Bybit, world’s third most visited cryptocurrency exchange, launches new unified trading account (UTA) to allow users trade across various markets
- Bybit investors can now trade via multiple accounts simultaneously: What is Unified Trading Account?
- Open API v5 for sophisticated traders
A new opportunity is designed to make the trading experience of Bybit clients more streamlined, modern and resource efficient. Traders will no longer have to switch between accounts and move their funds.
Bybit investors can now trade via multiple accounts simultaneously: What is Unified Trading Account?
According to the official statement shared by the team of Bybit cryptocurrency exchange, it has launched a Unified Trading Account (UTA), an all-in-one gateway for traders on spot and futures modules.
You can now trade with Spot, Derivatives and Options all in one account!
— Bybit (@Bybit_Official) January 25, 2023
The launch of a universal margin account is designed to allow users to diversify their trades and orchestrate their trading strategy, with both spot and derivatives trading pairs available via a single interface.
Initially, the UTA release supports five types of accounts, including spot trading, margin trading, USDT perpetual, USDC perpetual and USDC options; more trading regimes are yet to come.
The new dashboard also allows users to offset losses with gains without closing trades and to see a clear demonstration of risks and margin statistics.
Ben Zhou, co-founder and CEO of Bybit, stresses that this is a crucial milestone for his platform to accomplish in Q1, 2023:
Deploying a UTA at Bybit resembles holding the master key to your personal trading universe. Trading and holding contracts across the digital asset space in a market that never sleeps is not always humanly possible. We understand that, for traders, managing multiple accounts and margins can be time-consuming and irksome.
In total, UTA supports over 60 assets of various types.
Open API v5 for sophisticated traders
Hao Yang, head of options at Bybit, is excited by a set of risk management opportunities unlocked by Unified Trading Account (UTA) activation:
This is the end game for Bybit’s account system. For instance, if you are a spot trader who bought BTC, you can buy a corresponding option to hedge your risk.
Besides retail traders, Bybit released a separated toolkit for professional and institutional market participants. The Open API option has been upgraded to Open API v5 for a more reliable and faster connection.
As of early 2023, cryptocurrency exchange Bybit is among the leaders of the derivatives segment and the third most popular website in the Web3 segment globally.