Bybit Review for New Zealanders | Fees, Comparisons & More

Dominic Harper // August 9 // 0 Comments

Bybit is a fully-featured crypto trading platform and is the best crypto exchange for New Zealanders. It is a reliable, safe, and incredibly secure exchange that serves over 2 million users at the moment, with trading volumes exceeding a whopping $10 billion daily.

This platform is best suited for users who are looking to trade crypto frequently and get the upper hand by taking advantage of market fluctuations. Moreover, the rapid trading speed, 99% upkeep and system functionality, and deep liquidity make Bybit a lucrative choice among New Zealanders.

Continue reading to find out its full set of features, pros and cons, fee structure, and security protocols to see why Bybit is the perfect choice for New Zealand users.

What is Bybit NZ?

Bybit was founded in 2018 and is headquartered in Singapore, but is available globally with over 2 million registered users to date. It caters primarily to serious and experienced traders, and there are various markets available including margin trading, with as much as 100x leverage.

The platform is packed with plenty of features and has everything from derivatives trading to spot trading, and margin trading, alongside an intuitive mobile app and quality customer support via 24/7 live chat.

Here's a quick rundown of Bybit's key features:

  • #1 crypto exchange in New Zealand
  • $10 FREE Bitcoin when you sign up here
  • Wide range of 220+ coins to trade
  • Very low trading fees: spot trading - 0.1%, derivatives trading - 0.01/0.06% (maker/taker)
  • 24/7 Live Chat customer support
  • Margin trading (up to 100x leverage)
  • Testnet demo mode to practise how to trade using play money
  • Earn interest on your crypto

Bybit NZ Features

Spot Trading

Spot trading originally wasn’t available on this exchange as it was designed as a derivatives-only trading platform. However, in 2021, due to an increasingly high number of demands for this feature, the Bybit team decided to add a spot trading option where users can trade over 220 different cryptocurrencies against USD Tether.

If you’re looking to trade against Bitcoin (BTC), you can do so with ETH, XRP, and BIT only. At the moment, there is no option available for fiat currency trading, so you’ll need to convert your assets to USDT.

Derivatives Trading

As we mentioned earlier, Bybit was created with derivatives trading in mind and is currently renowned for this feature since it’s the largest derivatives trading platform on the market. The high liquidity on Bybit is the primary reason why over 2 million users have signed up and are actively using it.

You can trade with the following derivatives if you sign up on Bybit:

  • USD Tether Perpetual Contracts - USDT is used as collateral in BTC/USDT, MANA/USDT, ETH/USDT, ADA/USDT, and an additional 80+
  • Inverse Perpetual Contracts - the coin is used as collateral in BTC/USD, EOS/USD, ETH/USD, DOT/USD, BIT/USD, and XRP/USD
  • Inverse Futures Contracts - the coin is used as collateral with a max of six-month contracts in BTC/USD and ETH/USD

Margin Trading

Bybit is the perfect place for margin trading as experienced crypto enthusiasts can use up to 100x leverage to maximise the profits from their trades. The platform excels with this feature the most, especially since numerous other crypto exchanges don’t even have this option, and those that do, often allow lower amounts of leverage.

However, do keep in mind that margin trading can be rather risky, as even a small price change can make you lose your whole investment. It is no secret that cryptocurrency is a highly volatile digital asset, and traders need to be fully aware of the risks that are involved before deciding on using leverage to trade. We recommend you venture into margin trading only if you’re a seasoned expert with lots of experience in trading and chart analysis.

Copy Trading

Bybit offers a unique feature called copy trading, which is great for those who want to trade, but don't know where to begin. Copy Trading allows users to automatically copy the exact trades that a successful crypto trader makes. You simply browse the most profitable traders and choose one who you would like to follow and copy. 

If you are already an experienced crypto trader, you can also register to become a principal trader that other people copy. You receive a commission from the trades of investors that copy your trades, which is a great way to gain an additional stream of passive income. 

Testnet (Demo) mode

Bybit also includes a Testnet mode where users can pretend to trade, using real-time data from crypto markets, but trading with play money instead of real cryptocurrency. This is great for novices who want to get used to how the platform works, and to learn how volatile markets are. It is also useful for experienced traders who may want to test out a new strategy without risking their funds. 

Customer Support & Learn Archives

Having a good customer service team is of paramount importance, especially when it comes to crypto exchange platforms. If you encounter any issues or problems with your accounts, features, or trading actions, then you’d need to be sure that the person you contact will help you fix whatever frustrations you experience.

Luckily for New Zealanders, Bybit offers 24/7 customer support via live chat option, allowing you to quickly bypass any difficulties and continue with your crypto operations, no matter what time of day.

