Home Exchange Reviews BTC Markets: Cryptocurrency Exchange 2020 Review

BTC Markets: Cryptocurrency Exchange 2020 Review

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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.

So without further ado, let’s get started!

P.S. Read our article titled the 10 Best Cryptocurrency Exchanges In Australia to see if BTC Markets made the list.

btcmarkets site

BTC Markets: Overview & Features

BTC Markets is a popular fiat-to-cryptocurrency exchange that was established in 2013 and headquartered in Melbourne, Australia. It is governed by Australia’s highly regulated financial sector and a certified digital currency member of Blockchain Australia.

The crypto exchange is easy to use, secure and reliable for beginners and professional investors that are interested in buying or selling Bitcoin to AUD. It’s users can trade up to 13 different cryptocurrency pairs using an advanced trading system that suits active investors that wish to take advantage of the volatile crypto markets.

BTC Markets features

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:

  1. Visit btcmarkets.net
  2. Click on the ‘Create Account’ button at the top right-hand corner
  3. Enter in your email, set a strong password and click on ‘Sign Up’
  4. Verify your registered email address
  5. Login into BTC Markets using your registered credentials
btcmarkets register

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
BTC Markets user profile

Account Verification

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.
Swyftx exchange

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.

BTC Markets Trading

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:

  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 you’re happy with the order, select ‘Confirm’ to place the market order
BTC Markets order

Trading Fees & Limits

Trading Fees

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.

Fee

Trade Volume

0.85%

$0.01 – $500

0.83%

$500 – $1,000

0.80%

$1,000 – $3,000

0.75%

$3,000 – $9,000

0.70%

$9,000 – $18,000

0.65%

$18,000 – $40,000

0.60%

$40,000 – $60,000

0.55%

$60,000 – $70,000

0.50%

$70,000 – $80,000

0.45%

$80,000 – $90,000

0.40%

$90,000 – $115,000

0.35%

$115,000 – $125,000

0.30%

$125,000 – $200,000

0.25%

$200,000 – $400,000

0.20%

$400,000 – $650,000

0.23%

$400,000 – $650,000

0.20%

$650,000 – $850,000

0.18%

$50,000 – $1M

0.15%

$1M – $3M

0.13%

$3M – $5M

0.10%

> $5M

Deposit Fees

BTC Markets do not charge a fee to deposit AUD or cryptocurrency into the exchange.

Withdrawal Fees

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?

Yes, based on our research 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?

Yes, 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.

Exchanges like BTC Markets: Comparison

Exchange

Deposit Method

Fees

swyftx

Swyftx

PayID

POLi

BPAY

0.6%

independent reserve

Independent Reserve

Bank Transfer (EFT)

PayID

POLi

Swift

0.05% – 0.5%

coinspot

Coinspot

PayID

POLi

BPAY

Cash Deposit

1%

coinjar exchange

Coinjar

PayID

BPAY

Cash Deposit

1%

binance

Bank Transfer (EFT)

Credit card / Debit card

2.5%

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.

Like this post? Don’t forget to share it!

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.

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