Bitcoin Australia Review
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Bitcoin Australia has been in the Aussie market for a decade and was one of the first local platforms to offer BTC and other crypto assets. Since then, the team has served over a quarter million customers and expanded its list of supported currencies to more than 10. This guide will dive into Bitcoin Australia’s pros, cons, fees, and features to determine if it's a suitable exchange for the average investor.
Our Take
Bottom line:
Bitcoin Australia is safe, reputable, and well-liked by its customers for providing solid customer support. The platform is renowned for its simplicity and is clearly targeted toward complete beginners who want to streamline investing in Bitcoin. It has done a commendable job in evolving from an expensive, limited exchange to accommodating a new era of crypto investors.
However, there are still several drawbacks for more advanced investors. Its fees are fairly high, there are almost no advanced features or trading options, and there is a smaller list of supported assets. Overall, Bitcoin Australia is a good option for a total novice, but there are cheaper crypto exchanges in Australia that investors should also consider.
Promotion:- AUSTRAC registered crypto exchange in Australia
- Locally owned and operated company
- Supports the major crypto assets such as Bitcoin and Ethereum
- Lack of broader features for advanced investors
- Trading fees are competitive without being great
- Small list of supported digital currencies
- Mobile only platform
Pros Explained
- Registered crypto exchange. Bitcoin Australia is AUSTRAC registered and complies with all legal requirements as a financial service provider in Australia. The platform has been around for a decade and experienced very few issues, including a lack of hacks and solvency issues. The exchange’s customer support also has good reviews on sites like TrustPilot and ProductReview.
- Locally owned and operated company. Australian crypto investors, especially those new to the scene, may feel safer buying from local exchanges than busy international alternatives with lots of overwhelming features. Bitcoin Australia’s local headquarters is based out of Melbourne, Victoria.
- Supports the major crypto assets. Bitcoin Australia is home to most of the sector’s popular digital currencies, including BTC, ETH, XRP, and so on. This is a positive for newer crypto investors, who may be more susceptible to fast-moving altcoins and pump-and-dump schemes that can be encountered on exchanges with lists of less-reputable projects.
- Demonstrated ability to evolve. Bitcoin Australia long suffered from extremely high fees – notably to accommodate buying BTC with PayPal and a credit card. However, the company stripped back their 5+% fees. The exchange has also added basic fast and free bank transfers, improved the list of supported cryptocurrencies, and customer service.
Cons Explained
- Lack of features. As a beginner-targeted exchange, having an overwhelming number of advanced features is not necessary for Bitcoin Australia to be successful. However, basic interest-earning accounts have become a mainstay of most platforms and would be a welcome addition. Similarly, recurring buys, bundles, and NFTs are all beginner-friendly services missing from Bitcoin Australia.
- Trading fees are a little high. Bitcoin Australia was known for trading fees of 5+%, which were incredibly high even for the Australian market. Now, they’ve settled on a competitive 1% – a solid rate on-par with CoinSpot. However, beginners can find better value in alternative exchanges.
- A small list of supported currencies. There are many well-known and popular digital currencies that aren’t supported by Bitcoin Australia. For example, ApeCoin, Binance Coin, Tron, and Shiba Inu are all missing. The exchange supports less than 30 digital currencies, which is low even for a beginner-targeted platform.
- Mobile-only. Bitcoin Australia is a mobile-only platform targeting the newer generation of BTC investors. Having a sleek and polished mobile app is a huge plus for any crypto exchange. However, lacking an online, browser-based platform might be a turn-off for investors, especially those who use crypto charting software and other desktop-based services.
Bitcoin Australia Compared and Alternatives
| 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 |
 Binance | 385 | 0.1% (spot) and 0.02% / 0.04% (Futures) | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 CoinSpot | 380 | 1% (instant), 0.1% (spot) | Rating | $20 Bitcoin for creating a verified account and depositing | Visit CoinSpot | CoinSpot Review |
Bitcoin Australia At A Glance
Bitcoin Australia is one of the nation’s oldest cryptocurrency exchanges, serving local customers for the best part of a decade. The Melbourne-based platform was founded in 2013 and brought to life over the next few years to let investors quickly and easily buy Bitcoin. Over 250,000 people have trusted Bitcoin Australia for their digital currency needs.
