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Overbit survey reveals 53% of crypto traders only engage in spot trading and 47% also trade in futures



Seychelles-based Bitcoin derivatives trading platform, Overbit, announced the results of survey into crypto traders and factors influencing their trading decisions. The survey worked with a sample of over 2,500 crypto traders from 90 countries.

Overbit allows users trading crypto, forex and commodities with bitcoin without taking delivery of the assets. The company aimed at understanding the behavioural patterns of users and between 17 and 31 March 2020 conducted a two-week survey.

The survey looked into trader background, preferences, and behavioural patterns as the three main categories.

Background and preferences

Overbit found that most traders are in the age group between 35 and 44 and 73% have at least one year of experience in trading in crypto.

Overbit Survey Background and Preferences

CEO and founder of Overbit Chieh Liu stated:

We found that higher education is not a prerequisite for success. Some 57% of novice traders have obtained their high school education only. This means that trading is still anyone’s game.

Overbit looked at several trader preferences like the key criteria for choosing an exchange, how many exchanges traders typically use, what devices they prefer to trade on, and the type of assets they trade. The results revealed that traders typically use an average of three exchanges with security, deposit/withdraw speed and server connection among the top criteria when choosing an exchange.

Overbit survey reveals key influences and patterns that affect trading decisions

Liu said:

These criteria were very clear across all types of traders when it comes to choosing an exchange. However, with pro-traders, whether an exchange is regulated or not is also high on the list, most likely as they are trading in large amounts either for themselves or on behalf of clients.

Overbit Survey Preferences

Many novice and mid-tier traders preferred mobile apps for trading, however the desktop was still first choice devise for pro-traders, likely due to the sophisticated trading tools and bots that can only run on big screens.

The survey found that 53% of crypto traders only engage in spot trading and 47% also trade in crypto derivatives such as futures, options, swaps, forwards and CFDs.

Behavioural patterns

The survey looked into when traders are most active and their preferences for assets and found that novice and pro traders trade the least, while mid-tier and advanced are the most active.

Liu commented:

Our hypothesis was that pro-traders should be more active during the day, however, the data revealed the opposite. This could suggest that they prefer quality trades over quantity. We also found that, while there was an overwhelming preference for bitcoin across all groups at 83%, advanced and professional traders prefer to hold more of their assets in Tether.

Overbit recently added a new USDT deposits option for its users who trade exclusively in bitcoin to reduce their risk in times of high volatility.

The survey also found that 41% of crypto traders had also traded Forex. This number was higher amongst novice traders at 63%, probably indicating an interest in diversifying into crypto trading.

Overbit Survey Behavioural Patterns

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Overbit survey reveals 53% of crypto traders only engage in spot trading and 47% also trade in futures

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