Coinspot vs Bybit | The Best Exchange For Australian Traders?
Jack Moreau
Apr 2024
9 min read
Fact checked
Introduction: Looking for the ultimate comparison between Coinspot vs Bybit? We've analysed both exchanges based on KYC requirements, country availability, product offerings, trading fees, deposit methods and more. Find out which exchange best suits your needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Coinspot and Bybit are two very different cryptocurrency exchanges that cater to different types of users.
Coinspot is an Australian-based exchange that is primarily aimed at beginners who want a simple and easy-to-use platform to buy and sell cryptocurrencies. It was founded in 2013 by Russell Wilson and is headquartered in Melbourne, Australia.
Coinspot exchange
It is a popular cryptocurrency exchange in Australia that offers over 300 cryptocurrencies for trading.
The platform is beginner-friendly and has a clean and intuitive user interface. The exchange is only available in Australia, and users who are not residents of Australia are not able to use its services.
Coinspot has over 2 million Australian customers with over 100,000 downloads on their Android and IOS mobile apps.
Coinspot app
Bybit, on the other hand, was founded in 2018 by Ben Zhou and is registered in the British Virgin Islands as Bybit Fintech Limited with its headquarters in Singapore.
The exchange specializes in offering advanced trading options such as perpetual contracts, futures, and inverse contracts, with up to 100x leverage for various cryptocurrencies such as Bitcoin, Ethereum, and more.
Bybit exchange
Bybit is committed to delivering a seamless trading experience through its high-speed matching engine, allowing for minimal downtime and slippage.
Bybit is also available as an IOS and Android app and has over 5 million app downloads and an impressive 4.2-star rating with over 60,000 reviews.
Bybit app
In conclusion, Coinspot is aimed at beginners who want a simple and easy-to-use platform to buy and sell cryptocurrencies, while Bybit is aimed at both beginners and experienced traders alike who want access to a wide range of products and services.
Coinspot vs Bybit Signup & KYC
Moving on to signup requirements, to create an account on Coinspot, users simply provide an email and a password. Once the email verification code is entered, the account is created.
Coinspot signup
However, in order to use Coinspot’s services, users must complete the KYC process by providing personal information such as full name, address, and an Australian phone number.
Verification time for Coinspot typically takes 1-2 business days but note that only Australian users are eligible to trade on the platform.
On the other hand, Bybit offers a simpler signup process where users can register with their phone number or email. One big difference between Coinspot and Bybit is that users can begin trading without KYC on Bybit.
Bybit KYC
For those that wish to access more advanced features such as Earn, One Click Buys, and Fiat Deposits, KYC verification is required.
Generally, the KYC verification process on Bybit takes approximately 10 minutes for an account to get verified but can take up to 48 hours in some cases.
Coinspot vs Bybit Products & Services
Coinspot is a beginner-friendly exchange that primarily offers basic spot trading and a simple swap service to convert one cryptocurrency for another. They also have an NFT marketplace and an OTC desk for high net worth individuals.
Coinspot spot trading
However, Coinspot's product offering is limited and not suitable for experienced traders who are looking for a wider range of products and services. The user experience on Coinspot is good for total beginners, but nothing stands out as particularly impressive.
Coinspot dashboard
On the other hand, Bybit is a much more comprehensive cryptocurrency platform that offers a wide range of trading services, including spot trading, futures, margin trading, perpetual swaps (perps), options, and leveraged tokens.
Bybit spot trading
Liquidity on Bybit is in the top 10 category, with daily spot trading volumes frequently exceeding $1 billion. The max futures leverage available on Bybit is 20X, and margin trading is available with up to 5X leverage with USDC, USDT, BTC, and DAI as underlying collateral.
Bybit Futures
Bybit also offers trading bots and copy trading, which allows users to follow and copy the trades of successful traders automatically.
The exchange also offers lending and borrowing services, an NFT marketplace, and the Bybit card, which allows users to spend their digital assets in everyday transactions.
Bybit NFTs
Bybit offers a great user experience with a cleverly designed interface that is easy to navigate, even for beginners.
Bybit cryptocurrencies
Overall, while Coinspot is a suitable exchange for beginners who are just starting to explore cryptocurrency trading, Bybit offers a more comprehensive range of products and services that will satisfy the needs of both professional traders and beginners.
When it comes to trading fees, Coinspot and Bybit are actually not too far apart from each other.
Coinspot charges a 0.1% spot trading fee for makers, takers, and OTC desk transactions. However, the fees for instant buy, swap, or recurring buy are significantly higher at 1%. Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees.
Unlikely Coinspot, Bybit also offers the opportunity for users to lower their fees if they exceed the minimum monthly trade volume threshold.
So while Coinspot and and Bybit have similar spot trading fees, Bybit has the advantage by offering volume based discounts and low futures fees which are not available on Coinspot.
Moving on to deposits, Coinspot only supports deposits in AUD, while Bybit supports five fiat currencies including USD, RUB, MXN, BRL, ARS and TRY.
Coinspot users can deposit AUD via Poli, PayID and Direct Deposits free of charge. They can also deposit via BPAY (0.9% fee), Cash (2.5% fee) and credit/debit card (2.58% fee).
Coinspot fiat deposits
For users on Bybit, they can deposit fiat currencies via Bank Transfer, SEPA, FPS, QiWI, Advcash and PIX. They have to pay an $8 deposit fee when depositing via Wire Transfer, but bank transfers are free for the other supported fiat currencies.
Bybit fiat deposit
While Coinspot offers a variety of deposit methods for AUD, Bybit offers more options for their users with support for multiple fiat currencies.
Coinspot being an Australian exchange only allows users to withdraw their AUD free of charge. However, the withdrawal fees for cryptocurrencies vary depending on the blockchain used.
On the other hand, Bybit supports fiat withdrawals for USD, BRL, and TRY. However, the Bybit withdrawal fees for USD wire transfers are quite high at $25.
Bybit's cryptocurrency withdrawal fees are lower compared to Coinspot. For example, Bitcoin withdrawals cost 0.0002 BTC, Ethereum and Solana withdrawals cost 0.0006 ETH and 0.01 SOL, respectively, while ERC-20 USDT withdrawals cost 5-10 USDT.
Coinspot and Bybit are two popular cryptocurrency exchanges that cater to different types of users.
While Coinspot is only available to Australians with obligatory KYC for all users, Bybit is available to users in over 180 countries with trading being possible without KYC.
Coinspot is a beginner-friendly exchange that primarily offers basic spot and swap trading, while Bybit offers many more sophisticated trading products such as spot trading, futures, margin trading, perpetual swaps, options, and leveraged tokens.
Coinspot charges a 0.1% spot trading fee for makers, takers, and OTC desk transactions, while Bybit charges an equally low 0.10% spot maker and taker fee. Bybit's futures fees are also some of the most competitive in the market.
While Coinspot may be perceived to be the more beginner friendly exchange, Bybit is actually well designed and easy to use for beginners as well.
So for anyone looking for a more versatile exchange, Bybit is the obvious answer with a superior offering compared to Coinspot.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
