Bitcoin Australia Review 2022: Fees, Features, Pros & Cons
Bitcoin Australia is often referred to as the OG in the Australian cryptocurrency industry. Founded in 2014, the exchange has been a mainstay in the community for providing a safe and secure platform to buy Bitcoin with Australian Dollars. The exchange has stood the test of time and served thousands of investors to date. But is Bitcoin Australia still a suitable exchange to use? In this review, we examine its features, deposit methods, and fees to see how it compares to the top crypto exchanges that we have examined.
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What Is Bitcoin Australia?
Bitcoin.com.au is a popular cryptocurrency exchange that was established in 2014 with offices in Melbourne. The platform is designed to help Australians buy Bitcoin in a fast, easy and secure way. Bitcoin Australia provides an online platform for users to purchase Bitcoin and Ethereum using several deposit methods that will appeal to all investors. The exchange is also a registered member of Blockchain Australia and has recently expanded its service offering to allow users to buy Bitcoin in the UK and is a registered crypto platform in Canada.
Bitcoin.com.au appears to be a legitimate cryptocurrency company that complies with Australian laws and regulations. The brokerage exchange complies with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations through its Know-Your-Customer (KYC) verification process to prevent fraudulent activity such as money laundering.
Some notable features of Bitcoin Australia include:
- Trusted and well-respected Bitcoin exchange in Australia
- AUSTRAC regulated to the highest standards
- Multiple deposit methods to purchase Bitcoin
- Super Fund investors are eligible to use the exchange
- Purchased Bitcoin is sent directly to a crypto wallet
| Exchange Name | Bitcoin Australia |
|---|---|
| Fiat Currency | AUD |
| Cryptocurrency | 13 including BTC, ETH, USDT, BAT, BNB, LINK |
| Payment Type | Credit card |
| Trading Fee | 1.99% |
| Mobile App | None |
Bitcoin Australia Pros & Cons
Here is a quick summary of the pros and cons of Bitcoin Australia based on our experience using the exchange to purchase Bitcoin. In short, the limitations of features available on the platform and expensive fees of 1.99% per trade outweigh the benefits and investors should consider other options.
- AUSTRAC registered crypto exchange in Australia
- Locally owned and operate company
- Supports the major crypto assets such as Bitcoin and Ethereum
- Provides support for OTC, SMSF and credit card purchases
- Selection of coins is too limited compared to other exchanges
- Does not support bank transfers, POLi, PayID or BPAY
- Trading fees of 1.99% is very expensive
- Lack of broader features such as staking or interest accounts
Bitcoin Australia - Quick Verdict
Bitcoin Australia is a reputable cryptocurrency brokerage platform that provides a rapid and streamlined process of buying Bitcoin with credit cards. Besides being able to sell back Bitcoin into cash, the platform offers no other features, and the credit card fee of 1.99% can be avoided by using a cheaper alternative. Nevertheless, Bitcoin Australia is suited to those who value convenience and don't mind paying slightly higher fees.
Buy & Selling Crypto
Despite its lack of crypto products and services, the simplicity of the Bitcoin Australia platform to buy using a cash deposit is quite unique in the Australian market. The payment terminal is facilitated by a third-party payment provider, Banxa. This means that users only need to enter the amount of AUD to spend, select the digital asset to purchase and enter the external wallet address.
Bitcoin Australia currently supports a limited selection of 13 digital currencies to purchase using AUD:
- Basic Attention Token (BAT)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Bitcoin (BTC)
- ChainLink (LINK)
- Chiliz (CHZ)
- Decentraland (MANA)
- Ethereum (ETH)
- KuCoin Token (KCS)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- USD Coin (USDC)
In terms of selling crypto back to cash, only Bitcoin is supported. Users should note that the amount of Bitcoin sold must be the equivalent of between $50 and $30,000.
