Bybit Review for Australians 2022 | Fees, Comparisons & More

Dominic Harper // December 14 // 0 Comments

Bybit is a cryptocurrency trading platform founded in 2018, with over 2 million users. It is aimed at serious traders, with plenty of markets such as spot trading, derivatives, and margin trading with up to 100x leverage. Keep reading to see how Bybit compares to Australia's best cryptocurrency exchanges.

What is Bybit?

Bybit is an extremely feature-rich cryptocurrency trading platform, that has everything from spot trading, to derivatives trading and even margin trading, with up to 100x leverage, which is not found on most exchanges. Here is a brief overview of the top features of Bybit that make it popular with serious traders.

  • Over 80+ cryptocurrencies supported
  • Low trading fees of 0.1% for takers and 0% for makers
  • Mobile app for convenient trading access
  • Spot trading and derivatives trading (including perpetuals and futures)
  • Margin trading with up to 100x leverage
  • Testnet (demo version) so you can practise trading risk-free
  • Advanced charts and analysis tools
  • Quick market updates suitable for high frequency trading
  • Limit, Market and Conditional orders are all available

Australian alternatives to Bybit

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 330+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%

Features

Spot trading

Bybit was originally set up as a derivatives trading platform, so spot trading was not an option. However, in 2021 they added the option for Spot trading due to popular demand, and now users can trade over 80 different coins against USDT. If you want to trade against BTC you can trade ETH, XRP and BIT only. No fiat currency is available to trade on the market, you need to convert to USDT first.

Derivatives trading 

Bybit is well-known for its derivatives trading, and is one of the largest crypto derivatives platforms, with over 2 million traders. There is high liquidity on Bybit, with 24 hour volume often surpassing $10 billion. The following derivatives are available to trade:

USDT Perpetual contracts: BTC/USDT, ETH/USDT, MANA/USDT, ADA/USDT, SOL/USDT and 80+ more, where USDT is used as the collateral.

Inverse Perpetual contracts: BTC/USD, ETH/USD, EOS/USD, BIT/USD, DOT/USD and XRP/USD, where the coin is used as the collateral.

Inverse Futures contracts: BTC/USD and ETH/USD, with maximum 6 month contracts, where the coin is used as the collateral.

Margin trading

Margin trading is not available on many crypto exchanges, and even the ones that do, usually have a low maximum leverage. Bybit is perfect for the experienced trader that wants to use up to 100x leverage to maximise their successful trades.

It is worth reminding readers that margin trading is incredibly risky, and you can lose more than your initial investment, with just a small change in price. Since cryptocurrency is a very volatile asset, traders should ensure they are aware of all the risks involved before using leverage to trade. We do not recommend margin trading to anyone except experts that have a lot of experience with chart analysis and trading.

Live chat support 24/7

A good customer service team is essential when picking a crypto trading platform, because if you ever encounter issues with your account, you want to be sure you can contact someone. There's nothing more frustrating than your account being locked for no reason, and you are stuck messaging an automated bot that cannot direct you to a live agent, or even an email address. Luckily Bybit has taken care of that issue, with 24/7 Live Chat support, which is very helpful and responsive.

Fiat gateway for deposits

Bybit is built purely as a cryptocurrency trading platform, with no fiat markets, so you cannot deposit AUD into the exchange. However, Bybit has a fiat gateway where you can use AUD to directly buy USDT, ETH, or BTC which you can then use to trade on the market. This saves you opening an account on a different exchange to purchase USDT, to then deposit into Bybit before you can start trading.

Fees and Payment Methods

Bybit does not accept AUD deposits, it only accepts cryptocurrency deposits which are free of charge. However, there is a fiat gateway, which means you can use AUD to purchase USDT, BTC or ETH directly, which will fund your account, and you can use it to trade.

 Bybit does not charge a fee for using the fiat gateway, but there will be a fee charged by the service provider (XanPool, MoonPay, Banxa, Paxful or Simplex). The fees will vary depending on which service provider, so you need to check when you are about to make the purchase. When using the fiat gateway, there are different payment methods depending on which service provier you use. Some of the payment methods are PayID, Visa/Mastercard, Apple Pay, Google Pay, Samsung Pay, Bank Transfer and more.

Spot trading on Bybit has very low fees: market takers only pay 0.1%, and it is free for market makers.

Derivatives trading fees are even lower; market takers pay just 0.075% and market makers receive a rebate (they get paid) of 0.025%. 

Withdrawing AUD is not available on Bybit. Withdrawing cryptocurrency will incur a flat fee which varies depending on which coin you want to withdraw.

Security

Bybit is a safe crypto trading platform, that has plenty of security measures to ensure your information and funds are protected. They conduct reviews on each withdrawal to check that they are authorised, and legitimate. Bybit even offers rewards for hackers to find and report bugs or vulnerabilities present in their system.

Pros and Cons of Bybit

  • P R O S
  • Over 80+ different cryptocurrencies supported
  • Spot trading, derivatives trading and margin trading with up to 100x leverage
  • Low trading fees
  • Demo Testnet so you can practise trading with no risk
  • 24/7 Live Chat customer service
  • C O N S
  • No fiat markets available
  • No AUD deposits or withdrawals

Conclusion

Bybit is a very powerful crypto trading platform for experienced traders that want access to spot trading, derivatives and margin trading. The fees are very low, and there are over 80+ coins on offer, with a Testnet demo account so you can trial your strategy before risking your money.

However, the downside of Bybit is the inability to deposit or withdraw AUD or any fiat currency. If you are after another serious trading platform that allows AUD deposits and withdrawals, you can try Binance. There are over 300+ coins, trading fees are just 0.1%, and you can trade using AUD on the market. 

If you are still undecided on whether Bybit is right for you, you may find our article on the best Australian crypto exchanges helpful (read here). You can see which ones are our top pick and the reasons we chose them. There's also a table here that highlights some of the key facts about these exchanges.

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 330+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%

Frequently Asked Questions

Can Bybit be trusted?

Yes, Bybit is a legitimate and trustworthy crypto trading platform that has been around since 2018. They have over 2 million users around the world.

Is Bybit legal in Australia?

Yes, Bybit is a crypto exchange based in Singapore, but operates legally around the world, including Australia. It is perfectly legal to use Bybit in Australia.

Can I deposit cash into Bybit?

You cannot deposit AUD into Bybit, because there are no markets for trading against AUD. However, there is a fiat gateway, so you can instantly buy BTC, ETH, or USDT using AUD which you can then trade on Bybit.

About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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