Users of crypto derivatives exchange Bybit awoke to the news that they have gained a coin swapping service. The facility, for all its simplicity, adds significant value to futures traders, who can now jump between crypto markets quickly and cheaply. All four of the exchange’s supported cryptos – BTC, ETH, EOS, and XRP – are integrated into the coin swapping tool. Fees are significantly lower than their market order equivalent, and conversion is virtually instant.
Bybit claims to be the first exchange to have pioneered a coin swapping service of this kind. Traditionally, derivatives exchanges have provided no means of swapping between cryptos whatsoever or have offered convoluted and costly options that are prone to incurring slippage and high fees. In comparison, Bybit’s coin swapping feature promises fees as low as 0.0005 BTC and a daily limit of 10 BTC.
More Volume, More Options, More Margin
With $745 million of volume over the last 24 hours, Bybit is a major player in the derivatives game. The Singapore-headquartered platform offers up to 100x leverage and has attracted traders deterred by the less welcoming experience afforded by BitMEX and its ilk. Bybit’s record of maintaining uninterrupted uptime, even during periods of high demand, has also helped its cause.
In a guide to utilizing the new coin swap service, Bybit explains how traders have the ability to swap a specific number of coins or to express this figure as a percentage of their available margin. The current conversion price is matched with the current market rate, and in the event of this shifting by more than 0.5% before the swap has been completed, the exchange will be canceled to prevent traders from losing out.
Lessons on Locking in Profit
The crypto derivatives game has traditionally been gladiatorial, with traders – and sometimes trading venues – boasting about gains, losses, and liquidations. Bybit has endeavored to take a more compassionate approach, educating traders on ways to preserve their profits, determine their risk profile, and maximize their holdings. A comprehensive help center, complete with beginner’s guide, FAQ, and trading academy, have further cemented its reputation as an island of calm in a sea full of sharks.
Like all good derivatives exchanges, Bybit also offers a referral program, coupled with a welcome bonus of up to $60 for new signups. This bonus money is the only margin that is unavailable for exchange when using Bybit’s new coin swap service. With an average fixed fee of around $5 for each swap performed, the feature incentivizes users to switch between cryptocurrencies frequently as new trading opportunities present themselves. Because Bybit has integrated with multiple coin swap exchanges to provide the service, conflicts of interest are avoided. As a result, traders can be confident that they are getting the best deal available at the time.