Coingape - 8/23/2019 7:03:08 AM - GMT (+0 )
Crypto derivatives exchange Bybit has introduced a coin swap feature for all of its supported currencies. The move, the first of its kind for a derivatives platform, means that traders can switch between all four supported coins without the need to place market orders. This adds significant convenience for users, who are spared from having to make separate deposits for each of the cryptos they wish to trade.
One Small Step for Bybit, A Giant Leap for Traders
Because derivatives exchanges operate differently from traditional exchanges, there is no ability to swap between cryptos automatically. As a result, the cryptocurrencies that are available for futures trading are essentially siloed, forcing traders to make separate deposits and withdrawals for each one. Bybit’s solution to this problem is to introduce a coin swap feature of the sort more commonly found on crypto platforms that do not operate as exchanges; typically educational and news sites, charitable sites, and other web portals that wish to integrate crypto as a supplementary, rather than a primary, feature.
As of today, Bybit supports BTC, ETH, EOS, and XRP, all paired against the US dollar. Now, users can swap between all four of the digital assets in just a few clicks. The benefits this brings include the ability to deposit in one currency and withdraw in another, as well as being able to quickly capitalize on trading opportunities that present themselves with other coins. While there are limits on the maximum amount that can be swapped in 24 hours using the swap feature, these are capped sufficiently high (10 BTC or its approximate ETH, EOS, or XRP equivalent) so as not to present a problem to the vast majority of traders.
A Different Derivatives Exchange
Bybit’s coin swapping rollout is the latest in a string of moves by the Singapore-based exchange as it chips away at the dominance of the leading derivatives platforms. In recent months, it’s published a wealth of educational resources, designed to demystify the world of leveraged trading for beginners, whose appetite for margin has been whetted in 2019. Thanks to a proliferation of derivatives products, and intensifying competition between the leading futures exchanges, traders are keener than ever to experience the high-octane thrills of the derivatives market. Bybit, which offers up to 100x leverage, has sought to reduce the learning curve while ensuring that traders are aware of the risks associated, and are capable of taking the appropriate precautions.
A series of incentives for new sign-ups, including both a welcome and a first deposit bonus, is complemented by Telegram-based promotions that dispense hundreds of dollars’ worth of margin bonuses. Bybit will be hoping that with the launch of integrated coin swaps, it can extend its reputation as one of the most user-friendly exchanges for traders getting to grips with the fast-paced world of crypto derivatives.
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