BTC Markets Review: Is BTC Markets a Scam?

BTC Markets Review Homepage

If you’re considering creating an account on BTC Markets, this BTC Markets review will cover everything you need to know about the site.

The Australian cryptocurrency market has been active since 2013, and BTC Markets has been around since the beginning.

It’s one of the few privately owned exchange sites in Australia and is often described as a blockchain technology company instead of a trading platform. Interestingly, the founder of BTC markets, Martin Bajalan, is a renowned bitcoin enthusiast and is one of the 9 founding members of the Bitcoin Foundation, Australian chapter.

Ease of Use

This trading platform was developed by 3rd party specialists with experience in the traditional financial markets, which is why the dashboard mostly favours functionality over aesthetics.

While this makes it easy to navigate the site, user experience is compromised, and sometimes important information gets lost in the vast amounts of data.

This can be overwhelming to beginner traders.


BTC Markets has implemented a variety of security features to keep account information and user funds safe.

This includes 2-factor authentication during login and withdrawals to limit unauthorized access to user accounts.
The founders of this exchange platform have also gone a long way to prove their accountability by sharing their email addresses.

BTC Markets has never been hacked.


BTC Markets charges different fees for takers and makers. For BTC pairs, the maker fee is -0.05%, while the taker fee is 0.2%.

When it comes to AUD pairs, the trading fee ranges between 0.85% – 0.10%. This platform doesn’t charge any deposit fees and the charges for withdrawals are dependent on the method used.

For instance, bank transfers are free, while bitcoin withdrawals are charged 0.0003 BTC.

Supported Cryptocurrencies

BTC Markets has limited cryptocurrencies listed on the site, and you can only trade 6 large-cap cryptocurrencies.

This includes Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and Ripple. While this may seem like a limited number, it’s perfect for advanced traders who prefer trading in popular coins.

The only fiat currency accepted on BTC Markets is AUDs.

Deposit & Withdrawals

BTC markets allow withdrawals and deposits using the most popular methods in Australia.

This includes PayID, BPAY, Osko, Electronic Funds Transfer, and cryptocurrency. Most of these payment methods are instant, and deposits do not incur any charges.

Withdrawals, on the other hand, take longer and are processed within 1-3 working days, especially for Direct entry withdrawals. NPP withdrawals are instant.


BTC Markets mainly provides support through 2 channels; support tickets and extensive online resources.

The FAQ section of the site is dedicated to the most commonly encountered issues, while email support tickets are reserved for account-specific problems.

Most of the time he emails are replied to within several hours. BTC Markets, however, has a low rating of 2.7 stars on Trustpilot.

Editors Review


My name is Moritz, and I’ve been trading on BTC markets for more than half a year now. I’ve been a crypto trading enthusiast since bitcoin was launched, and in my pursuit for the ultimate trading experience, I’ve reviewed a lot of sites.

Account Registration

The sign-up process is pretty easy, and to register for an account, you just need to click on the ‘create account’ button on the top right corner of their site. This will redirect you to the registration page, where you’ll be required to provide your preferred email address and a strong password.

A verification email will then be sent to your registered email, with instructions on how you can activate your account.

Identity Verification

Before you can start trading on BTC Markets, you have to verify your identity. Navigate to the account settings section on your dashboard and click on verification.

You’ll be prompted to provide additional information such as your official names and Physical address and then click on the complete verification button. BTC may send the verification code through the mail, and to complete the verification process, you’ll have to enter it.

Once your identity is verified, deposit funds into your account and start trading!

Trading Dashboard

BTC Markets has a simple & intuitive dashboard with trades available in BTC/LTC, AUD/BTC and AUD/LTC. The buy and sell screen has market & limit orders, and you can easily calculate the amount of cryptocurrency that you can buy with your available funds using the ‘Spend all’ button. Below the trading slips, you’ll find the open orders, order book and reading history.

Other than the huge amount of information on the homepage that makes the site difficult to navigate, the structure is one of the best for crypto trading.

What Could BTC Markets Improve On?

BTC Markets is a great site with advanced trading tools and is one of the earliest Australian trading sites. It’s highly secure and accepts the most popular deposit and withdrawal methods in Australia.

