Bybit sweetens broker program with 100% rebate

abdelaziz Fathi

Singapore-based cryptocurrency exchange Bybit is revamping its broker rebate program as it aims to deepen liquidity and maintain minimal slippage on its spot trading platform.

This particular campaign is unique in that it incentivizes both new and current brokers with returning all spot trading fees generated by the broker via a 100% rebate. The move will increase pressure to lower fees for other crypto exchanges, which will have to trim fees as competition heats up.

Brokers can get competitive rebates based not only on their trading volume, but also the types of users acquired. Rebates will be settled on a monthly basis and brokers who have an agency relationship will receive all commission income minus affiliate fees and counterparty fees.

The move allows Bybit’s broker partners to pass onto these savings to their end customers and take advantage of competitive spreads to raise their trading turnover.

“With this best-in-market, 100% rebate offer for our spot trading platform, Bybit again demonstrates our commitment to supporting brokers and creating a mutually beneficial arrangement for all. This incentive enables traders to benefit from the best spreads and boosts their performance on our platform,” said Ben Zhou co-founder and CEO of Bybit.

It is understood that Bybit’s broker program is open to two types of brokers: API brokers (which is more relevant to asset managers and bot users) and exchange brokers like aggregators and wallet providers. API brokers can simply connect customers with Bybit’s brokerage services by using  its integrated API. Independent brokers can also leverage Bybit’s infrastructure, stability, security, and liquidity to expand their business with a one-time integration.

Meanwhile, Bybit has overhauled broker services to provide better technical and market support for each broker to achieve mutual benefits and co-development.

The move comes shortly after Bybit set up a $100 million fund to help restore confidence in the industry and support institutional investors within its ecosystem.

As the collapse of FTX sent shockwaves through the crypto space, market makers and high-frequency trading (HFT) institutions are eligible to access up to $10 million in credit facility. The offer is available to both existing and new clients on Bybit, as well as dedicated account managers at other exchanges.

The exchange explains that the initiative aims to protect the strong industry players who might just be hurt short term. The move also comes a week after Bybit has publicly provided its proof of reserves.

Read this next

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

Crypto Insider

Shining the Light in Crypto’s Dark Places

Something changed in regulators’ minds after the November crash of the FTX crypto exchange.

Executive Moves

Financial Commission Adds Sam Low to Dispute Resolution Committee

The Financial Commission (FinaCom PLC), a dispute resolution service that caters to the financial services industry, has appointed Sam Low as the newest member of its Dispute Resolution Committee (DRC).

Digital Assets, Uncategorized

De-facto owner of Bithumb exchange arrested in South Korea

South Korean prosecutors have arrested Kang Jong-Hyun, the anonymous chairman and owner of the country’s largest cryptocurrency exchange, Bithumb, on charges of embezzlement and stock manipulation.

Retail FX

Interactive Brokers volumes snap three-month losing streak

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes rose in January, an indication that investor confidence in the financial markets is rebounding after having been fairly mixed over the past few months.

Digital Assets

VVF invests $5 million in Everscale, a potential Layer 2 solution for Venom blockchain

“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Institutional FX

FXSpotStream volume ends string of declines on January rebound

Trading volumes on institutional FX platforms surged in January as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are both losing momentum.

Industry News

DeFi firm Aurox launches SEC-compliant crowdfunding campaign on tZERO

“This is a great opportunity for us to raise capital from our community and the broader public on a leading fully regulated platform. We are confident that the tZERO Markets platform will provide us with the exposure and reach we need to attract a diverse investors to support our business growth.”