Bybit, one of the most prevalent crypto futures exchanges in the crypto and blockchain space, has announced that it will begin its foray into the crypto spot trading market.According to Bybit CEO Ben Zhou, the move also includes plans to launch options trading later within the year. The Singapore-based cryptocurrency exchange will launch its new spot trading platform as a complement to its crypto derivatives offering which forms the core of its service suite. Bybit identifies spot trading as “a complementary vector” that enhances its current derivatives offering targeted for hedging traders.
“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,” shares Zhou.
The trading platform officially opened earlier today at 6:00 UTC with the four major trading pairs as listed: BTCUSDT, ETHUSDT, XRPUSDT, and EOSUSDT. Aside from dominant cryptocurrencies such as BTC and ETH, Bybit has chosen XRP and EOS to trade with the Tether-issued stablecoin. The crypto exchange firm also promised to add more trading pairs as the platform gains traction.
Bybit claims that no maker fees for spot trading will be charged to users, instead aiming to provide liquidity to the market without the usual fees on buy and sell limit orders. In comparison, Binance, which is currently the largest crypto exchange in operation, charges 0.1% of every transaction that has a trading volume that is less than the equivalent pricing of 50 BTC.
Bybit, on the other hand, has taker fees of 0.1% trading volume. On that matter, however, taker fees made in trading platforms often procure higher sums than maker fees, given how taker orders are immediately matched against already existing orders on a book, effectively removing liquidity. Bybit further explained that an incentive program for market makers is in place to ensure liquidity for the spot trading platform.
Bybit claims that the zero maker fees feature is not a limited-time offer. Instead, the feature is built-in and will remain to be the case as long as the platform is live and operational.
Bybit currently operates as the second-largest bitcoin futures exchange based on both open interest and trading volume. The spot trading offering will not be available to residents registered in the U.S., mainland China, Singapore, Quebec (Canada), Iran, Syria, and North Korea, following the same restrictions as with its derivatives offering.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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