BTC Markets Review: Platform, Features, Pros and Cons
Are you based in Australia and looking to buy, sell, or trade cryptocurrencies like Bitcoin and Ethereum? If so, it might be worth considering the merits of BTC Markets. The Australian-based cryptocurrency exchange allows you to seamlessly deposit funds with BPAY and then instantly access over 23 digital currency markets.
Before taking the plunge, we would suggest reading our in-depth BTC Markets review. We cover everything you need to know, inclduing tradable cryptocurrency pairs, payments, fees, commissions, and, crucially, the safety of your funds.
What is BTC Markets?
In a nutshell, BTC Markets is an online cryptocurrency exchange that tailors its products to Australians. Launched in 2013 and based in Melbourne, the platform has formed an excellent reputation in the online cryptocurrency space.
You will be able to trade 23 different cryptocurrency pairs, most of which are priced against the Australian dollar. This is somewhat of a rarity in the online cryptocurrency exchange space, as the vast bulk of platforms only allow you to trade digital coins against the US dollar.
As a result, the provider is often the go-to platform for Aussie trades that want to stick with their local currency. On top of crypto-to-AUD, the exchange also lists several crypto-to-crypto pairs. Additionally, BTC Markets is also popular with Australians because it accepts BPAY.
As one of the most utilized payment methods in the country, this means that you can easily deposit and withdraw funds with real-world dollars. When it comes to fees and commissions, this will ultimately depend on what you are trading – as well as the size of your orders.
As we cover in more detail later in this review, BTC Markets complies with all regulations imposed AUSTRAC, meaning that it is required to identify all account users.
BTC Markets Pros and Cons
Regulation and Trust
As is the case with any cryptocurrency exchange that you are thinking about joining, you first need to assess whether or not your money will be safe. BTC Markets was first launched in 2013, so it has just over 7 years of trading history.
This actually makes the platform one of the oldest cryptocurrency exchanges in the space, especially when you consider the likes of Binance and Kucoin were only launched in 2017. As a company, BTC Markets is registered as a Digital Currency Exchange with AUSTRAC.
The platform also notes that it is a Gold Certified Member of ADCA. Crucially, the platform is required to comply with all relevant Australian laws and regulations on the countering of money laundering. This means that all account holders will need to be verified, which BTC Markets facilitates via Green ID.
Overall, BTC Markets is certainly one of the safest and most trustworthy cryptocurrency exchanges in operation.
Products and Markets
As the name suggests, BTC Markets is a specialist cryptocurrency exchange. In total, the broker provides access to 23 different digital currency markets, which can then be split into two main categories.
BTC Markets is one of the very few cryptocurrency exchanges that allows you to trade digital coins against the Australian dollar. In fact, this is the only fiat currency that the platform facilitates.
In terms of major cryptocurrencies, this includes the likes of Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. You can also trade the Australian dollar against less liquid projects, such as GNT, BAT and OMG.
It’s particularly interesting that you can also trade AUD against PowerLedger (POWR). For those unaware, POWR is an Australian-based cryptocurrency project that strives to decentralize the domestic energy industry.
BTC Markets also offers support for a number of crypto-to-crypto pairs. This includes the likes of XRP/BTC, OMG/BTC, BAT/BTC, and GNT/BTC.
It is important to note that if crypto-to-crypto pairs are what you are interested in, BTC Markets does fall a bit short in this department. Ultimately, there are heaps of alternative cryptocurrency exchanges in the space that offer hundreds of tradable pairs, so do bear this in mind if you want access to more variables.
BTC Markets is a traditional cryptocurrency exchange that does not give you access to CFD trading (contracts-for-differences) products. In layman’s terms, this means that you will not be able to trade on margin at the platform. Instead, you will own the underlying asset, whether that’s through a fiat-to-crypto or crypto-to-crypto pair,
Education and Trading Tools
On the one hand, BTC Markets is perfectly suitable for newbie cryptocurrency traders, as the platform is very simple to use. However, it is a shame that it does not offer any educational resources. As such, you will need to obtain this from an external website.
Although BTC Markets falls short in the educational department, it does excel when it comes to pricing.
Firstly, there are no fees to deposit funds. Not only is this the case with BPAY and OSKO, but each and every cryptocurrency that the platform supports. In terms of withdrawals, you can withdraw funds back to your Australian bank account without paying any fees.
You will, however, need to pay a very small transaction fee when withdrawing cryptocurrency. The specific fee will depend on the coin you wish to cash out. For example, Bitcoin withdrawals are fixed at 0.0003 BTC. At the time of writing, this amounts to just over $4 AUD.
If you are trading a crypto-to-crypto pair, there is a simple pricing structure that equates to 0.20% of your trade size. For example, if you were to trade $1,000 worth of BTC/ETH, your trading fee would amount to just $2. If you are a ‘market maker’ – which means you provide liquidity for the exchange – you will receive a rebate as opposed to paying a commission. This stands at 0.05% for each dollar that is subsequently traded.
When it comes to the trading fees attached to AUD-crypto pairs, this starts at 0.85%. The more that you trade with in a 30 day period, the lower that commission. This goes to a minimum rate of 0.10%, albeit, you would need trading volumes of over $5 million to get this.
BTC Markets supports three deposit methods:
These payment methods will suit many users, particularly those who are experienced in the buying and selling of cryptocurrencies.
If you want to withdraw cryptocurrencies you can send the funds back to your private wallet. If you want to cash our your balance in Australian dollars, you can do this back to your local bank account free-of-charge.
