Crypto Leagues — no more Rekt!
Have you ever suffered some kind of loss in the crypto space while trading, I mean that kind of loss that makes you clip both hands and tightly rest them on your head?
The Rekt meme reminds me of the situation newbies and inexperienced traders face when they try to jump on a trending cryptocurrency trade with most of their investment capital falling to nearly zero $ value, due to a lack of understanding of the cryptocurrency price volatility, the inability to manage emotions, and other factors that could affect the trading experience and ultimately the outcome.
Won’t forget early 2018 so soon!
This year has been very significant in the blockchain ecosystem as Bitcoin crosses its all-time high value of $50k as at the time of writing. This space has attracted the inflow of new institutional funds plus the entrance of newbies and enthusiasts trying to make profits without having experience in the field. While the experienced day, short and long-term traders are smiling with swollen profits on their investments, the unguided newbies will painfully suffer the reversal once the campfire cools out and there is a retrace or pull-back.
The need to have a platform that solves the above problem suffered by inexperienced cryptocurrency traders gave birth to Crypto Leagues. Crypto Leagues aims to break the entry barriers for new entrants, blockchain enthusiasts and assist experienced traders by building a simulating cryptocurrency investments game. Crypto Leagues uses APIs of top-ranking cryptocurrency exchanges in order to produce a live trading experience
Let me walk you through everything!
The crypto leagues platform is designed to play an integral part in helping newbies and even existing traders become more experienced traders in the blockchain ecosystem, where every player is given $1,000.00 to enter into any league and trade whatever assets they want to build their rtfolio with.
More than 50,000 trades have been completed since Crypto Leagues’ Beta version went live in May, 2020. With one of the sleekest user interface I have ever seen, easy to understand and navigate. Players can participate in several leagues at the same time and can compete for cryptocurrency prizes in one of the many sponsored leagues. While it is possible to place both limit and market orders, you can also track what other players are buying and their biggest holdings — but not the specific amounts. Players can place up to 10 orders per league each day, with every trade costing a 0.1% fee. Prices update every 10 seconds and the trading section features full order book functionality, complete with order book history, depth chart and a live order book. Players can also visit the markets page to take a look at the current state of the market and read more about each cryptocurrency.
The platform currently features different kinds of leagues for players to participate in periodically. Crypto Leagues always has an on-going free main league that players can join at any given time. The leader board enables players to evaluate their performance alongside other players in the trading competitions, this feature helps a player to change their trading strategies, hedge funds or stay on track. The simplicity and ease of use helps players to understand the market better and as well manage pressures that may result from the volatile nature of cryptocurrency trading by dealing with real market situations in a simulated environment.
So you think you can trade? get in here!
This juicy part will interest the pro traders, although it is open to everyone. Players can participate in the platform’s main league where the top ten winners win 1 month of premium access to the platform, which comes with very robust features. More interestingly, Crypto Leagues offers sponsored leagues where everyone competes for their share of the price pool allocated for every league. So far, more than $20,000.00 in cryptocurrency have been distributed to winners of sponsored leagues. Past sponsored leagues include Digibyte (DGB), Blockzero Labs (XIO), Parachute (PAR), Banano (BAN), Uptrennd (1UP), 1Million (1MT) and many more.
Crypto Leagues is powered by $CL
In Crypto Leagues, $CL is used as the native stablecoin on the platform to express USD value. The trading fees are also paid in $CL. Players receive this stablecoin at the beginning of every league, so they can start making their investments. This $CL token is not deployed as a smart contract and it does not exist on the blockchain — the token is only used on the platform. There has been no information available on whether an actual cryptocurrency token will be released. The team is currently focused on delivering an impeccable product and the most realistic trading experience, but let’s keep our fingers crossed!
The bigger picture
By lowering barriers to entry, Crypto Leagues will play a huge role in helping a great number of people in acquiring good cryptocurrency trading skills. The platform will help convert new users into consumers of blockchain products and services, by introducing them to new and properly evaluated projects. The platform will also help traders drastically reduce heavy loss of funds which usually occurs through making poor trade decisions, a situation that has frustrated a lot of traders into turning their backs on the ecosystem. Crypto Leagues will also serve as practical learning platform for individuals that love to introduce their friends and loved ones to crypto and organizations that could use the platform as a cryptocurrency trading academy.