Supported Cryptocurrencies
At the time of writing, BTC Markets provides 27 digital assets that may be traded against Bitcoin or Australian Dollars (AUD). The coin selection is quite limited and unsuitable for altcoin investors compared to other exchanges. However, investors can buy Bitcoin, XRP, Ethereum, Litecoin, Stella Lumens, Chainlink, OmeseGo, PowerLedger, Bitcoin Cash, Compound, Golem, etc.
Some cryptocurrencies available on BTC Markets. Image: BTC Markets
Deposit Methods
BTC Markets accepts PayID, OSKO, and BPAY for AUD deposits and account funding. Most Australian banking institutions back PayID. Generally, deposits are handled swiftly and credited immediately without fees. The disadvantage of BPAY is that it can take between one and three working days for the funds to arrive.
Beginners should be aware that the deposit limits for BPAY and OSKO are $2,000 and $10,000, respectively. Limits can be increased, but you must submit a ticket to customer service.
Overall, the options for depositing and withdrawing fiat currency are minimal and might be enhanced for better flexibility. Swyftx and Binance, for instance, permit using credit/debit cards for purchases, while Coinspot enables the purchase of cryptocurrencies with a cash deposit. (You can read our CoinSpot review or Swyftx review to learn more about their features)
Fee Structures
Trading Fees
Based on the volume traded, BTC Markets has a tiered fee system for AUD pairs ranging from 0.10% to 0.85%. Compared to other exchanges in Australia, the trading fees are relatively low for high-net-worth investors. However, for small investors, the 0.85% price is uncompetitive compared to alternatives with lower fees, such as Swyftx and Digital Surge, which charge between 0.5% and 0.6%.
BTC Markets uses a market maker and taker fee model for Bitcoin trading pairs. The trading fees for cryptocurrencies are -0.05% and 0.2%, which are pretty affordable.
Deposit & Withdrawal Fees
BTC Markets does not impose a fee for AUD deposits or withdrawals into an Australian bank account. This is the norm for most Australian cryptocurrency platforms. If a cryptocurrency asset is withdrawn, a regular transaction (mining) fee will be imposed based on the specific coin’s blockchain network load.
BTC Markets deposit fees. Image: BTC Markets
The fees for cryptocurrency withdrawals are as follows: Bitcoin = 0.0005 BTC, Litecoin = 0.001 LTC, Ethereum = 0.001 ETH, Ethereum Classic = 0.001 ETC, Ripple = 0.15 XRP, BCH = 0.001 BCH.
BTC Markets Features
BTC Markets provides a secure and stable platform for buying, trading, and selling cryptocurrencies. The trading platform offers the following features.
User Interface
BTC Markets is well-known for its purpose-built trading system, which offers high-volume transaction processing and automated trading tools. It contains a sophisticated cryptocurrency trading platform that allows users to purchase and sell crypto assets for AUD while taking advantage of daily price fluctuations.
Traders on the platform can go long or short on the market to hedge against price volatility, affording its users the freedom to manage investment risk. The charts are powered by TradingView, a well-known charting and trading software for cryptocurrencies with various tools, indicators, and drawing patterns.
BTC Markets’ user interface. Image: BTC Markets
Advanced Trading
BTC Markets is geared towards seasoned, high-volume crypto traders in Australia. This is a result of the elimination of Instant Buy/Sell and the introduction of an advanced trading interface. The acclaimed TradingView package powered the real-time charts, providing experienced traders with access to a set of advanced analytical tools and indicators.
Traders can swiftly switch between the 23 crypto/AUD trading pairs by clicking the Change Market button above the charts. However, you can only exchange Litecoin (LTC), Ethereum (ETH), and Ripple (XRP) against Bitcoin. Under the charts are buying and selling panels and order books. In this aspect, BTC Markets has an advantage over competitor Australian exchanges such as Swyftx and Independent Reserve which do not offer these features for traders to evaluate the spread and volume of a trading pair.
BTC Markets trading features. Image: BTC Markets
Traders can make a variety of advanced orders for greater control and flexibility while buying and selling digital currencies, such as:
- Limit Order: If the indicated price for an asset is higher than its market price, the asset will be bought at its market price.
- Market Order: Crypto sell or buy at the best market price.
- Stop Order: A market order is placed when the ‘stop’ price condition is met.
- Stop Limit Order: A limit order is placed when the ‘stop’ condition is met.
- Take profit: A market order is placed when the ‘take’ price condition is met.
- Advanced: Time in Force (TIF) and Post Only orders.
SMSF Investments
BTC Markets permits investors to invest a portion of their Self-Managed Super Funds (SMSF) in digital currencies, including Bitcoin and Ether. The website does not indicate whether BTC Markets has collaborated with a super fund specialist to provide these services or whether they are provided in-house. Still, consumers can take advantage of the following:
- BTC Market’s reputation as a provider of crypto services
- An Over-The-Counter (OTC) desk for high-volume traders
- Suitable trading fees for Bitcoin trading pairs on the exchange.
