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. Bitcoin Australia is suited to everyday people and SMSF investors.
The exchange has stood the test of time and served thousands of investors to date. However, is Bitcoin Australia still a suitable exchange to use? In this review, we examine the features, deposit methods and fees to see if it really is one of the best exchanges for crypto in Australia.
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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.
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|
|Payment Type||POLI, PayID, Cash Deposit, BPAY, Credit/debit card|
|AUD Deposit Fee||POLI: 3.9%, PayID: 3.9%, Cash Deposit: 3.9% + 2%, BPAY: 3.9% + 2%, Credit card: 3.99% + 1.99%|
Based on our research Bitcoin.com.au is a legitimate cryptocurrency company that complies with Australian laws and regulations. The exchange complies with AML/CTF Policy through its KYC verification process to prevent fraudulent activity such as money laundering.
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 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:
- Easy-to-use website to create an account
- Buy Ethereum or Bitcoin in a few minutes
- Supports a variety of deposit methods including bank transfer and cash deposit
- SMSF support for investing superannuation into crypto
- 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
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||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|None available at this time||Visit CoinSpot||CoinSpot Review|
|$10 Bitcoin for creating a verified account||Visit Digital Surge||Digital Surge Review|
|325||0.02% / 0.07%|
|5% off trading fees||Visit FTX Australia||FTX Australia Review|
|None available at this time||Visit Bitcoin Au...||Bitcoin Australia Review|
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.
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.
- BPAY: A 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, users will need to use a global cryptocurrency exchange with this feature.
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.
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.
|Payment Type||Trading Fee|
|Newsagent (blueshyft)||5% + 2% surcharge|
|Felepin Voucher||5% + 2% surcharge|
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 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. For more information, read our full guide and the best platforms for SMSF investing in 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.
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 is much higher than other Australian crypto exchanges. In short, Bitcoin Australia is too expensive and does not offer value for money.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.