Bitaroo Review: Buying, Selling and Trading Bitcoin

Bitaroo review

Cryptocurrency is taking off in a big way and at the heart of this digital revolution is the king of all cryptocurrencies: Bitcoin. If you’re looking to invest in Bitcoin without needing access to the thousands of other cryptocurrencies on the market, Bitaroo is Australia’s biggest Bitcoin-only exchange. It’s a trusted platform that offers a great interface, reliable customer support, and extremely low trading fees.

Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever. 

Summary

Bitaroo is Australias largest Bitcoin-only exchange, providing a safe and easy-to-use way for individuals, businesses, and Self-Managed Super Fund (SMSF) investors to buy and sell Bitcoin with extremely low trading fees. Bitaroo’s customer support is dedicated and prompt, and its trading interface balances simplicity with an impressive variety of order types and charting tools. The Bitcoin-only platform also provides an Over-The-Counter (OTC) service for larger trades. 

What is bitaroo?

Bitaroo is a Brisbane-based exchange that provides a simple platform for investors to buy, sell and trade Bitcoin (BTC). Bitaroo was founded in 2018 by Ran Oren, Chief Technical Officer, and Ethan Timor, Chief Executive Officer, two Bitcoin investors with a background in trading, IT, finance, and business. Since its inception, Bitaroo has steadily grown in size and popularity and has become the largest Bitcoin-only exchange in Australia.

Bitaroo offers an impressive variety of order types and charting tools that suit a range of experience levels. Bitaroo caters to individual BTC investors, businesses, and SMSF investors looking for a stress-free way to buy and sell Bitcoin with low trading fees. 

Along with being Bitcoin maximalists and providing some light-hearted humour within their website, the Bitaroo team is active in the crypto community and they contribute 10% of all profits to several worthy causes, environmental organizations, and Bitcoin developers. 

Bitaroo features

Key Takeaways

Name

Core Services

Available Cryptocurrencies

Payment Options

Deposit Fees

Trading Fees

Withdrawal Fees

Mobile App

Bitaroo (Bitaroo Pty Ltd)

Bitcoin trading with AUD

Bitcoin

Direct bank transfer, PayID, Osko

Zero fees for Bitcoin, $1.95 for AUD

0.15% – 0.19%

Flat $1.95 fee for AUD and starting at 0.00005 for BTC

No

Top features you should know

Bitcoin Only Trading

Bitaroo is a Bitcoin-only exchange where the only trading pair is BTC-AUD. The exchange does not support other cryptocurrencies or coins. All buying, selling, and trading features including SMSF are performed using AUD and BTC.

Users who want to buy, trade, and sell cryptocurrencies other than Bitcoin will need to look for a popular crypto platform in Australia. 

Great Trading Interface

The Bitaroo trading interface contains all the essential information including chart overlays, indicators, and drawing tools for advanced traders looking to do technical analysis. It uses a popular and best-in-class trading view seen on many other successful exchanges, whilst maintaining a level of simplicity. Users are able to input how much they want to buy or sell on the left-hand side of the screen. The chart window can be minimized to bring up the Bitaroo order book and recent trades window. Wallet balances are always in sight and displayed in BTC/AUD for easy reference.

A number of advanced order types and Time in Force (TIF) orders are available and offer investors a broad range of risk management and automation tools. This means that traders will have the means to make the most of their Bitcoin investments.

Bitaroo trading

Bitaroo’s trading interface is well suited to traders of all levels. The express feature will appeal to beginners who want the simplest way to buy Bitcoin. It must be noted that the express feature gives a slightly higher market price than the exchange, and it would be good to see the exchange provide beginners with a simpler way to buy BTC at the best rate possible.

Recurring Buys & Dollar Cost Averaging

Bitaroo provides an easy way to automate recurring purchases. Also known as Dollar Cost Averaging (DCA) (Dollar Cost Averaging), it mitigates against market volatility and involves the investment of small amounts of money at a time (instead of a lump sum). This means that a good average entry price on BTC can be obtained without having to try and ‘time the market’.

Users can set up automatic payments to transfer funds into their Australian bank account or PayID. The deposited amount in AUD is then converted to Bitcoin using the express feature (for all DCA purchases). Users can select intervals to be daily, weekly, fortnightly, or monthly. 

