BTC Markets is a popular crypto exchange in Australia that allows individuals to buy and sell cryptocurrency in Australia using local currency. The exchange was one of the first crypto exchanges to start up in Australia in 2013 and widely used by beginners and experienced investors.
In this BTC Markets review, we will provide an overview and assessment of our experience using the exchange, its features, user-interface, deposit methods and trading fees. While we aim to always provide you with accurate information, we suggest that you visit their site from time to time in case some updates occur afterward.
Also read our article on the 10 Best Cryptocurrency Exchanges In Australia to see if BTC Markets made the list.
What Is BTC Markets?
BTC Markets is a popular fiat-to-cryptocurrency exchange that provides an easy to use, secure and reliable exchange for beginners and professional investors that are interested in buying or selling Bitcoin to AUD. It offers up to 13 different cryptocurrency pairs that can be traded using an advanced trading system that suits active investors.
BTC Markets was established in 2013 and headquartered in Melbourne, Australia. The exchange is governed by Australia's highly regulated financial sector and a certified digital currency member of Blockchain Australia.
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 that allow bank transfers using PayID to trade Bitcoin.
0.6% (low spreads)
5 / 5
0.1% - 1%
4.3 / 5
0.1% - 1%
4.3 / 5
0.85% - 0.1%
2.5 / 5
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Creating An Account With BTC Markets
The process to create an account with BTC Markets takes a few minutes if you 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
- 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
Trading Fees & Limits
BTC Markets uses a tiered-fee structure that varies between 0.10% and 0.85% depending on the volume traded. The trading fees are quite reasonable for high net worth investors.
But for the majority who are beginners that are looking to make their first crypto purchase, the fees are reasonable. However, if you're looking to maximize your deposit there are cheaper options available in Australia 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 do not charge a fee to deposit AUD or cryptocurrency into the exchange.
BTC Markets do not charge a fee to 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 legit cryptocurrency exchange based on its strict compliance with Australian laws and regulations. It 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 crypto exchange that uses a cold wallet and hot wallet system to secure and manage client funds. The cold wallet storage is kept off-site in multiple locations. The site does recommend that users store the majority of their crypto assets on a reputable hardware wallet.
BTC Markets Alternatives
The following alternatives to BTC Markets are reputable cryptocurrency exchanges in Australia.
Bank Transfer (EFT)
0.05% - 0.5%
Bank Transfer (EFT)
Credit card / Debit card
Frequently Asked Questions
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.
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.
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 such as using a cash deposit and POLi. However, the fees are very reasonable for high net individuals or SMSF investors.
So, should you use BTC Markets to buy and sell crypto?
We think BTC its a solid crypto exchange, however beginners might be better suited to an exchange like Swyftx which offers more features, deposit methods and lower trading fees.
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Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees with a wide variety of deposit methods that will suit all types of investors in Australia.
- 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