Bitcoin.com.au Review: Is It the Right Exchange for You?

Are you interested in buying and selling cryptocurrencies quickly and easily? If you answered yes, consider the Australian platform bitcoin.com.au. In this Bitcoin.com.au review, we examine the platform’s key features to help you decide if it’s right for you.

Bitcoin.com.au at a Glance

What is bitcoin.com.au?

Bitcoin.com.au is one of the longest-serving Bitcoin and crypto exchanges in Australia. Headquartered in Sydney, the platform was founded in 2013. It aims to help Australians buy Bitcoin, Ethereum, and other cryptocurrencies easily. The exchange has made a name for itself for simplifying the process of buying and selling crypto with AUD. The platform features a user-friendly interface that makes it ideal, especially for newcomers to the crypto space.  Users can trade crypto instantly from over 1,200 deposit locations and through peer-to-peer transactions.

Pros

• The user-friendly interface makes it easy for beginners to navigate the platform.
• The platform is specifically designed for the Australian market, offering deposits and withdrawals in AUD.
• Duly registered with AUSTRAC as a Digital Currency Exchange (DCE).
• Users can buy Bitcoin and other cryptocurrencies using PayPal, bank transfer, and debit/credit cards, making it very convenient.
• The platform offers competitive fees for most transactions.
• If investors add the referral code SWANS during account creation, they receive a $10 Bitcoin bonus upon account verification.

Cons               

• The platform offers a relatively lower number of supported cryptocurrencies compared to bigger exchanges.
• Advanced traders will find the available trading features limited.
• Users are required to complete stringent KYC/AML procedures due to local regulations.
• Not as heavily regulated as traditional financial markets in Australia.

Key Features of bitcoin.com.au     

The following is a list of some of the key features of bitcoin.com.au that you may want to consider:

Simple Interface

Most cryptocurrency exchanges are difficult to navigate because of complicated user interfaces, but not so with bitcoin.com.au. The platform features a clutter-free, easy-to-use interface free of confusing terminology and complex charts. The interface is so calm that even complete newbies can master the process of buying and selling cryptocurrencies. The exchange has adopted a simple “click and buy” approach, thus lowering the barrier for Australian users without technical skills.

Reputation & Regulatory Compliance

Bitcoin.com.au has been around since 2013, making it among the longest-serving crypto exchanges in Australia. As an Australian-owned company, the platform fully adheres to local financial regulations and consumer protections. The exchange is registered with AUSTRC as a Digital Currency Exchange, meaning users can trade with peace of mind.

Buy Crypto Instantly with AUD

The ability to buy Bitcoin directly with Australian dollars makes bitcoin.com.au stand out among the competitors. Users don’t have to move funds or convert them, and can choose between bank transfer, debit/credit cards, or PayPal. With the instant settlement feature, you don’t have to wait for ages for your crypto purchase to reflect on your account.

Low Minimum Purchase    

Unlike other exchanges where you must have a lot of money to get started, the minimum purchase is $1 at bitcoin.com.au. This makes it convenient, especially for users who want to experiment with crypto trading before fully committing themselves. The low entry barrier removes the financial barrier that mostly accompanies crypto trading.

Recurring Buy Feature

Bitcoin.com.au operates a fully automated recurring buying feature that can be set to buy Bitcoin weekly, fortnightly, or monthly. This is especially useful for traders interested in the dollar-cost averaging strategy. It helps spread your investment over time and eliminates second-guessing when the market fluctuates.

Account Management                                               

SMSF Support for Crypto Investors

Bitcoin.com.au facilitates the integration of users into a Self-Managed Super Fund (SMSF) process to include crypto in a long-term retirement strategy. The platform offers an easy-to-follow onboarding process to help users open SMSF accounts and complete the verification process. The investment strategy is beneficial for users intending to diversify beyond traditional investment methods. 

Fast Account Verification   

The verification process at bitcoin.com.au is simple. You only need your standard ID documents. Once verified, you can start trading crypto immediately.

Educational Resources

If you’re new to the world of crypto, you’re fully covered at bitcoin.com.au thanks to a rich library filled with educational content. The Learn section, written in plain English, covers every imaginable subject within the crypto space. This is especially convenient for beginners who wish to build their crypto knowledge.

Security Measures: Is bitcoin.com.au Safe?  

bitcoin.com.au takes the security of users and their funds seriously and employs several security measures to safeguard user accounts and assets. These include: 

• Two-Factor Authentication (2FA): Users are required to enable 2FA as an additional security measure beyond username and password.
• Cold Storage for Crypto: The larger amounts of user funds are kept offline in secure cold storage wallets.
• Segregated Funds: The platform doesn’t mix user funds and re-invested funds, ensuring both are always available.
• Sole Custodian: The exchange remains the sole custodian of all customer crypto assets, thereby eliminating third-party risks.
• Account Security Measures: bitcoin.com.au enables account suspension via the duress option, email link, and security information requests for suspicious logins.
• Fraud Prevention: The exchange operates fraud prevention technology in addition to secure banking practices.
• ISO 27001 Certification: The platform is fully AUSTRAC registered and certified, showing its commitment to securing customer information.

