Finding a reputable and safe cryptocurrency exchange in Australia can be difficult with so many choices. Each exchange will have different features, trading pairs, fees and limits to consider.
A leading exchange that is focussed on trading Bitcoin and other digital currencies is BTC Markets.
While we aim to provide you with accurate and the latest information in this BTC Markets review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.
Ease of use
What Is BTC Markets?
BTC Markets is a popular cryptocurrency trading platform based in Melbourne that provides an easy to use, secure and reliable Bitcoin exchange for beginners and professional investors. The platform offers 13 different cryptocurrency pairs that can be traded using an advanced trading system that suits active investors. BTC Markets was one of the first crypto exchanges to start up in Australia in 2013 and widely used by beginners and experienced investors.
BTC pairs: -0.05% & 0.2%, AUD pairs: 0.85% - 0.10%
BTC Markets Compared
PayID is one the most popular methods to deposit AUD on BTC Markets. This comparison table lists other popular Australian cryptocurrency exchanges like BTC Markets that allow bank transfers using PayID to trade Bitcoin.
$10 Free Bitcoin
0.1% / 1%
None available at this time
$10 Free Bitcoin
Is BTC Markets Safe?
BTC Markets appears to be a safe cryptocurrency trading exchange that includes several security features to keep safe its customers 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 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
- A secure 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
Creating An Account With BTC Markets
The create an account with BTC Markets, follow these simple steps:
- Visit btcmarkets.net
- Click on the 'Create Account' button at the top right-hand corner
- Enter in your email, set a strong password and click on 'Sign Up'
- Verify your registered email address
- 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.
To make a bank deposit or withdrawal to or from your BTC Markets account, you will first need to complete a KYC (Know Your Customer) verification process. 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.
Available Deposit Methods
BTC Markets Australia allows its users to fund its account using the following deposit methods:
- Pay ID: The payment method is supported by most Australian banks. Deposits are generally processed immediately and will be credited to your BTC Markets account instantly and there are no additional fees.
- BPAY: A secure and reliable way of funding your account. All deposits made via BPAY, however it can take between 1 and 3 business days for the funds to reach BTC Markets. There are no additional costs to send funds with BPAY.
Trading Crypto Using BTC Markets
The exchange 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.
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 you're happy with the order, select ‘Confirm’ to place the market order
Trade With Australia's Most Trusted Exchange
Independent Reserve provides a stable and secure platform for individuals to buy and sell 26 of the most popular digital currencies.
BTC Markets supports 20 digital assets that can be traded against Bitcoin or Australian Dollars (AUD). The available cryptocurrencies include 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 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 for high net worth investors only. For the majority who are beginners that are looking to make their first crypto purchase, the fees are reasonable. Users that are looking to maximize the deposit should consider a cheaper option such as Swyftx.
$0.01 - $500
$500 - $1,000
$1,000 - $3,000
$3,000 - $9,000
$9,000 - $18,000
$18,000 - $40,000
$40,000 - $60,000
$60,000 - $70,000
$70,000 - $80,000
$80,000 - $90,000
$90,000 - $115,000
$115,000 - $125,000
$125,000 - $200,000
$200,000 - $400,000
$400,000 - $650,000
$400,000 - $650,000
$650,000 - $850,000
$50,000 - $1M
$1M - $3M
$3M - $5M
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.
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.
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.
BTC Markets Alternatives
The following alternatives to BTC Markets are reputable cryptocurrency exchanges in Australia.
Bank Transfer (EFT)
0.1 & 1%
0.1 & 1%
Bank Transfer (EFT)
Credit card / Debit card
Frequently Asked Questions
Does BTC Markets Require Account Verification?
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
Does BTC Markets Have An Affiliate Program?
BTC Markets does not appear to offer a referral bonus for inviting new friends or an affiliate program.
Can I Trade Cryptocurrency With My SMSF?
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 a SMSF in Australia. A letter of authority is required from the super fund to give permission to set up an account.
Does BTC Markets Have An App?
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.
Our Final Verdict
To conclude our BTC Markets Australia review, the exchange provides a complete and safe crypto trading exchange for Australians to buy and sell popular cryptocurrencies. The charting experience feels like a professional crypto platform, with no complicated menus or distractions.
The options available to deposit AUD are limited and BTC Markets should consider expanding to include common payment methods to buy Bitcoin using a cash deposit and POLi. However, the fees are very reasonable for high net individuals or SMSF investors.
- Well-established Australian exchange
- Beginners friendly user interface
- Advanced orders types and charting
- Low fees for high net-worth investors
- Responsive customer service
- Only 12 crypto assets
- Limited AUD deposit methods