Bitcoin.com.au makes buying bitcoin with cash easy.
If you want to buy bitcoin quickly and easily, Bitcoin.com.au might be one of the fastest and simplest options.
Exchanges like Bitcoin
What is Bitcoin.com.au?
Bitcoin.com.au is one cryptocurrency brokerage among many. Its most distinctive feature is that it lets you pay cash for bitcoin at hundreds of different locations around Australia.
In all cases it’s as easy as:
- Placing your order
- Making your deposit
- Receiving your bitcoin
You have several payment options.
|Payment option||How it works|
|ANZ and Westpac Bank||Make an over-the-counter or ATM cash deposit at any ANZ or Westpac bank location.|
|Participating newsagents||Find a participating newsagent, place an order there and pay cash.|
|Flexepin voucher||Buy a Flexepin voucher with cash and use it to place your order online.|
Note that you will need your own cryptocurrency wallet before you can buy. You will have to provide your wallet address to the service when placing an order so they know where to send the bitcoin.
Do I need to verify my identity?
You need to verify your identity for all transactions except Flexepin. However, you will be subject to lower daily limits with Flexepin vouchers if you are not verified.
Flexepin limits are:
- Unverified. $500 daily limit and $1,000 weekly limit
- Verified. $1,000 daily limit
What are the transaction limits?
The daily, weekly and per order limits vary depending on how you placed your order and made your deposit.
In all cases there is a minimum order of AU$50 and a daily maximum of $9,000 per person.
- Flexepin. $500 daily limit and $1,000 weekly limit (unverified), or $1,000 daily limit and $3,500 weekly limit (verified).
- Bank transactions. $8,000 per order maximum.
- Newsagents. $2,500 per order maximum.
What are the fees?
Bitcoin.com.au sells at above current market rates, and charges commission fees on the prices charged.
Base fees are 5% of the purchase amount, plus GST on that amount.
Safety and security
After making your deposit you need to assume that bitcoin.com.au will send you the coin. It’s entirely a matter of trust, but it looks like a legitimate service.
It’s publicly identifiable, has a range of partners and has some large backers.
There is very little need to worry about hacking or theft, because it simply sends you bitcoin that you’ve purchased rather than actually holding your funds.
You can contact the service by:
- Phone: 1300 204 802
- Post: PO Box 2393 Richmond, VIC 3121 Australia
- Email: firstname.lastname@example.org
Or find it on Facebook, LinkedIn, Google+ or Twitter.
How long do transfers take?
You have two hours from placing an order to make your deposit. Your order may be cancelled if the deposit has not been received by then.
After receiving the deposit, bitcoin.com.au will generally have your bitcoin sent to your wallet address within an hour.
Note that your first orders may require verification. You should allow up to two business days for this.
Pros and cons
- A very simple system to use
- Lets you buy bitcoin with cash
- Lets you buy bitcoin at hundreds of physical locations around Australia
- Only accepts cash and no other payment methods
How to sign up
Once you have done your due diligence and decided you want to use bitcoin, simply create an account and you can start buying immediately.
Frequently asked questions
Image source: Bitcoin.com.au