Since its inception, eToro has become one of the most popular brokers in the market, which also offers cryptocurrency as part of its plethora of options for customers. Such is the growth of the business. Its current marketing slogan is that eToro is the number one social trading platform in the world.

In comparison, Bybit was founded a little more recently in 2018, but already it has over two million users and offers a wide range of intriguing and exciting features for advanced traders.

But one question still prevails. Which cryptocurrency exchange is better for you? This article will delve deep into the features and offerings provided by these two excellent exchanges to identify which is better for what type of crypto trader.

While some comparison articles will only look at the number of coins each exchange has for you to trade, we will focus on other aspects as well, such as unique features, usability, fees, security, and so much more.

So grab a drink, switch off your phone, and dive in to find out how eToro and Bybit stack up in each category. The information you learn here will help you pick the best crypto exchange for your trading needs.

Header

Coins

160+

50

Trading Fee

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

1%

Deposit Fee

No fiat deposits

Free to deposit, but currency conversion will be charged

Withdraw Fee

No fiat withdrawals

$5 + currency conversion fee

Deposit Methods

Cryptocurrency only

Direct Deposit, POLi, PayPal, bank transfers, and credit/debit cards

Features

- Supports over 160+ cryptocurrencies

- Testnet demo trading to practise

- Margin trading with up to 100x leverage

- Spot and derivatives trading

- Rapid trade speed

- Invest in crypto by purchasing directly or via CFD

- CFDs allow you to bet on the price of crypto to fall

- Margin trade crypto with 2x leverage 

- Demo account available

- Crypto staking supported

Disadvantages

- No fiat deposits or withdrawals

- Higher trading fees, and currency conversion fees

- Only 50 cryptocurrencies

Cell
Header

Coins

160+

50

Trading Fee

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

1%

Deposit Fee

No fiat deposits

Free to deposit, but currency conversion will be charged

Withdraw Fee

No fiat withdrawals

$5 + currency conversion fee

Deposit Methods

Cryptocurrency only

Direct Deposit, POLi, PayPal, bank transfers, and credit/debit cards

Features

- Supports over 160+ cryptocurrencies

- Testnet demo trading to practise

- Margin trading with up to 100x leverage

- Spot and derivatives trading

- Rapid trade speed

- Invest in crypto by purchasing directly or via CFD

- CFDs allow you to bet on the price of crypto to fall

- Margin trade crypto with 2x leverage 

- Demo account available

- Crypto staking supported

Cons

- No fiat deposits or withdrawals

- Higher trading fees, and currency conversion fees

- Only 50 cryptocurrencies

Cell

Bybit Australia vs eToro Features

Both Bybit and eToro offer customers the opportunity to practice trading without spending their funds with a demo account, which is an excellent feature for new or skeptical traders.

eToro provides customers with the opportunity to utilise cryptocurrency CFDs, a feature that many cryptocurrency exchanges do not have available. A CFD (contract for difference) allows users to bet on a cryptocurrency price rising or falling, without needing to own the actual coin.

The main feature that eToro uses to differentiate from other exchanges is that it offers social trading. There is a news feed within the platform and a forum for users to interact, which is great for gaining advice and information.

On the flip side, Bybit focuses more on advanced trading and therefore offers a whole host of advanced features.

For starters, on Bybit, you can partake in spot trading or derivatives trading. The following derivatives are available:

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

As of July 2021, Bybit also started offering spot trading, with over 70+ trading pairs on offer.

Another excellent Bybit feature is margin trading, with up to 100x leverage. Experienced traders often seek this option to make larger profits on successful trades. Many crypto exchanges only offer up to 5x leverage, so 100x is an excellent offering.

Features: Bybit wins this round due to the numerous advanced features on offer. The various additional trading options make it an advanced exchange that professional traders will love. However, if you are a beginner in crypto trading, you may prefer the features on offer at eToro.

Number of Coins

Bybit has over 160+ coins on offer.

eToro Australia has only 50 cryptocurrencies on offer.

Coins: Bybit wins this round, with a much wider portfolio of cryptocurrencies to choose from.

Bybit Australia vs eToro Fees

Although eToro doesn't require customers to pay a fee for deposits, it is worth pointing out that it does require you to pay a currency conversion fee in Australia. This fee is present as eToro is not based in Australia.

