Bit Trade bitcoin exchange review – May 2018

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

Bit Trade was founded in 2013, making it venerable by cryptocurrency standards.

It’s focused on low costs, transparency and quick service when you buy or sell bitcoin.

Product Name BitTrade Cryptocurrency Exchange
Fiat Currencies AUD
Cryptocurrencies BTC
Deposit Methods Credit card, Debit card, POLi, Cryptocurrency
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

  • Might offer more competitive rates than other providers
  • Quick transfer times
  • A simple system that lets you place orders 24 hours a day, 7 days a week

Cons

  • Charges a 4.9% fee on bitcoin purchases
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 Bit Trade

What is Bit Trade?

Bit Trade is a buying and selling service that mainly focuses on bitcoin (BTC). One of its most distinctive features is that it sources bitcoin from all around the world, and so might be able to offer more competitive rates than other Australian brokers.

Its Australian arm is based in Sydney, while Bit Trade also has branches in Canada and the UK. This scale lets it offer international rates on bitcoin.

How do I buy and sell on Bit Trade?

Simply create an account on Bit Trade and log in. Once you do, you can place orders to buy or sell bitcoin.

After placing an order, deposit Australian dollars or bitcoin to Bit Trade, and you'll be sent the appropriate AUD or bitcoin.

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

To get started you create an account at Bit Trade and this will need to be verified with proof of identification in line with Australian law.

You can make bank or credit/debit card payments to that account for buying bitcoin, and depositing bitcoin you want to sell.

What altcoins does Bit Trade offer?

Bit Trade primarily deals in bitcoin (BTC), but if you’re looking for another cryptocurrency it may be able to trade it as well. You can contact Bit Trade and ask.

It plans to implement other cryptocurrencies in the future.

What payment methods are accepted?

Bit Trade makes and accepts payments with:

  • Credit or debit card
  • POLi payment from bank accounts
  • Bitcoin wallets

How long do transfers take?

It might take a couple of days 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 or bitcoin 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 $50, and the maximum is $20,000.

If you want to buy more than $20,000 of bitcoin at once, you can contact Bit Trade directly and may be able to get preferential rates.

Rates and fees

Bit Trade charges a 4.9% service fee on bitcoin purchases, but there is no fee for selling bitcoin through it.

If you find the rates to be competitive, then it might still be value for money despite the service fee.

There may also be additional fees depending on your payment method.

  • POLi transfers: These can typically be made for free, from participating banks.
  • Credit or debit card transfers: Bit Trade processes credit card transactions through its UK arm. As a result, your credit card provider may charge a foreign transaction fee. You’ll likely also incur a cash advance fee.

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 runs across three different countries. Before buying it's always a good idea to compare with other platforms.

Unlike some other providers, Bit Trade will not sell or disclose your personal information unless required to by law.

It also offers two-factor authentication and mobile verification for transactions.

Customer service

Bit Trade maintains a help address at helpdesk@btradeaustralia.com, where you can email any customer support issues.

Pros and cons of Bit Trade

Pros

  • Might offer more competitive rates than other providers
  • Quick transfer times
  • A simple system that lets you place orders 24 hours a day, 7 days a week

Cons:

  • Charges a 4.9% fee on bitcoin purchases

Next steps

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

BitTrade

Frequently asked questions

Image source: BitTrade

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