Bitcoin Australia Review: Is It Still Cheap To Use?

Bitcoin.com.au or otherwise known as Bitcoin Australia is a popular crypto exchange that allows individuals of all experience levels to get involed with Bitcoin. Bitcoin Australia was one of the first crypto exchanges in Australia to start up in 2014 to offer Bitcoin investing. In this review, we will assess the platform's 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 in the Bitcoin Australia review, 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!

It is often recommended to use a Bitcoin hardware wallet such as the Ledger Nano X when trading cryptocurrency. If you don't have a wallet, read our guide on the best hardware wallets to store cryptocurrency.

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 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 allow users to buy Bitcoin in the UK and is a registered crypto platform in Canada.  

bitcoin australia features

Quick Summary

Exchange Name

Bitcoin Australia

Fiat Currency

AUD

Cryptocurrency

7

Payment Type

POLI, PayID, Cash Deposit, BPAY, Credit/debit card

Trading Fee

5%

Deposit Fee

POLI: 3.9%, PayID: 3.9%, Cash Deposit: 3.9% + 2%, BPAY: 3.9% + 2%, Credit card: 3.99% + 1.99%

Withdrawal Fee

Not applicable

Mobile App

No

Bitcoin.com.au Compared

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

Exchange

Trading Fees

Rating

Review

Promotion

Website

swyftx

Swyftx

0.6%

5/5

$10 Free Bitcoin
coinspot

Coinspot

0.1% / 1%

4.6/5

None available at this time

digital surge

Digital Surge

0.5%

4.6/5

$10 Free Bitcoin

Is Bitcoin.com.au Legit?

Based on our research Bitcoin.com.au is a legitimate cryptocurrency company 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 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.

Features & Services

Bitcoin Australia is considered a premium platform to allow citizens in Australia to invest in Bitcoin. In addition, the exchange offers the following features and products:

  • Ease to use website to create an account
  • Buy Bitcoin or Ethereum in minutes
  • Supports a variety of deposit methods including bank transfer and cash deposit
  • SMSF support to invest superannuation into Bitcoin and Ethereum
  • Over the Counter (OTC) desk for trades greater than $30,000
  • Crypto-index fund to participate in a professionally managed portfolio
  • Melbourne-based team to provide local customer support

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.

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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. 

There is no option to buy Bitcoin with a credit/debit card. If this is a preferred payment method, user's will need to use a global cryptocurrency exchange with this feature.

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 Type

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 and should be avoided. There are plenty of cheaper alternatives to Bitcoin.com.au that offer lower fees and commissions.

Frequently Asked Questions

Does Bitcoin Australia Require ID Verification?

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 You Buy Bitcoin Using Super Fund?

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 You Sell Crypto Using 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. The flat 5% trading fees for all deposit method is excessive and higher than other Australian crypto exchanges we have reviewed to date.  

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 Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.