Bybit review Australia 2024: Fees, security, pros & cons

Bybit is the #1 crypto exchange in Australia, and has gained significant traction in the global trading community with over 30 million registered users. One of Bybit's standout features is its focus on margin trading, offering up to 100x leverage on BTC/USD and ETH/USD trading pairs, making it an excellent choice for experienced traders looking to leverage their positions for higher returns. The platform boasts competitive trading fees, at only 0.1 per cent for spot trading and 0.02 per cent for makers and 0.055 per cent for takers in derivatives trading, which can be reduced based on trading volume.

Bybit Australia also caters to newcomers to the industry, with its user-friendly interface and straightforward navigation, making it accessible for those new to crypto trading. The exchange offers an extensive range of over 280 coins, providing ample opportunities for Australians to find their preferred trading pairs. Beyond its diverse coin offerings, Bybit provides a comprehensive trading platform that includes advanced charting tools, copy trading, demo mode and more, making it a versatile and attractive option for all types of traders. They also offer free $10 BTC and up to $30,000 in bonuses when you register with this link.

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Bybit stands out in the Australian crypto market by offering both spot trading and derivatives trading, catering to a wide range of trading preferences and strategies. If you are new to trading, you may not be familiar with the terms. In spot trading, users can buy and sell cryptocurrencies at current market prices, providing a straightforward way to trade and invest in various coins. This is the basic type of trading that you will find on many Australian crypto exchanges, such as CoinSpot or Swyftx.

Derivatives trading is for more experienced traders, and allows users to engage in futures contracts with leverage options up to 100x for BTC/USD and ETH/USD pairs. This feature is particularly appealing to those who want to maximise their potential returns by leveraging their positions. However, it is important to note that this comes with much higher risk, as a small market swing can cause you to lose your entire investment. Make sure you do your research before engaging in derivatives trading.

Bybit employs an insurance fund mechanism to mitigate the risk of Auto-Deleveraging (ADL) during the liquidation process. When a liquidated order is closed at a price worse than the bankruptcy price, Bybit uses the insurance fund to cover the gap, thereby reducing the likelihood of ADL. The balance of the insurance fund fluctuates based on the price difference between the final executed price and the bankruptcy price of the liquidated position. If liquidations occur at prices better than the bankruptcy price, the remaining margin is added to the insurance fund. Conversely, if the final executed price is worse, the fund covers the contract losses.

For instance, if a trader's long position on ETH/USD has a liquidation price of $5,000 and a bankruptcy price of $4,950, and the position is liquidated at $4,980, the excess margin contributes to the fund. However, if liquidated at $4,930, the insurance fund covers the shortfall. Bybit maintains transparency by displaying the insurance fund's balance and transaction records on their official website. In cases where the insurance fund is depleted and cannot cover losses, the ADL system absorbs the remaining contract losses. For USDT contracts, all trading pairs share a common insurance pool, but only BTC/USDT contracts can access 100 per cent of the insurance funds, while other altcoins can utilise up to 20 per cent of the fund per day.

Bybit Australia is well-known for its rapid trade execution speed and reliability, making it the #1 choice for serious traders. The platform's ultra-fast matching engine can handle up to 100,000 trades per second, ensuring that users never have to worry about system overloads during high-volume trading periods. This capability is crucial for those engaging in high-frequency trading, as Bybit provides lightning-fast market updates, with data pushed every 20 milliseconds. Moreover, Bybit boasts a 99.99 per cent system functionality rate, providing Australians with the confidence that their trades will be executed smoothly and efficiently. This combination of speed and reliability underscores Bybit's commitment to delivering a robust and dependable trading experience.

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Bybit's copy trading feature allows Australians to automatically replicate the trades of experienced and successful traders, making it an excellent tool for beginners and time-saving for experienced traders. Users can browse top traders on Bybit's platform, review their performance metrics and risk profiles, and choose to follow them. Once selected, all trades executed by the chosen trader are automatically copied to the user's account in real-time, proportionate to their allocated funds.

This feature grants access to advanced trading strategies and helps diversify investment portfolios by allowing users to follow multiple successful traders. Bybit ensures transparency by providing detailed performance data and enabling users to manage their copy trading settings, such as adjusting trade sizes or stopping the copying process at any time. Overall, Bybit's copy trading feature offers educational value and profitable returns, making it a valuable tool for all experience levels.