Since its early days, the exchange has evolved substantially, working hard to expand its list of crypto assets and figure out what services best suit its customers. For example, the team scrapped their original buy Bitcoin with a credit card and PayPal philosophy due to the extremely high fees it attached. Now, Bitcoin Australia is a simple, mobile-first platform that lets Aussie investors take the first step to building their crypto portfolios.
| Exchange Name | Bitcoin Australia |
|---|---|
| Supported Fiat Currency | AUD |
| Number of Cryptocurrencies | 13 including BTC, ETH, USDT, BAT, BNB, LINK |
| Payment Type | Credit and debit card only |
| Trading Fee | 1.99% |
| Mobile App | Not supported |
Bitcoin Australia Exchange Features Reviewed
Fast and easy way to buy Bitcoin
Bitcoin Australia is one of the easiest exchanges on the planet to use. It is a fantastic option for beginners that might struggle with some of the clutter and feature-rich exchanges that are flooding the market. Bitcoin Australia’s philosophy is to strip everything down to its roots and focus on offering a quick and simple method for buying BTC and other major cryptocurrencies. Investors can deposit AUD, buy Bitcoin, and see the funds in their exchange wallet with just a few taps on their mobile devices.
Sleek mobile app
Bitcoin Australia’s mobile app is well-regarded in the industry. As there are very few features on the exchange, this lets customers breathe as they navigate through the platform. There are only four tabs that investors need to know about – Markets, Portfolio, Trade, and Wallet.
This makes it a breeze for even the most crypto-naive user to figure out where everything is in a matter of seconds. The app also receives frequent updates to ensure the software’s optimization is up-to-date and bug-free for the latest mobile phone hardware.
Custodial wallet
Bitcoin Australia has implemented support for an in-app crypto wallet that can store several major digital assets. This ushered in a big change for exchange customers – they can now deposit and sell cryptocurrencies to AUD they have acquired from other platforms. While it’s a good idea for investors to consider moving their funds off an exchange, a custodial wallet can be a good short-term solution for those needing a fast and easy storage method. Otherwise, here's a list of the leading crypto wallets in Australia.
Account Creation & ID Verification
Creating an account on Bitcoin Australia follows the same process as any other exchange. New users need to register a username, password, as well as input (and verify) their mobile number and email address. This can all only be done via the mobile app, and not on the Bitcoin.com.au webpage.
To comply with AUSTRAC’s Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, new Bitcoin Australia customers must verify their identity. This is done through a multi-step process where the new user must provide:
- A video selfie of them tilting their head
- Government-issued ID like a driver’s license
- An image with the new customer holding their ID
- Proof of residency
There are a couple more hoops to jump through in this identity verification process than some other exchanges, but it should ultimately only take a few minutes to complete if all the documents are on hand.
Supported Fiat & Crypto Deposit Methods
Bitcoin Australia was once an exchange that only supported directly purchasing cryptocurrency with a credit card or PayPal. This is no longer the case – there are several deposit methods customers can use to fund their accounts and then buy Bitcoin (or other coins).
The exchange allows investors to deposit AUD directly from their bank account to their Bitcoin Australia wallets. This can be done within a minute via PayID or Osko, however, a small $0.99 fee is incurred for deposits under $100. Alternatively, customers can fund their accounts using a bank transfer, which may take a couple of business days. There is even the option to buy crypto with a cash deposit.
Supported Crypto & Trading Pairs
Bitcoin Australia does not currently support swapping between digital currencies. Therefore, all trades on the platform are made against AUD. For a long time, the exchange was known for only supporting Bitcoin and maybe one or two other coins. However, Bitcoin Australia has prioritized expanding its list of tradeable crypto while avoiding some of the riskier altcoins. There are now around 25 digital assets that can be bought and sold on the exchange, including - BTC, ETH, XRP, USDT, ADA, AAVE, DAI, DOGE, MATIC, DOT, XLM, ZRX, and more
However, this is still a very limited list of supported assets compared to essentially every other Australian exchange. Smaller platforms like CoinJar still support 50+, while Swyftx and CoinSpot both boast 300+ coins. There are merits to only having a small, well-curated list of cryptocurrencies to avoid the more volatile assets, but Bitcoin Australia is still missing a few important coins here.
Bitcoin Australia Fees
Bitcoin Australia follows a very simple fee structure. There are very low buy/sell minimums on the platform, starting at 1 AUD.
