- Regulator registration
- Supported assets
- Fiat currencies
Bybit is globally recognised as one of the most popular derivatives exchanges. It has over 5 million registered users and consistently ranks in the top 10 for derivatives trading volume.
Before you sign up, it's important to understand the risks involved with using a global exchange that isn't registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Bybit is not licensed to offer crypto derivative products in Australia, and trading with leverage is high risk and unsuitable for beginners.
Only consider using Bybit if:
- You are a seasoned trader who understands the risks of trading with leverage
- You understand the added risks of using an internationally-located, unregistered crypto trading platform
- You plan to use the exchange's risk-free testnet service to practice trading crypto derivatives before using real funds
- Over 334 cryptocurrencies supported. Bybit supports 334+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
- Trade with multiple fiat currencies. Bybit allows you to trade with 10 currencies including AUD, USD, CAD, EUR, GBP, NZD, HKD, JPY, SGD, PHP.
- Deposit and withdraw AUD directly to your bank account in Australia. With Bybit you can deposit cash from your Australian bank account and cash out back into the same account.
- Supports a range of payment methods. Bybit supports several popular payment methods including AUD deposits via Bank transfer, Credit card and Debit card.
- Unsuitable for beginners. Offers derivative products that are unsuitable for beginners to use. Leveraged trading is high risk and may result in losses that exceed deposits.
- Limited trading pairs. Fewer spot trading pairs than some competitor exchanges.
- Lacks the Australian Transaction Reports and Analysis Centre regulatory compliance in Australia. According to our research Bybit is not registered with AUSTRAC in Australia. Platforms registered with the Australian Transaction Reports and Analysis Centre must comply with local laws and regulations which are designed to protect users.
- No live chat or phone-based customer support. Bybit does not have a live customer support service. Instead you will need to consult the FAQ or contact Bybit via email, which may take several days to receive a reply.
- No mobile app available. Bybit does not have a dedicated mobile app. You can still use the platform on your phone, but the experience may not be as smooth as other platforms that have smartphone apps.
Unsuitable for beginners. Offers derivative products that are unsuitable for beginners to use. Leveraged trading is high risk and may result in losses that exceed deposits.
Limited trading pairs. Fewer spot trading pairs than some competitor exchanges.
|Fiat Currencies||USD, AUD, CAD, EUR, GBP, NZD, HKD, JPY, SGD, PHP & 63 more|
|Cryptocurrencies||BTC, ETH, XLM, XRP, DAI, DOT, EOS, ADA, BCH, BNB & 326 more|
|Trading Fee||Fees vary|
|Deposit Fees||Fees vary|
|Withdrawal Fees||Fees vary|
How Bybit works
Bybit offers traders many features, including NFT trading, an earn platform and hundreds of spot market pairs. Due to its vast range of several hundred perpetual and quarterly futures trading contracts, it is best recognised as a crypto derivatives exchange.
Futures contracts are financial derivatives that allow traders to speculate on an underlying asset's price movement without holding the asset itself – this opens up the possibility to trade using leverage.
Leverage or "margin trading" allows you to borrow from a broker and open a position larger than your account balance and is a high-risk, advanced trading product not suitable for beginners.
Leverage trade example:
You open a long position on BTC/USDT. You use $100 USDT and leverage it 10x, purchasing $1,000 worth of BTC – remember, you are not holding BTC, merely a contract speculating on its future price.
If BTC rises 10%, you stand to make $100 (10% of your initial investment * 10x leverage). However, if BTC falls drastically and your maintenance margin is hit, the position will be liquidated and you will be left with nothing.
Leverage trading is extremely high-risk and not suitable for beginners.
Listed Bybit crypto exchange assets
Bybit supports over 334 cryptocurrencies. In total, Bybit carries 18 of the top 20 cryptos by market cap.Popular assets on Bybit
Depositing funds to Bybit
You can deposit funds into Bybit in two different ways:
- You can transfer crypto assets into your Bybit account from another crypto wallet.
- You can deposit funds through a bank, wire transfer or third-party payment provider. Please note that you must complete the KYC process to deposit most fiat currencies.
Bybit fees overview
|Maker fee||Taker fee|
|Spot trading pairs||0.10%||0.10%|
These fees are reduced if you become a VIP member of the platform.
Bybit exchange features
Express buys – The interface for express buys is simple. You choose your payment method, choose the digital asset you'd like to buy and then in one click you can confirm your digital asset purchase.
Spot market trading – This feature allows you to create bids and asks for digital assets you'd like to purchase. This type of trading is done in a peer-to-peer manner.
Derivatives trading – Derivative contracts allow traders to speculate on an underlying asset's price movement without holding the asset itself. Both profits and losses are amplified when trading with leverage.
Earning features – Bybit offers a number of earn products, some more complex than others. For example, there is the "USDC Bybit Savings" product, which allows you to earn yield on the USDC that you stake with the platform.
There are also "Dual Asset Short Term High Yield" products that come and go quickly on the site. Dual asset products may involve DeFi operations to generate yield, and as such should be considered high risk.
Please keep in mind that when you lend or stake assets on a centralised platform, you are adding counterparty risk. This means you are trusting the platform to manage your assets responsibly.
Bybit's NFT marketplace supports the minting, listing and trading of NFTs on the Ethereum blockchain and the listing and trading of NFTs on the Solana blockchain.
Is Bybit easy to use?
Certain features of Bybit are easier to use than others. For example, the express buy feature is quite easy to use while the derivatives trading platform is a bit more complicated.
Bybit has an extensive help section that provides guides on how to use a number of features on the platform.
It gives you instructions on how to submit a query around an issue you're having and how to reset your two-factor authentication (2FA).
The platform also has a frequently asked questions section and a customer support email. You should receive a response within one business day.
Bybit does not offer phone or live chat support.
Is it safe to use Bybit?
Past hacks - Bybit has never been hacked.
Security audits – Bybit has disclosed which security audits it has undergone, and the exchange's CEO, Ben Zhou, has gone on the record saying that cryptocurrency exchanges should work with "reputable security firms to carry out security audits" according to Cointelegraph.
Insurance fund – Bybit's insurance fund is a reserve pool that the exchange can use to help protect traders from entering negative equity territory – or going below the bankruptcy price – on a trade.
Cold storage – 100% of the private keys to assets on the Bybit platform are held in multi-signature cold storage wallets.
Bybit KYC requirements
While KYC isn't required to use Bybit, you are opening yourself up to risks by not going through the KYC process. Risks include:
- Potentially having your account flagged and frozen by authorities
- Potentially violating anti-money laundering (AML) laws or other laws like it
- Not being able to withdraw large sums of crypto
Financially, Bybit can be dangerous to use, as trading crypto derivative products is risky and the chance of losses is higher than spot trading.
Alternatives to Bybit
- "What is Bybit NFT marketplace?" Bybit Learn, Jan. 20, 2022
- "Bybit fees: Everything you need to know before trading crypto [updated]," Bybit Learn, Sept. 17, 2021
- "Hello, how can we help you?" Bybit
- "Most crypto exchanges are vulnerable by design, says Bybit CEO," CoinTelegraph, Sept. 27, 2020
- "What is the Bybit insurance fund?" Bybit Learn, Apr. 14, 2021
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