Bybit Enters The Spot Trading Market

One of the biggest crypto futures exchanges, Bybit, announced on the 15th of July, the launch of a spot trading platform with zero maker fees. It currently offers BTC/USDT, ETH/USDT, XRP/USDT, and EOS/USDT, with more options to follow soon.

Why Now?

Bybit is finally entering the crypto spot trading market. 

"Now that we are comfortably at the top of the derivatives-only lane, and managed to stay operational throughout the bull run as virtually all our peers experienced overload and downtime, we feel it is time that we brought the same level of reliability Bybit has embodied in derivatives to spot,” said CEO Ben Zhou.

For now, the crypto exchange platform supports four trading pairs - Bitcoin, ether, XRP, and EOS are now available against Tether stablecoin. More altcoins will be available soon.

Spot trading is now available on both the app and the browser version.

Zero Maker Fees

Traders won’t have to pay any maker fees. Zhou announced that this is not a limited offer, but a life-long one.

The platform’s taker fees are 0.1% of the trading volume. Taker orders are immediately matched against an order that’s already on the book, which removes liquidity and so, the fees are usually higher.

To ensure the liquidity of the spot trading offering, Bybit has an incentive program in place for market makers. According to Zhou, all market makers have access to the testing environment. 

The CEO also revealed that the platform will launch options trading. While he did not specify a date, it will be by the end of the year.

Restricted Jurisdictions

Citizens of restricted jurisdictions won’t have access to spot trading. Locations include:

• USA
• Quebec
• Crimea
• Mainland China
• Iran
• North Korea

And more.

Also, similar to other platforms like Binance, Bybit is no longer available in the UK.