Read our paybtc review and learn about Australia’s biggest bitcoin-only non-custodial exchange.
Investing in bitcoin can be a bit daunting, especially if you’re unsure which platform to use. With a wide range of brokers, exchanges, and marketplaces to choose from, finding one that’s right for you and your needs as an investor can be tricky.
To make life easier for you, we’ve reviewed Australia’s leading non-custodial, bitcoin-only exchange to help you figure out if it’s the right platform for you.
This paybtc review will cover what paybtc is, how it works, and its pros and cons.
What is paybtc?
paybtc is a leading non-custodial bitcoin exchange in Australia that simplifies buying and selling bitcoin, as well as paying bills with BTC.
By providing self-custody services, paybtc allows you to keep your private keys and have absolute ownership and control of your bitcoin.
How does paybtc work?
paybtc has established itself as one of best sites to buy bitcoin in Australia by providing three core services to Bitcoiners:
- buying bitcoin;
- selling bitcoin;
- and paying bills with bitcoin.
To get started, the first thing you’ll need is a Bitcoin wallet to receive, store, or send BTC.
You’ll also need a bank account, and if you’re buying, the next thing to do is make sure you have money in your bank account. If you are selling your bitcoin for dollars, the funds will be sent to this account.
paybtc is fully compliant with KYC and AML laws. This means you must verify your identity by submitting a photo of your government identification card (ID) and a bank account PDF statement for proof of funds.
Don’t worry; this won’t be a long process. It’s designed to be as quick as possible.
Unlike most bitcoin exchanges, paybtc won’t ask you to deposit your funds. Instead, you’ll have full control of your funds and your bitcoin wallet given that the exchange is non-custodial.
Buying bitcoin in Australia with paybtc
Buying bitcoin on paybtc is arguably simpler than on other Australian bitcoin exchanges. Here are the steps you need to take.
Visit paybtc
Visit paybtc.com.au to begin the buying process. There, a dialogue box will prompt you to key in details for the transaction.
Put in the transaction details
These details include your email address, your BTC wallet address, and the amount of bitcoin you want to buy. Then, tap the ‘Buy’ button once you’re done entering the details above.
Confirm your email
The next step is to confirm a login code that paybtc sent to your email. Enter the code on the exchange dashboard and continue with the process.
Enter details of the sending bank account
paybtc will ask you to key in details of the bank account you’ll use to buy BTC. These include the account number and the Bank State Branch (BSB) code. Next, you will upload a PDF file of your latest bank statement, which paybtc will use to verify the source of funds.
Send your dollars (AUD) and receive bitcoin (BTC)
Finally, it’s time to make the payment and your bitcoin will reflect instantly on your wallet as soon as the funds reach paybtc.
The pros and cons of paybtc
Let’s break down the pros and cons of paybtc below:
Pros
- Self-custody:
Your bitcoin is only yours if you have the keys. The exchanges offer a non-custodial platform that grants you full control of your keys, hence your funds.
- Easy to use:
paybtc is straightforward and easy to use, allowing you to buy and sell BTC with just a few clicks.
- Paying bills instantly:
The Australia-based exchange allows you to pay your bills instantly using bitcoin.
- Excellent customer service:
paybtc has an excellent customer support desk that’s readily available to respond to queries.
Cons
- No advanced charting and analysis tools:
paybtc doesn’t have advanced charts and analysis tools that may appeal to professional traders.
Final Take
Using paybtc to buy, sell or pay bills with bitcoin is a breeze for anyone in Australia. With just your bank account and only a few clicks, investing in BTC has never been this easy. The customer support is also super responsive to any queries you may have along the way.