BTC Markets Review 2022: Is It A Good Exchange?

Updated: Jun 21st, 2022
Kevin Groves
Kevin Groves
BTC Markets Review 2022: Is It A Good Exchange?

Finding a reputable and trusted exchange to buy Bitcoin using AUD can be difficult with so many choices available in Australia. Each exchange will have different features, trading pairs, fees and limits to consider. A leading exchange that is focused on trading Bitcoin and other digital currencies is BTC Markets. The exchange is widely considered to be a reputable crypto platform in Australia since it was established in 2013.

In this review, we will assess the features, supported assets, and trading fees of the platform to determine whether it's a good exchange to use for beginners that want to buy, trade and sell crypto with AUD.

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

What Is BTC Markets?

BTC Markets is a top cryptocurrency trading platform based in Melbourne that has more than 325,000 customers and processed $17.1 billion in transactions since it was established. The exchange provides an easy-to-use, secure and reliable Bitcoin exchange for beginners and professional investors. BTC Markets has 13 different cryptocurrency pairs that can be traded using an advanced trading system that suits active investors. Overall, BTC Markets is a premium service for investors that want access to competitive fees to trade cryptocurrencies against Bitcoin and AUD pairs.

Notable features on BTC Markets include:

  • Long-running and well-established trading exchange in Australia
  • Supports PayID and PayPal to deposit AUD and fund a trading account
  • Fees start from 0.85% and decrease with higher trading volumes
  • Advanced trading and charts provided by TradingView
  • Support for SMSF investors
Exchange NameBTC Markets
Fiat CurrencyAUD
Cryptocurrency20+
Payment TypePayID & BPAY
Trading FeeBTC pairs: -0.05% / 0.2%, AUD pairs: 0.85% / 0.10%
AUD Deposit FeeNone
AUD Withdrawal FeeNone
Mobile AppNo
btc markets websitebtc markets website

Is BTC Markets Legit?

BTC Markets appears to be a legitimate cryptocurrency exchange based on its strict compliance with Australian laws and regulations. The trading platform has been established since 2013 and features strict Know-Your-Customer (KYC) protocols to reduce the risk of fraudulent activity.

Is BTC Markets Safe?

BTC Markets appears to be a safe cryptocurrency trading exchange that includes several security features to keep safe its customer's funds. Established in 2013, there have been no reported exchange hacks or theft of customer funds. However, in December 2020, BTC Markets exposed the names and email address of thousands of users in an email that went undetected. The information security breach on the exchange affected all customers and is one of the few crypto exchange security breaches to occur in Australia. 

Features & Benefits

BTC Markets offers a stable and secure platform to buy, trade and sell crypto. In addition, the trading platform offers the following features and benefits:

  • Intuitive and easy to use trading platform suited to beginners and intermediate traders
  • Simple buy/sell feature to get started with digital currencies quickly
  • 20 altcoins to buy, trade and sell against AUD or BTC
  • Real-time market data and charting to trade popular altcoins
  • Dollar-cost averaging tools for recurring transactions
  • Advanced order types including stop-limit, take profit and time-in-force
  • World-class charting and technical analysis tools with Trading View
  • Deposit AUD using PayID, BPAY and Osko
  • Algorand staking to earn rewards up to 3.47% APY.
  • A secure crypto wallet that stores over 98% of funds in offline cold wallets to protect users funds
  • Two-factor authentication to protect user accounts
  • Comprehensive training, education guides and FAQs

Pros & Cons

BTC Markets is geared toward serious crypto traders in Australia who trade with high volume. The exchange is excellent for high net worth individuals and serious crypto traders with its competitive fees. The downside is the limited number of crypto pairs, outdated charting platform and there is no mobile app.

BTC Markets Compared

BTC Markets is one of the oldest crypto exchanges in Australia. It's a suitable platform for serious crypto traders that are looking to trade crypto pairs against AUD. However, the exchange offers 20 cryptocurrencies which are very limited. In comparison, Australian platforms such as Swyftx, Digital Surge and Coinspot have over 250 digital assets that can be traded with AUD or BTC.

Supported Cryptocurrencies

BTC Markets supports 20 digital assets that can be traded against Bitcoin or Australian Dollars (AUD). Compared to other exchanges, the selection of coins is very limited and will not suit altcoin investors. However, investors can buy Bitcoin, XRP, Ethereum, Stella Lumens, Chainlink, Litecoin, OmeseGo, PowerLedger, Ethereum Classic, Bitcoin Cash, Bitcoin SV, Basic Attention Coin, Compound, Algorand, Enjin, Meld Gold and Golem.

btc market assetsbtc market assets

Getting Started

The create an account with BTC Markets, follow these simple steps:

  1. Visit btcmarkets.net
  2. Click on the 'Create Account' button at the top right-hand corner
  3. Enter in your email, set a strong password and click on 'Sign Up'
  4. Verify your registered email address
  5. Login into BTC Markets using your registered credentials

Once you have created an account, login to BTC Markets and complete your user profile. Here, you will be required to provide personal details such as Full name, Residential address, Date of birth and Mobile number.

btc markets user profilebtc markets user profile

Account Verification Requirements

To make a bank deposit or withdrawal using BTC Markets, there is a KYC (Know Your Customer) verification process to be completed. This is to confirm your identity to minimize fraud in accordance with Australian laws and regulations.

