Founded back in September 2018, Bybit is a cryptocurrency platform with 220+ coins and a big choice of advanced trading tools. It is focused on spot and derivatives trading and offers up to 100x leverage on Bitcoin / USD and Ethereum / USD trading pairs.

With over 10 million users, Bybit is a company that comprises professionals from investment banks, tech firms, and similar. Bybit does have some downsides, including the fact that there are no fiat markets, and you cannot deposit or withdraw AUD. In this article, we will review and clarify everything that you need to know about Bybit Australia.

How Bybit Works

The first thing we should mention is that Bybit has no KYC (Know Your Customer) requirements, which means that you only need an email address to open an account. It allows you to deposit cryptocurrencies or use a third-party app to buy BTC with real money. However, if you wish to withdraw more than 2 BTC per day, you will be required to complete KYC verification.

Bybit offers margin trading at up to 100x leverage on BTC and up to 50x leverage on other currencies, which is quite impressive. You can also take short-term insurance against possible losses, and for advanced traders, both the website and the mobile app come with various useful features.

Basically, the platform allows you to earn money by betting on whether the currency will gain or lose value. There are three different orders you can take: limit, market, and conditional. Limit is an order to trade at a price you set, while the Market order is filled away from the order book. The Conditional order activates when the trigger price is reached.

ByBit Australia Features

Before we dive into the details, let’s take a quick look at what derivatives are. Basically, these are financial instruments (or contracts) that base their value on an underlying asset. Instead of owning the asset, you actually own the contract to trade that asset at a specific price in the future.

In our case, the asset is a cryptocurrency, and Bybit is a platform on which those contracts are being traded. So, let’s take a look at the top features that Bybit has to offer.

Up to 100x Leverage on Crypto

Bybit allows you to trade crypto at up to 100x leverage. It means that you can open a $10,000 position from the $100 that you invested. However, you should to be an experienced trader before trading with such high leverage; although leveraged trading increases the potential trading reward, on the other hand, it also increases the risks. You can easily lose all your money very quickly in such a volatile market as cryptocurrency.

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Risk-Free Test Site

If you are an entry-level trader, you can always use Bybit's test site and try out different strategies on 220+ cryptocurrencies, while also learning how to use the site without investing real money. It is also a nice way to get used to their advanced, sometimes even complex tools.

Leveraged trading can be very risky, so it is good to gain some confidence in the test environment. When you decide to start trading with real money, be sure to start small until you understand how to minimise the risk.

Many Ways to Earn Interest on Your Crypto

If you want to make the most of your cryptocurrency when holding it for the long-term, you can consider using one of the interest-earning methods on Bybit. If you navigate to the Earn section in your Bybit account, you will see various options such as flexible savings, DeFi mining, and the launchpool. Explore this section to see the best way to make your crypto work for you.

Advanced Technology

According to Bybit, the platform can handle up to 100,000 transactions per second, which is much faster than its competitors. When a certain change in the market causes a lot of people  to trade at once, some platforms experience server downtime, but Bybit does everything it can to prevent such issues.

Bybit has powerful charting tools that many traders find incredibly useful, due to their functionality and features. Also, you can download data in multiple formats to suit your needs.

Educational Resources

Another great thing about Bybit is that it has an immersive collection of resources and insights for traders, from entry to advanced levels. There is also a tool that explains how to use Bybit and understand chart patterns. It also provides a detailed description of different cryptos and teaches users about decentralised finance, known as DeFi.

Also, Bybit hosts classes on social media quite frequently. It can be very useful since you will need to have sufficient knowledge before you can use advanced financial tools properly.

Things That Could be Improved

Although Bybit is an excellent cryptocurrency platform, there are still two main concerns I have for users.

No Fiat Markets

While Bybit is an excellent crypto trading platform, they are limited to trading between their range of 220+ cryptocurrencies. You cannot trade against AUD or even USD. Related to this issue is the fact that you cannot deposit or withdraw AUD from Bybit; only crypto deposits and withdrawals are supported.

Crypto Derivatives are Very Risky

Although this is not an issue with Bybit's platform, this is something for users to be aware of. Using leverage on markets like cryptocurrency allows you to bet borrowed money on a particular outcome. However, if the bet goes wrong, you will lose the money, which is quite risky.

A report from Carnegie Mellon University states that smaller investors are disproportionally affected by liquidations. It also raised concerns about the effect that derivatives trading has on the volatility of the crypto market.

Pros and Cons of Bybit Australia

  • Over 220+ cryptocurrencies available to trade
  • Very low trading fees of 0.1%
  • Demo account so you can practise your trading strategies risk-free
  • Derivatives and margin trading up to 100x leverage
  • 24/7 live chat customer support
  • No fiat trading markets - cannot deposit or withdraw AUD
  • Derivatives trading is very risky and not recommended for newcomers

Bybit Australia Deposit Methods

Bybit only accepts cryptocurrency deposits, there are no fiat deposit methods available.

Bybit Australia Fees

If you do not have cryptocurrency and you want to use Bybit, you can use the fiat gateway to direclty buy USDT, BTC or ETH using AUD. There is a fee charged by the third-party service provider (eg: MoonPay or Banxa) which will vary, and you can use various payment methods such as PayID, Visa/Mastercard, bank transfer, etc.

Spot trading fees are extremely low, at just 0.1%.

The fees for derivatives trading are even more competitive: market makers pay 0.01% and market takers pay 0.06%.

Fiat withdrawals are not supported on Bybit, and crypto withdrawals are charged a flat fee, dependant on your coin.


Security is one of the most important questions when it comes to trading on the crypto market. That’s why Bybit uses different measures to ensure that your assets are safe. First, it stores all of the clients’ funds offline. It also reviews each withdrawal request manually to prevent unauthorised withdrawals.

The company is also a participant in a Bug Bounty program that encourages ethical hacking to find any possible loopholes in the system. Finally, Bybit does extensive background checks for all of its employees.


Bybit is an excellent choice for Australians who want to trade with margin and are confident using advanced trading instruments. Bybit is also suitable for beginners, with spot trading markets and very low fees of 0.1%.

Also, if you want to learn to trade crypto, Bybit has a Demo mode where you can fine-tune your strategies and trade risk-free using play money. Plenty of educational resources are also present, and 24/7 live chat is available to assist you if any issues arise.

The only big issue with Bybit is that they do not support fiat deposits or withdrawals. If you are looking to make easy purchases of crypto with AUD, you will have to look elsewhere. I would suggest using one of the best crypto exchanges in Australia, such as CoinSpot or Swyftx. Swyftx offers instant purchasing of 320+ coins using AUD, with low fees of 0.6%, and you can easily withdraw your AUD to your bank account free of charge.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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