With the advent of cryptocurrencies and the mainstream push of Bitcoin, several ‘Bitcoin-only brokers’ have emerged of late, that provide exclusive benefits to investors to buy, sell, and save in BTC sans the noise and complex paradigms that characterize most crypto exchanges.
For any crypto novice, the term broker and exchange might seem to have no difference but in reality, brokers ensure that customers do not get entangled in the complexities of operating on a crypto exchange.
In this article, we will list the top Bitcoin-only brokers you can use to buy and sell BTC in Australia.
Top ‘Bitcoin-Only Brokers’ in Australia
1. paybtc
paybtc is a fast and secure Bitcoin exchange that allows you to seamlessly buy and sell Bitcoin directly. The Bitcoin-only exchange stands out for its simple user interface, great customer service, and focus on self-custody.
How does paybtc work?
To purchase Bitcoin, simply input your email, Bitcoin wallet address, and the amount to purchase. Select the “Pay” option and input the PayID shared to your email. Copy the email code or BSB/account numbers into your banking app or platform, and transfer the quoted amount to paybtc. The BTC is released to your wallet instantly as soon as the payment clears.
Pros
- Simple and easy interface
- Non-custodial
- Allows you to pay bills with bitcoin
- Great customer service
2. Bitaroo
Bitaroo is a Brisbane-based Bitcoin-only exchange that enables users to purchase BTC using AUD.
How does Bitaroo work?
To buy or sell bitcoin on the exchange, you need to sign up for a trading account using your name and email address. To purchase BTC, deposit AUD to your account via PayID, OSKO, or NPP, and then buy BTC once the deposit has been credited to your account.
Pros
- Auto-DCA feature
- Mobile apps available for iOS and Android
- Lightning Network support
Cons
- An advanced user interface may be intimidating to beginners
3. Amber App
Amber App is described as a “Bitcoin app for stacking and spending sats,” enabling you to buy and sell Bitcoin on the go and set up a Bitcoin dollar-cost-averaging (DCA) automation.
How does Amber App work?
To buy Bitcoin, download the mobile app, create an account, and provide your credentials. Deposit AUD into your Amber App account through PayID or EFT transfer. Once the funds have cleared the BTC amount will be deposited into the app’s in-built wallet. You can then send the Bitcoin to your personal wallet.
Pros
- User-friendly interface
- Mobile version for iOS and Android
- Lightning Network support
Cons
- Lacks advanced charting features
4. HardBlock
Hardblock is a Bitcoin-only exchange that aims to promote Bitcoin sovereignty in Australia.
How does HardBlock work?
To buy bitcoin, sign up for a trading account by providing your name and email address. Fund your account with AUD via PayID payments, EFT bank transfers (via BSB and account numbers), or POLi payments. Navigate to the “Buy/Sell section” and input the desired amount of BTC and it will shortly be credited to your account. Once the transaction is complete, send the BTC to your wallet.
Pros
- User-friendly interface
- Auto-DCA feature
- Auto-transfers of in-platform Bitcoin to cold storage
Cons
- No advanced charting tools
Conclusion: Which broker to prefer?
Only a handful of Bitcoin-only platforms in Australia allow you to invest in BTC without the distraction of a long list of other coins and tokens. The one most suitable for you will depend on your specific needs as an investor. It is also advisable for crypto enthusiasts to conduct in-depth market research before making any investment related decisions.
