BTC Markets Review
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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 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.
Our Review of BTC Markets - Quick Verdict
BTC Markets is a reliable and regulated crypto exchange in Australia that we found is best suited for intermediate to professional traders. The trading experience is advanced with excellent choice when it comes to placing orders and analyzing the charts. Its downsides are the lack of features and the limited selection of coins to invest which beginners will be looking for.
- Trusted and well-established exchange that is licenced with AUSTRAC
- Competitive fees based on a maker and taker structure
- Variety of local deposit methods to fund an account
- Reasonable volume and liquidity compared to other exchanges in Australia
- Limited to 20 cryptocurrency assets
- Trading platform is out-dated and lacks modern features
- No mobile app to trade on the go
BTC Markets At A Glance
BTC Markets is a top cryptocurrency trading platform based in Melbourne that has more than 325,000 customers and processed $21 billion in transactions since it was established. It is a legitimate cryptocurrency exchange based on its strict compliance with Australian laws and regulations since it was established in 2013.
BTC Markets provides an easy-to-use, secure and reliable Bitcoin exchange for beginners and professional investors. The platform has 27 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 buy crypto or trade against Bitcoin and AUD pairs.
|Exchange Name||BTC Markets|
|Payment Type||PayID, OSKO, BPAY, Cryptocurrencies|
|Trading Fee||BTC pairs: -0.05% / 0.2%, AUD pairs: 0.85% / 0.10%|
|AUD Deposit Fee||None|
|AUD Withdrawal Fee||None|
|Mobile App||Yes (iOS and Android)|
BTC Markets Compared and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|600+||0% to 0.1%|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|370+||1% for instant buy and sell|
|None available at this time||Visit CoinSpot||CoinSpot Review|
Review of BTC Markets Top Features
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.
An Advanced Trading Exchange
BTC Markets is geared toward serious crypto traders in Australia who trade with high volume. This is due to the removal of the Instant Buy/Sell feature and the provision of an advanced trading interface. The real-time charts are powered by the renowned TradingView package where experienced traders have access to the full suite of advanced analytical tools and indicators. The charts take center-stage on the interface where the price action of digital assets such as Bitcoin can be aptly analyzed.
Traders can quickly switch between the 23 crypto/AUD trading pairs using the Change Market button above the charts. However, only Litecoin (LTC), Ethereum (ETH), and Ripple (XRP) can be traded against Bitcoin which is a limitation to be aware of. Beneath the charts are the orders books and well-equipped buying and selling panels. The presence of these gives BTC Markets an advantage over rival Aussie exchanges such as Swyftx and Independent Reserve that don't provide these features based on our assessment. This means that traders can assess the spread and trading volume of a trading pair.
When it comes to buying and selling digital currencies, traders can place a variety of advanced orders to give themselves a degree of control and flexibility, including:
- Limit Order: If the specified price for an asset is above market rate then the asset will be purchased at its market price.
- Market Order: Buy or sell at the best available market price.
- Stop Limit Order: Places a limit order if the 'stop' condition is met.
- Stop Order: A market order will be placed when the 'stop' price condition is achieved.
- Take profit: A market order will be placed when the 'take' price condition is achieved.
- Advanced: Time in Force (TIF) and Post Only orders.
BTC Markets is an excellent crypto trading option for high-net-worth individuals and serious crypto traders. Whilst low volume trades incur a maximum and uncompetitive fee of 0.85% for AUD pairs, fees substantially decrease depending on the 30-day trading volume. The downside is the limited number of crypto pairs.
Support for Super Fund Investors
BTC Markets allows investors to allocate a portion of their Self-Managed Super Funds (SMSF) to invest in digital currencies such as Bitcoin and Ether. Whilst the website does not state if BTC Markets has partnered with a super fund specialist to provide these services or if they are facilitated in-house, users can benefit from the following:
- BTC Market's long-standing reputation and reliability as a provider of cryptocurrency services for Australians.
- A crypto tax reporting feature.
- An Over-The-Counter (OTC) desk for high-volume purchases.
- Highly economical trading fees for Bitcoin trading pairs on the Exchange.
For more information about crypto SMSFs, read our informative guide on using Australian Super Funds to invest in cryptocurrencies.
BTC Market's SMSF support appears to be fairly standard compared to other Aussie exchanges that provide the same service. Buying crypto such as Bitcoin and Ethereum, both of which are common investment choices for SMSF's, is not as economical to other platforms unless the 30-day trading volume is significant to warrant fee discounts.
A Personalized OTC Desk
High-net traders can receive personalized service from BTC Markets if they intend on conducting transactions over $100,000. Some of the benefits of this include the ability to negotiate and lock in prices during times of market volatility, and potentially obtain competitive rates.
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.
BTC Markets supports 23 digital assets at the time of writing 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.
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 the users 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. Users will also need to verify their current residential address by using a document such as a bank statement, utility bill or a tenancy agreement that shows their full name and address. To verify the account, click on "Account" at the top menu and then "ID Verification" and complete each step.
BTC Markets supports PayID, OSKO, 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.
Beginners will need to note that the limits for BPAY and OSKO deposits are $2,000 and $10,000, respectively. Limits can be increased, however, a ticket will need to be submitted to customer service.
Overall, the options to deposit and withdraw fiat currency are very limited and could be improved to provide greater flexibility. For example, Swyftx and Binance support using credit/debit cards for purchases and Coinspot allows buying crypto with a cash deposit.
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 crypto assets to AUD and take advantage of daily price movements.
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:
- In the Volume field, enter '1 Bitcoin' for the amount being bought or sold
- Select ‘Buy ’ or 'Sell' and review the order and price
- Once the user is happy with the order, select ‘Confirm’ to place the market order
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.
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 the wallet and into an Australian bank account. This is standard for the majority of Australian crypto platforms. If a cryptocurrency asset is withdrawn, a standard transaction (mining) fee will be incurred that is based on the blockchain network load for the specific coin.
BTC Markets App
BTC Markets has recently released apps for iOS and Android mobile devices. Due to its recent release, customer feedback has been limited, however, the app has a mediocre score of 3.8/5.0 based on 38 reviews. Despite the small sample size to understand how customers have received the app, the majority of comments were positive. The simplicity and lightweight nature of the app was generally agreed upon, however, some people had difficulties withdrawing funds.
During our testing, we noted that the app has standard security features such as 2FA, setting a unique PIN code, and biometric login. All of the desktop features can be accessed including account funding, advanced charting, and setting market orders to purchase crypto. We found the app to be well-designed, easy to use, and highly responsive.
Frequently Asked Questions
No, funds held on BTC Markets are not insured in the event of a major exchange hack or security breach. While the exchange does offer bank-like security measures such as cold wallet storage, 2FA and data-vetting, customers are not insured if the funds are lost.
BTC Markets is a fully-regulated crypto exchange that complies with the rules and laws enforced by the Australian Government. The platform is also with AUSTRAC and is a Gold Certified Member of the Australian Digital Commerce Association (ADCA).
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 is a premium crypto trading exchange for Australians to buy and sell 23 cryptocurrencies. The charting experience feels like a professional crypto platform, with no complicated menus or distractions and has recently included a mobile app. 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.