Since it was founded, Coinbase has skyrocketed to become one of the leading cryptocurrency exchanges in the market today. In fact, it is currently the largest US-based crypto exchange, which is no mean feat.

By comparison, Bybit is a slightly newer cryptocurrency exchange, but it has already raced to over two million users. One of the reasons Bybit has become so popular with users is the range of exciting advanced trading features on offer.

All that information is great, but it doesn't answer the question that you came here to find. Which crypto exchange is better?

This article will take a deep dive into the tools, security, features, and coins on offer at these two market-leading exchanges to work out which one is the right choice for your trading needs.

While some crypto exchange comparisons only scratch the surface, focusing exclusively on how many coins you can trade, we will look at other important factors. These factors include fees, security, usability, and unique features.

So sit back, focus your mind, and let's dive straight in.

Header

Coins

220+

160+

Trading Fee

0.1% for Spot, 0.01%/0.06% maker/taker for Derivatives

4.49%

Deposit Fee

No fiat deposits

No AUD deposits, only direct purchases

Withdraw Fee

No fiat withdrawals

No fiat withdrawals

Payment Methods

Cryptocurrency, Credit card, Debit card, Bank transfer

Debit card

Features

- Supports over 220+ cryptocurrencies

- Testnet demo trading to practise

- Margin trading with up to 100x leverage

- Spot and derivatives trading

- Rapid trade speed

- Coinbase privately insures its platform, ensuring your funds are safe in the event of a hack

- Easy to understand user-friendly interface

- Over 160+ cryptocurrencies

- Very secure and trusted platform

Disadvantages

- No fiat deposits or withdrawals

- No fiat withdrawals

- Much higher fees than Bybit

Cell
Header

Coins

220+

160+

Trading Fee

0.1% for Spot, 0.01%/0.06% maker/taker for Derivatives

4.49%

Deposit Fee

No fiat deposits

No AUD deposits, only direct purchases

Withdraw Fee

No fiat withdrawals

No fiat withdrawals

Payment Methods

Cryptocurrency, Credit card, Debit card, Bank transfer

Debit card

Features

- Supports over 220+ cryptocurrencies

- Testnet demo trading to practise

- Margin trading with up to 100x leverage

- Spot and derivatives trading

- Rapid trade speed

- Coinbase privately insures its platform, ensuring your funds are safe in the event of a hack

- Easy to understand user-friendly interface

- Over 160+ cryptocurrencies

- Very secure and trusted platform

Cons

- No fiat deposits or withdrawals

- No fiat withdrawals

- Much higher fees than Bybit

Cell

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Bybit Australia vs Coinbase Features

When it comes to features, both Coinbase and Bybit are highly impressive.

Coinbase offers customers a unique way of gaining crypto through its exchange using "Coinbase Earn." Here, you get given free crypto for watching short educational advertisements. Each video is around three minutes long, and you gain crypto from each one. 

So if you watched three videos about Compound coin, you would earn $9 of COMP crypto.

Coinbase also has its very own crypto wallet available to download on the Play Store.

On the other hand, Bybit has made a name for itself by focusing on advanced trading features,

On Bybit, you can undertake spot trading or derivatives trading. The following derivatives are on offer:

  • Inverse Perpetual Contracts
  • USDT Perpetual Contracts
  • Inverse Future Contracts

Bybit also offers users the chance to try a demo account first, practicing trading with play money. This feature is fantastic as it allows users to become familiar with the platform without spending their own money.

Another great Bybit feature is margin trading, with up to 100x leverage. Advanced traders love margin trading as it offers the chance to make larger profits on successful trades. Often crypto exchanges only offer 5x leverage.

Features: Bybit wins this round because of the advanced features on offer. The range of additional trading options makes it perfectly suited for advanced traders. Plus, if you are a beginner in crypto trading, you can take advantage of the demo version of Bybit to get up to speed with these great features.

Number of Coins

Bybit supports over 220+ coins.

Coinbase Australia has 160+ cryptocurrencies available.

Coins: Tie. Both exchanges offer a similar number of coins.

Bybit Australia vs Coinbase Fees

To purchase crypto on Coinbase in Australia, you can only buy it immediately using your debit card which will cost you a total of 4.49%.

