Terms and Conditions

Terms and Conditions - Buying Bitcoin

These terms and conditions (Terms) form a binding legal agreement between the customer (you, your) and AusBitcoins ABN 47 618 147 524 trading under username AusBitcoins (we, us, our).

1. Our Service

1.1 We allow you to quickly and easily buy bitcoin from us at a variable premium above market rate (Services) through (Website).

1.2 As of 1 July 2017 we do not collect GST on our bitcoin sales. (On 9 May 2017, the Australian Government announced that from 1 July 2017 it will align the GST treatment of digital currency (such as Bitcoin) with money.)

1.3 By sending us a trade request on the Website, you agree to be bound by these Terms, which govern all aspects of our trade with you (Trade).

1.4 These Terms only apply to your buying bitcoin through us through the Website. We do not control the Website, and may also be subject to other terms and conditions imposed by the operator of the Website.

2. How trading with us works

2.1 By sending us a trade request on the Website, you are requesting to use our Services.

2.2 The price quoted in our advertisements is a total spend amount which includes a premium (see section 5 below for more detail).

2.3 Once you have sent us a trade request, we will confirm:

2.4 Once you have sent us a trade request, the Website will automatically confirm that our bitcoin wallet contains at least the amount of bitcoin for the trade, and will hold this amount in escrow as a security deposit.

2.5 We offer a number of different payment methods (see section 3 for more details):

2.6 Once you have confirmed your preferred method of payment and verified your identity (see section 3), we will provide our bank account details.

2.7 You must follow the procedures in section 3 exactly in order to pay for your Trade.

2.8 We reserve the right to reject your Trade if you:

2.9 If we reject your trade under clause 2.8, we will refund any payment you have made, as soon as possible, but there may be delays due to bank processing and clearance times.

2.10 After you have initiated the payment for your Trade, you must mark your payment as paid, through the Website.

2.11 Once we receive confirmation from our bank that you have paid for your Trade, we will immediately acquire bitcoin for you, from one of the bitcoin exchanges which we have accounts with.

2.12 We will then immediately release the bitcoin, once acquired, from our bitcoin wallet on the Website to your bitcoin wallet on the Website.

3. Payment methods

3.1 You must make payment within 3 hours of making the trade request.

Electronic Funds Transfer

3.2 If you have requested to pay by electronic funds transfer from a Commonwealth Bank of Australia account, you must, in the Trade chat window:

3.3 In addition, if you have requested to pay by electronic funds transfer from any bank other than Commonwealth Bank of Australia, we may require you to upload further identification documents.

3.4 We may relax or waive these verification requirements for repeat customers.

Cash deposit

3.5 If you have requested to pay by cash deposit, you must, in the Trade chat window:

3.6 We may relax or waive these verification requirements for repeat customers.

4. Appointment as your agent

4.1 As of 1 July 2017 we no longer act as your agent for the purpose of acquiring bitcoin for the trade, instead we sell bitcoin to you that we have previously bought.

5. Our Markup

5.1 We sell bitcoin at a markup which is a fixed percentage of the Australian Dollar value of your Trade, which you must pay at the same time as payment for your Trade.

5.2 The bitcoin amount (e.g 0.5, 1.5 BTC) will be confirmed during the trade.

5.3 We do not collect GST on sales of our bitcoin.

6. Your personal information

6.1 We reserve the right to require you to confirm your identity before fulfilling your Trade.

6.2 We will only collect and use your personal information in order to confirm your identity, and we will not use your personal information for any other purpose. We may store your personal information in a secure encrypted form for our records.

6.3 We will never disclose your personal information to any third parties (apart from our employees, officers and related entities) unless required to do so by law.

7. Limitation of liability

7.1 Apart from the matters set out in these Terms, we do not control any aspect of the Website and we are not responsible for any loss you suffer including but not limited to:

8. Representations

8.1 If you agree to these Terms you represent to us that you:

8.2 You also represent and warrant that:

9. Local Laws

9.1 These Terms will not be excluded to the extent that such exclusion is prohibited by the laws of the jurisdiction where you reside and where those laws confer rights and remedies and imply terms into these Terms that cannot be excluded.

9.2 If a jurisdiction does not allow an exclusion or limitation of liability, but allows a limitation to a certain maximum extent, then our liability is limited to that extent.

9.3 If any provision in these Terms is invalid under any law the provision will be limited, narrowed, construed or altered as necessary to render it valid but only to the extent necessary to achieve validity.

9.4 If necessary the invalid provision will be deleted from these Terms and the remaining provisions will remain in full force and effect.

10. Validity

10.1 If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, that provision will be deemed severable from these Terms and will not affect the validity and enforceability of any remaining provisions.

11. No Waiver

11.1 A failure by us to act with respect to a breach by you or any third party does not waive our right to act with respect to subsequent or similar breaches.

12. Entire agreement

12.1 This Agreement and all documents referenced in this Agreement comprise the entire agreement between you and us in relation to your use of our Services and supersede all prior agreements between the parties.

13. Governing Law

13.1 The laws of Queensland govern any agreement formed under these Terms and the parties irrevocably submit to the jurisdiction of the courts of that State.