Bybit Review Autralia 2023

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Sinead Burgess
Sinead Burgess
Updated on July 14, 2023

If you’re looking for an exchange that goes beyond the general buying and selling of cryptocurrencies, then it’s worth having a closer look at Bybit.

This British Virgin Islands-registered crypto exchange was established in 2018 and is one of the fastest-growing exchanges in the market.

Bybit exchange logo

Having a focus on futures and margin trading, Bybit is a global cryptocurrency and derivatives trading platform that’s won the hearts of thousands of traders.

From its massive variety of cryptocurrencies, competitive fees, and some really cool features like testnet (a demo mode), they definitely get the thumbs up from us!

Start Trading with Bybit

About the Bybit Exchange

Bybit is a worldwide cryptocurrency derivative and futures trading platform headquartered in Singapore. It utilises advanced blockchain technology and an ultra-fast order-matching engine (able to process up to 100,000 transactions per second) that provides a smart, intuitive, and unique user experience in crypto trading.

Bybit homepage

Ben Zhou, CEO of Bybit, recognised there was a need for a more focused approach to the crypto sector, as the interest in Bitcoin and other cryptocurrencies kept growing. Hence, Zhou and his team of pioneering blockchain professionals used their expertise and passion for crypto to help all crypto enthusiasts achieve their financial independence through the Bybit trading platform.

Trading Features

This user-friendly trading platform is for both experienced traders and beginners in crypto trading. Every crypto trader can try their trading strategies on ByBit regardless of the level of their trading experience. 

The Bybit trading platform also provides:

  • Easy and convenient access to their stable APY through liquidity mining and staking solutions with the best market depth;
  • Detailed charting for monitoring market volatility;
  • Dual-price technique that executes each deal with minimum price impact, preventing discriminatory liquidations;
  • Robust API optimised for maximum trading and fast market updates;
  • Grey release feature that ensures 99.99% system uptime with no server downtimes and more. 

Bybit’s Dual-Price Mechanism

Bybit utilises a dual-price system to ensure that traders don’t fall for market machinations and that everyone can trade fairly. Namely, because of various market manipulation techniques, the market price of a futures exchange could be very different from the spot rate, leading to many brokers selling their positions. It costs traders tons of cash when market manipulations happen, but it also affects the public’s trust in the cryptocurrency trading industry. 

Bybit exchange features

The marked price and the latest traded price are the two central values of the dual-price system. The marked price refers to the actual spot price on the major exchanges. Bybit’s last trading price demonstrates how much the selected asset is currently valued. 

Consequently, this dual-price mechanism ensures that the last traded price is inherently tied to the spot price, allowing as little slippage as possible. 

Bybit Testnet

If you’d want to try out Bybit before signing up and investing real money in the crypto market, you can do so on the Testnet. Bybit enables you to set up demo accounts and check how various orders perform on this platform. You will also receive demo coins through the testnet faucet for a more realistic user experience.

Bybit Accounts

If you want to open a trading account on Bybit, you don’t need to go through the cumbersome KYC procedure. The KYC process on this exchange is applied exclusively to authorise the withdrawals. Thus, all you need is to submit a valid email and a password, authenticate it with the verification code you’ll receive on your email, and you can start trading.

Bybit subaccount

There are also three specialised trading accounts available on Bybit, each one tailored to the instrument you want to use for your cryptocurrency trading strategies:

  • Bybit spot account, 
  • Bybit derivatives trading account, 
  • ByFi accounts for DeFi mining products.

Start Trading with Bybit

Bybit Trading and Order Types

The trading possibilities on the Bybit platform are quite diverse and versatile. Namely, this crypto derivatives exchange offers easy-to-use instruments and trading bots for:

  • Peer-to-peer trading (P2P),
  • Express crypto purchase and deposit,
  • Up to 100x leverage for margin trading,
  • Market orders, limit orders, and conditional orders,
  • Trading of USDT perpetual and inverse perpetual contracts,
  • Dual asset mining orders,
  • Perpetual swap futures on Bitcoin (BTC), Ethereum (ETH), Eos (EOS), and Litecoin (LTC),
  • NFTs trading,
  • Spot trading (provided only for the whitelisted users),
  • Derivatives trading,
  • Flexible staking orders,
  • The ability to generate passive income through Bybit’s affiliate program, referrals, the hub of the reward, etc.

Supported Cryptocurrencies

This crypto trading exchange supports a number of the most well-known and most valuable cryptocurrencies on the market, including BTC, ETH, XRP, and LTC. Over 70 other altcoins like LINK, UNI, EOS, ADA, DODGE, and XLM are also available.

Payment Methods

You can buy BTC, ETH, or USDT from Bybit or transfer money into your account through the Express dashboard tool. Third-party service providers demand traders complete the mandatory KYC to use the Express Buy Crypto deposit option. You can fund your Bybit trading account with more than 170 different fiat currencies.

