Cryptocurrency exchanges are on the rise. As more people learn about the benefits of investing and trading cryptocurrencies, they also seek out exchanges that they can trust and that will offer them the best features and rates.

Two of the leading cryptocurrency exchanges on the market today are Bybit and Independent Reserve. Both of these exchanges offer a wide range of excellent features, competitive rates, and crypto coins to exchange.

However, the question still remains. Which cryptocurrency exchange is the right one for your trading needs?

This article will look much closer at both Independent Reserve and Bybit to understand which exchange currently offers the best option for traders. To do this, we won't simply focus on the number of coins on offer nor the trading fees that each exchange incurs.

Instead, we will also focus on the security, features, and tools on offer to provide you with a much greater understanding of each exchange and allow you to make an informed decision when you choose your exchange.

While some articles on crypto exchanges only look at the top line, focusing on the surface information that you could easily search for yourself, we will focus on each section in much greater detail, providing you with real advice and guidance.

Let's dive right in.

Header

Coins

160+

27

Trading Fee

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

0.5%

Deposit Fee

No fiat deposits

International Deposit: $15 (Free over $5000);

PayID or OSKO: $2.50 (Free over $1000)

Electronic Funds Transfer: $0.99, (Free over $100) 

Withdraw Fee

No fiat withdrawals

Bank withdrawal: Free;

Instant withdrawals using NPP: $1.50;

International withdrawals: $20

Deposit Methods

Cryptocurrency only

Direct Deposit, POLi, PayID, Cryptocurrency

Features

- Supports over 160+ cryptocurrencies

- Testnet demo trading to practise

- Margin trading with up to 100x leverage

- Spot and derivatives trading

- Rapid trade speed

- Excellent security with the option of crypto insurance

- Trading options in USD, SGD, AUD, NZD

- Excellent OTC service desk

Disadvantages

- No fiat deposits or withdrawals

- Only 27 coins on offer

- Fees for small deposit amounts

- User interface looks outdated

Cell
Header

Coins

160+

27

Trading Fee

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

0.5%

Deposit Fee

No fiat deposits

International Deposit: $15 (Free over $5000);

PayID or OSKO: $2.50 (Free over $1000)

Electronic Funds Transfer: $0.99, (Free over $100) 

Withdraw Fee

No fiat withdrawals

Bank withdrawal: Free;

Instant withdrawals using NPP: $1.50;

International withdrawals: $20

Deposit Methods

Cryptocurrency only

Direct Deposit, POLi, PayID, Cryptocurrency

Features

- Supports over 160+ cryptocurrencies

- Testnet demo trading to practise

- Margin trading with up to 100x leverage

- Spot and derivatives trading

- Rapid trade speed

- Excellent security with the option of crypto insurance

- Trading options in USD, SGD, AUD, NZD

- Excellent OTC service desk

Cons

- No fiat deposits or withdrawals

- Only 27 coins on offer

- Fees for small deposit amounts

- User interface looks outdated

Cell

Bybit Australia vs Independent Reserve Features

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

Independent Reserve offers plenty of features for traders. One of these features is the additional insurance on offer to users. Independent Reserve was the first Australian cryptocurrency to offer this service. This feature is ideal for any traders who frequently trade as it helps protect their digital asset portfolios.

Independent Reserve also has an impressive security system in place, and OTC Service Desk, which large investors love.

On the flip side, Bybit has established itself by prioritising advanced trading features.

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

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

Bybit also provides users the chance to try their hand with a demo account first, practicing cryptocurrency trades with fake money. This feature is brilliant as it offers users a chance to familiarise themselves with the platform instead of spending large sums of their money.

Another excellent feature offered by Bybit is margin trading, where it offers an unrivalled 100x leverage. For advanced traders, margin trading is essential for making larger profits on successful trades. The normal rate for margin trades is 5x leverage, which is why Bybit is so popular.

Features: Bybit wins this round because of the several advanced features on offer. The range of additional trading options makes it a cryptocurrency exchange 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 has 160+ coins on offer.

Independent Reserve has 27 cryptocurrencies available.

Coins: Bybit wins this round, with a much higher number of coins than Independent Reserve.

Bybit Australia vs Independent Reserve Fees

Independent Reserve differs slightly from other exchanges, as it only charges customers who deposit minimal amounts. If you deposit less than $1000 using PayID or OSKO, you will incur a $2.50 fee each time. For international deposits that are below $5000 USD, expect to pay a $15 fee, as well as a $0.99 fee for any electronic funds transfers below $100.

