Bybit will follow Binance in introducing fee-free trading

0

Trading companies are set to waive trading fees to attract more customers and make crypto as accessible and inclusive as possible.


Bybit, one of the largest derivatives exchanges, has introduced a feature that will have zero fees for all cash transactions. It’s a move seen as too good to be true, and investors are wondering if they’re rebalancing their earnings elsewhere. The platform, which has passed the ten million user mark, says the fee waiver is for the good of its customers.

“Celebrate 10 million users with 0 onsite fees and more amazing benefits,” Bybit announced on its website. “The last eight months have been challenging for the crypto industry, but amidst the pessimism, we continue to be attached to ourselves and BUIDL. On that note, we are extremely proud to reach our next milestone with a strength of 10. million users and counting,” added Ben Zhou, CEO of Bybit.

Bybit announces more benefits

The announcement, which was seen as a marketing ploy to attract more customers, will also reward new customers looking to use the spot trading feature with up to $600 as a thank you for signing up.
Other benefits introduced by the company include free promotion and this will not apply to back order fees incurred before the promotional event which starts on September 6th.
But what does zero trading fees mean for clients? Commercial clients will be able to trade USDT perpetual and USDC options contracts simultaneously through the Unified Margin Account without transferring assets back and forth across multiple accounts. Profits and losses will also be compiled, so as not to trigger a liquidation.

Binance has restructured to make money without BTC trading fees

Bybit is not the only one, about a week ago, Binance too announcement that he was waiving spot trading fees for 13 BTC trading pairs, including USDT, BUSD, USDC, and EUR as he turned 5 years old.

“We are proud to have introduced zero trading fees on several BTC pairs, but we understand that many of you still have questions. Let’s take this opportunity to iron out the details and clear up any misconceptions about the change,’ Binance said in a statement.

Despite marketing gimmicks to champion positivity among retail and institutional investors, who are meant to be the beneficiaries of such initiatives, say they are still embroiled in confusion resulting from the financial market turmoil.

To be[In]Crypto’s Latest Bitcoin (BTC) Analysis, Click here.

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

Share.

About Author

Comments are closed.