Known for unmatched liquidity and market depth across 21 markets, BTC Markets is believed to be Australia’s largest cryptocurrency exchange. Launched in 2013, BTC Markets is a fairly old Bitcoin exchange for trading Bitcoins and other cryptocurrencies.
What is BTC Markets?
BTC Markets Review – Platform Interface
BTC Markets, Australia’s one of the oldest crypto exchanges, was launched four years after the inception of the first cryptocurrency. Based in Melbourne, the cryptocurrency exchange is ideal to buy Bitcoin and other digital assets using Australian dollars.
This review will present the important features, benefits, drawbacks, and elements that make the exchange different from the others.
Salient Features of BTC Markets
As stated above, we will present an in-depth analysis of the cryptocurrency exchange in this BTC Markets review.
BTC Markets Summary
|Supported Fiat Currencies||AUD|
|Transaction Fees||Maker-> -0.05% |
|Withdrawal Fees||Bank account: None |
Fees may vary with network congestion
|Customer Support||Submit Request Form|
- BTC Markets is ideal for fiat-to-cryptocurrency and cryptocurrency-to-fiat currency trading. Here, the buyer can interact with the seller and complete a transaction at a price approved by both of them.
Features of BTC Markets
- AUD is the only fiat currency supported by BTC Markets. Hence, it is a suitable trading platform for Australian investors.
- BTC Markets can be defined as an exchange website that connects cryptocurrency buyers and sellers. The buyers and sellers set the price based on industry standards or demand and supply.
Start Buying or Selling Crypto With BTC Markets
- The trading platform often features a current price that is the last price agreed upon by a buyer and seller. Typically, it is found on the homepage of the exchange.
- Traders from other countries can use VPNs to access BTC Markets. In fact, the crypto exchange has no rules that indicate it prohibits the use of VPN.
Explore the Trading Services of BTC Markets
- However, Using VPN may affect verification, which may take longer than usual.
- Also, same-day deposits and withdrawals will be unlikely when opting to use VPN.
BTC Markets Regulation
As per our study for this BTC Markets review, the cryptocurrency exchange holds AUSTRAC Business Registration. It is also a Gold-certified member of ADCA. The ADCA (Australian Digital Commerce Association) certification is in conformation with AML/CTF obligations via an independent audit.
BTC Markets is a highly regulated trading platform, making it a safe and legal cryptocurrency exchange. Users can also link their Australian bank account without having to worry about the legalities involved in buying cryptocurrency pairs. The above-mentioned aspect makes it different from other crypto exchanges. However, as highlighted in negative reviews, traders can buy Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Meld Gold (MCAU), etc., using only AUD.
Pros and Cons of BTC Markets
|Comparatively low trading fees.||Apart from AUD, no other fiat currencies are supported.|
|Advanced trading tools, charting options, and order types.||Limited cryptocurrency pairs supported.|
|Suitable for both advanced users and beginners.||Trading fees vary for different cryptocurrencies.|
|Supports same-day deposits and withdrawals.|
|User accounts can be easily linked to their respective Australian bank accounts.|
|Easy to use BTC Markets mobile web browser.|
Creating an Account with BTC Markets
BTC Markets Sign Up Process
BTC Markets is a user-friendly trading platform that suits the trading needs of both beginners and professional investors. Creating a BTC Markets account is thus easy, which consists of a few simple steps.
Registration and verification are imperative for successfully creating trading accounts. The ‘create account’ tab is on the right-hand side of the BTC Markets homepage. The steps involved are as follows:
- Click on the ‘create account’ tab.
- Enter a valid email address, and set a password.
There is also the option of entering a promotional code, which does not impact trading.
- Next is the welcome stage.
- Complete verification by clicking the links shared
- A user account is created after successful final checks, after which one can start trading.
All Steps to Create Account with BTC Markets
Typically, new registrations receive links via SMS and email.
The account settings allow users to create their trading profile, for which they must log in to their user account. The account verification process is crucial, which involves registered ID verification and a contact phone number.
For BTC Markets login, users must enter either their username or registered email address followed by the password.
Secure login is yet again important for deposits and withdrawals where user accounts are verified for additional safety.
Fulfilling the KYC requirement is also important to ensure user safety, particularly for secure deposits and withdrawals of user funds.
BTC Markets Fees
BTC Markets fees depend on the trading volume and employ a tiered model. It ranges between 0.10% and 0.85% for fiat to crypto and vice versa.
