Bitaroo Review: Here’s Why We Didn’t Like It

Last Updated on December 24, 2023 by Kevin Groves

Bitaroo is a 100% Australian-owned and operated crypto platform that only trades in Bitcoin. For a trading platform that only deals in one digital asset, does it provide enough features to make it competitive against the best crypto exchanges in Australia? This review explores how Bitaroo works, what features it brings to the table, and its pros and cons to help you decide if investing your money is worth it.

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Quick Overview

Here is a quick summary of the Bitaroo exchange information.

Exchange name	Bitaroo
Supported countries	Australia
Fiat currencies supported	Australian Dollars (AUD)
Deposit methods	OSKO, PayID, NPP
Supported cryptocurrencies	Bitcoin (BTC) only
Trading fee	0.15% (maker) and 0.19% (taker)
Deposit fee	None
Withdrawal fee	Bitcoin: 0.0001 – 0.0003 BTC. AUD: $1.95.
Mobile app	No

So, what is Bitaroo?

Founded in 2018 by Ran Oren and Ethan Timor, Bitaroo is a Bitcoin-only trading exchange that provides Australians with two ways of investing in Bitcoin (BTC). These include a Quick Buy feature where Bitcoin can be rapidly bought with just a few clicks, or by using the advanced charting and tools provided in the Exchange.

For a Bitcoin-only exchange, Bitaroo provides a decent amount of features and utility to support individual, institutional, and Self-Managed Super Fund (SMSF) investors. In addition to the broad audience it serves, Bitaroo also supports common methods to deposit Australian Dollars (AUD), advanced orders such as stop market and Dollar-Cost-Averaging (DCA), and rapid BTC transfers using the Lightning Network.

As a Bitcoin-only exchange, has a policy of donating 10% of EBITA to projects that support Bitcoin developers. Additionally, it has an insurance fund that is built using 10% of its trading fees.

Pros & Cons

What We Think of Bitaroo

It’s beginner-friendly

The Bitaroo interface as a whole is uncomplicated and clearly presented to make for easy navigation and use. Since Bitcoin is the only digital currency you can buy, trade, and sell back to AUD, there aren’t too many features that demand a complex interface. An Express feature is provided where you just need to enter the amount of AUD to spend and your wallet address to receive Bitcoin. The trading interface resembles the interfaces of more advanced crypto exchanges we have reviewed such as Bybit, FTX Australia, and Binance Australia, however, it manages to retain a fair degree of visual simplicity with its bare design.

In terms of the level of competency and experience required, beginners and intermediates should be able to use the features of Bitaroo with confidence.

There’s support for SMSF investors

As Bitcoin is the largest digital asset in terms of market capitalisation, it is a hugely popular investment option for SMSF accounts. Bitaroo provides a Bitcoin-only SMSF service where you can take advantage of the low fees, high security, and annual statements to build your retirement fund.

Due to Australian government regulations on the acquisition of digital currencies as part of super funds, a separate account will need to be created and the Trust Deed needs to specifically acknowledge Bitcoin as an investable asset. For more information, we have written a full guide on crypto SMSF investing for Australians.

One of the few to support the lightning network

Bitaroo uses the Lightning network to quickly transfer Bitcoin across the blockchain network. The key advantages of this are lower blockchain fees and quicker transaction times. The adoption of the Lightning network provides Bitaroo with a unique feature that is not typically offered by other Australian crypto trading platforms.

A variety of order types to choose from

For a platform that is dedicated to the trading of Bitcoin, we were impressed by Bitaroo’s selection of advanced order types that can be used on the Exchange to provide more flexibility and risk control. The order type can be selected using the drop-down menu on the exchange where the following can be applied to trades:

• Limit: Buys or sells Bitcoin when the market price reaches the price that you specify.
• Market: Buys Bitcoin at the asking price or sells at the prevailing bid. Incurs a taker fee.
• Stop market: Limits potential losses and secures profits by buying or selling BTC when the market price moves beyond a specified price.
• Trailing stop: Similar to stop market orders but with added flexibility by protecting gains or minimising losses.
• Recurring buy (DCA): Periodically buys BTC irrespective of the market price which helps to mitigate against volatility in the market.

How much are the fees on Bitaroo?

Deposit fees

Unlike most other Australian crypto platforms, Bitaroo charges a minor fee of $1.95 when you deposit cash into your account. This is due to Bitaroo using a third-party payment provider for deposits and withdrawals of AUD. Transfers of Bitcoin from an external wallet and into your Bitaroo wallet can be done for free.

Withdrawal fees

Since Bitaroo uses a third-party payment provider to facilitate withdrawals of AUD, a fee of $1.95 will apply when you take cash out. For example, if you withdraw $100 from your account, a fee of nearly 2% will apply. This is expensive considering that popular Aussie crypto platforms we have compared such as Swyftx and CoinSpot don’t charge any fees to withdraw AUD.

