Finding a favorite crypto exchange that is legit would be a challenging task; the user should check several considerations like safety, charting interface, platform features, fees, trading pairs, customer service, and security. Bitaroo is a relatively new Bitcoin exchange launched recently in Australia for corporations, individuals, trusts, and SMSF (Self Managed Super Funds) to buy Bitcoin.
|Supported Fiat Currencies||AUD|
|Deposit Fees||For BTC it is Free and for AUD it is $195|
|Withdrawal Fees||AUD – $195
BTC – (0.00035 BTC – 0.00015 BTC)
BTC(via Lightning) – 0.15%(WOS), 0.3%(others)
|Customer Support||FAQ, Submit a request form|
Bitaroo was started in May 2020 by Ran Oren and Ethan Timor, and it is 100% self-funded. It has widespread support from the Australian crypto community, which has widely traded crypto, and it has seen steady growth since its inception.
What is Bitaroo?
Bitaroo is an Australian-based exchange that offers a stable, reliable, safe, and simple to use platform for traders and investors to trade, buy, and sell Bitcoins.
According to Bitaroo reviews, the Brisbane-based Bitcoin exchange was created in 2018. It was registered under Bitaroo Pty Ltd, ACN 629 701 953, with Ethan Timor as Chief Executive Office and Ran Oren as Chief Technical Officer. They have traded hundreds of cryptocurrencies and have experience in trading, Finance, IT, and business, and are passionate Bitcoin investors. Besides, the team has an active crypto community and contributes 10% of the profits to several worthy causes, environmental organizations, and Bitcoin developers.
Features and Benefits of Bitaroo
Here are the few features and Benefits of Bitaroo –
- According to our review, Bitaroo is a Bitcoin-only exchange compared to different Australian exchanges. It offers an easy-to-use platform for businesses, SMSFs, and individuals to deal only with Bitcoin. Further, Bitaroo does not provide altcoins for its users, and it exclusively offers BTC/AUD trading pairs.
- As per the reviews, it offers its customers to trade, buy, and sell only Bitcoin. If they want to trade other cryptocurrencies like Litecoin, Ethereum, or Cardano, they need to find another exchange that provides a wide variety of altcoins and stablecoins. Besides, Bitaroo does not offer an app.
- The only Australian cryptocurrency exchange that supports the lightning network in Australia is Bitaroo. The users can deposit or withdraw Bitcoin through the lightning network; the transactions are processed immediately.
- Compared to other Bitcoin exchanges in Australia, Bitaroo charges a low BTC withdrawal fee of roughly around 0.0005 BTC, and it provides lower fees and higher speeds per transaction.
- According to reviews of Bitaroo, this cryptocurrency exchange is legit software and offers a fiat-to-crypto aspect that assists users in adding and depositing fiat currencies; for example, using this website, the users can convert Australian dollars to Bitcoin.
- The deposit methods that Bitaroo supports are bank transfer, PayID/OSKO, which is the most common payment method in most Australian banks. If the user wants to go for quick deposits, they can use PayID that is near-instant payment. If the trader is going for direct deposit or a traditional bank transfer, it does not take more time; instead, it will take 1-3 working days to process the transaction.
Pros and Cons of Bitaroo
Here are the pros and cons of Bitaroo –
|Bitaroo specializes as a Bitcoin-only exchange and offers privacy for its users.||Users can only trade Bitcoin, and if they are looking for other cryptocurrencies to trade, then it is not the exchange for them.|
|Bitaroo’s Bitcoin trading fees are reasonable when compared with other exchanges.||Since it is a relatively new Bitcoin exchange, it lacks in volume when compared to its peers.|
|Bitaroo offers several payment options for its users.||No Mobile app.|
|The customer support offered by Bitaroo is dedicated and offers a prompt response.|
Registration and Login Process
Creating an account and registering it on Bitaroo is hassle-free and straightforward, but Bitaroo charges $4.95 for signing up. People might think this can be unreasonable for being arrested for signing up. This is because Bitaroo needs to cover the cost of digital ID, but $4.95 is negligible compared to other exchanges that set a very high volume trading fee.
