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Bitcoin.com.au – Bitcoin Australia review

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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:

  1. Placing your order
  2. Making your deposit
  3. Receiving your bitcoin

You have several payment options.

Payment optionHow it works
ANZ and Westpac BankMake an over-the-counter or ATM cash deposit at any ANZ or Westpac bank location.
Participating newsagentsFind a participating newsagent, place an order there and pay cash.
Flexepin voucherBuy 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.

Learn more about cryptocurrency wallets.

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:

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

Pros

  • A very simple system to use
  • Lets you buy bitcoin with cash
  • Lets you buy bitcoin at hundreds of physical locations around Australia

Cons

  • Expensive
  • 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.

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Frequently asked questions

Image source: Bitcoin.com.au

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