BTC Markets Review: Is It Worth Using?Last Updated on February 1, 2024 by Kevin Groves
If you’re considering creating an account on BTC Markets, this BTC Markets review will cover everything you need to know about the platform. Founded in 2013, BTC Markets is an Australia cryptocurrency exchange based in Melbourne. It is also one of Australia’s oldest running trading platforms that comes with a strong reputation for reliability. With newer crypto brokerage platforms and exchanges streaming into the Australian market in recent years, is BTC Markets still up to the task?
Number of cryptos:
PayID, OSKO, BPAY, crypto
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Here is a quick summary of BTC Markets.
|Fiat currencies supported
|Australian Dollars (AUD)
|PayID, OSKO, BPAY, crypto
|BTC, ETH, XRP, EOS and 23 others
|Variable network fee that depends on cryptocurrency
|Yes (iOS and Android)
The Bottom Line
After using BTC Markets for over 6 months, we can say that it is a reputable exchange that will appeal to crypto traders within Australia. There is an advanced trading platform that supports 27 crypto pairs against AUD using the desktop or mobile app. The fees and spreads are generally competitive against other exchanges. However, it does not have the full range of products and services such as interest accounts, mining pools, or futures trading.
What we liked:
- Stable and reliable trading platform.
- Good selection of AUD deposit methods.
- Well-established exchange that is licenced with AUSTRAC.
What we didn’t like:
- Limited selection of coins to trade.
- User interface is outdated.
- Does not offer broader features like staking, earning interest, NFTs or margin trading.
An Overview Of BTC Markets
BTC Markets is a Melbourne-based digital assets exchange that has been providing reliable services to Australian investors and traders since 2013. crypto exchange based in Melbourne, Australia. The platform has reached over 325,000 Australians and has successfully transacted over $21 billion.
BTC Markets are the Australian partner for the Ripple On-Demand Liquidity (ODL) program. The popular platform is a member of Fintech Australia and is a certified crypto exchange under Blockchain Australia.
Quick Pros & Cons
Here’s What We Think of BTC Markets
Very easy to buy and sell crypto
BTC Markets has simple & straightforward tools and processes that enable you to start building your portfolio. You can easily buy cryptocurrencies with fiat currency or BTC and also choose from the available order types to complement your investment strategy. This site has a multi-coin crypto wallet and allows you to set up recurring transactions.
There’s an advanced tool kit for experienced traders
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.
Straightforward ways to deposit AUD
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 desk for higher amounts
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.
SMSF investors are welcomed to BTC Markets
BTC Markets supports crypto SMSF accounts in all the listed digital assets, including Bitcoin and Ethereum. This feature gives you access to;
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.
What Cryptos Do They Have?
BTC Markets has limited number of 26 cryptocurrencies that can be purchased with cash. This includes the option to buy 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 that can be exchanged for altcoins is the Australian Dollar (AUD).
Do We Think BTC Markets Safe To Use?
BTC Markets is one of Australia’s safest crypto exchanges that prides itself on its strict compliance with Know-Your-Customer (KYC) protocols and Anti-Money Laundering (AML) regulations. 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 BTC Market’s security features include 2-Factor Authentication (2FA), and the storage of 98% of its digital assets in secure offline wallets.
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.
What Are The Fees Like?
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%. BTC Markets doesn’t charge any deposit or withdrawal fees, however, a standard network fee will apply for withdrawing cryptocurrencies.
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.
Overall, BTC Markets are quite expensive to buy crypto compared to other popular trading platforms. With a trading fee of 0.85%, you can easily find cheaper alternatives that provide arguably better features such as Swyftx, Digital Surge, Binance Australia, and Zipmex.
How To Get Started On BTC Markets
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.
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.
BTC markets allow 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.
What Is The BTC Markets Trading Experience Like?
BTC Markets has a simple and 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.
Has BTC Markets Been Hacked?
BTC markets have implemented strong security protocols and have 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.
What’s The Customer Support Like
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. BTC Markets mainly provides support through 2 channels; support tickets and extensive online resources.
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. Expert traders that prefer trading in the most popular coins often find it favourable.
This exchange site, however, has limited digital assets and is difficult to navigate for novice traders. Altcoin traders can consider other options such as Swyftx, CoinSpot and Coinstash which all have more than 300 coins.
Our Final Verdict
BTC Markets has been providing Australians with a gateway to digital currencies since 2013. It has a strong reputation for being a reliable place to exchange cash for crypto. Although it stays relevant in the Australian crypto market, its features and fees haven’t evolved with other popular platforms and has fallen behind. For one, its trading fees of 0.85% are relatively expensive and there are places to buy crypto that offer better value for money.
Best BTC Markets Alternatives & Comparisons
BTC markets is one of the most popular crypto exchange sites and is perfect for expert traders, and those who engage in high volume trades. BTC Markets, however, has high trading fees, especially on small trades, and doesn’t have a mobile app or referral program.
We have compared BTC Markets to other popular crypto platforms on the Australian market. For more information, you can read the reviews below.
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.