The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Would you like to test yourself in fantasy trading contests but don’t know where to start? Check out a detailed guide to using cryptocurrencies in fantasy finance competitions!
Fantasy trading is the latest trend in the crypto world. These competitions are an excellent way to have fun and earn money in the process. Here are some expert tips for those who are entering fantasy contests for the first time!
English Premier League fantasy is arguably the most popular contest of this type in the world. Apart from sports competitions, other industries are joining the fantasy trend. Today, even crypto trading fans can test themselves against other users in these contests.
If you are an experienced trader, this can be a new way of profiting from the knowledge you have. On the other hand, if you are a newbie, you’ll appreciate the option to learn about crypto trading. Fantasy finance platforms are an excellent method of understanding how cryptocurrencies fluctuate and you even have a chance to profit in the process.
Start with the Basics: Choose the Platform and Understand the Competitions
I assume you already know how crypto trading and fantasy contests work. But before we dive in deep, I want to emphasize the importance of basics.
Here are the steps you’ll need to complete before you can start with fantasy trading:
Find a fantasy finance platform. You need a reliable website with fast loading times, such as StockBattle.
Pick a provider that supports your desired payment methods. The fastest way of depositing funds includes e-wallets like Skrill and PayPal (NASDAQ: PYPL).
Understand how the system works. Crypto fantasy contests usually involve head-to-head competitions where the winner takes all. You need to pick a certain amount from the available currencies. If they perform better than the currencies chosen by your opponent in the specified timeframe, you win.
Why You Should Start with Freerolls
The great thing about fantasy trading platforms is that they offer freerolls. These competitions don’t require investing a single cent. Yet, they are exactly what you need to become comfortable with the platform.
Freerolls will help you become familiar with the basics of crypto trading. That includes learning how asset prices move and what volatility looks like. You’ll also learn how to read charts and graphs. All this will be of immense help in the world of crypto trading.
Once you are comfortable with the system, it’s time to pick a suitable strategy. Before you engage in real money competitions, you’ll need to deposit actual funds into your balance. Make sure to pick a fantasy finance platform that offers a generous deposit bonus, as that will help to boost the beginning of your fantasy career!
The Best Crypto Betting Strategies for Fantasy Trading
The beautiful thing about fantasy finance contests is that you can apply various strategies. It’s all about finding the approach that suits your style and the specific competition you are trying out. Here are some tips that will assist you when choosing the currencies for your next contest!
Always Read the Latest News
If you want to improve your odds of picking the right cryptocurrencies, you need to follow the news. I’m talking about updates related to the crypto industry and the particular currency you plan to pick. For example, when Elon Musk and Mark Cuban tweeted about Dogecoin, its price increased significantly. The rise was 20% in only 24 hours, which means that was the right time to use Dogecoin in your trades.
It’s smart to follow any relevant crypto news and read an analysis of the market. You can check what’s happening in the industry and try to assess what effect it will have on the observed currency. It’s an excellent place to begin when picking the crypto for fantasy contests.
Consider the Match Length
A single match on StockBattle lasts only 15 minutes. That fact is important, and you need to tailor your strategy to it. For example, if Elon Musk just tweeted about Dogecoin, its price would probably rise in the next few hours. That window is a great time to include that currency in your portfolio. The odds are it will score some points in your favor and help you outsmart your opponent.
A fantasy finance platform usually gives you basic information about the cryptocurrencies available for selection. That includes volume and market caps in the last 24 hours, but also the price change in different timeframes.
You can see how much the cost of particular crypto changed over the last hour, but also during the last week. Both details can be important. Let’s say that Bitcoin lost 10% of its value during the last seven days. That’s not common for the leading cryptocurrency. Once you assess the statistics for the last day, you see that there was a 0.5% positive change. That could be an indicator that the BTC value started rising again. You might have discovered a moment when Bitcoin is a fine pick for fantasy trading competitions.
Hedging is a strategy that sports bettors have used for a long time because it proved itself effective. The idea is that you place a wager against yourself. Before you think I’m crazy, allow me to explain.
Here is an example of hedging in fantasy contests. You begin by finding a competition that fits your preference and has a generous prize pool. You pick cryptocurrencies for that contest hoping that you will win. Now, you decide to apply the hedging strategy. You pick another competition with a smaller fee where you pick the currencies you left out in the other tournament.
The worst-case scenario is that you win the second competition that you selected. That victory should return both stakes and at least help to control your losses. The best-case scenario is to win the primary contest on the fantasy finance website. If you do that, you’ll end up with significant earnings. The total reward will be reduced by the amount invested in the backup competition. However, there’s no need to be sorry because it served as a protection mechanism if your original choices failed.
Final Thoughts – Don’t Hesitate to Adjust Your Strategy to the Current Situation!
The wonderful thing about fantasy contests in the crypto trading world is their versatility. Invstr allows you to participate in leagues and climb the leaderboard. StockBattle offers quick 15-minute head-to-head matches that will keep you on the edge of your seat. It’s up to you to pick the contest type that suits you, but make sure to adjust the tactics accordingly.
You shouldn’t forget to analyze your performance. Bankroll management is imperative, just like in any other real money contest. Some strategies might fit your trading style, so don’t hesitate to focus on perfecting those. You’ll love experimenting with different approaches while learning a lot about the crypto market. Having a good time is guaranteed, and if you are lucky enough, you could walk away with a profit!
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The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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