Bitcoin Australia Review 2023: Still A Cheap Option?
Published 20 Nov, 2021 Updated 02 Feb, 2023
Table of Contents
- 1 Our Takeaways
- 2 What Is Bitcoin Australia?
- 3 Bitcoin Australia Pros & Cons
- 4 Buy Crypto Direct To Your Wallet
- 5 Is Bitcoin Australia Regulated?
- 6 Is Bitcoin Australia Safe To Use?
- 7 What Are The Fees?
- 8 Accepted Countries
- 9 Customer Support & Reviews
- 10 Mobile App
- 11 Alternative Exchange Options
- 12 Our Verdict
Established in 2014, Bitcoin Australia is one of the longest-serving cryptocurrency exchanges in Australia. The platform is also one of the founding members of Blockchain Australia. How has the platform progressed over time and is it still one of the best Australian platforms to buy and sell digital currencies?
Promotion: None available at this time
Trading Fees: 5%
Available Cryptos: 14
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|Core Services||Buy crypto with fiat|
|Available Cryptocurrencies||14 including BAT, BNB, BUSD, BTC, BSV, LINK, CHZ, MANA, KCS, LTC, XRP, USDT, and USDC|
|Fiat Currencies||AUD, GBP, CAD|
|Deposit Options||POLi, PayID, BPAY, Australia Post, credit card, news agencies (Blueshyft)|
|Deposit Fees||3.9% plus surcharge|
What Is Bitcoin Australia?
Founded by Rupert Hackett in 2014, Bitcoin Australia is one of the longest-standing cryptocurrency exchanges in Australia. The Melbourne-based exchange provides Australians with an easy way to buy and sell Bitcoin, Ethereum, and other digital currencies. Bitcoin Australia is a founding member of Blockchain Australia and has expanded its services to investors located in Canada and the UK.
Bitcoin Australia Pros & Cons
- Ease to use platform that caters for beginners
- Buy crypto in minutes (sent directly to a personal wallet)
- Variety of payment methods
- Melbourne-based team to provide local customer support
- Only 14 cryptocurrencies to choose from
- High trading fees (5%) plus surcharges
- Can only sell BTC
- No live chat support
- No mobile app
Buy Crypto Direct To Your Wallet
The main feature that Bitcoin Australia offers is the ability to buy crypto and have it transferred to an external wallet. Users should note that the wallet needs to be set up prior to making the purchase. An advantage of this is that the buyer has 100% ownership of the purchased asset.
Users have 14 digital currencies to choose from including Bitcoin, Ethereum, Tether, Binance Coin, and Ripple. Buying crypto with Bitcoin Australia can be easily completed in the following steps:
- Enter in the amount of AUD to spend.
- Select the cryptocurrency to purchase.
- Select the payment method.
- Enter in the wallet address to receive the crypto (a MetaMask wallet can also be connected).
- Confirm the transaction and receive the crypto.
Users making their first purchase will be required to complete ID verification to satisfy KYC compliance requirements. One or two forms of government-issued identification and email address will be used for verification purposes.
Bitcoin Australia describes the crypto buying process in the below video.
Is Bitcoin Australia Regulated?
Bitcoin Australia is regulated by AUSTRAC, the Australian government body that is responsible for the detection, prevention, and response to organized crime in the financial sector including money laundering and terrorism financing. The crypto platform is compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. Bitcoin Australia was a founding member of Blockchain Australia.
Is Bitcoin Australia Safe To Use?
Bitcoin Australia is a safe and secure platform to buy and sell Bitcoin and Ethereum. Based on our research, the platform has not experienced any security breaches that have resulted in the loss or damage of funds or assets. Bitcoin Australia is a non-custodian platform, meaning that digital assets are not held or stored. Instead, purchased crypto is sent directly to the nominated wallet, the risk of theft is greatly reduced.
What Are The Fees?
Bitcoin Australia trading fees are excessive compared to other Australian cryptocurrency exchanges. In addition to the flat 3.9% commission, a surcharge of 2% may apply depending on the payment method. For Bitcoin and Ethereum purchases, an additional 5% will be charged as commission. Users should note that additional fees from third parties such as banks may apply.
|News agency (Blueshyft)||3.9%||2%|
Bitcoin Australia supports investors residing in Australia. The platform has recently expanded its service offerings to investors located in Canada and the UK.
Customer Support & Reviews
Customers seeking assistance can contact Bitcoin Australia via email or submission of a ticket. A live chatbot is not available for immediate queries and troubleshooting.
Based on 279 customer reviews on TrustPilot, Bitcoin Australia has an overall rating of 4.1/5. 83% of feedback was categorized as great or excellent and generally related to the easy crypto buying process. Negative feedback appeared to primarily revolve around poor quality customer service.
Bitcoin Australia does not have an iOS or Android mobile app to allow users to buy and sell crypto on the go. The website, however, is mobile-friendly.
Alternative Exchange Options
Bitcoin Australia supports the basic buying and selling of a limited number of digital currencies. The trading fees and commissions are significantly high in the Australian market and it doesn’t take much time to find a cheaper alternative. The following exchanges offer an increased number of innovative features, competitive trading fees (with no commissions), and a wider selection of tradeable cryptocurrencies.
- Swyftx (best overall Australian exchange) – Swyftx has a wide variety of features including a well-designed user interface, deep liquidity, low spreads, and low trading fees (0.6%). The platform also supports more than 270 digital assets which are significantly more than Bitcoin Australia.
- Digital Surge (best for beginners) – Digital Surge is a beginner-friendly platform with low trading fees (0.5%), more digital assets are supported (270+), and it provides a few innovative features including in-built tax tools and the ability to pay Australian bills with Bitcoin.
- CoinSpot (most trustworthy exchange) – A highly reputable crypto exchange that is suited for beginners. It offers over 300+ cryptocurrencies to buy, trade, and sell, and advanced charting.
- Independent Reserve – Independent Reserve is a trusted NZ exchange with a strong reputation for providing excellent OTC and SMSF services. Beginners can deposit and use NZD to buy 27 digital currencies on a simple and easy-to-use platform.
- Cointree (suitable alternative for beginners). A solid choice for beginners and intermediate investors who don’t need advanced trading features.
- High-net traders might find the Peer-to-Peer (P2P) marketplace of Elbaite to be appealing. The non-custodial nature of the platforms means that the cryptocurrencies or not held or stored by the platform, thus providing a unique layer of additional fund security.
Bitcoin Australia is one of the longest-standing exchanges in Australia. However, it is clear that they are behind the pack in the competitive Australian crypto market. Drawbacks include the hefty fees, limited selection of digital currencies, and seemingly poor customer service. With a plethora of better and cheaper options to choose from, customers should avoid Bitcoin Australia.
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