Bitaroo Review: Buy Bitcoin in Australia and New Zealand

Description

Bitaroo is an Australian bitcoin-only trading platform. It provides services for beginners, experienced traders, and businesses. The Bitcoin exchange offers various types of trading orders, also providing features like Recurring Buy (DCA) and escrow services, particularly for large trades through its Over-the-Counter (OTC) trading desk.

How Bitaroo Exchange Works

Bitaroo is one of the biggest Australia bitcoin-only exchanges. It has also expanded its services to New Zealand. It offers both a web interface and a mobile app (for Android/iOS) for Australian users and a mobile app Bitaroo NZ (for Android/iOS) for users from New Zealand.

To start using the exchange, create an account by entering your first name, last name, email, and password. Confirm your identity by providing your personal information. The KYC verification process is required to comply with the law. The exchange also charges a flat KYC fee for the ID verification process. Bitaroo video verification typically takes up to 2 business days to complete, although it usually finishes within 0-1 days.

Bitaroo offers three account types:

• Individual: Open to Australians aged 16 and above, these accounts can be verified within minutes.
• Corporate: Accepted on a case-to-case basis, it is for businesses with simple to complex ownership structures. Verification involves KYC for beneficial owners and submission of company documents.
• SMSF or Trust: Designed for Self Managed Super Funds or Trusts, this account type requires beneficiaries to have verified individual accounts and submission of trust-related documents.

To deposit AUD into your Bitaroo account, you must use an Australian Bank Account under your legal name or “PayID” (also known as OSKO and/or NPP); joint accounts are also acceptable, while third-party deposits are not. Bitcoin can be deposited into your Bitaroo account to the generated address provided by the exchange and after two confirmations. You must use your Lightning Wallet to deposit bitcoin via the Lightning Network.

Bitcoin can be withdrawn in three ways: to the bitcoin address you will paste, after enabling “Auto Withdrawals” or via the Lightning Network switching this function to “On”. AUD withdrawals are processed to a bank account, the details of which you need to enter.

You can buy bitcoin directly from Bitaroo using its Express Buy feature or set up an Auto Buy. Any sum of AUD you transfer to your Auto Buy deposit will be automatically used to execute an Express Buy of bitcoin. If you set up recurring payments from your bank account, you can enable the DCA (Dollar Cost Averaging) strategy and buy bitcoin daily, weekly, fortnightly, or monthly. Recurring buys will reduce the impact of market volatility on your investments.

If you want to trade bitcoin (sell to or buy it directly from others on the platform), there are the following orders: limit orders that involve purchasing or selling at a predetermined price; market orders when buying or selling Bitcoin is possible at current prices; stop market orders that activate at a set price, converting to market orders for immediate execution; trailing stop orders that auto-adjust to Bitcoin’s price, aiming to limit losses or lock in profits; and recurring buys (DCA).

Bitaroo also offers an Over-the-Counter (OTC) trading desk designed for large trades. The OTC desk provides several benefits, including no fees, one price, bitcoin escrow security, 5-minute settlement, personal concierge service, instant quotes, and availability up to 24/7/365. To be eligible for OTC trading on Bitaroo, you need to hold a Bitaroo account and be comfortable using Telegram Messenger. The minimum order size for OTC trading is 100,000 AUD, and you need a minimum KYC Level of 4.

Bitaroo Fees

The trading fee is based on a rolling 30-day total of your AUD trading volume (fees are not applied when using the Express Buy) and is calculated hourly.

Transfer of BTC into the account is free of charge (via Lightning Network, too), while depositing and withdrawing fiat costs 1.95 AUD.

Bitaroo offers three Bitcoin withdrawal fee options:

• Priority: Highest user-paid fee, with Bitaroo also paying a high miner fee for quick confirmations.
• Standard: Medium user-paid fee when Bitaroo pays a medium miner fee for reasonable confirmation time.
• Economy: Lowest user-paid fee; in this case, Bitaroo pays a low miner fee, ideal for those who do not mind slower confirmations.

Is Bitaroo Exchange Safe?

The exchange employs two-factor authentication and cold storage for the majority of user funds. Additionally, Bitaroo offers an Over-the-Counter (OTC) trading desk with escrow security for large trades, adding an extra layer of safety. When enabling recurring Bitcoin purchases, the sats can be immediately sent to your self-custodial wallet if you choose it as a method of receiving your funds. However, like any online platform, Bitaroo is not entirely immune to risks such as hacking or system failures.

Is Bitaroo Based Place to Buy Bitcoin in Australia?

In conclusion, Bitaroo is a reputable Australian Bitcoin-only exchange that offers various trading options, account types, and features. If you prefer fast and low-cost Bitcoin transactions, you will be glad to know that it supports the Lightning Network. The exchange is relatively easy to use, with a simple account creation process, KYC verification, and user-friendly interface. Bitaroo also provides additional security measures, such as two-factor authentication and cold storage, making it a safe choice for storing and trading Bitcoin.

Fees at Bitaroo are generally competitive compared to other exchanges. Express-DCA and Auto-buy have no fees, making them an attractive option if you who want to dollar-cost average your Bitcoin purchases. Trade-DCA incurs normal trading fees, which can be lower than other exchanges, but may require more user savviness to optimize. AUD deposit fees are $1.95 for deposits up to $1000, with larger deposits being free. To save on fees, you can deposit $1000 once and then use Express-DCA or Trade-DCA to DCA $20 per day.

However, it’s not the ideal place to buy Bitcoin if you are looking for a non-KYC exchange. Bitcoin purists may appreciate Bitaroo as a Bitcoin-only exchange, one of the best places to trade Bitcoin due to its focus on the primary cryptocurrency. Nonetheless, the KYC requirements may be a drawback for some users who value privacy and anonymity. As with any exchange, there is always a risk of hacking or system failures, and you should exercise caution when using the platform. Overall, Bitaroo seems to be a reliable and secure option for those looking to buy and trade Bitcoin in Australia and New Zealand, while keeping in mind its KYC requirements.

More Information

• Bitaroo website
• Bitaroo on Twitter
• Bitarro reviews on Trustpilot

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