- Easy to generate tax reports to file your return
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 modest compared to other Australian exchanges offering the same service. Buying cryptocurrencies like Bitcoin and Ethereum, popular investments for SMSFs, is not as cost-effective on other platforms unless the 30-day trading volume is substantial enough to earn fee discounts.
Personalised OTC Desk
OTC trading is a common method for executing high-volume trades with lower spreads on BTC Markets. This function delivers large orders to the site’s trading desk so they can facilitate your transaction immediately. This limits your exposure to market volatility and the effect of such a trade on the asset price. Regarding this trading option, BTC Markets is discrete and gives personalised help for orders above AUD 100,000.
OTC trading enables access to a vast network of liquidity providers and the execution of large trades outside the BTC Markets public exchange. BTC Markets offers personalised support for high-net traders undertaking transactions over $100,000. This has several advantages, including the opportunity to negotiate and lock in prices amid market instability and the possibility of receiving competitive interest rates.
BTC Markets App
BTC Markets has recently developed mobile applications for iOS and Android. Due to its recent release, consumer feedback has been limited; however, based on 38 reviews, the app has a mediocre rating of 3.8 out of 5.0. Despite the small sample size used to determine how customers have received the app, most reviews were positive. The app’s simplicity was largely praised, but some users experienced withdrawal difficulties.
Our testing shows that the app includes conventional security measures such as two-factor authentication, setting a unique PIN, and biometric login. Accessible features include account funding, detailed charting, and placing market orders to purchase cryptocurrency.
BTC Markets app. Image: BTC Markets
BTC Markets Security
BTC Markets is one of Australia’s most secure cryptocurrency exchanges, certified by Blockchain Australia and registered with AUSTRAC. Its security measures include the Know-Your-Customer (KYC) procedure, 2-Factor Authentication (2FA) and storing 98% of digital assets offline. Additionally, BTC Markets does hourly reconciliations to guarantee that the funds in their cold wallets and bank account match those in their customers’ accounts. Both fiat and Bitcoin funds are subject to a 100% reserve policy.
Since its inception, BTC Markets have established robust security mechanisms and have never reported significant hacks. In 2020, however, a marketing email sent by the BTC Markets exchange in December disclosed the complete identities and email addresses of all its users. These emails were sent in batches of 10,000 without detection by the corporation, and BTC Markets could not stop these emails from being sent in rapid succession. Later, the exchange apologised to its consumers and said that this incident affected everyone involved.
BTC Markets’ users were quick to express concern that this exposure could lead to account compromises for individuals with weak login credentials. In response, BTC markets urged their users to use robust login credentials and assured them of an internal audit of their security measures. However, the platform has remained unaffected since then.
Customer Support
The customer service structure of BTC Markets consists of a Frequently Asked Questions area and an email help system. However, their website’s content is substantial and can be used to address the most prevalent concerns. You can use the online ticketing system for account-specific problems, and their support team will respond to your inquiries.
Given the delicate nature of cryptocurrency trading, BTC Markets should broaden their customer service choices to include phone help. Due to security concerns, even though this website has media-specific pages on the most prominent platforms, they do not reply to client inquiries regarding account issues. Support is primarily offered through support tickets and vast online resources.
BTC Markets customer support. Image: BTC Markets
If the response you received from customer service did not meet your expectations, you have the opportunity to file a formal complaint by emailing [email protected]. Please note that BTC Markets requires written notification of any complaints to process them.
Frequently Asked Questions
Are BTC Markets insured?
There is currently no insurance coverage for BTC Markets funds. However, your funds are still protected with BTC Markets. Via both a cold wallet and a hot wallet, the exchange maintains a total reserve and processes frequent reconciliation reports. Thus, you are sure that your BTC Market account’s funds correspond to the amounts in the exchange’s bank account and cold wallets.
Is BTC Markets secure?
Yes, trading on BTC Markets is entirely secure. BTC Markets conducts daily Reconciliation of Funds checks to ensure everything is in order. Crypto assets are stored offline in cold wallets to prevent hacks, while a tiny portion is kept in hot wallets to preserve liquidity.
Is BTC Markets legal in Australia?
Yes, BTC Markets is authorised to operate in Australia. It adheres to all Australian Financial Regulations and is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Digital Currency Exchange. The Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF) is adhered to by BTC Markets.
How to deposit into my BTC Market?
Adding funds to your BTC Markets account is straightforward. Begin by logging into the system, then select your deposit type by clicking on the Account icon. If you’re funding your account with a digital asset, pick the digital asset and click Generate Address. Finally, click the Deposit option to finalise the transaction.
Conclusion
Since 2013, BTC Markets has provided Australians with access to digital currencies. It has a solid reputation as a trustworthy place to exchange cash for cryptocurrency. Despite its well-established reliability in the Australian crypto market, BTC Markets’ features and fees have not kept pace with other popular platforms such as Coinspot vs Swyftx. First, its trading fees of 0.85% are relatively high, and there are cheaper places to purchase cryptocurrency. Also, seasoned cryptocurrency traders who demand a broader selection of supported coins may seek another exchange with a more diverse array of digital assets.
Disclaimer: This article is intended to be used and must be used for informational purposes only. It’s important to understand that digital assets are risky; you should always do your research and analysis before making any decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
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