Crypto Exchange comparison
Bybit vs Kraken
The biggest practical difference between Bybit and Kraken for Australian investors is regulatory footing. Kraken holds an Australian Financial Services Licence (AFSL 545124) and is registered with AUSTRAC, while Bybit is an offshore entity with no AUSTRAC registration. That distinction flows into everything from deposit methods to tax reporting.
Choose
Bybit
if…
- ›You want a demo account to practise crypto trading before committing real money
- ›You prefer peer-to-peer fiat trading or third-party card gateways over direct bank transfers
- ›You want access to the Bybit Card for spending crypto directly where available
- ›You're comfortable trading on an offshore platform without AUSTRAC oversight
Choose
Kraken
if…
- ›You want a platform that's AUSTRAC-registered and holds an Australian Financial Services Licence
- ›You need an Australian tax statement at EOFY to simplify your crypto reporting
- ›You want to deposit AUD directly via PayID or Osko bank transfer — no third-party gateways
- ›You want to open a trust or SMSF account for crypto investing
- ›You value phone support in addition to 24/7 live chat
Where they differ
| Fact | Bybit | Kraken |
|---|---|---|
| AUSTRAC registration | No | Yes |
| AFSL number | None | 545124 |
| Australian tax statement | Not provided | Provided |
| AUD deposit methods | Third-party fiat gateways (Banxa, Mercuryo, MoonPay) or P2P | PayID, Osko, debit/credit card, Apple Pay, Google Pay |
| Demo account | Yes | No |
Verdict
If regulatory peace of mind and AUD bank transfers matter, pick Kraken. If you want a demo account and don't mind offshore, pick Bybit.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | Bybit | Kraken |
|---|---|---|
| account structure | ||
| Individual account | Yes | Yes |
| Joint account | No | No |
| Company account | Yes | Yes |
| Trust account | No | Yes |
| SMSF account | No | Yes |
| Kids / minor account | No | No |
| asset coverage | ||
| Crypto trading | Yes | Yes |
| IPO access | No | No |
| costs hidden | ||
| Market data fees | $0/month | $0/month |
| Conditional order fees | $0 | $0 |
| costs visible | ||
| Monthly platform fee | $0/month | $0/month |
| Annual platform fee | $0/year | $0/year |
| Inactivity fee | $0 | $0 |
| Withdrawal fee (AUD) | — | $0 |
| identity and trust | ||
| Legal entity name | Bybit Fintech Limited | Bit Trade Pty Ltd (trading as Kraken) |
| AFSL number | — | 545,124 |
| AUSTRAC registration | No | Yes |
| Year founded | 2,018 | 2,011 |
| Parent / ownership | Bybit Fintech Limited (privately held; founded and led by Ben Zhou) | Payward, Inc. (Bit Trade Pty Ltd acquired by Kraken in 2020) |
| Country of incorporation | SC | AU |
| Public company status | private | private |
| money movement | ||
| Minimum initial deposit | — | $5 |
| Minimum subsequent purchase | — | $5 |
| Deposit methods | Crypto deposit, Third-party fiat gateway (debit/credit card via Banxa, Mercuryo, MoonPay), P2P trading (peer-to-peer fiat), Bybit Card top-up (where available) | PayID, Osko bank transfer, Debit card (mobile app), Credit card (mobile app), Apple Pay, Google Pay |
| Withdrawal time | AUD bank withdrawals not supported; crypto withdrawals processed typically within minutes once approved (subject to network confirmation) | AUD withdrawals via Osko bank transfer typically same business day (PayID withdrawals not yet supported) |
| platform ux | ||
| iOS app | Yes | Yes |
| Android app | Yes | Yes |
| Desktop platform | Yes | Yes |
| Demo account | Yes | No |
| Free real-time market data | Yes | Yes |
| Free research reports | No | No |
| 2FA support | authenticator | authenticator |
| Customer support channels | 24/7 live chat, email/ticket, help center, in-app support | 24/7 live chat, email, support portal, phone (24/7) |
| Support hours (AU time) | 24/7 (live chat); email tickets responded in 1-3 business days | 24/7 (live chat and phone) |
| Education content | video + courses | video + courses |
| tax and reporting | ||
| Australian tax statement | No | Yes |
| CGT calculator / report | No | No |
| Sharesight / Navexa integration | Yes | Yes |
| trading mechanics | ||
| Market orders | Yes | Yes |
| Limit orders | Yes | Yes |
| Stop loss orders | Yes | Yes |
| Conditional orders | Yes | Yes |
| Auto-invest / DCA | Yes | Yes |
| Auto-invest sophistication | single asset | single asset |
| After-hours / overnight trading | Yes | Yes |