BTC Markets offers a user-friendly trading platform that can be accessed via the platform’s main desktop website. Once you are logged in with a fully-funded account, you can begin trading straight away.
You will have the option of placing a range of orders, such as:
- limit orders
- market orders
- stop-loss orders
- good-to-cancel orders.
Additionally, if you’re an advanced cryptocurrency trader you can also place ‘fill or kill’ orders. You can fully customize your trading screen, which includes drawing tools and technical indicators. All in all, the BTC Markets trading platform is suitable for traders of all skill sets.
With that being said, as BTC Markets does not offer compatibility with third-party platform MetaTrader, you will not have the capacity to install a trading robot.
BTC Markets does not offer a proprietary mobile application. Although you might come across a mobile app of the same name on Google Play, this has actually been developed by a third-party provider. The app in question simply offers a BTC Markets price feed that allows you to keep tabs on your investments.
On the flip side, the BTC Markets mobile browser site has been fully optimized for smaller screens. This means that you still have the capacity to perform key account functions while on the move – such as depositing and withdrawing funds, checking the value of your trades, and placing new orders.
BTC Markets offers just one account type for all registered users.
There is very little information available at the BTC Markets website pertaining to its customer support team. It appears that the only way to speak with an advisor is through a support ticket. This could be somewhat problematic if you require instant support.
Supported Countries and Regions
BTC Markets is an Australian based cryptocurrency exchange that has been built for Australian users. As such, you can only deposit and withdraw funds with an Australian payment method, and all fiat pairs are denominated in Australian dollars. Ultimately, if you’re a non-Australian resident, BTC Markets is unlikely to be the right exchange for you.
BTC Markets Tutorial: How to Sign Up & Trade
If you think that BTC Markets is the right cryptocurrency exchange for you, we are now going to show you how you can get started with an account today.
Step 1: Open an Account
Visit the BTC Markets website and click on the ‘Create Account’ button, which you will find at the top right-hand side of the page. You will then be asked to enter your email address (which you will need to confirm) and to create a strong password.
After that, you will need to provide BTC Markets with some personal information.
This includes your:
- Full Name
- Home Address
- Date of Birth
- Australian National Tax Number
- Telephone Number
- Email Address
BTC Markets notes that it utilizes Green ID – which in most cases, allows the platform to your identity electronically via third-party sources. If this is the case, you won’t be asked to upload physical copies of your ID.
Step 2: Deposit Funds
On the proviso that BTC Markets has been able to verify your identity electronically, you will now be asked to deposit funds. If you want to deposit funds with BPAY or OSKO – simply select the respective option and follow the on-screen instructions.
If you want to deposit funds with a cryptocurrency, choose your preferred coin from the drop-down list, copy your unique deposit address, and then transfer the funds externally. You should see the coins appear in your BTC Markets account within 10-30 minutes.
Step 3: Start Trading
As soon as your account has been funded with cryptocurrency or Australian dollars, you can begin trading straight away. Simply click on the ‘Buy/Sell’ button followed by ‘Change Markets’, and then select which pair you wish to trade.
If you have never bought or sold digital coins beforem you can read our comprehensive guide on cryptocurrency trading here.
BTC Markets vs Other Cryptocurrency Exchanges
As a dedicated Australian cryptocurrency exchange, BTC Markets is likely to appeal for several reasons. For example, while most brokers only permit USD-denominated pairs, BTC Markets allows you to trade cryptocurrencies against the Australian dollar.
Similarly, very few cryptocurrency exchanges or brokers allow you to deposit funds with Australian payment methods like BPAY or OSKO. Moreover, most online exchanges will charge you a conversion fee when you deposit funds with Australian dollars – which again, is something you will not need to worry about at BTC Markets.
The exchange is also competitive in the fee department – albeit, there are more competitive exchanges available in the market (for example, Binance and Kucoin offer trading fees of just 0.10%).
On the flip side, it is somewhat disappointing that BTC Markets hasn’t joined the mobile Bitcoin trading revolution by offering a dedicated app. It also falls short in the educational department – which is something that most cryptocurrency exchanges offer.
In summary, BTC Markets is a decent option if you are based in Australia and you wish to trade cryptocurrencies in a safe and secure environment. You can easily get money into the exchange with BPAY or OSKO, so all deposits will be denominated in your local currency. You will also have the opportunity to trade cryptocurrencies against the Australian dollar – as opposed to industry-standard USD.
When was BTC Markets launched?BTC Markets was launched in 2013. This makes it one of the most established cryptocurrency exchanges in the space.
What can you trade at BTC Markets?In total, BTC Markets offers 23 cryptocurrency markets. In the fiat-to-crypto department, this includes a plethora of pairs that are denominated in Australian dollars. You can also trade several crypto-to-crypto pairs.
What payment methods does BTC Markets support?When it comes to deposits, BTC Markets supports BPAY, OSKO, and digital currencies. For withdrawals, you can cash out your balance to an Australian bank account. Alternatively, you can withdraw cryptocurrencies to your private wallet.
What trading commission does BTC Markets charge?If trading crypto-to-crypto pairs, you will pay a competitive commission of 0.20%. If trading pairs priced in AUD, you will pay between 0.85% and 0.10%, depending on how much you traded in the prior month.
What trading platform does BTC Markets use?BTC Markets requires you to trade via its main desktop website. It has built a proprietary trading platform that is suitable for both newbies and seasoned investors. You can also access BTC Markets through your mobile web browser, as the platform has been fully optimized for smaller screens.Scroll Up