The easiest and quickest way to complete the BTC Markets verification is to submit an Australian Passport or a Driver's License. You will also need to verify your current residential address by using a document such as a bank statement, utility bill or a tenancy agreement that shows your full name and address. To verify your account, click on "Account" at the top menu and then "ID Verification" and complete each step.

Deposit Methods

BTC Markets supports PayID and BPAY for customers to deposit AUD and fund an account. PayID is supported by most Australian banks. Deposits are generally processed immediately and is credited instantly without fees. BPAY is a popular choice however the disadvantage is it can take between 1 and 3 business days for the funds to arrive.

Overall, the options to deposit and withdraw fiat currency is very limited and could be improved to provide greater flexibility. For example, Swyftx and Binance support credit/debit cards and Coinspot permits cash deposits.

User Interface

BTC Markets is known for its purpose-built trading system that provides equity, high volume transaction processing and automated trading systems. It includes an advanced cryptocurrency trading platform to offer it's users the ability to buy and sell digital assets and take advantage of daily price movements.

btc markets trading interfacebtc markets trading interface

Traders on the platform can long or short the market to hedge against the price volatility given its users the flexibility to manage their investment risk. The charts are powered by TradingView which is a well-known crypto charting and trading software that features several tools, indicator and drawing patterns.

To place an order, use the order window which is located below the charts. There are several order types to choose from based on your entry and exit strategy.

For example, to buy 1 Bitcoin using a market order:

  1. In the Volume field, enter '1 Bitcoin' for the amount being bought or sold
  2. Select ‘Buy ’ or 'Sell' and review the order and price
  3. Once you're happy with the order, select ‘Confirm’ to place the market order
btc market ordersbtc market orders

Overall, the trading experience on BTC Markets is simple and straightforward. The user interface is quite basic and could be modernized to suit beginners and experienced traders alike. Furthermore, there is no mobile app for traders to monitor their trades on the move.

Trading Fees

BTC Markets uses a tiered-fee structure for AUD pairs that varies between 0.10% and 0.85% depending on the volume traded. The trading fees are quite reasonable compared to other exchanges in Australia for high net worth investors. However, for small investors, the fees of 0.85% are not competitive with cheaper alternatives such as Swyftx and Digital Surge with fees between 0.5% and 0.6%.

For Bitcoin trading pairs, BTC Markets uses a market maker and taker fee model for traders on the exchange that are swapping digital assets against a cryptocurrency pair such as Bitcoin, Litecoin, Ethereum and XRP. The trading fees to trade crypto with BTC Markets is -0.05% and 0.2% respectively which is reasonable.

Deposit & Withdrawal Fees

BTC Markets does not charge a fee to deposit AUD or cryptocurrency into the exchange or withdraw AUD from your wallet into an Australian bank account. If you withdraw a cryptocurrency asset, a standard transaction (mining) fee will be incurred that is based on the blockchain network load for the specific coin.

Frequently Asked Questions

BTC Markets allows Australians to use their Super Fund (SMSF) to purchase digital currency like Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies. The tiered fee structure will suit investors to buy crypto with an SMSF in Australia. A letter of authority is required from the super fund to give permission to set up an account.

BTC Markets does not appear to have a mobile trading app for iOS and Android devices to allow its users to trade cryptocurrency. The website is mobile-friendly however is not ideal to place, monitor or manage live positions.

Users that intend to buy or sell cryptocurrency on BTC Markets will need to prove their identity first in accordance with Know-Your-Customer (KYC) protocols. To verify your account, the following documents can be uploaded:

  • International passport
  • National ID card
  • Driving license

BTC Markets does not appear to offer a referral bonus for inviting new friends or an affiliate program.

Conclusion

BTC Markets is a premium crypto trading exchange for Australians to buy and sell 20 cryptocurrencies. The charting experience feels like a professional crypto platform, with no complicated menus or distractions however there is no mobile app which is a major disadvantage. The options to deposit AUD and supported assets are limited but the fees are quite reasonable for high net individuals or SMSF investors. Overall, BTC Markets is ideal for experienced traders in Australia, however, there are better alternatives for new investors with beginner-friendly user interfaces, lower fees and a mobile app.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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