As part of our never-ending mission to listen, care and improve, we here at Bybit are delighted to announce our new coin swap feature, now live on site. In this article, we will explain everything you need to know about it.
What is the new Bybit coin swap feature and what benefits will it bring to our clients?
Here at Bybit, we always endeavor to make the trading experience on our platform as convenient as possible for our clients.
We currently have five cryptocurrencies currently available to trade – BTC, ETH, EOS, XRP and USDT.
This new feature will enable our customers to convert from one coin to another all within the Bybit platform instantly – for example from BTC to ETH – all within a few clicks.
This will allow our customers to take advantage of quick price changes in the market, or just to stock up in another cryptocurrency.
Mechanics of the coin swap explained:
Bybit does not take part in the coin swap exchange as we send the orders to spot exchanges, so we have no conflict of interest with the client. Spot exchanges will perform the actual coin exchange for us. With all these steps we have the client’s best interests at heart.
(1) There are multiple spot exchange liquidity providers sending Bybit quotes on a constant basis.
(2) When a client chooses to undergo the coin swap, the quotation is selected from the best price from the quote pool and presented to them.
(3) Then upon execution, (because there might be a delay between the quote being seen by the client and there being a new quote price), we guarantee that the price will be the exact quote given or be no more than a 0.5% difference. If the quote is more than 0.5%, the exchange will be canceled.
We only charge a tiny fixed fee (around $5), unlike other spot exchanges who charge a % of the amount being exchanged.
How can I coin swap on Bybit?
For a more detailed explanation of the process, check out our help article
How does it compare to other exchanges?
Bybit is the first cryptocurrency derivatives exchange to offer this feature.
How much can I swap in coins?
There is a 24 hours exchange limit for a single account, as seen below:
Coins 24 hours exchange limit
What other things should I note?
(1) The bonus balance cannot be converted to other coins. It will not be forfeited upon submitting any coin conversion request as well.
(2) The Real-Time Exchange Rate is based on the best quote price from several market makers according to the current index price.