Bitcoin Australia Compared
This comparison table lists other Australian crypto exchanges that provide similar services.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Swyftx | 320+ | 0.6% | Rating | $20 Bitcoin for creating a verified account | Visit Swyftx | Swyftx Review |
 CoinSpot | 370+ | 1% for instant buy and sell | Rating | None available at this time | Visit CoinSpot | CoinSpot Review |
 Digital Surge | 300+ | 0.5% | Rating | $10 Bitcoin for creating a verified account | Visit Digital Surge | Digital Surge Review |
 FTX Australia | 325 | 0.02% / 0.07% | Rating | 5% off trading fees | Visit FTX Australia | FTX Australia Review |
 Bitcoin Australia | 13 | 1.99% | Rating | None available at this time | Visit Bitcoin Au... | Bitcoin Australia Review |
Is Bitcoin Australia Safe To Use?
Bitcoin Australia is a safe and secure exchange that does not hold or store user assets. Bitcoin or Ethereum that is purchased using the exchange is transferred directly to the provided wallet address. This means the risk of theft and compromise on the exchange is greatly reduced, providing a safe environment to purchase cryptocurrencies. Bitcoin.com.au requires you to create an order before registering an account. This is quite different from the other Bitcoin exchanges in Australia like Bitaroo which let you register an account to explore the user interface, live charts, available coins to purchase and other features without making a commitment.
New and returning users are required to create an order, register an account and proceed to verify identification. We found the overall process to be slow, exhausting, and frustrating to complete each time you make a Bitcoin purchase! In comparison, it takes a few minutes from start to finish using a crypto exchange such as Swyftx.
Payment Methods
Bitcoin.com.au only supports credit cards as a payment method for obtaining Bitcoin and other digital currencies. A maximum weekly limit of $60,000 applies. Other methods that are commonly implemented by Australian crypto platforms such as PayID, BPAY, POLi, and bank transfers are not supported. This limitation will likely be a barrier to entry for new customers.
Buying & Selling Crypto
Despite its lack of crypto products and services, the simplicity of the Bitcoin Australia platform to purchase Bitcoin with cash is astounding. The payment terminal is facilitated by third-party payment provider, Banxa. This means that users only need to enter the amount of AUD to spend, select the digital asset to purchase and enter the external wallet address.
Bitcoin Australia currently supports a limited selection of 13 digital currencies to purchase using AUD:
- Basic Attention Token (BAT)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Bitcoin (BTC)
- ChainLink (LINK)
- Chiliz (CHZ)
- Decentraland (MANA)
- Ethereum (ETH)
- KuCoin Token (KCS)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- USD Coin (USDC)
In terms of selling crypto back to cash, only Bitcoin is supported. Users should note that the amount of Bitcoin sold must be the equivalent of between $50 and $30,000.
What Are The Fees?
Bitcoin Australia charges a flat fee of 1.99% for crypto purchases made by credit card which is fairly competitive in the Australian market. Users should note that this excludes any fees incurred by the credit card provider. Selling Bitcoin into AUD does not incur any fee. In comparison to other crypto exchanges, the Bitcoin.com.au trading fees are expensive and should be avoided. There are plenty of cheaper alternatives to Bitcoin.com.au that offer lower fees and more deposit methods.
Frequently Asked Questions
Users that want to buy Bitcoin or Ethereum using Bitcoin Australia need to prove their identity first in accordance with Know-Your-Customer (KYC) protocols. To verify your account, the following documents can be uploaded:
- International passport
- National ID card
- Driving license
Bitcoin Australia allows users to buy and sell Bitcoin for cash into Australian Dollars (AUD). The process to sell Bitcoin for cash is similar to buying Bitcoin. When you make an order, just select 'sell' instead of buy and enter in the amount of BTC to convert into AUD.
Bitcoin Australia does not support Australians using their Super Fund (SMSF) to invest in Bitcoin (BTC). Instead, retirement fund investors will need to seek an alternative with more features and cheaper fees. For more information, read our full guide and the best platforms for SMSF investing in Australia.
Conclusion
Bitcoin Australia has undergone a restructuring of its products and services in recent times. The historically high trading fee of 5% has been reduced to 1.99%, along with a wider variety of crypto payment methods. It acts as a brokerage for a very limited selection of digital assets and has partnered with Banxa where credit cards are the only payment option. The key benefit is its simplicity where users can quickly buy and transfer assets to their external hardware wallet - if they can withstand the 1.99% fee. In short, Bitcoin Australia is too expensive and does not offer value for money.
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