Exchange Review

Bybit Australia Review

Quick Take: Bybit is widely regarded as the best derivatives (futures) cryptocurrency exchange in the world. It is the only exchange to offer 100x leverage on derivatives trading, most cryptocurrency investing platforms only offer up to 20x leverage.

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Bybit is a spot & derivatives cryptocurrency exchange based in Singapore and was founded in 2018. It is one of the most popular exchanges for retail buyers and experienced traders as the platform can be tailored for both clientele. Bybit has many attractive campaigns and promotions running year-round for new users and professional traders. 

The platform offers many features including spot/derivatives trading, options, crypto staking, Launchpads, Launchpools, DeFi mining, a P2P platform and an NFT marketplace.

Table of Contents

Bybit Futures Trading

Bybit futures trading offers the highest leverage on derivatives, going all the way up to 100x. That means that you can trade a position of $10K with a $100 investment. You can currently trade over 200 pairs on Bybit from 2x to 100x leverage. 

Follow the below steps to trade derivatives for up to 100x leverage on Bybit. 

  • Step One: Sign up to Bybit and deposit crypto or fiat currencies into your account
  • Step Two: Go to the Derivatives tab and select the pair you want to trade
  • Step Three: In the top right hand corner select your Margin Mode (Isolated or Cross) and select the leverage you want to use on your position (Long or Short)
  • Step Four: Enter the amount you want to trade and press ‘Open Long/Short’
Bybit Derivatives Page - BTC/USDT
Bybit Derivates Trading Page

Bybit Fees

Bybit has some of the lowest trading fees (both spot and derivatives) you can find. For deposits, Bybit does not charge any fees whatsoever and technically they don't for withdrawals. However, you will need to pay a network transaction (gas) fee and every token has a different charge. 

You can refer to the list below for a detailed breakdown of Bybit’s Fees Schedule. 

  • Deposit Fee: Free on Bybit
  • Withdrawal Fee: Vary from $1 - $15AUD
  • Spot Trading Fee: 0.1%
  • Derivatives Trading Fee: 0.01% - 0.06%

As per the photo below, the Spot & Derivatives trading fee gets lower the more you trade (the higher your VIP level is).

Bybit Trading Fees Schedule
Bybit Trading Fees Schedule

KYC: Do I need to verify on Bybit?

One of the main reasons Bybit is so popular is because it does not require you to verify your identity to use the platform. It is one of the very few exchanges that allow you to trade, withdraw and deposit crypto without completing KYC. 

However, if you wish to withdraw more than 2BTC a day, you will need to verify your identity. Some campaigns and promotions also require users to verify their identity to participate in the event. 

Cryptocurrency Staking on Bybit

When it comes to cryptocurrency staking, Bybit has multiple high return options available. There are flexible and fixed staking options. Meaning you can choose to stake tokens with no lock-in time period or choose to stake for a certain period for a higher APY (Annual Percentage Yields).

  • Flexible Savings - Stake selected tokens to earn guaranteed yields with stable APYs and no lock-in time period. Your staked tokens can be unstaked anytime.
  • Dual Asset Investment - A non-principal protected investment that allows you to deposit your asset and lock in an attractive yield. 
  • Liquidity Mining - Become a liquidity provider (LP) and earn yield derived from swap fees in multiple pools. You can add liquidity to the pool and increase your share, grab additional liquidity, and amplify your yields. 
  • DeFi Mining - Providing liquidity to Curve smart contracts to obtain capital pool revenue. At the same time, you can also obtain additional revenue from its governance token (CRV). 
Dual Asset Mining Page Bybit
Bybit Dual Asset Investment Page

Bybit Bonus, Airdrops & Campaigns

Bybit is well known for hosting frequent community-based events such as promotions, campaigns and competitions where users can win cryptocurrencies and many other prizes. The platform has given out cash, crypto and large prizes such as Teslas and computers to Bybit users. 

To participate in these campaigns and receive bonuses, we recommend joining their online communities such as Telegram, Discord, Reddit, Twitter, Youtube and Instagram. Every one of its social media platforms hosts and offers different events and prizes. 

If you would like to join their online communities, scroll down to the Social Media paragraph for further details. 

Launchpad & Launchpool

The Launchpad feature on Bybit is a token launch platform for new blockchain projects. It gives Bybit users access to pre-listing rounds and allows them to earn new tokens directly on Bybit by committing (staking) BIT to earn an allocation of the new tokens.

The Launchpool feature on Bybit allows you to stake and earn tokens for free. The number of tokens you earn depends upon the number of tokens you stake in the pool. You can simultaneously earn your staking cryptocurrencies, new tokens and a USDT bonus. 

Bybit Launchpad Feature
Bybit Launchpad

Bybit Contact: Customer Support & Social Media

Bybit is one of the few exchanges to offer 24/7 Live Support. Not only do they offer a Live Chat feature on their platform but users can choose up to 6 languages when speaking with a consultant. In addition to their live chat, you can reach them via email and online form. 

If you need assistance in regards to bonuses, promotions and campaigns you can reach them on their social media platforms. You can find Bybit on Twitter, Discord, Telegram, Instagram, Youtube, Facebook, LinkedIn and Reddit

NFT Marketplace

The Bybit NFT marketplace was launched in early 2022 and connects creators with investors. Bybit users can invest in NFTs (digital art, GameFi and Metaverse collectibles, and more) without the expensive network transaction (gas) fees that on-chain platforms like OpenSea charge.

Because Bybit is not on-chain you can avoid the high gas fees that most major NFT marketplaces charge. In addition to not having to pay gas fees, you can also use any tokens in your wallet to purchase NFTs. Whereas on Rarible or OpenSea you can only use Ethereum.

Bybit NFT Marketplace
Bybit NFT Marketplace

Can I use Bybit in Australia? Licensing & Regulation

Yes, Bybit is not on the list of restricted countries, and the platform has acquired the appropriate licensing to operate in Australia. Bybit has never been subjected to any hacking incidents or cyber-attacks in its 5 years of operation. 

Users must enable 2FA (Two Factor Authentication) if they wish to use the exchange to ensure personal account security. 

Bybit Alternatives: Which exchange should I use?

Refer to the table below for the best Bybit alternative exchanges.

Exchanges
Supported Tokens
50
263
Trading Fees
1%
0.1%
Futures Trading
Cryptocurrency Staking
24/7 Live Support
Visit Exchange
Overall Best
Visit Bybit

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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