Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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.
Regulation. Bit Trade is the longest running cryptocurrency exchange in Australia, and according to its ABN, was first registered in 2013. It has a listed address in Sydney, information about its staff is publicly available and it's registered with AUSTRAC.
Verification. Only registered users can buy and sell on Bit Trade, in line with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. You must be an Australian resident or citizen, have an Australian mobile number and have an Australian bank account. Verification is usually completed within 24 hours, while first-time users who want to trade less than $250 can usually get verified within 30 minutes.
Security features. Unlike most centralised exchanges, you aren't depositing funds onto Bit Trade for trading. Rather, you're simply placing an order and paying for it. This means Bit Trade does not hold your funds and you retain full control over your assets. This significantly reduces your risk of loss in the event that Bit Trade ever gets hacked.
How do I create an account at Bit Trade?
To use the Bit Trade platform, you must meet the following criteria:
Be an Australian citizen or hold a current Australian visa
Have an Australian bank account
Have an Australian mobile number
Be at least 18 years old
Australian SMSFs, trusts and companies can also sign up.
Go to the home page and click "sign me up."
Enter your email address, and verify it by following the link in the email you receive from Bit Trade.
You will need to verify your identity in line with Australian law before you can buy or sell. To get verified, provide suitable identification in line with the prompts you receive after verifying your email.
You can now place orders by choosing what you want, of either Australian dollars, bitcoin, Ether, XRP, Bitcoin Cash or Litecoin, and depositing your payment.
What else should I know about Bit Trade?
Bit Trade was founded and registered in 2013 and is one of Australia's first cryptocurrency exchanges.
Since its inception, it has grown along with Australia's cryptocurrency scene, becoming a member of emerging industry groups and releasing new offerings including a blockchain consulting service and an OTC trading desk that does business worldwide.
However, its core trading portal remains focused on serving Australian customers.
To work out how competitive Bit Trade's prices actually are compared to other options, even those with a lower apparent service fee, you'll also need to consider the rates you're buying or selling at. Sometimes a platform with seemingly higher fees will actually be more cost-effective than a platform with lower fees, but less favourable rates.
In a nutshell
Buy and sell 6 major cryptocurrencies
Quick transfer times
A simple system for placing orders
Also offers an OTC desk
Offers a limited selection of cryptocurrencies compared to some other platforms
Yes, but you must still have an Australian bank account, an Australian mobile number and need to be either an Australian resident or citizen.
The exception is the Bit Trade OTC desk, which is global.
Bit Trade has a help address at helpdesk.btrade.io. You can email it with any customer support issues, use direct chat or submit support tickets through its trading portal.
It also responds to support requests sent through Facebook and Twitter.
Check how long the transfer should take, and consider how long it usually takes your bank or wallet to process transfers. If it should have already arrived, contact Bit Trade to follow up on your order.
Disclaimer: 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.
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