  • Successfully invite 1 individual = 10% trading fee discount
  • Successfully invite 3 individuals = 15% trading fee discount
  • Successfully invite 5 individuals = 20% trading fee discount

Ranking System

The WSOT ranking system is based on the following profit/loss formula:

Individual P&L = [Account Equity – Initial Equity + Withdrawal amount during the competition – Deposit amount during the competition]

  • Initial Equity: The amount of equity when the competition commences (including unrealized P&L and/or bonus)
  • Final Equity: The amount of equity when the competition ends (including unrealized P&L and/or bonus)

Your existing profit/loss equity during the competition will determine your ranking at any given time. The equity includes any unrealized P&L. However, do take note that assets exchanges, funds transfer, deposits and withdrawal and bonus vouchers redemption during the competition period may adversely affect the P&L, thus affecting your rankings.

Troop vs. Solo Showdown

There are two distinct competitions in the WSOT tournament. The Troop Showdown is a team showdown, in which the entire troop is ranked based on the cumulative profit/loss equity. In contrast, the Solo Showdown is for single traders who want to take a solo flight.

For the Troop Showdown, a trading strategy is recommended but it’s not a necessity. Since troop members can just follow the trading recommendations from their troop leader. A strict rule here is once a trader joined a troop, there will be no changes afterwards.  

However, if you’re confident in your abilities as a trader, you can also do a Solo Showdown. It is just like battling the dragon yourself without any soldiers. The main benefit of a solo showdown is a potentially larger individual prize. Whereas the troop leader in a team setup gets a percentage of the overall prize money allocated to the team, a sole trader gets 100% of the prize money.

For example, here’s how the Team P&L award is distributed in a team.

  • Troop Leader: Gets 20% of the troop rewards
  • Troop Members: Entitled for a share of 50% troop rewards who reached threshold volume of more than $30,000.
  • Top 10 Eligible Members: Entitled for a share of 30% troop rewards

Besides the prize money, there are a lot of other bonuses in the form of limited-time NFTs and crypto rewards. You can read more about these in the following sections.

How to Be a Troop Leader

There are no hard and fast rules to becoming a troop leader. Anyone can start a troop without any stringent requirements. Just name your troop, and pick an avatar and a slogan to challenge the dragon.

Once registered as a troop leader, you can use your personal link to recruit others in your troop. Just as in a real battle arena, trade leaders will be gauged against their skills. If you can show that you’re experienced, you’ll have a jolly good time recruiting others.

To ensure the integrity of the battle arena and the ability of troop leaders to take up arms, the management holds the right to disband any troop that has fewer than ten members. If that occurs, members in the troop will automatically be assigned to other troops.

Bybit WSOT 2020 vs. WSOT 2021

When WSOT 2020 was first launched, it attracted nearly 12,000 participants worldwide, who played for $1.27 million in prize money and a chance to help fundraise the nearly $100,000 donated to UNICEF. The company behind the competition, Bybit, also distributed $10,000 in social media giveaways.

Fast forward one year: WSOT 2021 is much bigger, bolder, and overflowing with cash. More people have joined the battle this year, and the prize has skyrocketed to $7.5 million. This also means that traders will participate in a charitable cause to donate $400,000 to UNICEF.

Instead of the $10,000 social media giveaway in 2020, the 2021 competition promises more than a thousand NFTs — each of which, by definition, is unique. Besides tons of NFTs, participants will also get a chance to win a slice of the 40,000 USDT prize pool.

Things To Know Before Participating in WSOT 2021

The World Series of Trading 2021 will be nothing less than a singular, groundbreaking event in the history of crypto trading. It’s special not only because of its sheer size but also because it open up an opportunity for everyone to participate without strict registration rules. If you’re interested in taking up arms and challenging the beast, here are some basic guidelines:

Registration Period

Registration for the 2021 WSOT Bybit event starts on Aug. 18, 2021, and continues until Sept. 4. To encourage active participation, organizers are offering an early bird discount until Aug. 20. This special offer includes a bonus along with a discount on the trading fee. You can also receive the trading discount, excluding any bonus, by registering before August 28. The registration will continue until Sept. 4, 9:59 UTC. The trading period will ends on Sept. 17 and winners will walk away the grand prize of $7.5mil prize pool. 

Bonuses and Rewards

You can get a $70 BTC early bird bonus if you register before Aug. 20, 2021. Bonuses cannot be withdrawn. Similarly, redeeming a bonus voucher during the competition is considered a deposit, which will negatively impact the P&L balance.

Bybit will also distribute thousands of dollars in rewards for achieving certain trading milestones. Anyone who crosses the $30,000 threshold in account balance during the competition is eligible for rewards. These rewards and bonuses are in addition to exclusive NFTs and a daily share of 40,000 USDT in prizes.

Team Winning Delegations

At the end of the tournament, the team reward is shared among the troop. Troop leaders will split 20% of the Troop reward. The top ten eligible members of the troop will share 30% of the Troop reward, while the remaining 50% is shared equally between members who reach the $30,000 threshold.

For Solo Throwdown, the trader will get 100% of the reward price if the minimum demo balance is greater than $30,000. All rewards are given in real coins, which can be withdrawn any time after the result is announced.

Winner Announcement

The final result of the 2021 WSOT Bybit trading competition will be announced on September 17, 2021. If someone has participated in both the Team Showdown and Solo Showdown, they are eligible to receive prizes and rewards from both of these competitions.

The prize will be credited to your account within ten days of the winner’s announcement. Every winning participant should receive their share before October1, 2021.

Final Note

“Be Part of the City of Dragons.” This type of slogan or theme may define the future of crypto trading tournaments. The WSOT Bybit tournament is in the news because it provides everyone a chance to enjoy huge prizes — irrespective of their trading experience.

If you love trading, this is certainly a great chance to experience trading adrenaline at the top tier without risking real money. It will be equally exhilarating because the risk-to-reward ratio is seldom positively tilted in your favor.

Now is the time to take up your arms and challenge the beast. 

Disclaimer

This article is intended for and only to be used for reference purposes only. No such information provided through Bybit constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific person. These forecasts are based on industry trends, circumstances involving clients, and other factors, and they involve risks, variables, and uncertainties. There is no guarantee presented or implied as to the accuracy of specific forecasts, projections, or predictive statements contained herein. Users of this article agree that Bybit does not take responsibility for any of your investment decisions. Please seek professional advice before trading.

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