A big downside of Coinbase for Australians is that you cannot sell your crypto, nor can you withdraw AUD to your bank account. This makes Coinbase a poor option to use in Australia. You are much better off using one of the best crypto exchanges in Australia (read here).

When it comes to Bybit fees, there are no options to deposit or withdraw AUD or any fiat currency. You can only deposit and withdraw cryptocurrency. The trading fees on Bybit are extremely low, as shown below.

Spot Trading - Market takers and makers pay a 0.1% fee.

Derivatives Trading - Market takers pay a 0.06% fee. Marker makers pay a 0.01% fee.

Fees: Bybit has much lower trading fees of just 0.1% for spot trading and 0.01/0.06% for derivative trading. Coinbase charges 4.49% for a simple purchase of cryptocurrency, which you cannot sell in Australia.

Payment Methods

Bybit accepts cryptocurrency deposits only, with no fiat deposits. If you want to purchase BTC, ETH or USDT directly using AUD, you can use their fiat gateway, which accepts debit card, credit card and bank transfer

Coinbase does not accept fiat deposits in Australia per se, but you can use your debit card to purchase cryptocurrency instantly, at a very high fee of 4.49%.

Payment Methods: Bybit wins as it allows the more payment options when purchasing crypto using AUD.

Bybit vs Coinbase Security

Coinbase boasts extensive levels of security, including biometric logins (face and fingerprint I.D.), two-factor authentication, and paper and USB drive backups. These backups are stored in vaults and safe in various locations to make the exchange as secure as possible.

When it comes to Coinbase employees, each one must pass a criminal background check before working there and must use encrypted hard drives.

Coinbase keeps 98% of its digital assets in cold wallets offline and is also inspired to protect digital assets from theft or losses. Coinbase is licensed and registered in the USA, which means it must adhere to some of the strictest regulations in the world.

In comparison, Bybit is registered in the British Virgin Islands and based in Singapore, which offers more relaxed regulations and more beneficial tax laws. It has over two million users and even reached more than $10 billion in trade volume across one day.

Security: Due to the fact that Coinbase is licensed and registered in the USA, it must adhere to some of the strictest regulations in the world. As a result, it also offers a wide range of additional security features that many crypto exchanges do not employ.

ByBit Australia Pros & Cons

Pros
  • Spot and derivatives trading available
  • Over 220+ cryptocurrencies supported
  • Up to 100x leverage margin trading
  • Testnet (Demo) trading option for beginners to learn
  • Rapid trade speed
Cons
  • No fiat deposits or withdrawals

Coinbase Australia Pros & Cons

Pros
  • Coinbase privately insures its platform so your funds are safe in the event of a hack
  • Easy to understand user-friendly interface
  • Over 160+ cryptocurrencies are available
  • Very secure and trusted platform
Cons
  • Much higher fees than Bybit
  • Cannot sell crypto in Australia, and no AUD withdrawals

Conclusion

To conclude, both Coinbase and Bybit have plenty to offer their customers, and both would be good choices for particular traders depending on their needs. Both crypto exchanges offer customers a unique experience packed with features and protected by high-level security.

Bybit is the one to use if you are an experienced trader. It offers a range of 220+ coins, low trading fees, and derivatives and margin trading. If you are a beginner to cryptocurrency, Bybit may be too confusing, but Coinbase is also not a great option in Australia. The fees to buy crypto are extremely high at 4.49%, and you cannot sell your crypto, or withdraw AUD from the exchange. Instead, I would suggest you have a read of this list of the best crypto exchanges in Australia.

Can I trust Coinbase?

Coinbase is a highly trustworthy exchange and has never experienced any successful hacks. One of the main reasons for this is that Coinbase is licensed in the USA and, therefore, must adhere to its strict compliance and regulation standards.

Is it illegal to use Coinbase in Australia?

While it is not illegal to use Coinbase in Australia, you cannot sell crypto on Coinbase in Australia, and you cannot withdraw AUD, making it much less user-friendly.

Who owns Bybit?

Ben Zhou is the CEO and co-founder of Bybit.

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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