Bybit review for Australians: Features, trading fees, pros and cons

This is branded content for Hedge with Crypto. Hedge with Crypto may be compensated by affiliate partners if you click through.

Bybit is a cryptocurrency exchange with superior trading tools and several crypto-related services. If you need a great alternative to Binance, then this is it.

Having traded cryptocurrencies on Bybit for a few years, I can attest that the platform is a surprisingly straightforward and pleasant experience overall.

Purchasing crypto on the spot exchange or with margin is exceptional on the mobile app. Add in the wide variety of coins to trade, and its seemingly endless suite of features and fees, Bybit stands out as top-notch (despite having small delays with my ID verification).

There's even a Bybit referral code to be eligible for a $30,000 deposit bonus.

Bybit has margin trading and derivatives like perpetual, futures, and options. USD Coin (USDC) and Tether (USDT) are two examples of stablecoins commonly utilised as collateral for derivatives trading. You have the option to select from more than 150 contracts.

Fifteen leveraged tokens, such as Solana, Ripple, Ethereum, and Bitcoin, are available for long or short trading. Margin traders are limited in the selection of supported cryptocurrencies.

However, you can use up to 100x leverage to trade Bitcoin and Ethereum against the US dollar.

Bybit has a copy-trading platform that rivals eToro.

You can select from some of the best-performing portfolios on the Bybit platform and automatically mimic their crypto moves. And you don't need tens of thousands of dollars to start. Instead, you can track a Principal Trader's movements with less money.

This amount can be changed at any time to reflect your risk tolerance.

Related: eToro review for Australians.

Bybit is a growing NFT marketplace where you can buy, sell, and swap non-fungible tokens. Sellers need to notify the Bybit support team before selling NFT mints.

Unlike OpenSea, there are limited "blue chip" NFT collections for sale. Bybit periodically offers live collection drops with fresh NFTs at reduced prices, making it a good starting point for building a digital collectibles portfolio.

Bybit has a user-friendly mobile app for on-the-go derivatives and margin trading. I used the mobile app for the most part, and it replicates all desktop features.

It's arguably one of the better cryptocurrency trading apps I have used.

Bybit's Rewards Hub allows users to earn USDT by completing tasks on the exchange. Some tasks include opening an account, hitting specific trade volumes, and participating in other features.

The platform also provides bonuses for signing up, trading certain digital currencies, and securing tokens in an earning program.

Bybit also offers a referral and affiliate program. In this program, you receive 30% of fees accumulated through trades when someone uses your referral link.

This is where you can trade coins and tokens directly with other Bybit users for no fees whatsoever. As an added pro, it accepts direct fiat purchases by payment methods such as bank transfers, credit cards, and Wise.

Currently, the P2P exchange supports trading 60+ assets like USDT, BTC, and ETH.

Unfortunately, there is no way to filter merchants other than by payment type and fiat currencies. This won't be a major issue for Australians, given that few sellers accept AUD.

Bybit states they have a large insurance fund valued at over $200 million AUD to protect margin traders against forced liquidation at prices below the bankruptcy level.

The fund apparently covers losses exceeding the initial margin and safeguards against deleveraging and excessive negative equity.

If you use a third-party gateway to convert your money to cryptocurrency on Bybit, you will be charged a variable fee. This is not ideal when buying cryptocurrency in Australia.

It's better to deposit digital currency directly, such as Bitcoin or Ethereum, whenever possible, as there are no fees or minimums for Bitcoin deposits on Bybit.

You might want to consider using Swyftx to perform bank transfers. Our Swyftx review provides more information on their deposit fees.

Because Bybit is mostly unregulated, it does not allow AUD withdrawals to a bank account.

Without completing any KYC requirements, the maximum withdrawal amount is 2 BTC (or equivalent) and increases to 100 BTC for level 2 KYC verification.

Each cryptocurrency has a minimum withdrawal amount, usually about USD 20. Withdrawal fees vary depending on the token being transferred.

The spot trading fee on Bybit is under 0.1 per cent, and the fee for market makers is 0.01 per cent, while market takers pay 0.06 per cent. High-capital investors with a Pro 3 account can have all maker costs removed. Swaps from one digital currency to another on Bybit cost 0.1 per cent.

Bybit's "express" trading option allows quick and easy transactions from fiat to 17 different cryptocurrencies, but third-party payment gateway fees can add up.

At first, Bybit's main trading interface seems overwhelming, but you will quickly become accustomed to it.

Bybit's trading interface is impressively equipped with a built-in TradingView API, which allows you to modify charts using indicators. The order tab on the right side of the website allows you to easily place stop losses and take profits.

You can use an SL or TP to define a "trigger price" at which they will immediately quit their digital currency position.

This gives Bybit an edge over other derivatives exchanges available to Australians, who do not include risk management solutions.

In addition, the interface allows you to browse order book information and market depth.

Bybit has a comprehensive FAQ section covering various topics such as depositing, withdrawing, derivatives trading, and exchange features. If the FAQ doesn't help, you can use the 24/7 live chatbot via ZenDesk or contact Bybit through social media or email.

Bybit is one of the world's leading derivatives exchanges, and it was easy to see why. The platform provides lightning-fast transaction times, real-time price feeds, and a variety of complex trading instruments.

Beyond Bybit's trading perks, the development team stays current on cryptocurrency trends and breakthroughs.

The NFT marketplace, an earnings hub, and customised charts help Bybit distinguish itself from its competitors in the Australian market.