However, note that the express feature marks the price of BTC slightly higher compared to the price through the trading interface. For comparative purposes, the price of 1 BTC through express was AUD$63,484. The exchange indicated a price of AUD$62,699. Whilst, the difference in price (approximately 1.24%) may not be overly significant, the accumulative effects will be noticeable if Bitcoin is purchased frequently. 

Bitaroo express buy

Different Account Types, OTC & SMSF Investing

Bitaroo offers 4 different account types to suit a wide range of Bitcoin investors. These include:

  • Individual
  • Payroll
  • Corporate
  • SMSF or Trust

For users looking to invest with their super fund, Bitaroo provides an easy way to do just that. They keep it as straightforward as possible by outlining the eligibility criteria and then linking to a helpful article that can get you set up with your SMSF.

They also offer an Over-The-Counter (OTC) service for users looking to make large trades. Their OTC service provides the following benefits:

  • No Fees
  • One Price (no slippage)
  • Escrow Security
  • 5 Minutes Settlements
  • Personal Concierge Service
  • Availability – up to 16 hours a day, 7 days a week
  • Instant Quotes – provided to you privately via Telegram Messenger

As Bitaroo is a relatively new exchange, they have a lack of trading volume when compared to other major platforms. For the vast majority of investors, this won’t be a problem as there is still enough trading volume and liquidity to trade a decent amount of Bitcoin. Users looking to trade large amounts of BTC would be better suited to undertaking this through an exchange with access to greater volume and liquidity. Alternative Australian-based exchanges include Swyftx, Digital Surge, and CoinSpot.

The Lightning Network

Bitaroo is one of the few crypto exchanges in Australia that supports Bitcoin’s Lightning Network. Users can deposit and withdraw Bitcoin on-chain or via the Lightning Network, receiving near-instant BTC transactions that get processed within a matter of seconds. The main benefit of the Lightning network is that transaction prices are generally lower and transaction times are nearly immediate. Given that Bitaroo only supports Bitcoin, this is a handy feature to offer users and not one that is offered by many Australian exchanges.

Advanced order types

While you might not expect a huge range of order types and risk management tools from a platform designed for simplicity and Bitcoin-only trading, Bitaroo surpasses expectations on this front. Along with its user-friendly and reliable platform, it gives users several order types so they can optimize their Bitcoin trading. Order types include:

  • Limit
  • Market
  • Stop Market
  • Trailing Stop
  • Recurring Buy (DCA)

For those not familiar with these order types, you can learn more about them through Bitaroo’s FAQ section where they provide an easy explanation of what each order type does.

Bitaroo limit

On top of these order types, there is also an impressive selection of Time In Force (TIF) options that most other exchanges don’t offer. These allow traders to specify how long an order will stay active before executing or expiring. 

TIF Order Type

Good ‘Til Cancelled

Maker or Cancel

Immediate or Cancel

Fill or Kill

Description

The default order type. Remains active until the trade has been completed or canceled.

An order that is not matched with an existing order and are added to the order book if they achieve a ‘hidden’ limit. The order is cancelled if a match occurs with an existing order.

These orders need to be immediately filled (partially or fully) or they are canceled.

The order is canceled if the order is not completed once placed.

One of the things that attract people to Bitcoin-only exchanges is the simplicity of focusing and becoming familiar with trading just one asset. Bitaroo’s TIF order types offer investors options to make the most out of their Bitcoin investments.

is bitaroo safe to use?

Since its inception in 2018, there have been no reported hacks or security breaches in Bitaroo’s security framework. 2 Factor Authentication (2FA) can be activated by the user to provide an additional layer of account security on top of standard login details. 

Unlike other Australian-based exchanges, Bitaroo does not provide other information relating to implemented security controls. This may pose a barrier to entry to new investors and should be addressed to provide traders with a level of confidence.

Bitaroo Fees

There are no deposit fees for depositing BTC using the standard network or the Lightning Network. For AUD deposits using a bank transfer or PayID/OSKO payment, Bitaroo charges a flat fee of AUD$1.95 (including the use of DCA trading).

For most users (those with a monthly trading volume of less than $10,000), the trading fee is between 0.15% and 0.19%. Bitaroo uses a tiered fee structure where the fee decreases accordingly with higher trading volumes.

