Pro traders who eat, sleep, and swap Bitcoin 24/7 now have no excuse straying out of the loop.
Derivatives exchange Bybit has introduced custom alerts for users of its trading app, providing on-the-go notifications around the clock.
For traders whose edge is predicated upon executing trades seconds ahead of the market, the service should prove a godsend, while for more casual traders, Bybit’s alerts provide early warning of sizable market moves that are underway.
Bybit Goes Bespoke With Configurable Trading Alerts
Bybit is not alone in providing its users with trading alerts; in fact, trading platforms and portfolio trackers offer this service as well. For existing Bybit users, however, the ability to have price alerts that precisely match the pricing on the platform where their trades are placed is critical.
“Even the best traders can’t possibly stay plugged into the crypto markets 24/7,” acknowledges Bybit CEO Ben Zhou. “Alerts mean that they never have to worry about missing the opportunity to jump in and make a profit, or missing critical risk signals.”
There’s another reason why Bybit’s addition of customizable alerts has captured traders’ attention; however, they don’t just cover price.
The Singapore-headquartered exchange has added four types of alerts, known as Price Alerts, Trends Following, Big Movements, and Market Fever. These give traders the ability to configure the nature and frequency of the alerts they receive. Trends Following, for instance, provides alerts derived from the moving average and exponential moving average, providing early warning of bearish or bullish formations.
Choppy Markets Make a Case for Trading Alerts
Bitcoin’s volatility has been pronounced through 2020, as macro events have filtered through into the crypto markets. Quantitative easing, stocks and commodities, and political and epidemiological crises have all taken their toll, making the crypto roller coaster even more violent than usual. As a result, day traders have had cause to be even more closely glued to their screens than usual.
On June 15, BTC shed 3% of its value, dropping to as low as $8,910 before regaining $9k territory. With $19B of BTC traded in the past 24 hours, according to CoinMarketCap, only Tether – at $22B – has seen higher demand.
And with more than 100,000 BTC options set to expire before the month is out, the stage is set for further volatility. For traders using leverage, to whom a significant price move can be the difference between profit and liquidation, missing the market drama is simply not an option. Customizable alerts, of the sort supplied by Bybit, Blockfolio, and Binance, provide an early warning of what is to come.