Here is a quick breakdown of these fees:

If you deposit through bank transfer, a 50 pips currency conversion fee occurs. 

If you deposit through POLi, Debit or Credit card, or PayPal, a 100 pips currency conversion fee occurs.

With regards to trading fees, there is a flat fee of 1% for buying and selling crypto.

Finally, eToro instills a fiat withdrawal fee for all customers, as well as a 50 pips currency conversion fee. The withdrawal fee is $5, no matter the amount, so it is worth remembering this and try to withdraw larger amounts at once.

Things get a little complicated when it comes to Bybit fees. There are no fiat deposits or withdrawals supported on Bybit. However, if you want to purchase crypto directly using the fiat gateway, there is an undisclosed fee charged by the third-party payment providers. You will have to check the provider's website to calculate this fee.

Bybit's trading fees also differ, depending on if you are spot trading or derivatives trading.

Spot Trading: Market takers and makers both 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 derivatives trading.

Deposit Methods

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

eToro Australia accepts Direct Deposit, POLi, PayPal, Credit Card, or Debit Card.

Deposit Methods: eToro is the winner, making it quick and easy for customers with a range of different deposit methods. Bybit only accepts crypto deposits and withdrawals.

Bybit vs eToro Security

Bybit is registered in the British Virgin Islands and based in Singapore. It has more than two million users and even reached more than $10 billion in trade volume over a single day.

There is some misinformation online about Bybit being a scam, not paying out withdrawals, and other complaints. To check this thoroughly, I deposited USDT into Bybit, made a couple of trades, and placed some conditional offers.

I found no issue executing trades or withdrawing funds, which led me to believe the complaints were from potential new investors who don't fully understand the features on offer.

eToro is also a highly secure cryptocurrency exchange. eToro only works with tier 1 banks, and each customer's personal information is protected by SSL encryption. eToro's cryptocurrency assets are held in cold storage offline to prevent cyber attacks.

Security: This is a tie. Both eToro and Bybit's security is excellent and there is no clear winner.

ByBit Australia Pros & Cons

Pros
  • Spot and derivatives trading available
  • Over 160+ cryptocurrencies supported
  • Up to 100x leverage margin trading
  • Testnet (Demo) trading option for beginners to learn
  • Rapid trade speed
Cons
  • No AUD deposits or withdrawals

eToro Australia Pros & Cons

Pros
  • Invest in crypto by purchasing coins directly or via a CFD
  • CFDs allow you to bet on the price of crypto dropping
  • Margin trade with 2x leverage
  • Demo account available
  • Stake your cryptocurrency to earn interest
Cons
  • Higher trading fees
  • Only 50 cryptocurrencies to choose from

Conclusion

To conclude, both eToro and Bybit have a lot to offer their customers, and both would be great choices for particular traders depending on their needs. Both exchanges offer users a unique experience full of interesting features and backed by high-level security.

Bybit and eToro both offer the chance to create a demo account, which is a fantastic tool for any new or skeptical traders, as it allows them to familiarise themselves with the platform before depositing their hard-earned cash.

Bybit offers margin trading with an impressive up to 100x leverage so if you are on the hunt for an exchange that offers competitive margin trading rates, this might be the choice for you. There are over 160+ coins on offer and a very user-friendly app.

While eToro certainly does not offer as many coins to choose from, it does have its own benefits to consider. The opportunity to purchase via a CFD is certainly interesting, and the opportunity to interact with other traders on the platform is excellent for new traders.

In summary, the decision on whether Bybit or eToro is a better exchange will depend entirely on your personal requirements as a trader.

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

Can I trust eToro?

eToro is a highly trustworthy cryptocurrency exchange that is widely popular across the world. All personal information is protected by SSL encryption, and eToro only works with tier one banks. eToro also operates under the regulations of CySEC, ASIC, and the FCA.

Is Bybit trustworthy?

You will be pleased to hear that Bybit has several security measures in place to keep your assets protected. For starters, 100% of client funds are stored offline in cold wallets. Each withdrawal is also checked manually to prevent unauthorised withdrawals.

Is is illegal to use eToro in the U.S.?

While it is not illegal in most states within the U.S., it is unavailable in particular states where it does not meet state legislation.

eToro is available across the entirety of Australia.

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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