Bybit exchange products

Your funds are deposited within 2 to 3 hours. It’s good to mention that Bybit does not handle deposits in fiat money directly but through its partners – MoonPay, Mercury, Simplex, Banxa, XanPool, E-check, Capitual, and Legend Trading. These Buy Crypto Express third-party payment providers handle 100% of the deposit funds. Hence, to make crypto deposits, you’ll first need to convert your fiat money for the preferred cryptocurrencies and then transfer the cryptos to Bybit.

Finally, Bybit has various payment options for you to choose from when you want to buy coins through the platform. These include an electronic fund transfer, Visa or Mastercard-issued credit card/debit card, and cash deposit options.

ByBit Fees and Limits

All transactions on the Bybit network are subject to a maker/taker fee. The order book liquidity takers incur a fee of 0.075% per order. There is a -0.025% rebate for the market makers, meaning they get compensation for their trading. It is one of the platform’s most distinguishing qualities that sets it apart from the competition.

Moreover, traders should either pay a financing fee or the funding rate (which resembles the overnight fees) for margin trading that involves borrowing assets. The funding rate depends on the rate of interest and the existing market dynamics, which makes this fee highly changeable.

There’s no limit on cryptocurrency withdrawals. 

P2P Trading Fees

Bybit also uses a maker fee/taker fee structure for P2P trading. Bybit charges no transaction fees to either party for fiat-to-crypto trading pairs according to this fee schedule. Depending on the payment method, traders may be required to pay transaction fees to their payment service provider.

Bybit trading platform

Withdrawal Fees

Bybit supports instant withdrawals on your Spot account that can take up to 30 minutes. Depending on your KYC level, there are also limits on the sum you can withdraw from a particular coin. 

Moreover, this cryptocurrency exchange moves the mining fees to a higher level to speed up withdrawal confirmation times on the blockchain. Thus, the Bybit withdrawal fees can rise to 0.0005 BTC. In turn, this makes the withdrawal fees for Bybit a little higher than those for other trading platforms.

Is the Trading Platform Safe to Use?

Bybit takes the security of users’ data and funds particularly seriously. The exchange provides two-factor authentication (2FA), SSL encryption of all online communications, KYC procedure to avoid withdrawal manipulations, as well as a combo of hot and cold wallets to safeguard the funds.

The Bybit Insurance Fund

If a position is closed with negative equity, Bybit uses a risk management instrument called auto-deleveraging (ADL) to close the deal. But, sometimes, the insurance cannot supply enough funds to cover the negative equity of a liquidated position. ADL reduces a trader’s debt to the highest-ranked seller at the liquidation price of the order if they lose more than their original margin.

Bybit platform security

Bybit utilises an insurance fund to make auto-deleveraging less likely to occur. In case of liquidation, Bybit uses the insurance fund to make up the difference. The ADL risk management only gets activated if the compensation scheme is not enough.

But, do have in mind that only BTC/USDT contracts can take advantage of100% of the insurance benefits. Other altcoins/USDT contracts can only use 20% of the Bybit insurance fund per day.

Customer Support

If you have any questions about the platform’s instruments and require expert assistance, the customer support team of Bybit is at your beck and call 24/7 through live chat, email ticket, or via some of their social media channels (like Telegram, for instance). In the spirit of transparency and openness to all, you can even contact Bybit’s CEO through this platform.

A Few Words Before You Go...

Bybit is not an ordinary cryptocurrency exchange as different attributes set it apart from the other platforms. In particular, Bybit’s fast processing engine stands out with its 100,000 transactions per second, far ahead of the rest platforms. 

Furthermore, the exchange rewards the liquidity makers for using this platform. Ultimately, those traders looking to branch out from the more conventional methods of trading coins may find that Bybit is a good option, as it also offers a respectable profit margin and generous incentives for bringing new users to the site.

Start Trading with Bybit


Frequently Asked Questions

Yes. You can trade crypto and crypto futures contracts on the Bybit mobile app. The Bybit app functions much like the platform, including the ability to place stop loss and take profit orders. It’s fully functional on both Android and iOS devices. 

Bybit is a worldwide available crypto and derivatives trading platform. However, due to specific financial restrictions and legal difficulties, the exchange imposes a geo-ban that does not enable residents of certain countries to register a trading account with Bybit. 


The United States, Iran, Quebec (Canada), Syria, and North Korea are just a few countries whose citizens cannot access this exchange. 

When you refer someone to Bybit, you receive a one-time incentive when they have successfully generated and deposited funds into their Bybit account. On the other hand, the Bybit Affiliate Program allows selected Bybit customers to earn a permanent reward depending on the trading volume of the traders they attract to the platform.

Bybit Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading Fees


PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%Visit

Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1%Visit

binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%Visit

bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Visit

coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%Visit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%Visit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%Visit

eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Visit

Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%Visit

KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%Visit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Visit


Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%Visit