Bybit Australia's demo Testnet platform is an invaluable tool, offering a risk-free environment to practice and hone their trading strategies. The Testnet simulates real market conditions, allowing users to experience the full functionality of Bybit's trading platform without risking their own money. This feature is particularly beneficial for beginners who want to familiarise themselves with the trading interface and various order types before committing real funds. Seasoned traders can also take advantage of this demo platform, as it provides an opportunity to test new strategies and refine their techniques in a controlled setting. By providing access to all trading features, including margin trading with up to 100x leverage, the Bybit demo Testnet ensures that users can build their confidence and skills, ultimately enhancing their trading performance on the live platform.

Bybit's mobile app offers a seamless and powerful trading experience for users on the go. Available for both iOS and Android devices, the app features an intuitive interface that mirrors the functionalities of the desktop site, providing access to the full range of trading options, features and cryptocurrencies.

The app is designed to deliver real-time data and market updates, enabling users to make informed trading decisions from anywhere. With advanced charting tools, customisable notifications, and secure login options, the Bybit mobile app ensures that traders can manage their portfolios, execute trades, and monitor market movements efficiently and securely. This level of accessibility and functionality makes the Bybit mobile app an essential tool for active traders who need to stay connected to the markets at all times.

Bybit's support team is renowned for its exceptional customer service, through its 24/7 live chat feature. This round-the-clock availability ensures that Australians can receive immediate assistance at any time. The live chat support is staffed by knowledgeable and responsive agents who are adept at handling a wide range of inquiries, from technical issues to account management questions. This level of support is crucial for traders who need quick resolutions to their problems to maintain their trading activities without interruption. By providing continuous, reliable support, Bybit enhances the overall user experience, making the platform more accessible and user-friendly for both novice and experienced traders.

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While Bybit Australia offers a comprehensive trading platform, it does have one drawback, and that is the lack of fiat withdrawals, as Bybit only supports cryptocurrency withdrawals. This means that users cannot directly withdraw AUD to their bank accounts. For traders who wish to convert their crypto earnings to AUD, this requires an additional step: transferring their funds to another exchange that supports fiat withdrawals such as CoinSpot or Swyftx. However, this process is relatively straightforward, and you can follow this easy step-by-step guide.

Bybit Australia Deposit Fee: Bybit doesn't support direct AUD deposits, but you can purchase crypto using a third-party payment processor. The fees are around 3-5 per cent, and you can use Visa, Mastercard, Apple Pay, Google Pay, or bank transfer to pay.

Bybit Australia Crypto Deposit Fee: FREE

Bybit Australia Trading Fee: 0.1 per cent for spot trading. 0.02 per cent / 0.055 per cent (maker/taker) for derivatives trading.

Bybit Australia AUD Withdrawal Fee: Not supported

Bybit Australia Crypto Withdrawal Fee: Network fee

Yes, Bybit is a safe crypto exchange to use in Australia. The platform employs advanced security measures, including multi-signature wallets, two-factor authentication (2FA), and SSL encryption, to protect user funds and personal information. Bybit's system also boasts a 99.99 per cent functionality rate, ensuring reliable and uninterrupted trading experiences. Additionally, the exchange conducts regular security audits and has a transparent insurance fund to cover any potential losses from unforeseen incidents. While Bybit is not regulated by Australian financial authorities, its robust security protocols and operational reliability provide a high level of safety for Australian users.

In conclusion, Bybit stands out as the #1 recommended cryptocurrency exchange for Australians due to its low fees, comprehensive features, and solid security measures. Bybit's user-friendly interface and advanced trading tools cater to both novice and seasoned traders, while the 24/7 live chat support ensures immediate assistance when needed. Despite the limitation of not supporting AUD withdrawals, the ease of transferring crypto to other exchanges eliminates this issue. Overall, Bybit's commitment to security, reliability, and user satisfaction makes it an excellent choice for any Australian looking to trade cryptocurrency.

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This information is of a general nature only and should not be regarded as specific to any particular situation. Readers are encouraged to seek appropriate professional advice based on their personal circumstances.