Bitaroo trading fees

As the trading volume increase over a rolling 30-day period, fees are reduced. The trading fees on Bitaroo are very low when compared to other Australian exchanges.

Bitaroo offers a range of options and speeds when withdrawing BTC. The 4 main options are: 

  • Priority
  • Standard
  • Economy
  • via Lightning Network

The withdrawal fee varies between 0.00005 BTC and 0.00025 BTC depending on the withdrawal method selected. The priority BTC withdrawal has a fee of 0.00025 BTC, which is still cheaper when compared to the standard cost of 0.0005 BTC seen on other popular exchanges.

For AUD withdrawals, Bitaroo charges a flat $1.95 fee. While most other exchanges in Australia offer free AUD withdrawals, Bitaroo does not.

Bitaroo transaction fees

Bitaroo also have a list of other fees which can be avoided.

Bitaroo avoidable fees

accepted countries

Bitaroo is only available to people residing in Australia. Investors who live in other parts of the world will need to find an alternative exchange to buy, sell, and trade Bitcoin.

getting started

Creating an account on Bitaroo is a straightforward process that takes just a few short minutes. There are a variety of account types to choose from including individual, corporate, SMSF investors, and payroll.

It is worth noting that, unlike most Australian exchanges, Bitaroo charges  AUD$4.95 for signing up due to their digital ID system. While this might be a deterrent for some, in the scheme of things this is quite an insignificant fee given the low trading fees provided by the exchange.

ID Verification & limits

Regardless of which Bitaroo account type you sign up for, all users must go through an identity verification process in accordance with AUSTRAC Requirements. Bitaroo’s verification uses DigitalID, which only requires basic information such as name, residential address, DOB, and a government ID number such as a national Passport or Driver’s Licence.  A one-off fee of AUD$4.95 will be incurred and this may pose a barrier to entry for new investors. 

Deposit Methods

Bitaroo supports the two most common deposit methods in Australia: Bank transfer and PayID/OSKO. For quick deposits, users are encouraged to use PayID, which is near-instant. If you are using a traditional bank transfer or direct deposit, this can take between 1 and 3 business days to clear.

For Bitcoin deposits, users can generate a BTC Address and transfer their funds from their hardware wallet or another cryptocurrency exchange. The Bitaroo platform needs two network confirmations for the Bitcoin transaction to be confirmed on the Blockchain. Bitaroo also supports the Lightning network which allows for instant BTC deposits.

Deposit Method

BTC standard network

BTC lightning network

Bank transfer

PayID

Osko

Turnaround Time

2 confirmations

Near-instant

1 – 3 business days

Near-instant

Near-instant

Buying Crypto Process

The process of buying Bitcoin on Bitaroo is simple and efficient. There are two main ways to buy crypto: through the exchange or via the express feature.

For traders wanting the easiest and most stress-free experience possible, the express feature offers an extremely simplistic way to buy Bitcoin that will not overwhelm newcomers to the space. However, the market price of Bitcoin will be slightly higher than if you were to use the trading interface. For example, the price of one Bitcoin through the express feature was AUD$63,484, whereas the exchange section provided an improved return of AUD$62,699.

Bitaroo trading

On the left hand side of the page you can select from a variety of order types, including:

  • Limit
  • Market
  • Stop Market
  • Trailing Stop
  • Recurring Buy (DCA)

 

Order Type

Limit

Market

Stop Market

Trailing Stop

Recurring Buy (DCA)

Description

Limit orders can be utilised to buy or sell Bitcoin at specified prices.

Market orders can be used to buy Bitcoin at asking prices or sell at prevailing bid price levels.

Stop Market orders are used for buying or selling bitcoin when the Market Price moves past a specified point, which ensures that you enter or exit at a predetermined price level. This could help you lock in profits or limit your losses.

Trailing Stops automatically track the direction of Bitcoin’s price.. They can be set at defined amounts away from the prevailing Market Price. Trailing Stops aim to protect gains and minimize losses as they allow traders to leave their positions open and profit continuously provided the price does not shift against the trader’s bias.

DCA allows investors to buy Bitcoin on a periodical basis to reducing the effects of market volatility. These purchases take place regardless of the price.

