Buyabitcoin review – February 2018

Why buy bitcoin from Buyabitcoin.com.au?

Buyabitcoin.com.au is a prominent bitcoin (BTC) broker in Australia. It was established in Melbourne as one of the first bitcoin mining companies in Australia, and aims to take the complexity and difficulty out of buying cryptocurrency.

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 Buyabitcoin

What is Buyabitcoin.com.au and how does it work?

Buyabitcoin is a straightforward buying and selling service. You can send it AUD to receive bitcoin in return, or send it bitcoin to receive AUD.

You buy at Buyabitcoin.com.au, and sell at Sellabitcoin.com.au.

The speed, ease and simplicity of transfers might be its most attractive feature.

There’s no signup required, and buying or selling is as simple as filling out a form on the website and making a transfer.

To buy at Buyabitcoin.com.au:

  • Enter either the amount of bitcoin you want to buy, or the amount of AUD you want to spend.
  • Select whether you want to pay AUD to a Buyabitcoin account at Westpac Banking Corporation (known to all as Westpac) or Australia and New Zealand Banking Group (ANZ). Your choice might affect your bank transfer fees.
  • Enter your bitcoin wallet address

To sell at Sellabitcoin.com.au:

  • Enter either the amount of bitcoin you want to sell, or how many AUD you want to buy with your bitcoin.
  • Enter your bank-state branch (BSB) number and account details.
  • Select whether or not you’re registered for GST

In both cases you will also need to accept the terms and conditions, and enter your email address and phone number.

What are my payment options?

Whether you’re buying or selling, you’ll need to have:

  • An Australian bank account to send AUD when buying bitcoin, or to receive AUD when selling bitcoin.
  • A bitcoin wallet - To receive bitcoin when buying bitcoin, or send bitcoin when selling bitcoin.

What are the fees?

Buyabitcoin charges a 4.9% commission fee on your bitcoin purchases, but no fees for selling.

It also earns revenue from the spread between buying and selling prices.

What are the transfer limits?

Whether buying and selling, the maximum amount that can be transferred at once is AUD$9,000, and the minimum is AUD$200.

Pros and cons of Buyabitcoin and Sellabitcoin

Pros:

  • Quick, simple and easy

Cons:

  • May have less competitive rates than you’ll find elsewhere
  • The transfer limits might be too high or low for your needs

Safety, security and privacy

The service has been running for 3 years, and reports that by November 2017 it completed 29,000 orders and traded a total of 33,000 bitcoin.

It never stores any of your bitcoin or cash on its own servers the way you might in an exchange, so there may be relatively little risk involved compared to using an exchange.

The main risks are:

  • The chance of it being a scam or disreputable service. It’s a very active and well-established service, with a physical address. It’s probably a reputable provider.
  • The odds of losing bitcoin or cash on “your end” of the transaction. You should make sure you take appropriate steps to secure your wallet, and only conduct transactions on a computer that’s safe, the same as any other Internet banking.

Customer service and contact

You can call the company at 1300 BUY BTC (1300 289 282), or email support@buyabitcoin.com.au.

You can also find it at:
PO BOX 2393
Richmond, VIC 3121, Australia

Next steps

The first step is to consider the features and the security standards to decide if you want to be a buyer. If you're ready to proceed, make sure you have a wallet, then all you have to do is visit Buyabitcoin.com.au to buy, and Sellabitcoin.com.au to sell. There’s no sign up or verification required.

buyabitcoin

Frequently asked questions

Image source: Buyabitcoin

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