Contest Organizer
All about the fee and prize value
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2 min read
24/10/2022
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To know how to calculate the total prize of a contest, the prize of each round, we need to find out the fees and donation in advance.

1. Participation Fee (FXCE)

When creating a contest, the Organizer needs to set up a registration fee, which will be paid by the contestant upon registration.
Eg:

  • The participation fee is 10 FXCE, a total of 1000 participants registered for the exam.
  • So the total participation fee will be 1000*10 = 10,000.

2. Organization fee (FXCE)

The organization fee is set by the Organizer with a value of <= 50% of the total participation fee. Organizer will be automatically received this fee amount before the final prize is transferred by system. Admin is not entitled to receive this fee.

  • Organization fee is 10%
  • So the organizer will receive 10,000*10% = 1000 FXCE

3. System fee (%)

The default system fee is 1% of the total participation fee, this fee will be automatically paid to the system every time someone registers for the contest.

  • Total system fee is 10,000*1% = 100 FXCE

4. Donation (FXCE)

The contest may be donated by sponsors on FXCE Arena. For example, total donation is 5,000. All donations are in the prize pool for qualifying contestants.

5. Total Prize Value (FXCE)

The total prize value of the contest will now be calculated according to the following formula:

Total Prize Value = Total Participation Fee - Organization Fee - System Fee + Total Donation (FXCE)

For this example, the total prize pool would be: 10,000-1,000-100 + 5,000 = 13,900 FXCE

6. Reward rate (%)

The reward rate for the contest rounds and the final prize is calculated based on the total prize value.

  • The reward rate for the top 1-10 in round 1 is 20%.
  • Each contestant will receive: (13,900*0.2)/10 = 278 FXCE

7. Activation Fee (FXCE)

After creating the contest information and rules, your contest will be in Draft form, you need to change status from Pending to Live to be able to activate the contest. Once activated, your contest will display on the Contest List, where contestants can find and register for the contest.

The activation fee is fixed at 50 FXCE.

***Note: In case all accounts registered to participate in the contest are eliminated before the start of the contest or the request to cancel contest is approved, the system will automatically return the registration fee for participants, donations to the sponsors, as well as the 50 FXCE activation fee for whom paid the fee (Organizer or Admin).

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