Bitcoin Australia Review (2020): Is It Still Cheap?

Bitcoin.com.au or otherwise known as Bitcoin Australia is a popular crypto exchange that allows individuals of all experience levels to buy and sell Bitcoin in Australia.  Bitcoin Australia was one of the first crypto exchanges to start up in 2014 to offer Bitcoin investing.  

In this Bitcoin Australia review, we will assess, compare and contrast the platform features, user-interface, trading fees, deposit methods, security and customer support to see how it stacks up.

While we aim to always provide you with accurate information, we suggest that you visit their site from time to time in case some updates occur afterward. So without further ado, let's get started!

P.S. Read our article titled 10 Best Cryptocurrency Exchanges In Australia to see if Bitcoin Australia made the list.

Bitcoin.com.au

What Is Bitcoin Australia?

Bitcoin Australia is a popular fiat-to-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 features

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 that and have recently expanded their service offering to the UK and Canada.  

Bitcoin Australia Compared

Bank transfer is one the most popular methods to deposit AUD on Bitcoin Australia. This comparison table lists other popular Australian cryptocurrency exchanges that allow you to buy Bitcoin with a bank transfer.

Exchange

Fees

Rating

Website

swyftx

0.6% (low spreads)

5 / 5

coinjar exchange

0.1% - 1%

4.3 / 5

coinspot

0.1% - 1%

4.3 / 5

bitcoin australia

5%

3.6 / 5

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Creating An Account & Verification

Bitcoin.com.au requires you to create an order before registering an account. This is quite different from the other Bitcoin exchanges in Australia 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 and there is no requirement to upload documents or take selfies.

How To Buy Bitcoin With Bitcoin Australia

The process to purchase Bitcoin with Bitcoin.com.au, follow these simple steps:

  1. Visit the Bitcoin Australia website
  2. Click on the 'Buy Bitcoin' button at the top or use the widget 
  3. Enter in the amount of AUD to deposit 
  4. Review the calculated amount to receive in BTC
  5. Click on 'Create Order'
  6. Enter in your Bitcoin wallet address 
  7. Select a payment method to deposit AUD
  8. Register an account with an email and phone number
  9. Verify your phone number
  10. Provide identification documents
  11. Click on 'Create A New Order'

Deposit Methods

Bitcoin.com.au provides several methods to convert AUD into BTC that are commonly available to the majority of Australians. The deposit methods available on the exchange are: 

  • Pay ID: The payment method is supported by most Australian banks. Deposits are generally processed immediately and will be credited to your BTC Markets account instantly and there are no additional fees.
  • BPAYA secure and reliable way of funding your account. All deposits made via BPAY, however it can take between 1 and 3 business days for the funds to reach BTC Markets. There are no additional costs to send funds with BPAY.
  • POLi: Australian users can deposit AUD funds using POLi which connects directly to your online Bank. Deposits are processed immediately and with a limit of up to $1,000 a day. 
  • Cash: An alternative way to purchase Bitcoin with a cash deposit at supported newsagents or Australia Post. 

Trading Fees & Limits

When selecting an Australian crypto exchange, it is important to ensure you're not paying excessive fees as it will eat into the amount of Bitcoin you receive. Bitcoin Australia offers the following fees.

Trading Fees

BTC Markets uses a flat 5% commission based fee structure for each deposit method. For newsagent (via blueshyft) and flexepin payment methods, a 2% surcharge is applied to the purchase amount after the commission has been added.

Each trade also incurs GST to the commission and surcharge amount. 

Payment Method

Trading Fee

POLi

5%

Pay ID

5%

BPAY

5%

Newsagent (blueshyft)

5% + 2% surcharge

Cash

5%

Flexepin Voucher

5% + 2% surcharge

In comparison to other crypto exchanges, the Bitcoin.com.au trading fees are one of the highest in the country. 

Due to growing popularity in Bitcoin and an increase in the new crypto exchanges, the global trend is reducing trading fees to attract new customers. There are even zero-fee crypto trading exchange starting up. 

In our opinion, the fees are no longer competitive and there are cheaper exchanges to buy Bitcoin in Australia. 

Bitcoin Australia Alternatives

The following alternatives to Bitcoin Australia are reputable cryptocurrency exchanges in Australia.

swyftx

Swyftx

Swyftx is a state-of-the-art platform that allows you to purchase cryptocurrencies in an quick and easy manner. The registration process is incredibly simple with rapid sign-up and verification that takes less than two minutes.

independent reserve

Independent Reserve

Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar. 

coinjar exchange

CoinJar

CoinJar is a trusted crypto exchange in Australia that allows users to buy, sell, store and spend digital assets. With over 400,000 users and counting, CoinJar exchange is one of the best places to buy Bitcoin in Australia.

Frequently Asked Questions

Can I Buy Crypto With My Super Fund?

Yes, based on our research Bitcoin.com.au is a legit legit crypto exchange that complies with Australian laws and regulations. The exchange complies with the Anti-Money Laundering & Counter Terrorism Financing Policy (“AML/CTF Policy”) through it's KYC verification process to prevent fraudulent activity such as money laundering.

Is Bitcoin.com.au Safe?

Bitcoin Australia does not hold or store user assets. Any Bitcoin or Ethereum that is purchased using the exchange is transferred directly to the provided wallet address. This means, the risk of theft on the exchange is greatly reduced.

Do You Need To Complete Account Verification?

Yes, 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

Can I Buy Crypto With My Super Fund?

Yes, Bitcoin Australia allows Australians to use their Super Fund (SMSF) to invest in Bitcoin (BTC). The tiered fee structure will suit high net worth investors as the trading fees reduce with increasing volume.

Can I Sell Bitcoins For Cash With Bitcoin Australia?

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.

Conclusion

To conclude our Bitcoin Australia review, the exchange provides a method for Australians to buy Bitcoin using a variety of payment methods. The process to purchase, confirm payment and identification verification each time you make a purchase is painful as there is no member login.  

Lastly, the flat 5% trading fees for all deposit method is excessive and higher than other Australian crypto exchanges we have reviewed to date.  

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees with a wide variety of deposit methods that will suit all types of investors in Australia. 

  1. Swyftx
  2. Coinspot
  3. Zebpay
  4. Digital Surge
  5. ZipMEX
  6. Mine Digital
  7. Easy Crypto
  8. Binance Lite
  9. Cointree
  10. BTC Markets

Bitcoin Australia

3.6

Ease of use

3.5/5

Reputation

4.5/5

Deposit methods

4.0/5

Fees

2.0/5

Customer support

4.0/5

Pros

  • Trust and well respect in local community
  • Regulated exchange in Australia
  • Several payment methods to buy Bitcoin
  • Supports SMSF investors
  • Bitcoin sent directly to hardware wallet

Cons

  • Fees are too high
  • No charting available
  • No referral program
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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