BTC.com.au Cryptocurrency Platform – 2021 review
|Product Name||BTC.com.au Cryptocurrency Platform|
Bank transfer (ACH)
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD
- Supported cryptocurrencies: Bitcoin
While you can only buy bitcoin on this platform, you can load Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) Litecoin (LTC), OmiseGO
(OMG) and Ripple (XRP) onto the BTC.com.au ATM/EFTPOS card.
Which payment methods are accepted?
- Bank transfer (ACH)
- Transferring bitcoin to your Australian bank account via BTC.com.au
- Spending or cashing out BTC, ETH, BCH, LTC, OMG and XRP on your BTC.com.au debit card
- Paying your bills with bitcoin through BPAY
What's it like to use BTC.com.au?
Fees and limits
Platform trading fees
The fees associated with your purchases, which include commission and GST, are built into the prices you are quoted at the point of sale.
|Platform Fee Type||Fee|
|Commission||3.5% commission on spot price + GST|
Deposit and withdrawal fees
The fees for deposits and withdrawals may vary.
BTC.com.au does not provide a cryptocurrency wallet, so you will need to have a wallet ready to go and provide the address when purchasing cryptocurrency.
Cryptocurrency network fees may be charged at the time of purchase, but will typically be negligible. You will be informed of these at the time of your transaction.
When you choose to cash out your crypto by using it to pay bills, or sending it to a bank account, that service is administered by Living Room of Satoshi (LROS). There are no fees for using LROS. A spread is charged instead.
|Cryptocurrency network fees||Varies - usually a few cents|
|Bill pay||LROS spread|
|Bank transfer||LROS spread|
The BTC.com.au ATM/EFTPOS card offers a wide range of services for free, even where a traditional bank card would charge fees.
|Card issue fee||Free + free express postage|
|Funds loaded to the card||Free|
|ATM withdrawal||ATM owner fee|
|Point of sale purchases||Free|
|Disputed transaction fee (per transaction)||Free|
|Monthly maintenance fee||Free|
|Monthly inactivity fee||Free|
|Manual funds transfer fee (from the card to an external account)||Free|
|Minimum purchase||Maximum purchase|
Initially, customers will have a maximum limit of $1,000, which can be increased after a couple of successful transactions. Contact the BTC.com.au customer service team to increase your limit.
The card has its own limits. As a general rule of thumb, you can never have more than $999 on the card at any given time.
|Maximum per transaction limit||$999|
|Maximum daily limit (incl. POS and ATM)||$999|
|Maximum number of transactions per day (incl. POS and ATM)||25|
|ATM withdrawal limits|
|Maximum ATM transactions per day||10|
|Card account limits|
|Maximum loads per day||20|
|Maximum value on card at any one time||$999|
How fast will my funds be available?
BTC.com.au can let you buy bitcoin and make it available to you almost instantly as soon as payment is received.
This is because the service has been automated, and as soon as your payment is received, you will automatically receive the cryptocurrency to your wallet.
- POLi payments: Almost instant (usually 60 seconds or less)
- blueshyft: Within minutes of making the cash deposit
Is BTC.com.au safe to use?
BTC.com.au is a registered Australian company (ABN 52 625 367 811) and a member of the Australian Digital Commerce Association. It provides clear contact information and customer support channels.
It also ensures you maintain control of your cryptocurrency at all times because it doesn't provide a wallet. This puts you in charge of your own security.
The card might present some risks though. It requires a PIN number, which will be provided when you order the card.
However, it's important to note that unlike typical bank cards, your card is also entirely your own responsibility and BTC.com.au does not bear any responsibility for misuse following its loss or theft. And while the card is administered by Cuscal, which is an authorised deposit-taking institution in Australia, a deposit on the card itself does not represent a deposit with Cuscal.
BTC.com.au is, by all appearances, a legitimate cryptocurrency business, and its card is a legitimate product, but you are still entirely responsible for the security of your card and crypto wallet.
How do I create an account at BTC.com.au?
To use BTC.com.au, you will need to create an account and then provide the requested information.
BTC.com.au may require different information, and the services it gives you access to may vary depending on the depth of information you have provided, and how long you have been a customer.
What else do I need to know about BTC.com.au?
BTC.com.au is a relatively recent addition to Australia's cryptocurrency scene, with the company being registered on 3 April 2018.
It describes itself as being "committed to building a platform that promotes adoption of this innovative new technology and brings real-world value to everyday Australians and businesses."
It's an Australian company, based in Sydney.
In a nutshell
- Makes it quick and easy to buy crypto
- No deposit fees
- Offers a range of services to make using it easier
- Has a reloadable cryptocurrency debit card with minimal fees
- Lets you buy bitcoin with cash
- Lets you buy bitcoin at hundreds of physical locations around Australia
- Bitcoin is the only crypto you can buy