While those deposit fees can certainly be frustrating, one benefit is that the trading fees are pretty low, at 0.5% per purchase.

Another benefit is that Independent Reserve also doesn't charge customers for AUD withdrawals to Australian bank accounts; however, if you use NPP to withdraw your funds, expect to pay a $1.50 fee.

Any non-AUD or international withdrawals cost $20.

When you look at the fees on Bybit, you will start to notice that things get rather complicated. For starters, Bybit does not accept fiat deposits, but there is a fiat gateway, where you can purchase crypto directly using AUD. Bybit does not charge a fee for this, but the service provider you choose will charge you a fee. This fee varies depending on the payment method and the provider, so be sure to check that you are happy with the amount before making your purchase.

Another issue that Bybit customers have to contend with is that you are unable to execute a fiat currency withdrawal. The only way to withdraw your funds is to transfer your cryptocurrency to another exchange or to your personal wallet.

The trading fees also vary, depending on what type of trading you are undertaking. Spot trading will be charged a different fee to derivatives trading.

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

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

Fees: Bybit's trading fees are much lower than Independent Reserve, at only 0.1% for spot trading and 0.01/0.06% for derivative trading. Independent Reserve charges 0.5% plus deposit fees if you are depositing small amounts of AUD.

Deposit Methods

Bybit only accepts cryptocurrency deposits into their platform. 

Independent Reserve offers a few other deposit methods, as well as letting users deposit funds via cryptocurrency. The methods offered by Independent Reserve include PayID, direct deposit, cryptocurrency, and POLi.

Deposit Methods: Independent Reserve offers more deposit methods, whereas Bybit only accepts crypto deposits.

Bybit Australia vs Independent Reserve Security

Independent Reserve is an extremely safe cryptocurrency exchange. It incorporates multiple layers of security alongside various measures to ensure all digital assets on the exchange are well protected. 

Independent Reserve is registered with AUSTRAC and adheres to all strict AML/KYC verification requirements to stop financing terrorism or money laundering occurring on the exchange.

Independent Reserve also gets audited and, as a result, has become a Gold Certified member of Blockchain Australia, which is the official representation of the cryptocurrency industry in Australia. Therefore you can be sure it meets the very best practice standards.

Independent Reserve's optional insurance is also a first for Australia and covers loss or theft of digital currency that is stored within its digital wallet. Almost all digital currency is stored in cold storage for added protection.

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: Independent Reserve has become a Gold Certified member of Blockchain Australia, which is the official representation of the Cryptocurrency industry in Australia. Therefore you can be sure it meets the very best practice standards.

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 fiat deposits or withdrawals

Independent Reserve Pros & Cons

Pros
  • Excellent security with the option of additional insurance
  • Trading options in USD, SGD, AUD and NZD
  • Excellent OTC service desk
Cons
  • Only 27 coins on offer
  • Fees are higher than Bybit

Conclusion

To conclude, both Independent Reserve and Bybit have lots of features, attributes, and benefits to offer their customers, and both would be solid choices for crypto traders, depending on their needs.

Independent Reserve is a highly secure exchange and offers customers the opportunity to purchase additional insurance if required, with low trading fees for frequent traders.

However, Bybit offers customers over 160+ cryptocurrencies to pick from, as well as a fantastic demo version of the exchange for you to try before you deposit funds.

Not to mention the excellent 24/7 live chat support and margin trading with up to 100x leverage. For these reasons, Bybit is a fantastic choice for any trader, regardless of if you are new to trading or consider yourself more experienced.

Is Bybit trustworthy?

Pleasingly, Bybit is regarded as one of the most secure and trustworthy crypto exchanges available in Australia. It has many security protocols in place, which ensures that all of its customers' personal information and assets are carefully protected from potential cyber-attacks by hackers.

One security feature that Bybit implements is that it keeps all of its customers' funds offline, stored within cold storage.

Bybit also manually checks every single withdrawal to make sure that no unauthorised withdrawals take place. Bybit has these withdrawals checked by human employees rather than computers, making it even harder for cybercriminals.

Can I trust Independent Reserve?

Independent Reserve is renowned as one of the top, most trustworthy exchanges in Australia, with over 200,000 members.

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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