Bit Trade bitcoin exchange review – October 2018

Buy and sell bitcoin and ether with one of Australia’s oldest providers.

Founded in 2013, Bit Trade is one of Australia's oldest cryptocurrency exchanges. Built with a focus on security and simplicity, it allows users to buy and sell bitcoin (BTC) and ether (ETH).

Keep reading to find out what features Bit Trade offers and whether it's the right crypto trading platform for your needs.

Product Name BitTrade Cryptocurrency Exchange
Fiat Currencies AUD
Cryptocurrencies BTC, ETH
Deposit Methods Credit card
Cryptocurrency
Debit card
POLi
Trading Fee 1%
Deposit Fees None
Withdrawal Fees Cryptocurrency: Fees vary
MoneyPolo: 6% (USD), 5% (EUR), 3% (RUB)
AdvCash: 0% (USD, RUB, UAH), 1% (EUR)
CryptoCapital: 0% (PLN)
PerfectMoney: 1% (USD), 2% (EUR)
Skrill: 3% (EUR)
Payeer: 0% (USD), 1% (EUR, RUB)
Visa/Mastercard: 3% + $5 (USD), 3% + €5 (EUR), 3% + ?50 (RUB), 4-6%+ (UAH)
SEPA: 4% (EUR)
QIWI: 3% (RUB)
OKPAY: 0.5% (PLN)

Pros

  • Buy and sell BTC and ETH with AUD
  • Quick transfer times
  • Efficient customer support
  • Established in 2013

Cons

  • Charges a 1% fee on crypto purchases
  • Only provides access to a limited range of cryptos
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.

Exchanges like Bit Trade

What is Bit Trade?

Bit Trade is an Australian crypto exchange where you can buy and sell bitcoin and ether with Australian dollars (AUD). Purchases are made by online bank transfer via the POLi Payments service, and verified users can purchase up to $20,000 of crypto per day through the platform.

If your order exceeds this $20,000 limit, Bit Trade also offers an OTC (over-the-counter) Trading Desk. This allows high-value and institutional clients to place orders of up to $50,000,000.

Bit Trade is also a founding member of the Australian Digital Commerce Association and offers 24/7 support to customers.

How do I buy and sell on Bit Trade?

If you want to start trading cryptocurrency on Bit Trade, you'll need to create an account first.

To use the Bit Trade platform you must:

  • 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

If you meet these criteria, you can create an account by providing your personal details (name, address, etc.) and proof of ID in line with Australian law.

Once you do, you can place orders to buy or sell bitcoin and ether. From your account dashboard, click "Place order" and choose your order amount in BTC, ETH or AUD. You can then select the payment method and process your payment.

What payment methods are accepted?

Bit Trade accepts deposits via:

  • POLi Payments
  • Cryptocurrency transfer

How long do transfers take?

It might take up to 48 hours to verify your identity after first signing up. Your first POLi payment will also take extra processing time before the funds appear in Bit Trade’s account.

Once Bit Trade receives the funds, it will put your order in the queue for processing. It usually takes about 4 hours from the receipt of your payment to order completion.

Bit Trade may cancel orders if your funds haven’t been transferred within 4 hours of placing an order.

Once you’re verified, you can typically expect to receive the AUD, bitcoin or ether on the same day or next day, depending on the time you placed an order.

Bit Trade processes orders 7 days a week, between 7am and midnight (Sydney time). Orders placed after midnight will be processed at 7am the next day.

What are the minimum and maximum order amounts?

The minimum purchase amount on the main Bit Trade platform is $100, and the maximum is $20,000.

If you want to buy more than $20,000 of BTC or ETH at once, you can contact Bit Trade's OTC Trading Desk.

Rates and fees

Bit Trade charges a 1% fee on bitcoin and ether purchases, but there is no fee for selling cryptocurrency through the platform.

Of course, you'll also need to consider the exchange rate you receive when calculating the total cost of your transaction. For example, if you're buying bitcoin with AUD, compare the rate Bit Trade quotes you with the current BTC/AUD exchange rate to work out whether you're getting a competitive deal.

Security and privacy

Bit Trade doesn’t publish details of its digital security measures the way other services do, but it’s been in operation since 2013 and is an ADCA member.

It also offers 2-factor authentication and requires users to complete an ID verification process before they can start trading.

Customer service

Bit Trade claims to offer 24/7 support to its customers. You can submit a support request via email to helpdesk@btrade.io, while the Bit Trade website also features answers to a range of FAQs.

Pros and cons of Bit Trade

Pros

  • Buy and sell BTC and ETH with AUD
  • Quick transfer times
  • Efficient customer support
  • Established in 2013

Cons:

  • Charges a 1% fee on crypto purchases
  • Only provides access to a limited range of cryptos

Next steps

The most important step is to consider Bit Trade's features and security standards to decide if you want to use the platform. If you do, simply sign up on Bit Trade and verify your account.

BitTrade

Frequently asked questions

Image source: BitTrade

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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