Crypto trading landscape: Insights from Bybit, CEX.IO, Huobi and GoodCrypto

The virtual roundtable, hosted by Cointelegraph on Twitter Spaces, brought together key team members from the largest centralized exchanges (CEXs), including Bybit, CEX.IO and Huobi, to discuss current industry challenges and trends in crypto trading. Speakers also included Maksim Hramadtsou, co-founder of GoodCrypto, an all-in-one trading and portfolio management app and member of the Cointelegraph Accelerator.

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All speakers noted that the challenges they’re facing are the result of a complicated regulatory landscape, especially in some parts of the world such as the United States, a loss of user confidence due to FTX and other major industry events, liquidity drying up and the consequences of a bear market. They shared strategies for navigating through the uncertainty of the current state of the industry.

Becky Sarwate, head of communications at CEX.IO, doesn’t see increased regulation as an obstacle, as she believes regulation is the key to global crypto adoption. She emphasized the importance of educating users not only on how to use CEX but also on the basics of crypto and the processes behind crypto, without technical terms or detailed descriptions of use cases. “If we really want to welcome newcomers to space, we need to limit the jargon and techno-speak to show the possibilities that really exist in space,” Sarwate said. “In our case, we teach people through the university within our platform, our leadership and values, which we’ve been nurturing throughout CEX.IO’s history.”

Edward Chen, general manager of the Asset and Commercial Center at Huobi, noted the lack of use cases related to the application layer. “Everyone is talking about infrastructure, but not the application layer, where we’ve only seen a few projects. There’s still a lot to be done there from the traditional world, such as crypto and fiat off-ramp solutions, so we provide a bridge between these scenarios to support trading demand," he said. Among Huobi’s strategies to maintain its position in the market, Chen cites partnerships with traditional finance (TradFi) players, a strong research team to detect market trends ahead of competitors and risk management tools for users.

Bybit takes a different approach, as its adviser, Anndy Lian, pointed out with the example of its recent collaboration with Oracle Red Bull Racing: “Together we launched an NFT collection ‘Velocity Pass’ almost three weeks ago, which has sold quite well despite the fact that the NFT market is not performing strongly. I think whatever the market, bull or bear, as long as you have a good product, you will always be on the right track.” Lian said Bybit has managed to stay ahead of the competition by correctly anticipating the regulatory framework, working closely with various communities and stakeholders at the government and business levels, and constantly supporting customers, including providing artificial intelligence (AI) services. “In the longer term, it turns into a trust when done on a daily basis,” he said.

Maksim Hramadtsou of GoodCrypto noted the shift in traders’ preferences, which are now more toward decentralized exchanges (DEXs). “It’s not only because of FTX but also liquidity, which is not having the best times. Maybe over time, they [users] will change their minds because CEXs are faster, have better liquidity and lower fees. But we try to be with our customers where they are now.” Hramadtsou mentioned that GoodCrypto supports over 35 exchanges and offers tools that are not native to these exchanges but are commonly used by many traders, especially those from TradFi. These tools include trading stops, dollar-cost averaging (DCA) and grid trading bots, as well as the ability to activate any order via webhooks. “So for those who use multiple platforms at the same time, which is absolutely standard practice and creates interesting dynamics in the market, GoodCrypto is a good option as traders can easily switch between exchanges," said Hramadtsou.

In terms of current trends that will remain and shape the future of the industry, Sarwate highlighted the growing synchronicity between TradFi and decentralized finance (DeFi), which will continue, while Hramadtsou predicted the growth of DEXs built on layer 2. Lian added: “I hope to see more tokenized products in the space, such as securities, commodities, derivatives or equities because it can bring more traditional players into crypto and therefore bring competitiveness and a variety of products. It can take us to new heights.”