Simply input the amount of Bitcoin and order type you want and you can make a purchase with the click of a button. Beginner investors who are not familiar with these order types will be placed after conducting their own research. 

Additionally, there is an impressive selection of TIF options that most other exchanges don’t offer. These allow the user to specify how long an order will stay active before executing or expiring. These include:

  • Good ‘Til Cancelled
  • Maker or Cancel
  • Immediate or Cancel
  • Fill or Kill

Bitaroo’s charts are powered by Tradingview, which is one of the best crypto charting packages on the market. This charting package comes with all the advanced drawing tools, chart overlays, and indicators to ensure that traders have everything they need to carry out technical analysis and optimize their trades. Users can also view the order book and most recent trades below the chart.

Despite having all the bells and whistles of an advanced interface, Bitaroo’s trading interface is still fairly simple to understand. Users who aren’t concerned with technical analysis and charting tools can easily input how much they want to buy or sell on the left-hand side of the screen, but they will need to have a basic understanding of order types to complete the buy/sell process smoothly.

The advanced order types and TIF orders available are an added bonus to the high-performing trading interface, offering traders a broad range of risk management and automation tools that can provide greater control over the timing aspect of orders.

customer support & reviews

Bitaroo currently sits at 3.9/5 stars on TrustPilot. A number of reviews speak very highly of the platform’s ease of use and great customer support, which is encouraging for beginners who may need a hand with the buying process. It appears that Bitaroo’s support team has gone to great lengths to personally respond to all negative reviews and clear up any confusion. 

Bitaroo trustpilot

Several negative reviews are related to unexpected verification issues or withdrawal of funds. Whilst these issues are something to keep in mind, most were addressed by the Bitaroo support team. 

mobile app

There is no mobile trading app to buy and sell Bitcoin on Bitaroo. The website is relatively mobile-friendly, however the development of an app for iOS and Android devices should be considered. If having convenient access to an app to allow for an easier trading experience is important, then consideration should be given to another Australian-based crypto exchange.

security measures

Bitaroo does not provide information on the security measures and protocols it implements. Within the user’s account profile, 2FA can be activated to implement an additional layer of security to secure the account by requiring more than just a password to log in using the Google Authenticator App. Several notifications can be activated to alert users of failed login attempts, password changes, and withdrawal requests.

Alternative exchange options

Alternative Australian-based exchanges include SwyftxDigital Surge, and CoinSpot. These exchanges offer highly competitive rates, have access to greater trading volumes and liquidity and provide mobile apps for iOS and Android devices.

frequently asked questions

How Do I Buy Bitcoin With Bitaroo?

The first step is to create and verify a Bitaroo account. From there you can deposit funds via PayID/Osko or bank transfer which will then allow you to easily buy Bitcoin with AUD through the exchange or express feature.

Is There A Mobile App?

There is no mobile trading app to buy and sell Bitcoin on Bitaroo. The website seems mobile-friendly enough but would be improved if they developed a mobile app that supported iOS and Android devices.

Is Bitaroo Regulated?

Bitaroo Pty Ltd is a registered Digital Currency Exchange that is regulated by AUSTRAC. It follows all Know Your Customer (KYC) procedures, which must be completed (with a fee of $4.95) before using the platform to buy or sell Bitcoin.

Is Bitaroo Safe?

From what we have seen, Bitaroo appears to be a safe Bitcoin exchange for Australians to use. It does not look like the exchange has not been hacked or comprised since its inception and although there is a slightly off-putting lack of security information on their website, there is no reason to believe they are not a safe platform.

Does Bitaroo Have An Affiliate Program?

Bitaroo does not offer an affiliate or referral program to reward existing users with a bonus for bringing new customers to the exchange.

Our Verdict

Despite the lack of security information stated on the website, the Bitaroo platform seems safe and reliable. The trading interface is well-designed and comes with an impressive variety of advanced order types and charting and risk management tools that should cover the needs of all types of traders. The platform also simplifies the world of SMSF and OTC investing, providing Australians with an accessible way to use Bitcoin’s Lightning network. 

Australian Bitcoin investors who do not intend to be distracted by other cryptocurrencies will find Bitaroo an appealing option. The extremely low trading fees will suit traders who want to maximize their BTC investments via DCA purchases.

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