coincodex.com
Key highlights:
- The Bybit cryptocurrency exchange has introduced spot crypto trading to its market
- Launched in 2018, Bybit quickly grew to become one of the leading crypto derivatives exchanges
- Bybit CEO Ben Zhou says that the exchange is also planning to introduce cryptocurrency options this year
Bybit now also features spot cryptocurency trading
Bybit is no longer just a cryptocurrency derivatives exchange – in an announcement published yesterday, the trading platform announced that it now also offers spot markets. In contrast to derivatives, where users trade financial instruments that reference the price of cryptocurrencies, spot trading refers to direct exchanges of assets between traders – in other words, it’s the standard form of buying and selling cryptocurrency on an exchange that most users are familiar with.
At the moment, Bybit’s spot markets are limited to two trading pairs – BTC/USDT and ETH/USDT. If the exchange wants to compete with established players in the space, it will likely have to significantly expand the number of assets available for spot trading. Bybit says that it plans to add XRP/USDT, EOS/USDT and more trading pairs “in the near future”.
Bybit is offering spot trading on its platform with zero maker fees – this means that traders who create orders on the orderbook will not be charged with a trading fee. Bybit has set the taker fee for its spot markets at 0.1%.
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In a statement to crypto news outlet The Block, Bybit CEO Ben Zhou said that the exchange is also planning to launch cryptocurrency options later this year.
Bybit was launched in 2018 and the platform has grown into one of the most popular crypto derivatives platforms in the market. In the last 24 hours, its derivatives markets saw around $4.91 billion worth of trading volume.
However, the exchange has also been facing some regulatory obstacles recently, and decided to pull out of the United Kingdom market in March due to the country’s ban on cryptocurrency derivatives trading for retail investors. Bybit was also recently one of the cryptocurrency exchanges targeted by Ontario securities regulator OSC as unregistered crypto trading platforms.