However, check the below table for knowing the trading fees of 30 Day AUD Volume:-
|Trading Fee %||30 Day AUD Volume|
|0.85%||$0.01 – $500.00|
|0.83%||$500.01 – $1000.00|
|0.80%||$1000.01 – $3000.00|
|0.75%||$3000.01 – $9000.00|
|0.70%||$9000.01 – $18000.00|
|0.65%||$18000.01 – $40000.00|
|0.60%||$40000.01 – $60000.00|
|0.55%||$60000.01 – $70000.00|
|0.50%||$70000.01 – $80000.00|
|0.45%||$80000.01 – $90000.00|
|0.40%||$90000.01 – $115000.00|
|0.35%||$115000.01 – $125000.00|
|0.30%||$125000.01 – $200000.00|
|0.25%||$200000.01 – $400000.00|
|0.23%||$400000.01 – $650000.00|
|0.20%||$650000.01 – $850000.00|
|0.18%||$850000.01 – $1000000.00|
|0.15%||$1000000.01 – $3000000.00|
|0.13%||$3000000.01 – $5000000.00|
Compared to its competitors, BTC Markets charges low fees, especially for high-risk and high-net-worth investments.
Similar to most exchanges, BTC Markets does not charge deposit fees for bank transactions involving Australian-based banks and financial institutions.
Trading Fees for Crypto Pairs
BTC Markets employs the maker and taker fee structure for crypto-to-crypto trading as opposed to the tiered fee structure for AUD pairs.
The trading fees charged by maker and taker for BTC market pairs is -0.05% and 0.2%.
There are no deposit fees involved, whether it’s AUD or cryptocurrency.
There are no withdrawal fees when a user withdraws AUD from their wallet into their bank account. However, standard transaction fees apply for cryptocurrency withdrawals.
The transactional charges are incurred via mining of the cryptos involved. The system employs blockchain technology, and each transaction is recorded on the blockchain network of the supported cryptocurrencies.
Withdrawal fees for cryptocurrencies are determined by the cryptocurrency involved. For example, the withdrawal fee for Bitcoin is 0.0003 BTC, while it is 0.001 LTC for Litecoin.
|Bitcoin (BTC)||0.0003 BTC|
|Litecoin (LTC)||0.001 LTC|
|Ethereum (ETH)||0.005 ETH|
|Ethereum Classic (ETC)||0.001 ETC|
|XRP (XRP)||0.01 XRP|
|Power Ledger (POWR)||54 POWR|
|OmiseGO (OMG)||2 OMG|
|Bitcoin Cash (BCH)||0.0001 BCH|
|Bitcoin SV (BSV)||0.0001 BSV|
|Golem (GNT)||55 GNT|
|Basic Attention Token (BAT)||20 BAT|
|Stellar (XLM)||0.01 XLM|
|Enjin Coin (ENJ)||14 ENJ|
|Chainlink (LINK)||0.6 LINK|
|Compound (COMP)||0.035 COMP|
|Algorand (ALGO)||0.01 ALGO|
|Meld Gold (MCAU)||0.0003 MCAU|
|Tether (USDT)||20 USDT|
Although to know the full details of BTC Markets fees check this link.
BTC Markets Payment Methods
The deposit methods in BTC Markets include Electronic Funds Transfer, BPay, OSKO, cryptocurrency, wire transfer, etc.
Any cash deposit made via BPay is subject to BPAYS terms and conditions. Similarly, for other deposit methods, readers are advised to read the terms and conditions pertaining to the payment methods.
To deposit money, users can opt for either BPay and OSKO deposit methods. For cryptocurrencies, deposit methods include creating crypto addresses for receiving crypto tokens.
Withdrawal methods are the same as deposit methods for fiat currency. Withdrawing money into Australian bank accounts is free.
While the above may be true, for non-Australian banks, standard withdrawal fees apply. The same applies to making a deposit or withdrawing cash via wire transfer.
BTC Markets has fixed deposit and withdrawal limits that can be increased upon users’ requests. To increase the withdrawal and deposit limits, investors can contact BTC Markets’s customer service team.
Traders can withdraw cryptos from their user account into their wallet. Readers are advised to note that the withdrawal limit is based on the funds available.
Trading Crypto with BTC Markets
To trade cryptocurrency using BTC Markets, traders must choose the buy or sell cryptocurrency option. They may either trade their preferred cryptocurrency with AUD or other cryptocurrencies.
The traders may then choose market order and market limit along with trading volume. The current price is provided on the homepage for easy access.
One of the major drawbacks of BTC Markets is the limited options of cryptocurrencies supported. While this may be true, BTC Markets is suitable for Australian investors as they are often restricted to use other exchanges. Nevertheless, before trading, one must choose the type of cryptocurrency they wish to trade.
BTC Markets Wallets
As a cryptocurrency exchange, the site provides cryptocurrency wallets to support the cold storage of funds. The platform enables traders to store up to 985 of their cryptocurrencies in cold storage. It supports major wallets; thus, one does not have to exclusively opt for the platform offered e-wallet.