If the user wants to buy, trade, sell, send, and receive Bitcoin, they need to open an account with this exchange. Bitaroo offers different account types to its users. This includes corporate, individual, SMSF investors, and payroll. Moreover, the users need to pay the cost for completing the know your customer (KYC) procedure.
Like other digital currency exchanges in Australia, Bitaroo does not require users to upload a selfie for their ID verification process. Instead, Bitaroo uses a digital ID which is a service offered by Australia Post. It collects user personal data like name, date of birth, address, and an ID number like driver’s license, passport, etc., which is essential.
Verify your ID
Every account type of Bitaroo should undergo an identity verification as per AUSTRAC requirements, the laws that govern Australian cryptocurrency exchanges.
The exchange security measures are too tight, and it collects the user’s data. They should report this to comply with the anti-money laundering (AML) and Counter-Terrorism Financing (CFT). To cover this cost, Biataroo charges $ 4.95 for completing this ID verification process. This is a one-time cost for a new Bitaroo account that is created. Even though it offers a slight discount, it involves an additional fee; this is a minor cost that can be recovered after using Bitaroo; it provides competitive withdrawal and trading fees.
Here are the different types of fees charged by Bitaroo –
Bitaroo has a tiered fee structure based on a maker and taker model, where the fees decrease when there is a higher trading volume. Those investors with a monthly volume of less than $10,000 are charged a 0.15% to 0.19% trading fee.
When the trading volume increases over 30 days, the maker and taker fees are reduced. Bitaroo also has opposing fees for users who trade in higher volume. Bitaroo trading fees are highly competitive compared with other Australia’s exchanges but not suited for small investors who have low volume.
However check the below table to know the trading fees based on a rolling 30-day total of your AUD trading volume:-
|Tier||30 day Trade Volume||Maker Fee||Taker Fee|
|Investor||Up to $10,000||0.15%||0.19%|
|Trader||$10K – $1M||0.10%||0.15%|
|Market Maker||$1M – $5M||0.05%||0.09%|
|Market Shaker||$5M – $10M||-0.01%||0.07%|
According to the Bitaroo review, we did not find Express fees stated to buy Bitcoins. If a direct order is placed with Bitaroo directly, there is a management charge for availing of this aspect. The determined rate by Bitaroo is slightly high compared to the bid or ask price on the platform.
The users of the Bitaroo can deposit AUD or Bitcoin on the exchange. Bitaroo does not charge deposit fees for transferring BTC using either the lightning network or the standard network compared with other Australian exchanges. Suppose the user is using PayID or OSKO, bank deposits for fiat deposits. In that case, it charges AUS $1.95 as a fee that is applicable for any fiat amount transferred to the user account.
As per several reviews, Bitaroo provides flexibility in cost and transaction speeds if the user wants to withdraw Bitcoin from their exchange; also, the users are provided with selecting withdrawal speed.
Some of the options include priority, economy, and standard, which are carried out through lightning networks. For withdrawing Bitcoin, the withdrawal fees charged by Bitaroo vary between 0.00005 BTC to 0.00025 BTC, based on the withdrawal method chosen by the user.
If the user wants to proceed with AUD withdrawal, Bitaroo charges a $1.95 flat fee. As per the website, this fee covers the cost involved in using the payment processor; but other exchanges in Australia do not charge this and offer the withdrawals made through AUD for free.
Although, to know detailed information regarding Bitaroo fees, check here.
Accepted Payment Method at Bitaroo
Bitaroo was launched recently and has developed quickly as the first Bitcoin-only exchange in Australia. According to our review, the users can buy Bitcoins with Westpac, ANZ, ING, or their Australian bank account. Some accepted deposit methods to transfer AUD on Bitaroo are Payment type bank transfer, PayID/OSKO, and Bank transfer.
Buying Bitcoin Using Bitaroo
Bitaroo offers several details, and its user interface is simple to use and very well laid out. Bitaroo offers both new and advanced users express and recurring purchases on its trading platform.
