Buy and sell seven popular cryptocurrencies on this Australian exchange.
BTC Markets aims to be a simple, reliable and professional place for users to trade cryptocurrencies. If you’re a first-timer looking to get started, or a more experienced trader wanting a new cryptocurrency home, it might be what you’re looking for.
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Exchanges like BTC Markets
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.
What is BTC Markets and how does it work?
BTC Markets is an Australian cryptocurrency exchange based in Melbourne. Despite its name, BTC Markets offers not only bitcoin but a range of different exchange markets, including various bitcoin forks and Ethereum variations, along with other altcoins. Fiat-to-crypto and crypto-to-crypto trading are available through the platform, with transaction fees determined based on your monthly trade volume.
If you are considering buying, you should check the latest situation with regard to POLi deposits.
How much will it cost me to use BTC Markets?
There are no fees that apply to BTC Markets deposits, but you'll need to consider trading and withdrawal fees before buying or selling any coins through the platform.
For crypto-to-crypto trades on BTC Markets, a flat trading fee of 0.22% applies. However, if you're buying cryptocurrency with AUD, the fee that applies will vary based on your AUD trade volume over the previous 30 days.
Trading Fee %
30 Day AUD Volume
$0.01 - $500
$500.01 - $1,000
$1,000.01 - $3,000
$3,000.01 - $9,000
$9,000.01 - $18,000
$18,000.01 - $40,000
$40,000.01 - $60,000
$60,000.01 - $70,000
$70,000.01 - $80,000
$80,000.01 - $90,000
$90,000.01 - $115,000
$115,000.01 - $125,000
$125,000.01 - $200,000
$200,000.01 - $400,000
$400,000.01 - $650,000
$650,000.01 - $850,000
$850,000.01 - $1,000,000
$1,000,000.01 - $3,000,000
$3,000,000.01 - $5,000,000
Australian bank transfer
How fast will my funds be available?
You may be able to create an account, verify it, make a deposit and start trading on BTC Markets all in the same day, assuming your initial deposit is under $500. Larger first deposits may take longer to verify, but here’s a quick overview:
AUD deposits and withdrawals: These usually take 1-2 business days for the banks to complete transfers.
Cryptocurrency deposits and withdrawals: These can be done in several minutes, depending on how busy the network is.
Note that using a virtual private network (VPN) while trading on BTC Markets may slow transfer times.
Are there any transfer limits?
Once you've signed up and verified your BTC Markets account, the following daily transaction limits apply:
BPAY deposit: $2,000
AUD withdrawal: $8,000
Crypto deposit: $100,000
Crypto withdrawal: $50,000
If you'd like higher limits, you can submit a request to have them increased. This involves providing a reason for the increase, specifying your occupation, and providing a link to your own website or social media page.
Is it safe to use BTC Markets?
BTC Markets uses a cold wallet and hot wallet system to manage client reserves, with its encrypted cold wallet storage located off-site in multiple locations. It also follows all current best security practices and in addition runs regular reconciliations of all funds it’s holding. This ensures that the exchange always has a full reserve available to process trades.
Although BTC Markets is not yet officially regulated by AUSTRAC, it’s dedicated to operating in line with its guidelines. It also recommends that you use two-factor authentication for more security on your end.
The BTC Markets support team operates Monday to Friday, 8am to 8pm, and from 10am to 6pm on weekends. It takes messages through the BTC Markets platform.
If needed, you can also get in touch through social media, or make use of the online knowledge base and FAQs about the basics of using your account.
Pros and cons of BTC Markets
A simple and effective exchange
Offers a range of popular currency pairs for trading
Supports fiat-to-crypto and crypto-to-crypto trading
Offers a public API programming tool to help automate trades
Trading fees may not be competitive at low trading volumes
Not quite as user-friendly as some other platforms
Compare other cryptocurrency exchanges available in Australia
If you've considered the features on offer and decided you want to start using BTC Markets, you'll need to create an account and deposit AUD or cryptocurrency for trading. You can sign up by creating an account with an email address and password, and you'll then need to verify your identity by following the prompts and providing the required information.
Don't forget to also enable 2-factor authentication on your account before depositing any funds.
Frequently asked questions
No. You can start trading without having a wallet of your own, but BTC Markets recommends that you withdraw your altcoins rather than leave them on the exchange.
Stop-loss orders are not currently supported.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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