Bit Trade Review & Ratings - Exchange Broker

Bit Trade Review

Easy to use platform
Excellent reputation
ADCA membership
Great customer care and support

Limited crypto assets
Basic trading platform
High trading fees
Only Australian traders

Bit Trade is a leading Australian cryptocurrency exchange that claims to be Australia’s longest running Bitcoin trading platform. Bit Trade was established in 2013 with a goal to make cryptocurrencies and blockchain technologies accessible to all. With this goal in mind, Bit Trade accommodates the needs of all traders and investors no matter how big their budget or their experience level in trading and investing. The founders of Bit Trade are also the founders of the Australian Digital Commerce Association (ADCA), which is the organization that represents Australian businesses and organizations involved with blockchain technology. Also, Bit Trade runs a sister company known as Bit Trade Labs which is dedicated to the development of world class blockchain technologies. Bit Trade may not be licensed and regulated by any traditional regulatory authorities, but they have thus far proven to be a safe, secure, and highly reputable online cryptocurrency exchange that continues to innovate and improve their services. All in all, the Bit Trade Bitcoin and cryptocurrency exchange appears to be one of the best crypto exchange services in Australia, but are they really? Find out in the following review where we take a deep dive into all aspects of the Bit Trade crypto exchange and discover how they stack up to the competition and whether their products and services are right for you.

Trading Platform

Bit Trade features their very own proprietary cryptocurrency exchange platform that’s accessible via the Bit Trade website. The platform has a very simple web based interface that’s compatible with most web browsers across both desktop computers and smart mobile devices. To begin trading at Bit Trade, users must first create a Bit Trade account and get verified by providing them with a picture of government issued ID such as a drivers license or passport and a recent bank statement or utility bill. Once fully verified, users can place buy or sell orders from the user dashboard by funding their account with either Bitcoin (BTC), Ethereum (ETH), or Australian Dollars (AUD). The platform interface is very simple and straightforward to use making it a viable option for beginner cryptocurrency traders and investors. The platform does not support any sort of advanced order types such as stop losses or take profits and is therefore not ideal for regularly trading crypto but rather better for casual investing in crypto. Traders do have access to simple charts for basic technical analysis and there is a featured news section for fundamental analysis. However, these features can be found anywhere on the web and are not unique to Bit Trade. All in all, the Bit Trade trading platform looks and feels very good but lacks any sort of depth and advanced features more experienced users enjoy.

Exchange Markets

Bit Trade was launched in 2013 with the sole cryptocurrency asset Bitcoin (BTC). Since then the exchange has not changed much as they have only introduced one more cryptocurrency, Ethereum (ETH). Both Bitcoin and Ethereum can be bought and sold for one another or for Australian Dollars (AUD). Therefore, Bit Trade is a very limited cryptocurrency exchange in the markets they serve. Traders looking to invest in a range of altcoins (alternative cryptocurrencies) must look elsewhere or use Bit Trade as a gateway by purchasing Bitcoin or Ethereum to then transfer to another exchange.

Traders can buy and sell up to $20,000 AUD per day and have a minimum order amount of $50 AUD. More serious traders and investors who wish buy and sell larger amounts of Bitcoin and Ethereum can use the OTC trading desk service which facilitates transactions between $20,000 and $50,000,000 over-the-counter.

Fees and Commission

Bit Trade charges their users a fee that’s built into the spread plus a service fee for buying both Bitcoin and Ethereum. The spread fee is generally 2% – 3.5% of the actual BTC or ETH value and the service fee is 1%. Therefore, the average fee for buying crypto at Bit Trade is anywhere from 3% – 4.5%. As for selling Bitcoin and Ethereum at Bit Trade, there is no services fee, but the seller still incurs fees incorporated into the spread. As for deposit and withdrawal fees, nothing is mentioned regarding crypto deposits or withdrawals. A for fiat deposits and withdrawals, the user may incur a fee on their payment methods end.

Security and Fairness

Bit Trade is a very safe and secure cryptocurrency exchange as they are well established being founded in 2013 and have built up a viable reputation. Also, Bit Trade is a member of the Australian Digital Commerce Association (ADCA), which adds to their reputation. Also, Bit Trade users are always in full control of their crypto as their crypto funds are sent directly to and from their very own cryptocurrency wallets. Another security measure is the use of SMS two factor authentication for logging into accounts and making transactions.

Support

Bit Trade provides their customers with excellent customer support and care, especially for a cryptocurrency exchange. Customers can reach support representatives 24 hours a day, 7 days a week via email or through their various social media channels. Also, Bit Trade features an extensive FAQ page and comprehensive learning center where their users can educate themselves in a variety of ways.

Conclusion

Overall, Bit Trade is an excellent crypto exchange for beginner users and casual crypto traders. The platform is simple and easy to use as well as safe and secure. The trading fees may be higher than many other crypto exchanges, but traders have the security of sending and receiving crypto directly from their personal crypto wallet. Also, the Bit Trade exchange has a great reputation in the Australian cryptocurrency industry. All in all, we recommend Bit Trade as a viable option for buying and selling Bitcoin and Ethereum for Australian users.