|Product Name||BTC.com.au Cryptocurrency Exchange|
|Cryptocurrencies||BTC, ETH, BCH, LTC, ADA, USDT, DOGE, USDC, SOL, SHIB, APE|
BTC.com.au closure announcement
On 17 June 2022 BTC.com.au announced it will shut down as a result of extreme market conditions. The platform said the volatile climate had made it impossible for it to continue to operate.
The platform will remain live until Friday 22 July 2022 to allow users to finalise their accounts and download their Trade Activity reports for tax purposes. However, all deposits and trading activity has been suspended effective immediately.
Alternatives to BTC.com.au
Overview of BTC.com.au
BTC.com.au came to life in 2018 when its Sydney-based founders decided to create a service that provided an easy way to buy and sell Bitcoin.
The platform initially operated as a broker with a relatively expensive fee structure and no way to store assets on the platform. In April 2022, BTC.com.au evolved into a fully-fledged exchange, providing a free multi-coin wallet, access to over 10 digital currencies and various advanced trading tools.
The platform is geared towards Australian customers and only accepts AUD, but this may change in the future.
- If this is your first exchange: BTC.com.au is a great choice for a de-cluttered, easy and accessible way for Australians to begin building their crypto portfolio.
- If you're switching exchanges: BTC.com.au offers a couple of advanced order options (stop, limit and market orders) that other exchanges may lack. However, its limited range of assets means that altcoin investors will likely want to look elsewhere.
Pros and cons of BTC.com.au
- Flat and competitive fee structure
- Slick and intuitive user interface
- Australia-based customer support team
- No withdrawal or deposit fees
- Competitive trading fees
- Smaller range of coins than most exchanges
- Lack of advanced or DeFi features
- No mobile app
Verdict: Is BTC.com.au any good?
BTC.com.au is a solid starting point for crypto beginners. The platform is simple to navigate and gives you access to features like instant and fee-free deposits/withdrawals.
The transition from a brokerage to an exchange has helped BTC.com.au expand both its range of assets and useful features. This gives advanced crypto investors more scope to utilise the platform, and the development team has emphasised that more financial tools are on the way.
The addition of a multi-coin wallet has further simplified the process of buying and selling on BTC.com.au's platform. Originally, you would've had to already own and know how to use a custodial wallet. This somewhat defeats the purpose of targeting crypto newcomers, as setting up and transferring funds to a wallet can be a daunting task for the uninitiated.
Another compelling element of BTC.com.au is its transparent fee structure. The flat rate of 0.7% isn't industry-leading, but it is quite competitive, particularly for an Australian exchange.
What to know about BTC.com.au
BTC.com.au is an Australian exchange, and at this point, only provides its services to customers from Australia. The platform has a flat fee structure, but it also charges "spreads" on buy and sell orders. Spreads are the difference between the buy price at the time of order and the price it is eventually sold to you at. Combining BTC.com.au's spread fees on top of its transaction fees can quickly add up for high-volume investors.
BTC.com.au's small list of cryptocurrencies makes it purpose-built more for long-term investors than active traders. All trading pairs are against AUD, so you can't swap cryptocurrencies using the platform. With that said, more pairs are being added frequently.
BTC.com.au has made simplifying the verification process – which you must complete before you can fund your account and begin trading – a key focus. As a result, verification times are near-instant through the platform's KYC partner, though if you use an obscured or blurry photo of your identity documents, it may take up to 24 hours.
A design feature of BTC.com.au is its multi-tiered interface. The platform lets you switch between a simple and an advanced interface depending on your experience level.
|Transferring money or assets|
|Fees and costs|
|Ease of use|
BTC.com.au has a fairly slim list of supported assets, with a number of notable absences.
- Supported fiat currencies: AUD
- Supported cryptocurrencies: Approximately 13 cryptocurrencies
Investors looking to buy popular cryptocurrencies such as Ripple (XRP), Binance Coin (BNB) or Polkadot (DOT) will have to look elsewhere.
Transferring fiat and cryptocurrency
Depositing fiat currency (AUD) to your BTC.com.au account is fast – usually within seconds. The platform has a "Quick Deposit" process that uses Internet bank transfer payments Osko or NPP.
Processing times for transferring crypto to and from your BTC.com.au wallet will vary. There are a few factors that can influence transaction speeds, such as the specific blockchain you are using and any network congestion. Generally, most transfers will take less than an hour.
Fees and costs
Transferring and withdrawing from BTC.com.au is free. Moving cryptocurrency in and out of BTC.com.au's wallet is also free, but network fees will apply.
BTC.com.au charges a flat 0.7% transaction fee on all crypto trades, which is on the lower end for entry-level Australian exchanges.
However, every transaction on BTC.com.au also incurs a spread fee. The exact amount charged fluctuates, but combined with the flat fee, transactions can easily incur fees of over 1% of your total purchase amount. Locally, this is a competitive rate, but there are global alternatives with lower prices available.
The minimum order varies based on the trading pair, but it is typically over $20. You can find a full list here.
Fiat withdrawal and deposit fees
Crypto withdrawal and deposit fees
|Network fees only||Network fees only|
What is it like to use BTC.com.au?
BTC.com.au has an intuitive design and makes it easy for both beginners and more experienced crypto investors to trade digital assets.
Does BTC.com.au have good customer support?
BTC.com.au has an Australia-based customer support team that operates inside the company's office. The team is available 8.30am-5pm AEST on weekdays.
Customer support is usually quite detailed and helpful, and there's a live chat option during business hours. You can also submit enquiries via a Contact Us form.
BTC.com.au also has a FAQ section; however, the depth of these articles is a little lacking.
|Support offered||Wait times|
|Contact us form||✅|
List of services on BTC.com.au
Trading on BTC.com.au
As well as buying and selling cryptocurrencies, BTC.com.au allows for advanced order options such as at market, limit or stop orders.
Over the counter (OTC) trading is also supported by the platform.
Earning on BTC.com.au
BTC.com.au does not currently offer any crypto earning opportunities; however, it is reported to be releasing a Bitcoin Earn program in the near future.
Promotions on BTC.com.au
BTC.com.au operates a referral program for Australian customers with impressive rewards. Users who refer a friend will receive 30% commissions on all fees paid by their referee – which is one of the highest commission rates available.
BTC.com.au has never experienced a hack or attack.
BTC.com.au is registered with AUSTRAC and complies with all government regulations, including KYC and AML laws.
BTC.com.au claims to have enterprise-grade security and to have processed millions of previous transactions without issue. Accounts can enable 2FA for further protection.
No information is available on the platform's website regarding security audits.
BTC.com.au doesn't have an insurance fund, and funds that are compromised or stolen are at risk of being permanently lost. The following comes from the website's terms of service:
"If BTC.com.au, or the third party becomes insolvent, or is subject to hacking or some other cyber security event, your Cryptocurrency may be jeopardised and you may incur partial or total loss of your Cryptocurrency."
It is worth noting that, in some instances, BTC.com.au may still return any stolen or lost funds, even without an insurance fund.