Bitaroo offers an Express feature to easily and quickly get Bitcoins without using complicated charts or tools for beginners. The user in the order box needs to enter the amount of the fiat currency to use. The BTC/AUD price is locked for 5 seconds, and it displays the conversion fees. This fee is slightly higher to avail this feature to be executed on the platform.
Bitaroo provides the ability to carry out automatic recurring purchases, which are also called DCA (Dollar Cost Averaging). This way, it removes the stress associated with swings and the volatility’s price fluctuations. Users can set up automatic payments to transfer funds through bank transfer or PayID automatically. The deposited amount in AUD is converted to Bitcoin using the express feature. The DCA offered on the trade window can convert AUD at specific intervals like daily, weekly, monthly, or fortnightly to obtain Bitcoin using the available funds.
Trading on Bitaroo
According to several reviews, if the user wants to buy Bitcoin with Bitaroo, they can use the order entry form available on the website. The wallet balances are displayed in BTC/AUD for quick reference. Like other cryptocurrency trading exchanges, Bitaroo provides different types of order types that the trader can use to perform trades. A few of them are: –
- Trailing Stop Orders
- Recurring Buy Orders
- Market Orders
- Limit Orders
- Stop-Market Orders
New traders who are not familiar with the above-given order types should do their research or go to the FAQ section of Bitaroo and use it. Bitaroo uses a maker and taker method for determining the trading fees.
Further, these order types offer advanced traders with good pointers on risk management to enter/exit a Bitcoin position at the present or the future price.
The charting window offered by the Bitaroo is an essential detail where the traders use this feature every time. Bitaroo’s is powered by the best trading charting package for their user’s trading view.
Bitaroo is packed with essential information like chart overlays, indicators, and drawing tools for advanced traders. The chat window can also be minimized to advance the recent trade windows and Bitaroo order book forward.
Simply put, Bitaroo is a great trading software that offers the required basic information and tools for users who want to buy and sell Bitcoin. It also provides a great user interface and helps beginners and experienced traders start trading with Bitcoin.
Bitaroo Customer Support
Customer service is an important factor often overlooked when we compare different crypto exchanges; the customer helpdesk offered by Bizarro is dedicated and knowledgeable.
As per our reviews, Bitaroo provides a separate page on the website for support, and if the users have any issues, they can raise a ticket by accessing the form; within a few hours, they are responded with the answers. Some of the users confirm that after sending a query, they received a response within 10 minutes.
Our Verdict on Bitaroo Review
To conclude, we can say that Bitaroo is one of the favorite cryptocurrency exchanges that is a safe, secure, reliable, and regulated Bitcoin exchange that functions in Australia. As per our review, there is no evidence to prove that this exchange had encountered any fraudulent attacks till recently. Further, it is a unique Bitcoin-only exchange in Australian BTC markets.
According to Bitaroo reviews, compared with other best crypto exchanges, this exchange offers a viable option to trade with safe, simple, and easy-to-use software, thereby helping the users to protect their money. This exchange security features are tight and ask its users to assign two-factor authentication to limit the risk of hacking. For those who are looking only for Bitcoin exchange in Australia with the additional features and excellent security, Bitaroo is the best choice.
Is Bitaroo Safe?
According to Bitaroo reviews, Bitaroo exchange is Australia’s safest, legit and biggest exchange. Also, we found that this exchange has not been compromised or hacked since its inception. The user’s accounts are secure and provide tight security, and they urge the users to use two-factor authentication to restrict fraudulent attacks.
How Do I Buy Bitcoins With Bitaroo?
The first step is to create an account on Bitaroo and provide basic information.
After providing the personal information like name, date of birth, email address, the user will receive a verification link to their email address. The user needs to add money from their bank account to the Bitaroo trading account. In this way, the user is spending Australian dollars to buy Bitcoins. Next is to generate a Bitcoin wallet if the user does not have one. After buying Bitcoin through Bitaroo, they need to transfer the Bitcoins to their wallet.
Is Bitaroo Regulated?
Bitaroo is a registered digital currency exchange. It is regulated by AUSTRAC and follows strict basic KYC (know your customer) procedures before allowing its users to buy or sell Bitcoin.