Trading fees

Bitaroo outlines that no fees apply for using the Express feature to instantly buy Bitcoin. However, maker and taker orders placed on the exchange will incur fees of 0.15% and 0.19%, respectively. These starting fees are highly competitive in the Aussie market. For example, they are on par with Binance Australia (0.1%), and notably cheaper than Swyftx (0.6%) and Digital Surge (0.5%).

Bitaroo’s exchange fees also follow a tiered structure where reductions can be obtained depending on your 30-day trading volume. For example, if your BTC/AUD trading volume is between $10,000 and $1M, then the resulting maker and taker fees are reduced to 0.10% and 0.15%, respectively. Whilst the 30-day requirement of $10,000 may not be achievable if you’re a novice or hobbyist Bitcoin trader, the tiered fee structure spells value for money for high-net traders.

How Do You Get Started Using Bitaroo?

We found the process of opening a new account with Bitaroo to be easy. Basic details need to be provided including a valid email address and strong password, and a copy of your driver’s licence or passport for ID verification.

Once your account is created, you can fund it with AUD using bank transfers (OSKO), PayID, or NPP. Bitaroo is one of the few Australian crypto platforms that support the Lightning network to facilitate near-instant transfers of Bitcoin. Deposit limits range from $10,000 to $250,000 depending on the KYC level.

Method	Speed
BTC (standard network)	2 blockchain confirmations
BTC (Lightning network)	Near-instant
Bank transfer (OSKO)	1 – 3 business days
PayID	Near-instant
NPP	Near-instant

What is Trading on Bitaroo Like?

Novices can use Bitaroo’s “Express” feature to quickly and easily transact convert Australian Dollars to Bitcoin. This method will result in the near-instant acquisition of Bitcoin into your account wallet and is a good way to get started on the platform.

We found Bitaroo’s trading interface to strike a nice balance between being simple enough for beginners to use and providing enough tools for advanced price analysis. Whilst the TradingView charts, orders books, and trading panels resemble those of an advanced crypto exchange, Bitaroo has made efforts to simplify it as much as possible. This has been achieved by providing larger panels that are clearly presented against a white background. With that said, we thought the charting window was a bit small and a larger one would enable traders to better use the suite of drawing tools and indicators.

If you’re more experienced in crypto trading, then the Bitaroo interface will be quite useful. Bitaroo provides a nice selection of market orders including stop limit, market, trailing stop, and DCA. Also impressive as the market orders are the range Time-in-Force (TIF) options you can choose from to control how long your order will be in place, including Good ‘Til Cancelled, Maker or Cancel, Immediate or Cancel, and Fill or Kill.

Overall, the Bitaroo trading experience isn’t overly complicated. It provides you with enough tools to trade Bitcoin without going over the top. Beginners and more experienced traders alike should feel confident in using Bitaroo.

Do We Think Bitaroo Is Safe?

Based on our research of crypto exchange hacks since the time Bitaroo was founded in 2018, we were unable to find any reports of security breaches resulting in the loss of Bitcoin. Bitaroo does not provide information on the security measures and protocols it implements. Having said that, the platform uses an escrow service on Over-the-Counter(OTC) trades to mitigate against the potential of one party not being able to fulfill the requirements of a Bitcoin trade. You can activate 2-Factor Authentication (2FA) to provide an additional layer of account security.

What’s The Customer Support Like

We found the Bitaroo Support Centre to be lacking in the number of high-quality articles to help its customers with troubleshooting issues. Furthermore, submitting a ticket is the only way of contacting the customer support team. Common ways of reaching out including a 24/7 chatbot and phone are not supported which is a downside. Strangely, customers using the OTC service will need to be familiar with using Telegram Messenger as this is listed as a requirement for high-volume Bitcoin trades.

Our Final Verdict on Bitaroo

Bitaroo has evolved into Australia’s largest Bitcoin-only trading platform. It provides the necessary features for beginners and more experienced traders to buy Bitcoin in a variety of ways on an easy-to-use interface. Some features, such as the advanced market orders and very low trading fees, impressed us with what is a single digital asset platform.

However, despite its willingness to deliver on trading features, Bitaroo falls over in other aspects such as customer service, and deposit and withdrawal fees for AUD. Moreover, information regarding its security practices should be displayed on the website to provide customers with confidence that their funds and assets are safe.

Based on our review, Bitaroo is suitable for beginner and novice traders who want to only buy and trade Bitcoin. The trading fees are highly attractive and you won’t find lower fees without going to a larger and more complicated global crypto exchange. However, if there is a chance that you want to expand your crypto portfolio by buying altcoins in Australia such as Ethereum, then you’re probably better off with an alternative such as Swyftx or CoinSpot.

Frequently Asked Questions