BTC Markets Supported Cryptocurrencies
From the list of the available cryptocurrencies, BTC, ETH, BCH, LTC, XRP are some of the popular cryptocurrencies. Although the cryptocurrency token options are limited, traders can find other cryptos like BSV, OMG, and XLM.
The list of cryptos supported is constantly updated on BTC Markets. For information, users are advised to read the BTC Markets’s Terms and conditions along with the FAQ section.
As per BTC Markets, except for certain countries outside Australia, other countries are restricted from accessing the site.
Some of the BTC Markets’s accepted countries include Algeria, Cameroon, Chad, Canada, Denmark, France, Greece, Haiti, Iceland, Libya, Mexico, Nepal, Sri Lanka, United Kingdom, Eritrea, Gambia, Indonesia, Chile, Ghana, Gibraltar, Kenya, Finland, Namibia, Oman, Jamaica, Palau Solomon Islands Kyrgyzstan, Tunisia, Montenegro, Peru, Sweden, Trinidad and Tobago, Yemen, Bahrain, Belarus, Bulgaria, Colombia, Cuba, Cyprus, Saudi Arabia, Germany, UAE, China, Brazil, Costa Rica, Hungary, Ukraine, Spain, New Zealand, Pakistan, Luxembourg, Marshall Islands, Monaco, Mozambique, Togo, Uzbekistan, Venezuela, Zimbabwe, etc.
Use of VPN
Created exclusively for the Australian markets, BTC Markets supports other countries with a few exceptions. It enables individuals to use a VPN for accessing the platform.
Bottom line, BTC Markets is a globally accessible website for trading cryptocurrencies. Nevertheless, it is imperative to comply with the cryptocurrency laws and regulations of one’s own country or jurisdiction.
User Safety and Security at BTC Markets
Security Measures by BTC Markets
Multiple safety measures make BTC Markets a secure website to trade crypto assets. Some of the security features include encrypted cold storage of over 98% of the trader’s crypto funds, two-factor authentication, and SSL encryption to safeguard users’ personal information.
While great service is a perk, the added safety features make BTC Markets one of the most popular crypto exchanges. Most importantly, although a privately owned exchange, it relies on the blockchain network.
As a mobile-friendly exchange website, the security aspects of the exchange are shared by its mobile browser and app versions for Android and iOS devices.
BTC Markets Mobile Compatibility
BTC Markets is well-known for its best user experience with a simple user interface. The web browser is mobile compatible. The exchange also has apps for smartphones, which are available on Play Store and App Store. However, it is in partnership with other crypto platforms.
BTC Markets Customer Support
Customers can reach out for their concerns by either submitting a request form or via email. Thus, comparatively, BTC Markets is one of the exchanges with not the very best customer service.
The support request form to submit requests is provided in the customer support section of the website.
Readers are advised to note that customers can click on the options provided in the submit request dropdown to gain information about their particular concerns.
Email support is another option to reach the BTC Markets’s support team at [email protected]. The time taken to respond to the queries and issues depends on the user’s location and concern.
For Government Authorities
Law enforcement agencies or government agencies can contact BTC Markets for policies and procedures at [email protected].
If one is still not satisfied with the response, BTC Markets advises them to write to AFCA. Thus, it offers complete transparency.
BTC Markets is an Australian-based exchange particularly designed to facilitate AUD to cryptocurrency and cryptocurrency to AUD trades. The platform is easy to use with a simple API for a better trading experience.
The site features advanced trading tools, making it ideal for both beginners and professional traders. It supports limited cryptocurrency pairs. However, it has a broad market reach where it covers over 21 markets.
One must avoid it when trading low volumes due to the highly varying trading fees. However, the platform is particularly ideal for large trading volumes.
Is BTC Markets Safe?
As a highly regulated and secure trading exchange platform, BTC Markets is one of the safest exchanges. It offers a plethora of trading services and is an optimal place that connects cryptocurrency buyers and sellers. The platform has provisions for filing tax as per the trader’s residing country norms.
User information is protected using SSL encryption and 2-factor authentication. There is also the option of cold storage, making it one of the most preferred exchanges for trading cryptocurrencies.
Do BTC Markets Offer Staking?
As of April 15, 2021, BTC Markets is offering staking. This move was made once the exchange reached the milestone of 15 million users.
To qualify for staking, traders are required to hold at least a minimum of 1 ALGO. For more information, visit the site’s FAQ section.
Does BTC Markets Require Account Verification?
Yes. It is important to complete the KYC verification for withdrawals. However, one can start trading without completing the KYC. Nevertheless, basic email verification is required for creating a trading account.
Does BTC Markets Have a Mobile App?
While there are no exclusive mobile applications, there are derivatives of the BTC Markets exchange on both Play Store for Android phones and App Store for iOS mobile phones.