Trading firms are reducing trading fees in order to attract more clients and make cryptocurrency as accessible and inclusive as possible.
Bybit, one of the largest derivative exchanges, has introduced a zero-fee facility for all spot trading. It’s a move that seems too good to be true, and investors are wondering if they’re rebalancing profits elsewhere. The company, which recently passed the ten million user threshold, claims that waiving fees is for the benefit of its clients.
Bybit declared on its website, “Celebrate 10 Million Users With 0 Fees on Spot and More Amazing Perks.” “The crypto business has had a rough eight months, but despite the doom and gloom, we continue to buckle down and BUIDL.” On that topic, we’re really delighted to have reached our next milestone of 10 million users and counting,” said Ben Zhou, CEO of Bybit.
Bybit has announced new benefits.
The news, which has been interpreted as a marketing tactic to attract more clients, will also reward new users who wish to utilize the spot trading option with up to $600 as a sign-up bonus.
Among the other benefits announced by the company is a zero-fee offer, which will not apply to pending order fees incurred prior to the promotional event, which begins on September 6.
But what does having no trading fees entail for customers? Trading customers will be able to trade USDT perpetual and USDC options contracts concurrently via the single margin account, eliminating the need to transfer assets between accounts. Profits and losses will also be tallied in order to avoid liquidation.
Binance has restructured in order to make money without charging BTC trading fees.
Bybit is not the only one; approximately a week ago, Binance announced that it was removing spot trading fees for 13 BTC trading pairs, including USDT, BUSD, USDC, and EUR, in honor of its 5-year anniversary.
‘’We’re proud to have introduced zero trading fees on several BTC pairs, but we understand that many of you still have some questions. Let’s take this chance to iron out the details and lay to rest any misconceptions about the change’’ Binance announced in a statement.
Despite marketing ploys to promote positive, retail and institutional investors, who are expected to benefit from such programs, claim they are nonetheless clogged with confusion caused by financial market problems.