Transaction fees
There is a flat 1% fee on all transactions. This includes buying and selling a digital currency like Bitcoin. This is a solid trading fee on par with platforms like CoinSpot, and better than competitors like Coinbase. However, customers can find better value elsewhere on exchanges like Swyftx (0.6%), or Binance (0.1%).
Deposit and withdrawal fees
| Deposit/withdrawal method | Fee |
|---|---|
| PayID and Osko | $0.99 for deposits under $100, free for deposits over $100 |
| Bank transfer | $0.99 for deposits under $100, free for deposits over $100. Withdrawals are free |
| Crypto | None (although standard network fees may apply) |
Bitcoin Australia’s Ease Of Use
Bitcoin Australia has sacrificed some of the industry’s more popular features to really improve its ease of use – and it accomplishes this goal quite well. Because the platform doesn’t offer much in the way of crypto products or services, it’s incredibly easy to find where to buy/sell assets, access a digital wallet or track a portfolio.
The mobile-only decision also lends itself to the platform’s simplicity, as everything is only a few taps away. Anything slightly more complex (such as managing account settings or viewing past transactions) can be accessed from the ‘“settings” bar on the top-left of the app.
Bitcoin Australia Mobile App
Bitcoin Australia’s exchange can only be accessed via its mobile app, so it’s important the platform puts a lot of time and effort into getting the software right. Luckily, the app lives up to this expectation. It’s fast, responsive, clean, and extremely easy to navigate. For simply buying and selling Bitcoin back to AUD (or another digital currency), the mobile app provides investors with everything they would need. The Bitcoin Australia mobile app can be downloaded on both iOS and Android devices.
Bitcoin Australia Security
Bitcoin Australia is AUSTRAC-registered and complies with all the relevant laws as a financial services provider. This is the first step for any Australian exchange, as this allows the platform to offer AUD deposits/withdrawals while also ensuring they are a reputable business.
Like most modern-day crypto exchanges, Bitcoin Australia has all the typical fail-safes in place to protect customers’ assets – including cold storage, data encryption, and biometric logins. In addition, Bitcoin Australia has never encountered a hack, compromise, or any other significant event where its assets were put at risk.
Bitcoin Australia Customer Support
Bitcoin Australia does not offer its customers a live chat option, or a chatbot to direct them to a potential pre-written solution. There is a ticketing system where users can send inquiries to a support member who will usually reply within 24 hours. In addition, there is a comprehensive help center that has basic guides and answers to FAQs that should cover most customers' problems.
In short, Bitcoin Australia has excellent customer support which is evident from external reviews on platforms like Trustpilot (4.3/5 from 350+ ratings).
Frequently Asked Questions
Yes, Bitcoin Australia is a reputable and trustworthy exchange in Australia that has never been hacked or compromised. This is partly due to using cold storage, data encryption, and biometric login security measures.
Yes, Bitcoin Australia allows its users to sell Bitcoin and other digital currencies for AUD.
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
No, Bitcoin Australia does not support SMSF investors and accounts. Instead, Australians wanting to buy Bitcoin for their retirement funds will need to find an alternative account. For more information, read our full guide on the best platforms for SMSF investing in Australia.
Final Verdict And Score
Bitcoin Australia has improved its offerings significantly since our last review. But it is still light on features despite offering one of the simplest ways to buy and sell Bitcoin of any competitor in the country. The mobile app is sleek and intuitive, making it easy for even the technologically challenged to invest in cryptocurrency. The platform has never had an issue with security and its customers rave about excellent support.
Such a beginner-friendly, ease-of-use focused exchange does have its drawbacks. There are essentially no features available – no staking, earning, bundles, recurring orders, NFTs, advanced orders, and so on. Additionally, the inability to swap crypto and a small list of digital assets means more advanced traders looking to invest in altcoins will need to find an alternative.
In summary, Bitcoin Australia is a solid choice for certain beginners that just want a streamlined process. With that said, investors with more experience should likely use a different, feature-rich exchange.
| Review Category | HedgewithCrypto Score |
|---|---|
| Features | 3 / 5 |
| Supported Fiat and Deposit Methods | 4 / 5 |
| Supported Crypto & Trading Pairs | 2 / 5 |
| Fees | 3 / 5 |
| Ease of Use | 5 / 5 |
| Customer support | 4.5 / 5 |
| Security Measures | 4.5 / 5 |
| Mobile App | 4.4 / 5 |
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