BTC Markets Review

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Bottom line:

BTC Markets is a reliable crypto exchange in Australia that is best suited for intermediate to professional traders. The trading experience is advanced, with excellent choice when 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.

How We Rated BTC Markets

Category	Hedge With Crypto Rating
Features	3 / 5
Supported Fiat and Deposit Methods	4.5 / 5
Supported Crypto & Trading Pairs	3 / 5
Fees	2.5 / 5
Ease of Use	4.1 / 5
Customer support	4 / 5
Security Measures	3.2 / 5
Mobile App	4.5 / 5

BTC Markets At A Glance

BTC Markets is a trading platform based in Melbourne that has more than 325,000 customers and processed $21 billion in transactions since its establishment in 2013. It is a legitimate cryptocurrency exchange based on its strict compliance with Australian laws and regulations.

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 who want access to competitive fees to buy crypto or trade against Bitcoin and AUD pairs.

Exchange Name	BTC Markets
Fiat Currency	AUD
Cryptocurrency	23
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
Swyftx	320+	0.6%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.9 / 5	$20 Bitcoin for creating a verified account	Visit Swyftx	Swyftx Review
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
CoinSpot	380	1% (instant), 0.1% (spot)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$20 Bitcoin for creating a verified account and depositing	Visit CoinSpot	CoinSpot Review

Review of BTC Markets Top Features

BTC Markets offers a stable and secure platform for buying, trading, and selling crypto. The trading platform also 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, which gives experienced traders 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 order books and well-equipped buying and selling panels. These give BTC Markets an advantage over rival Aussie exchanges such as Swyftx and Independent Reserve, which don't provide these features based on our assessment. This means that traders can assess a trading pair's spread and volume.

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 the market rate, 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. While 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 some of their Self-Managed Super Funds (SMSF) to invest in digital currencies such as Bitcoin and Ether. While 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.

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 SMSFs, is not as economical as other platforms unless the 30-day trading volume is significant enough to warrant fee discounts.

A Personalized OTC Desk

If high-net traders intend on conducting transactions over $100,000, they can receive personalized service from BTC Markets. 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.

Should Australians Trust BTC Markets?

BTC Markets appears to be a safe cryptocurrency trading exchange with several security features to protect 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 addresses 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. DYOR.

Supported Cryptocurrencies

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, you must complete a KYC (Know Your Customer) verification process. This confirms the user's 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 Driver's License. Users will also need to verify their current residential address using a document such as a bank statement, utility bill, or 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.

Deposit Methods

BTC Markets supports PayID, OSKO, and BPAY so customers can deposit AUD and fund an account. Most Australian banks support PayID. Deposits are generally processed immediately and are 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 should note that the limits for BPAY and OSKO deposits are $2,000 and $10,000, respectively. Limits can be increased; however, a ticket must 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.

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 that allows users 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 price volatility, giving its users the flexibility to manage their investment risk. The charts are powered by TradingView, a well-known crypto charting and trading software that features several tools, indicators, and drawing patterns.

To place an order, use the order window 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 the user is happy with the order, select ‘Confirm’ to place the market order

Overall, the trading experience in BTC Markets is simple. The user interface is quite basic and could be modernized to suit beginners and experienced traders alike.

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, which have 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 are -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 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 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, which is needed to understand how customers have received the app, most comments were positive. The simplicity and lightweight nature of the app were 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 desktop features, including account funding, advanced charting, and setting market orders to purchase crypto, can be accessed. We found the app to be well-designed, easy to use, and highly responsive.