While the platform may have put in place enough measures to help secure user accounts and funds, traders have an essential role to play. Ensure that you create a unique and complex password, enable 2FA, and avoid clicking on suspicious links. Put your larger amount of crypto in cold wallets to eliminate the danger of hacking. 

Which Fiat and Cryptocurrencies are Supported?

bitcoin.com.au supports 30+ different cryptocurrencies that you can buy using the Australian dollar. Users can easily buy Bitcoin, Litecoin, ETH, and over 30 other cryptocurrencies.  

Bitcoin.com.au Fees

Transaction fees play an essential role in a trader’s life. bitcoin.com.au has a straightforward fee structure, leaving no room for guesswork without surprise deductions or hidden charges. The open fee structure is another reason the platform appeals to most Australian users.    

Trading fees   

Users are charged a flat 1% fee every time they buy or sell Bitcoin or other cryptocurrencies.

Deposit and withdrawal fees             

You’ll not be charged a dime when you deposit via debit/credit card, PayPal, or bank transfers. There’s also no charge on bank withdrawals, but a $1.50 fee is applicable for NPP or PayID withdrawals.

Crypto withdrawal fees

Sending crypto to another wallet, transaction fees are applicable based on the type of cryptocurrency involved.

Which Payment Methods are Accepted?   

bitcoin.com.au offers several convenient payment methods for buying Bitcoin or any other cryptocurrency. Users can choose between bank transfer, credit/debit cards, or crypto, Electronic Funds Transfer (EFT), PayPal, or PayID.

Bitcoin.com.au vs. Other Exchanges Comparison

How do I Start Trading at bitcoin.com.au?

The following is a step-by-step procedure to follow before you can start trading crypto at Bitcoin.com.au to buy or swap cryptocurrencies:

Step 1: Create an Account: Log in to bitcoin.com.au and navigate to “Create Account” and click on it. Provide the required details, including email address, username, and a strong password. Once you agree to the terms and conditions, you’ll be asked to enter a confirmation code to verify your email address.

Step 2:  Verify Your Identity: The applicable KYC/AML laws require the platform to verify the identity of all its users. You’ll be asked to provide copies of government-issued IDs and proof of address. You’ll also be asked to input your name, date of birth, and address. Copies of documents are required to verify the information provided.

 Step 3: Deposit Funds: Once you and your account have been verified, you can deposit funds into your account to begin trading. You can make a deposit using preferred methods like PayID, PayPal, bank transfers, debit/credit cards, or Electronic funds transfer.

Step 4: Start Trading: After you have funded your account, you can now buy, sell, or swap different cryptocurrencies by initiating trades. Navigate to the Buy/Sell section, select the preferred cryptocurrency, and enter the amount you wish to trade. The crypto asset will be credited to your account immediately after the trade is executed, or cash will be credited if you sold crypto.

Conclusion: Is bitcoin.com.au Legit? 

bitcoin.com.au has created a niche for itself as a safe, legitimate, and straightforward Australian-owned cryptocurrency exchange. The platform eliminates all the complications associated with crypto trading, giving new users a seamless cryptocurrency investment environment. Users can easily buy, sell, or swap cryptocurrencies in a few clicks using the Australian dollar.

While the exchange doesn’t offer advanced trading products like crypto staking or margin trading, it is especially ideal for beginners. For users who want to enjoy a hassle-free trading experience, bitcoin.com.au is a perfect choice. If you’re asking yourself, “Is bitcoin.com.au legit?” The answer is a resounding yes, seeing that the exchange is duly registered with AUSTRAC, the country’s financial regulator.

Frequently Asked Questions  

Is there a bitcoin.com.au app?

Bitcoin.com.au has an app that easily connects with iOS and Android devices. The App enables users to sell or buy Bitcoin and other crypto assets or manage their accounts on the go. The user-friendly App is secure and has features like 2FA and data encryption to safeguard customer data and cryptocurrencies.  

What customer support does bitcoin.com.au offer?

If you ever encounter trouble while using the exchange, you can contact customer support via a dedicated email address – support@bitcoin.com.au, or by using the in-app support chat.

Is bitcoin.com.au safe to use?

The platform is registered and regulated with AUSTRAC and follows the laid-down regulations for digital exchanges. Moreover, the exchange adheres to AML/KYC regulations and verifies all users using Australia’s PostID system. This makes Bitcoin.com.au a relatively safe cryptocurrency exchange to use.                   

What is the best App to buy Bitcoin in Australia? 

There are different apps that cryptocurrency lovers can use to buy crypto in Australia. Depending on your interest, Kraken would be the best overall, while Bybit offers the best crypto app. KuCoin may be the best exchange for emerging altcoins, while bitcoin.com.au would be the best for beginners.