Bybit Becomes First Derivatives Exchange to Introduce Coin Swap Facility

0
25


Crypto futures platform Bybit has added another string to its bow by becoming the first derivatives exchange to offer coin swaps. Essentially, this allows traders to switch seamlessly between supported cryptocurrencies without needing to place a market order. Surprisingly, there is no easy means of switching between cryptocurrencies on the majority of derivatives platforms. Bybit’s introduction of coin swapping saves traders several steps and significant time – one of the most valuable resources of all when it comes to capitalizing on market movements.

All four of the leveraged products available on Bybit – BTC, ETH, EOS, and XRP – can be swapped for one another using the new facility. The 24-hour coin swapping limit for users availing themselves of this provision is set at a generous 10 BTC (or 200 ETH, 10,000 EOS, and 100,000 XRP). The only exemptions from coins that can be swapped in this manner are the bonus balance, a dollar-denominated amount that is awarded to new users upon signup.

bybit_promotion-min2-min
Bybit sign-up bonus

Real-Time Exchange of Digital Assets

Thanks to the speed with which Bybit’s coin swap service operates, traders can enter other markets almost instantly, before switching back to their original cryptocurrency in the same manner if desired. Up until now, lack of a simple switching mechanism on derivatives exchanges has forced traders to either make multiple deposits for each of the coins they wish to trade, or to perform complex conversion procedures on-exchange while paying high fees for the privilege.

With Bybit’s asset exchange feature, traders can enter the number of coins they wish to convert, or can alternatively express this as a percentage of their available margin holdings. The current conversion rate will then be displayed, matched to the current index price available on the exchange. Due to the natural movements of crypto assets, in the event of the displayed price changing by more than 0.5% before the swap is executed, the request will be automatically canceled, and the user prompted to start again.

Traders who utilize Bybit’s coin swap feature will be spared the two-way transfer miner and fixed fee that would otherwise apply for swaps conducted on-exchange. Instead, they will simply be charged a low set fee of 0.0005 BTC, or 0.02 in the case of ETH, 1 EOS, or 10 XRP.

More Options for Margin Lovers

As margin trading has increased in popularity, so has the number of derivatives platforms seeking to woo traders away from the market leaders. Bybit has made significant headway in this regard over the past 12 months thanks to a responsive trading engine, high uptime, high leverage of up to 100x, and a focus on education. An ever-growing array of articles on trading terminology and order types is accompanied by a welcome bonus of up to $60 for new traders.

According to data pulled from Coincodex, Bybit recorded close to $750 million of trading volume in the last 24 hours, with $635 million of that coming from BTC. Ethereum is the exchange’s second most popular market, followed by Ripple and then EOS.

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.





Source link