This exchange site, however, has limited digital assets and is difficult to navigate for novice traders. Expert traders that prefer trading in the most popular coins often find it favourable.

btc markets logo


What are the Top Features of BTC Markets?

Simple Buy/ sell

BTC Markets has simple & straightforward tools and processes that enable you to start building your portfolio.

You can easily buy your preferred digital assets in fiat currency or BTC and also choose from the available order types to complement your investment strategy.

This site has a multi-coin wallet and allows you to set up recurring transactions.

Advanced tool kit

This feature is perfect for institutions, expert traders and SMSFs. It allows you to customize your investment experience in more than 20 markets and execute trades with ease.

BTC Markets has high liquidity and uses charts backed up by TradingView. This makes it easy to conduct technical analysis. Some of the advanced order types available on the site include time-in-force, take profit and stop-limit.

Versatile Funding option

BTC Markets allows you to fund your accounts your way using seamless deposit and withdrawal options. This includes free AUD transactions, intuit funding through OSKO and same-day deposits using BPAY and PayID.

OTC trading

If you’d like to execute high volume trades with lower spreads on BTC Markets, OTC trading is the best option. This feature directs large orders to this site’s trading desk so that they can directly facilitate your trade.

This minimizes your exposure to market fluctuations and reduces the impact of such a trade on the value of a digital coin. BTC Markets is discreet when it comes to this trading option and also offers personalized assistance if you place an order worth more than AUD 100,000.

With OTC trading, you’re also able to access a huge network of liquidity providers and execute large trades outside BTC Markets public exchange.

Self Managed Super Funds

BTC Markets supports SMSFs in all the listed digital assets, including Bitcoin and Ethereum. This feature gives you access to;

  • A tax reporting calculator to help you prepare for your annual audit.
  • Personalized service for large market orders.
  • Prioritized customer support.
  • A dedicated SMSF account.

While there are no restrictions on SMSF investments when it comes to cryptocurrency, your investment must be acceptable under the trust deed of your fund and be in accordance with its investment strategy.

Earn Crypto by Staking

This feature allows you to earn crypto rewards by holding cryptocurrency. The rewards accrue automatically, and staking is available for all listed digital assets on BTC Markets.

This platform only charges you a fee for facilitating the staking, and it’s only applicable to the rewards earned and not the initial investment. The best part is that your digital assets are not locked when you stake them, and you can easily trade them on the public exchange.

BTC Markets also has a staking calculator that allows you to view how many rewards you’ll earn by staking your digital assets.

What are the Pros and Cons of Trading on BTC Markets?


  • A simple buy/sell feature that enables you to conveniently start trading digital assets.
  • It has a great range of popular coin selections, including Bitcoin, Ethereum and Litecoin.
  • Automated API trading available for AUD to Cryptocurrency trading.
  • High liquidity in XRP and BTC markets.
  • Advanced trading features aimed at giving you a full trading experience, including stop losses.
  • Recurring transactions are easily excited using dollar-cost averaging tools.
  • Real-time charting and market data to help you execute profitable trade.
  • Popular deposit and withdrawal options.


  • Compared to other Australian exchanges, BTC markets have high trading fees.
  • The withdrawal fees for cryptocurrencies vary between the coins depending on the type of cryptocurrency and the market prices at the time of the trade.
  • This exchange site doesn’t have an affiliate or referral program.
  • It doesn’t have a mobile app, and even though its site is mobile-friendly, it’s not ideal for placing and monitoring live positions.

BTC Markets Fees Explained

The fee structure on BTC Markets is tiered, and the trading charges range between 0.10% for trades up to $500 and 0.1% for trades exceeding $5M within a 30 day period. While these fees may seem reasonable for high volume trade investors, beginners and intermediates may find them a bit high.

Traders that only want to exchange digital assets for crypto pairs such as Ethereum and XRP are charged using a marker and taker fee of -0.05% and 0.2%, respectively.

AUD deposits and withdrawals don’t incur any charges.

Has BTC Markets Ever been Hacked?

BTC markets has implemented strong security protocols and has never reported any major hacks since its launch. In 2020 however, they opened their customers up for potential breaches when they exposed personal data in a botched email blast, including names and email addresses.

