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

For a limited time, Bybit users can enjoy a 10% discount on all trading pairs for a month. Start trading today!

ABOUT AUTHOR

Devoted my whole life to words - reading, writing and trying to be original on social media. Got certified in digital marketing - still not cool enough to be an influencer. Finished a master’s degree focused in Literature, Publishing, Mass Media. Hobbies include traveling, reading and hoping that yoga will be the thing to finally teach me some patience. Would like to take over the world at some point, but that’s an optional dream. Maybe modern tech can help me do that?

Latest from Teodora

What Is SEO Writing Employee Theft Statistics That You Don’t Want to Miss in 2021 15 Disturbing Workplace Violence Statistics for 2021 White-Collar Crime Statistics That You May Not Know About in 2021

Leave a Reply

Your email address will not be published. Required fields are marked *