What’s more, the platform has its own dedicated Learn section filled with lots of insightful articles and topics on how best to get started, navigate, and utilise the exchange’s tools and features.

Fiat Gateway for Deposits

Bybit, being built solely as a crypto trading platform, has no fiat markets available, which means you cannot deposit NZD into your account. As an alternative, it has a fiat gateway in place where you can use NZD funds to buy USDT, BTC, or ETH so you can then trade those assets on the market. You can use Visa/Mastercard, Apple Pay, Google Pay, or bank transfer to make your purchase.

Negatives of using Bybit in New Zealand 

The main disadvantage of Bybit is that you cannot withdraw NZD or any fiat currencies from the platform. This is because there are no fiat markets available, so you can only trade between cryptocurrencies. If you want to withdraw your NZD, the easiest way is to transfer your crypto to another exchange, like Swyftx, then sell your crypto for NZD. From Swyftx, you can easily withdraw your NZD to your bank. Read all about Swyftx here, or register using this link, and receive a welcome offer of $20 BTC for FREE!

Bybit NZ Fees and Payment Methods

Bybit only accepts crypto deposits, with no fee incurred. You cannot deposit NZD, but you can use it to directly purchase crypto via the fiat gateway, using Apple Pay, Google Pay, Bank transfer, or Visa/Mastercard. There are no fees associated with using the fiat gateway, although you will be charged by the service provider (PaxFul, XanPool, Banxa, MoonPay, or Simplex). The fees may vary according to each service provider, so make sure to check the details before making any purchases.

Withdrawing crypto will have a small charge, depending on the coin you are looking to withdraw. Fiat withdrawals are not supported on Bybit, so you cannot withdraw NZD from the exchange. However, you can send your crypto to another exchange, such as Swyftx, then sell it there and withdraw to your bank account.

Trading fees on Bybit are low, with makers and takers paying 0.1% fee when conducting spot trading operations. Derivatives trading has even lower fees, at 0.01% for makers and 0.06% for takers.

Bybit New Zealand Security

Bybit is an outstandingly safe and secure platform, with numerous measures and features in place to protect your data, info, and assets from harm.

The company conducts withdrawal reviews on each operation to ensure legitimacy and authorisation. Additionally, Bybit offers rewards for those hackers who can successfully locate vulnerabilities in its system, as well as bugs or glitches that can potentially harm the exchange.

Furthermore, the platform employs cold wallet storage, two-factor authentication (2FA), three-level verifications, SSL encryption, and a rigid policy with full transparency.

Pros and Cons of Bybit New Zealand

  • P R O S
  • The best crypto exchanges in NZ
  • Supports 220+ cryptocurrencies 
  • Very low trading fees
  • 24/7 live chat customer support
  • No KYC requirements
  • Multiple trading options and markets
  • Copy Trading feature
  • Testnet demo mode
  • Earn interest on your crypto
  • C O N S
  • No fiat trading markets
  • No NZD withdrawals supported

Conclusion

Bybit is a renowned and incredibly powerful crypto exchange best suited for experienced traders and crypto enthusiasts who are looking first and foremost at derivatives trading, as well as access to margin trading and spot trading.

The exchange offers very low fees and supports over 220 different cryptocurrencies. It also offers a testnet or demo account option where you can test your strategy before fully committing your investments.

By signing up to Bybit you’ll receive $10 FREE BTC and have peace of mind knowing that all of your data and assets are safe and sound.

With a variety of trading options, round-the-clock customer support, protection against losses, promotions, and different payment options, we can confirm that it is, undoubtedly, the best crypto exchange platform for New Zealanders.

Frequently Asked Questions

Can Bybit be trusted?

Yes, Bybit is a legitimate and trustworthy cryptocurrency exchange that has been around since 2018. It has more than 2 million users around the world, and more than $10 billion of trading volume each day.


Is Bybit legal in NZ?

Yes, Bybit is a crypto exchange based in Singapore, operating legally around the world, including New Zealand. It is perfectly legal to use Bybit in NZ.

Can I withdraw NZD from Bybit?

Bybit does not accept any NZD withdrawals, however there is a simple workaround solution. If you wish to sell your crypto and withdraw NZD to your bank account, you can send your crypto from Bybit to Swyftx, and complete the transaction there.

Why can't I withdraw money from Bybit?

You will not be able to withdraw fiat currencies from Bybit. If you wish to withdraw money from Bybit, you will need to transfer your crypto to another exchange such as Swyftx, sell it on that platform, then withdraw your money to your NZ bank account.

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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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