BTC Markets dumps BPAY minimum
Cryptocurrency traders no longer stuck with a $500 minimum trade.
Australian cryptocurrency marketplace BTC Markets has eliminated its $500 minimum for deposits made through the popular BPAY platform but has dropped deposits through rival POLi for now.
The firm confirmed the policy change in a tweet on Sunday. "The BPAY minimum of $500 no longer applies," it said.
The BPAY minimum of $500 no longer applies :)
— BTC Markets (@BTCMarkets) January 7, 2018
There's a sting in the tale for local traders. While the BPAY limit has been lowered, BTC Markets has stopped supporting the Australian POLi payments platform.
Previously it allowed deposits through POLi, albeit with a $3.30 per transaction service charge, but that's no longer the case. "We have suspended POLi deposits for now and are investigating other payment options," its Twitter account confirmed.
BTC Markets has also upgraded its payments infrastructure, with rising demand for cryptocurrency services causing some delays in processing last week.
Enabling smaller BPAY deposits could open up the market for casual traders who want to experiment in the booming cryptocurrency economy but don't want to make initial purchases at that level.
Payment mechanisms for trading in cryptocurrency from Australia have proved problematic, with many banks refusing to handle transfers into cryptocurrency marketplaces or exchanges. Late last year, Australian marketplace CoinSpot stopped accepting deposits in Australian dollars.
While BPAY provides a convenient mechanism for casual traders who don't have an existing wallet of cryptocurrencies to trade with, it isn't ideal for high-velocity trading as bank processing typically takes a day or more. "If you made a BPAY deposit after Friday 5PM your deposit will likely process on Tuesday," the BTC Markets Twitter account points out in a separate tweet. "Please allow the day for the funds to be processed. Deposits can take between 1-2 business days to process."