Bybit, the Singapore-based derivatives exchange, has expanded its offer into the crypto spot trading market after three years of operation.
The news was announced on July 15, and Bybit said that spot trading is now available in Bitcoin (BTC), Ether (ETH), XRP, and EOS against the Tether (USDT) stablecoin. More trading pairs are to follow shortly, as is options trading.
To celebrate the spot launch, Bybit has organized a giveaway on Twitter over the upcoming weekend. The prize pool of $500 will be split amongst five winners.
Spot trading will allow Bybit’s users to trade crypto assets at the current market rate “on the spot.” In the spot market, this means that assets will be transferred directly between buyers and sellers. Unlike derivatives trading, spot trading allows for direct ownership of the underlying assets.
Bybit won’t charge any maker fees for spot trading, while takers will be charged 0.1%. Exchanges normally charge maker fees for the service of providing liquidity to the market in the form of buy or sell limit orders. Taker fees are normally higher because they remove liquidity from the market.
Bybit CEO Ben Zhou said that the absence of maker fees isn’t a limited-time offer but a “life-long” feature.
In a press release shared with CryptoPotato, Igneus Terrenus, Bybit’s Head of Communications, explained why the company has decided to step into the spot trading market at this point in time:
“It’s a part of our upgraded strategy to serve all crypto lovers and users. Compared to derivatives, spot trading is more friendly to new users and less experienced traders. We have always prioritized the quality of our products and capability of our system, even if that meant a narrower suite of product offerings.”
Bybit was established in March 2018 as a derivatives-only cryptocurrency exchange, aiming to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multi-lingual community support.