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BTC Markets Review 2023
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Sinead Burgess
BTC Markets is a Melbourne-based Bitcoin and cryptocurrency exchange established in 2013. This seasoned exchange allows customers to swap their digital assets for Bitcoin (BTC) or Australian Dollars (AUD).
What are the trading costs, how safe is this trading platform and does it meet traders’ expectations of a crypto exchange? We’re here to address these and other questions, so read on.
About the BTC Markets Exchange
BTC Markets offers plenty of order types such as limit, market, stop limit, take profit, time-in-force, staking, etc. The exchange supports over 20 of the most popular and liquid cryptocurrency projects, provides APIs for the developers, includes a tax reporting feature, and has many certifications for delivering financial services on Australian soil.
Crypto investors can also use the OTC trading tools for large orders with minimal slippage. TradingView provides comprehensive charts for the BTC Markets users, equipped with indicators and charting tools for a more active following of the market fluctuations and trends.
The Recurring Purchases Feature
With BTC Markets, you can set up recurring purchases to put the same sum of money in a digital asset at regular intervals, despite the price it holds on the market. The recurring purchase tool lessens the danger of market price volatility and the potential for significant financial losses.
You can schedule a recurring purchase to occur daily, weekly, monthly, or even specify a particular day and time to activate this feature.
OTC Trading
BTC Markets’ OTC trading function enables traders to execute large contracts discreetly, have access to the exchange’s worldwide network of liquidity providers, lock in prices to limit the trader’s exposure to market volatility, and more.
Self Managed Super Funds (SMSF)
BTC Markets’ SMSF service provides the following features: tax reporting for yearly audit planning, a dedicated SMSF account, and access to the BTC Markets worldwide network via the exchange’s liquidity providers, as well as customised support for significant trades.
Supported Cryptocurrencies
Along with the possibility of trading Bitcoin, BTC Markets also provides many other altcoins to its clients. The platform selects the available cryptocurrencies based on real-time trend analysis of the market using sophisticated charting tools.
You also get the option to purchase digital currencies in specific crypto-to-crypto trading pairs and trade various cryptocurrency pairs against the AUD (Australian Dollar) as the only fiat currency available.
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), Uniswap (UNI), Tether (USDT), Golem (GLM), OmiseGO (OMG), Power Ledger (POWR), and Algorand (ALGO) are only a few of the cryptocurrency projects supported by BTC Markets exchange.
Payment Methods
The BTC Markets cryptocurrency exchange offers flexible and straightforward payment methods through payment providers like POLi, PayID, Osko, and BPAY. You may also choose to fund your trading account using more traditional banking methods such as bank transfers. Unlike its Australian rivals, Coinspot and Binance, the BTC Markets platform only accepts Australian Dollars (AUD) trading.
BTC Markets Trading Fees and Limits
BTC Markets operates on a maker fee/taker fee basis, with liquidity makers receiving a fixed cost of -0.05% and liquidity takers paying a taker fee of 0.2% to the liquidity providers. BTC Markets calculates the trading costs on a 30-day sum of AUD trading volume, encompassing all AUD transactions made throughout this timeframe.
Deposit and Withdrawal Fees
You can withdraw your digital assets from your BTC Markets account in Australian dollars (AUD) without paying any transaction fees for it. The same applies if you want to withdraw funds from your Australian bank account through this crypto exchange.
Also, BTC Markets doesn’t impose a deposit fee when using an Australian bank or a financial institution to complete the transaction.
Is BTC Markets Safe to Use?
BTC Markets is not a fully registered cryptocurrency exchange. However, it holds a certification for providing financial services by several monetary authorities of Australia, including the ADCA Gold Certification, registration with AUSTRAC, Blockchain Australia certification and membership, and more.
Furthermore, this crypto exchange strictly adheres to the Australian Anti-Money Laundering (AML) provisions and the Counter-Terrorism Financing Act (CTF) regulations to prevent any type of financial criminal or cyber attack, but also to provide maximum safety of both their users and their funds.
The BTC Markets digital assets exchange also employs a variety of efficient security standards, such as two-factor authentication protocol (2FA), SSL data encryption, KYC verification, and internal control limits. In addition, the exchange employs cold wallet storage as an additional safety measure by housing 98% of the customers’ assets off-site.
BTC Markets Security Breach
Despite its commitment to the security of its customers’ online data and assets, on December 1st, 2020, BTC Markets exchange inadvertently disclosed all its clients’ complete names and email addresses via a marketing email. This security issue affected practically all of their users, who received the names and email addresses of 1,000 additional BTC Markets users via the exchange’s phishing email.
After this event, the exchange expressed their deep regrets and quickly resolved the problem by working with the Office of the Australian Information Commissioner (OAIC), which is the most relevant authority in the matter.
Customer Support
The staff behind BTC Markets is devoted to being attentive to their customers and potential customers’ needs and concerns and addressing any issue regarding the platform’s functionalities. You may get in touch with them by filing a request or sending an email. However, please keep in mind that it could take up to 10 business days to get a response from the customer service team.
A Few Words Before You Go...
As the name implies, BTC Markets operates precisely like a digital asset market by adhering to a proven and tested operation pattern. As a market veteran, BTC Markets offers some of the most popular financial products and market order types.
While this exchange does not use some of the more novel trading technologies, it does provide a lot of sophisticated financial services to enhance the market strategies of the more experienced traders.
Finally, this Bitcoin exchange can also be a decent choice for trading cryptocurrencies for all crypto investors who don’t need more than the few best coins on the market and a secure crypto exchange.
frequently asked questions
This crypto exchange does not have a mobile app available for download. However, any mobile device with an Internet connection can easily access the web platform, which is very user-friendly and open to all users through this type of connection.
The BTC Markets financial services are available only to Australian residents for the time being due to some legal requirements and restrictions imposed by the Australian financial authorities.
The creators of the BTC Markets exchange want traders to be in charge of their funds. Hence, they haven’t developed a digital wallet but provide wallet managing services. In this regard, BTC Markets advises its clients to move their digital assets to a separate third-party wallet after completing payment.