Bit Trade bitcoin exchange review – December 2018

Bit Trade Cryptocurrency Exchange
Bit Trade Cryptocurrency Exchange
  • Buy BTC, ETH, LTC, XRP and BCH
  • Use AUD to buy your cryptos
  • Pay bills with crypto
  • Fast sign-up process and intuitive trading tools
Find out more Go to site

Learn how to buy and sell with Australia's longest-running cryptocurrency exchange.

Quick verdict

Great for:
  • Quick transfer times
  • Simple system for placing orders
  • High-volume trading
Not so great for:
  • Finding a wide range of altcoins
  • Low fees
  • Advanced trading tools

Check out our full list of pros and cons or read on.

Product Name Bit Trade Cryptocurrency Exchange
Fiat Currencies AUD
Cryptocurrencies BTC, ETH, LTC, XRP, BCH
Deposit Methods Credit card
Cryptocurrency
Debit card
POLi
Trading Fee 1%
Deposit Fees None
Withdrawal Fees Fees vary

Pros

  • Buy and sell 5 major cryptocurrencies
  • Quick transfer times
  • A simple system for placing orders
  • Also offers an OTC desk

Cons

  • Orders placed after midnight will only be processed at 7am
  • Offers a limited selection of cryptocurrencies compared to some other platforms
  • Does not offer advanced trading features
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.

Learn more about Bit Trade

What fiat and cryptocurrencies does Bit Trade support?

  • Supported fiat currencies: AUD
  • Supported cryptocurrencies: Approximately 5 cryptocurrencies
  • BTC
  • ETH
  • XRP
  • BCH
  • LTC

Which payments methods does Bit Trade accept?

  • Credit card
  • Cryptocurrency
  • Debit card
  • POLi
  • Electronic funds transfer (EFTs) for OTC clients
Go to Bit Trade's website

What's it like to use Bit Trade?

Fees and limits

Platform trading fees

Buy/sell order 1%
OTC ($50,000 minimum) Varies – preferential rates available

Transfer fees

Buying fees
POLi payment None
Cryptocurrencies transfer Network fees
Electronic funds transfer Typically free for Australian banks
Transaction fees
Cryptocurrencies transfer Network fees
Electronic funds transfer Typically free for Australian banks
Limits
Main trading portal $100 minimum, $50,000 maximum
OTC $50,000+

How fast will my funds be available?

Times vary from over 15 minutes to 1 day. The time taken depends on your payment method, whether it's your first time buying from Bit Trade or whether your order is processed during business hours.

Deposits

Clock icon for transfer speed

Up to 3 days

POLi payments can clear almost instantly, although your first POLi payment to Bit Trade might take one to two business days.

Transfers

Clock icon for transfer speed

1 day

Cryptocurrency transfers can arrive almost instantly. Once your payment is received, you will join the queue to have your order filled.

Order processing

Clock icon for transfer speed

Up to 12 hours

It usually takes 15-20 minutes to go from joining a queue to getting your order filled if it's not your first purchase.
Orders are processed 7 days a week, between 7am and midnight (Sydney time). If you place an orders after midnight, it will be processed at 7am the next day.

Go to Bit Trade's website

Is Bit Trade safe to use?

  • 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.

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

Pros

  • Buy and sell 5 major cryptocurrencies
  • Quick transfer times
  • A simple system for placing orders
  • Also offers an OTC desk

Cons

  • Orders placed after midnight will only be processed at 7am
  • Offers a limited selection of cryptocurrencies compared to some other platforms
  • Does not offer advanced trading features

Ready to sign up?

Go to Bit Trade's website

Frequently asked questions

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.

Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of insurance, business news and cryptocurrency.

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