Cryptocurrency exchange Bybit has introduced a revamped VIP program. The company says it created the program to show appreciation to its loyal customer base. To encourage traders to take advantage of the advanced features of Bybit’s robust platform, the program has introduced additional tiers with less stringent requirements. With the introduction of two new tiers including a new “supreme VIP” tier, the new program will have five tiers instead of the previous three.
How the new VIP Program benefits investors
Bybit says it came up with the new initiative as part of its “listen, care, improve concept after listening to the concerns of its community and assessing deeply how to address those concerns. Even if you aren’t a VIP member of the exchange, you can still get some pretty fantastic perks, including a free 14-day trial card and a free gift for depositing amounts of exceeding $50,000.
In addition, Bybit has lowered the bar for traders to rise through the tiers by requiring less trading volume at each tier than most leading exchanges. Henceforth, access will be granted based on a combined measure of the volume of trades made in both spot and derivatives markets. This will make the platform accommodate more users.
In particular, the asset minimums for Bybit’s second and third VIP tiers have been lowered to $250,000 and $500,000, respectively. Also, expert traders can make the switch to Bybit’s VIP program without having to start from scratch by transferring their trading volume from other exchanges.
Bybit CEO Ben Zhou says the company is making an effort to provide traders all over the world with the resources they need in today’s volatile crypto market and the new and improved VIP program is one such effort. Maker and taker derivatives in the new system will incur fees in the range of 0.00% and 0.03%. Other advantages for VIPs include access to personal account managers, invitations to exclusive events and earning exclusive rewards.