Bybit Continues to Improve; Adds Customized Alerts for Traders

Divya Bhatia Trade published June 18, 2020 | modified July 8, 2020

Bybit Continues to Improve; Adds Customized Alerts for Traders

Crypto derivatives exchanges are locked in competition for market share. As platforms like FTX and Bybit jostle for supremacy with BitMEX and Binance, a flurry of new tools and features is being gifted to traders in a bid to create lifelong customers. From generous referral schemes to reduced fees and trading competitions, expert crypto traders are routinely given the high roller treatment at the platforms where they ply their trade.

This week, Bybit threw another bone to its hardcore users in the form of customized in-app alerts for traders, ensuring they never miss a signal when they step away from their battle station. This might sound like a marginal improvement to Bybit’s trading app, but for traders, it has the potential to be a game changer. In the high thrills, high leveraged world of derivatives trading, a few seconds can be the difference between profit and liquidation.

The Crypto Market Never Sleeps

Unlike Wall Street, which has regular trading sessions and 15-minute timeouts should anything break, crypto doesn’t stop. As a result, traders with large positions open are prone to setting alarms to awaken them should their stops come close to being hit. The price paid for missing a vital trading signal can be high; Social media channels are full of stories of woe from traders who got distracted at the wrong time and paid the price.

“I put a buy order of $9270 when it was $9,500 and I was on the phone and then I saw I bought it and was liquidated,” complained one on a familiar Telegram group. “I went to the toilet and it was gone, like in 2 minutes,” confessed another who was liquidated before they’d had a chance to react.

In addition to price alerts, Bybit has added three other options to its new in-app alerting service: Trends, Big Movements, and Market Fever. Trends is based on the moving average of an asset and can provide buy and sell signals. Big Movements captures pivotal market moments, such as a new local high being reached, while Market Fever is focused on macro trends and provides a broader picture of the market outlook.

An Overload of Trading Indicators

Experienced traders seeking to gauge the mood of the markets have a plethora of indexes and tools, both TA and SA (sentiment) based. These make it easier to see which way the market is turning, though the more traders who utilize them, the lower the return is likely to be for following the crowd.

Last week, crypto data platform Nomics released a seven-day price prediction service for leading assets like BTC and ETH. It uses machine learning to predict prices, and calculates the margin for error with each prediction.

Bybit’s market alerts service adds to the arsenal of traders intent on staying in the loop at all times. Arriving in the wake of the exchange’s rollout of mutual insurance, it means traders have more risk management options than ever.

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Divya Bhatia 28 Articles
Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]