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BuyaBitcoin Review - is it scam or safe?

BuyaBitcoin Review - Is buyabitcoin.com.au scam or safe cryptocurrency exchange?

RATING: 3.5 / 0 REVIEWS BuyaBitcoin

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Trading Accounts & Conditions

Account type Leverage Fees
Standard 1:1 3%

 

BuyaBitcoin is (rather not surprisingly) a place where you can buy Bitcoin. With that out of the way, we must mention they operate from the domain buyabitcoin.com.au and are only suitable for Australians. They also have a brand called SellaBitcoin, which offers one the exact opposite functionality. 

 

The service is done via local banks, where one has to physically deposit cash and in return will receive Bitcoin at his own wallet. While we have a bit of an outsider’s look on this company, as we aren’t based in Australia, we will do our best to review them as honestly as possible.

 

BuyaBitcoin Advantages

 

Running since 2014 – BuyaBitcoin has been operational for quite some time (in cryptocurrency terms). The user reviews on the company are fairly mixed, but this is to be expected. Still, doing business for so long, and being a properly registered Australian company brings some viability to the project, when compared to some of the newer shadier elements out there. 

 

>>Our list of Australian crypto exchanges<<

 

Simple service – the interface provided by this “exchnage” is as simple as it gets. You input your contact details, the destination wallet and you are done. We aren’t certain if the company will contact you later to arrange the payment or you will have to take the first step, but this seems like the last bother one can have.

 

How you place an order at BuyaBitcoin

 

Price locked-in for 4 hours – this is one of the most unique aspect of BuyaBitcoin. Similar services, usually provide delivery “as is” (they send you the coins, after they receive the fiat payment, and price volatility may impact your order). Some of the “clever” readers may think they will do a “brilliant scheme”, by ordering some Bitcoin and waiting to see if the market goes up, before deciding on whether or not to go through with the deal. This may work out one or two times, but we suspect multiple cancellations of transactions (i.e. abuses of their offer) will result in the company blacklisting you.

 

While the company can take up to an hour to complete your order after the payment is sent, this price guarantee provides you with security.

 

3% fee + low price deviation – the fee charged by BuyaBitcoin is in-line with other similar “exchangers” in Australia. Another key aspect of this service is by how much the price varies form the ones on major exchanges. Our testing showed a 0.43% (3.43%, but the fee is included) difference which is acceptable. Keep in mind this doesn’t feature any potential banking costs.

 

BuyaBitcoin Disadvantages

 

ADCA membership not confirmed – ADCA is the Australian Digital Commerce Association, a self-regulatory NGO, which imposes a code of conduct on its members. BuyaBitcoin’s website has their logo in the bottom, but when viewing the organisation’s website, we didn’t manage to find them in the Member list. This isn’t as big of a deal, as a company falsely claiming affiliation with government regulatory agencies, but we still feel the need to mention it. We suspect either one of the websites simply isn’t updated to reflect the new situation.

 

Only works in Australia – obviously only a problem for the people who aren’t living in the country, but a limitation nonetheless. Then again, this is the company’s choice and there are a lot of exchanges accepting fiat across the globe.

 

No online payments – this is a much bigger issue, which will potentially affect some clients. We aren’t that familiar with the Australian banking system, but aparently making a cash payment to another party at a brick and mortar bank, can’t be reversed, unlike other options. This is the reason BuyaBitcoin doesn’t support other methods. ANZ and Westpac are the only two banks supported and we aren’t certain if a transfer can be made from another one (if it is, it will likely be more costly).

 

>> Buy Bitcoin with a Credit Card at these exchanges<<

 

Wallet isn't provided  – this isn’t a unique thing to BuyaBitcoin, but may prevent total newbies from using their service. Then again if you don’t know what a wallet is, what different types there are and how to create a free one, you probably need some research to do before buying Bitcoin.

 

No instant trading system – this is very obvious, but we have to mention it, as a lot of our readers are traders. A trading venue is a place where one can rapidly place orders and make transactions, with the hopes of making profit. Forex brokers, for instance offer such an environment.

 

>>Forex brokers offering Bitcoin<< 

 

That being said, a lot of these companies are now offered cryptocurrecy products. We have to clarify these are Contracts for Differance of CFDs in almost all of the cases. Such financial instruments allow you to use leverage and even sell short (in order to profit from a declining market), but don’t grant you access to actual coins. Read the full guide to get a better picture.

 

 

Conclusion

 

BuyaBitcoin is an Australian entry-level cryptocurrency company. They allow users to buy coins after making a cash payment at their local bank branch. Unlike other similar services, they offer guaranteed prices for up to four hours after you place an order, which is a great policy. 

 

The fact their website states they are ADCA members, while the Association’s one doesn’t is our biggest issue with them. Keep in mind, you will always be taking some sort of risk when dealing with cryptocurrencies. Take a look at the Bitcoin forex brokers which are overseen by some of the most stringent financial watchdogs, if you are interested in a safe way to approach the market.

 

>>Trusted Bitcoin forex brokers<<

 

The key points about BuyaBitcoin :

 

Pros Cons
Running since 2014 ADCA membership not confirmed
Simple service Only works in Australia
Price locked-in for 4 hours No online payments
3% fee + low price deviation Wallet isn't provided
  No instant trading system

 

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Traders` reviews for BuyaBitcoin

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