Crypto exchange platforms operate like brokerage houses that help users buy cryptocurrencies, trade them with other currencies, or convert them back into cash. In the last few years, the immense growth of cryptocurrencies has brought about many crypto trading platforms. All crypto exchanges offer distinctive features to attract more users to their platforms and make money. What’s important for users is to find a platform that fits their specific needs.

Bybit and Digital Surge are the two very popular crypto trading platforms in Australia. Both offer hundreds of cryptocurrencies with unique features and markets to trade them in. 

This review is divided into different categories to represent the comparative data accurately and facilitate your decision to choose which platform is best for your needs.

Bybit Australia vs Digital Surge: Brief Overview

Established in 2018, Bybit is a cryptocurrency exchange that has now developed into a popular trading platform with more than 2 million active users. The platform’s primary aim is to get experienced high-worth traders onboard to its diverse markets like spot trading, derivative trading and margin trading. Bybit also offers modern sophisticated charting and analysis tools to its traders. The interface is not geared toward new users, however they can still use the Testnet (demo mode) to get familiar with the platform without losing any investments.  

Digital Surge, is also one of the most popular cryptocurrency trading platforms in Australia. It was founded by Dan Rutter and Josh Lehman in 2017 with both having worked previously in the IT industry. Digital Surge’s main attraction is to new crypto traders. It offers a user-friendly interface with detailed instructions and guides on how to proceed. Customer service is also beginner-oriented, so users can ask questions about anything they don’t understand, with live chat support on hand.

Now let’s dive deep into the features of each of these two platforms and see which one is right for you.

Bybit Australia vs Digital Surge Features

Both Bybit and Digital Surge offer impressive features. Both exchanges have excellent customer service, mobile apps, and state-of-the-art advanced trading tools for experienced traders. However, for the sake of this review, we won’t cover every feature that they provide. Instead, the focus is going to be on the features that set each of them apart. 

At the time of its launch in 2018, Bybit only offered derivatives trading to its users. Derivative trading, as the name suggests, is the future trading of an instrument that is derived from the original asset. However, due to immense demand, spot trading was also added to the platform last year, so users can now trade more than 220+ cryptocurrencies along with [ByD]+ derivative contracts.

Margin trading availability is another feature that sets Bybit apart from other crypto exchanges. Skilled traders can take advantage of 100x leverage available on Bybit to maximise their profits in trading. Margin trading is extremely high-risk. It's advisable to stay away from this if you are not an experienced trader.

As compared to Bybit, Digital Surge is more beginner-friendly. The starting process is extremely simple; new users can get started in just under 2 minutes. New users are able to access a detailed library of informational content and tips on how to trade. Users can also ask questions about any complex concept in the articles to live customer support agents.

This emphasis on learning shows that Digital Surge cares about new users and does not just want their money for profits but rather wants them to grow as successful investors.

Platforms like Digital Surge are also playing a substantial role in making the cryptocurrency adoption process faster. Digital Surge allows you to pay any bill in Australia using Bitcoin without any conversion. You just need to have the BPAY biller code, and you can pay the bill from your Digital Surge wallet.

Number of Coins

Bybit supports more than 220+ coins.

Digital Surge on the other hand offers its users 300+ cryptocurrencies.

Bybit Australia vs Digital Surge Fees

Bybit levies a flat fee of 0.1% on all spot trades. Derivative trading is considered to be a specialty of Bybit, and therefore fees charged for these trades are even lower - market makers are charged 0.01% and market takers 0.06%.

Cryptocurrency deposits are free on Bybit. There is no AUD or any other fiat currency deposit option available. However, Bybit has a fiat gateway for users to buy BTC, ETH, or USDT directly. This gateway is free from the Bybit side but service providers like MoonPay, Banxa, XanPool, SimpleX and Paxful do charge a fee. These service providers support different payment methods such as Visa, Mastercard, Apply Pay, PayID, Google Pay, Samsung Pay, and Bank transfers. 

AUD withdrawals are not allowed on Bybit. Users can withdraw cryptocurrencies after incurring a flat fee that varies from coin to coin. 

Digital Surge also has a very straightforward fee structure. All fees are incurred on the basis of 30-day trading volumes. Average traders (volume less than $100k) pay 0.5% on all trades. High-value investors (volume more than $1 million) pay only 0.1% in fees on all trades.

There are no AUD deposit charges on Digital Surge using PayID or Direct Deposit via OSKO. However, deposits made using POLi have a $2-$3.30 fee per deposit. 

In addition, AUD withdrawals are free on Digital Surge.

Deposit Methods

Bybit only accepts cryptocurrency deposits. You can use the fiat gateway to purchase ETH, USDT or BTC.

Digital Surge allows AUD deposits using POLi, PayID or Direct Deposits along with cryptocurrencies.

Bybit Australia vs Digital Surge Security

Bybit is safe to use. They have an industry-standard SSL certification and 2-factor authentication (2FA). They do not follow Know Your Customer (KYC) requirements; you only have to verify your email address. 

For funds, Bybit recommends that you use their multi-signature ‘Hierarchical Deterministic’ cold wallet system. Cold wallets are offline wallets that do not directly connect to the internet therefore they are more secure. They also have a bug bounty program that rewards hackers for finding and reporting weaknesses present in the system. 

All withdrawal requests on Bybit are also reviewed manually after undergoing a strict automatic protocol.

Digital Surge is also completely safe to use. They do have a different approach toward security because of their founder's background in IT. Digital Surge is also a registered AUSTRAC and ASIC member, which means they comply with AML/KYC requirements. 

Digital Surge platform is built on a multi-layer foundation, meaning that exchange infrastructure and the user trading data are located on separate networks. Digital Surge website and app also have state-of-the-art security protocols built-in. Moreover, all user activity is allowed under 2FA only.

ByBit Australia Pros & Cons

Digital Surge Pros & Cons

Conclusion

Bybit and Digital Surge are both excellent crypto exchanges for Aussies. Both offer almost all of the standard features and security along with some unique platform-specific options. Hence, choosing the better of the two would depend on the experience and needs of the user.

If you are someone new to the world of crypto then Digital Surge might be best for you. It offers outstanding learning material with an interface and customer service that is geared toward helping new users.

On the other hand, if you are an experienced or somewhat skilled trader, you might prefer Bybit. It provides derivatives trading options with extremely low fees and up to 100x leverage margin to maximise your earnings.

If you want to find out more about these two crypto platforms, read our Digital Surge review or Bybit review to learn more, or read our article on the best crypto exchanges in Australia.