These emails were sent in batches of 10,000 and went undetected by the company, who highlighted that they couldn’t be stopped as they went out in quick succession. BTC markets later apologized to their users and stated that this mishap had impacted everyone on the site.

Users were, however, quick to raise their concerns that this exposure could result in account breaches for those with weak login details. In response to this, BTC markets encouraged their users to use strong login credentials and promised them to conduct an internal audit of their security systems. The platform has, however, remained unaffected since then.

Customer Support and Reviews

The customer support structure on BTC Markets is fairly limited and only involves an FAQ section on their site and an email support system. Their site content is, however, very extensive and can be used to tackle the most common issues. For account-specific issues, you can use the online ticketing system, and your queries will be responded to by their support team.

Based on the sensitive nature of crypto trading, BTC Markets should expand their customer care options to include phone support, which is one of the most effective options. Even though this site has special media pages on the most popular platforms, they don’t respond to customer queries on account issues due to security concerns.

Is BTC Markets Safe/ Legit?

Yes. BTC markets is one of Australia’s earliest exchange sites and prides itself on its strict compliance with Know-Your-Customer (KYC) protocols and AntiMoney Laundering rules. This helps reduce fraudulent activity on the site making it more secure for legitimate traders.

BTC markets was also the first crypto exchange site that Blockchain Australia certified, and it’s registered with AUSTRAC. Some of the site’s security features include;

  • 2FA is recommended for all user accounts to provide an additional layer of security.
  • Customers are encouraged to withdraw and hold any funds that they aren’t using in external wallets.
  • Only 2% of user funds are stored in an online wallet, with the rest being stored in offline storage to minimize the chances of a hack. The cold wallets are stored off-site and in secure locations that are well spread out.

BTC Markets also conducts hourly reconciliations to ensure that the funds in their cold wallets and in the bank account match those of their client accounts. Fiat and bitcoin funds are subject to a full reserved strategy.

This exchange site also has an extensive blog on how you can protect your funds against cyber crimes and includes a list of the most popular cryptocurrency scams.

What Are the BTC Markets Alternatives?

BTC markets is one of the most popular crypto exchange sites and is perfect for expert traders, those who engage in high volume trades and investors that prefer trading with large-cap cryptocurrencies.

This exchange is also very secure and has a variety of advanced trading tools meant to give you a wholesome investment expect.

BTC Markets, however, has high trading fees, especially on small trades, and doesn’t have a mobile app. It also lacks a referral program which could go a long way in encouraging customer loyalty. Overall, it’s a great trading site for advanced investors who value site and trading functionality.

If after this review you still don’t think BTC Market is the best trading platform for you, we recommend that you check out the following alternatives:


Best Overall Exchange


  • Number of crypto assets: 260+
  • Trading fees: 0.6%
  • Acceptable deposit methods: credit card. PayID, POLI, Bank transfer, Debit card, Cryptocurrency.
  • Allows AUD deposits and withdrawals: Yes

Most Beginner Friendly


  • Number of crypto assets: 290+
  • Trading fees: 0.1% on OTC trades and 1% for the instant buy feature
  • Acceptable deposit methods: credit card. PayID, POLI, BPAY, cash deposit, OSKO
  • Allows AUD deposits and withdrawals: Yes

Best Crypto Exchange for Advanced Traders


  • Number of crypto assets: 250+
  • Trading fees: 0.1%
  • Acceptable deposit methods: PayID, credit card, debit card, bank transfers, Cryptocurrency, OSKO
  • Allows AUD deposits and withdrawals: Yes

Longest Standing Exchange


  • Number of crypto assets: 20+
  • Trading fees: 0% – 1%
  • Acceptable deposit methods: PayID, debit/ credit card, cash deposits, bank transfer
  • Allows AUD deposits and withdrawals: Yes

Best For Traders


  • Number of crypto assets: 20+
  • Trading fees: Spread only
  • Acceptable deposit methods: Debit card, Paypal
  • Allows AUD deposits and withdrawals: No

Best For Mobile App


  • Number of crypto assets: 40+
  • Trading fees: 0.5% – 3.99%
  • Acceptable deposit methods: Bank transfer, Debit/credit card
  • Allows AUD deposits and withdrawals: Yes

Also read: Swyftx Vs BTC Markets

Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.