BTC Markets review
- Regulator registration
- AUSTRAC
- Supported assets
- 24
- Fiat currencies
- 1
Summary
Buy and sell 10+ popular cryptocurrencies on this Australian exchange.
BTC Markets has been in operation without incident since 2013. This makes it one of the oldest cryptocurrency exchanges in Australia. It's based in Melbourne.
- Good for active trading with AUD-to-crypto pairs
- Not so great for trading fees at lower volumes
Pros
- Popular coin selection. You'll find a range of popular cryptocurrencies on BTC Markets.
- Useful features. BTC Markets offers a full-featured trading experience with useful functions such as stop losses.
- API trading available. BTC Markets is one of the few places you can use automated API trading for AUD-to-crypto pairs.
- Liquidity. Strong Liquidity in BTC and XRP markets.
- Complies with the Australian Transaction Reports and Analysis Centre regulations in Australia. AUSTRAC is the peak body for regulating cryptocurrency exchanges in Australia which requires BTC Markets to comply with laws and regulations that are intended to provide certain protections for users.
Cons
- Uncompetitive fees. BTC Markets' fees are high compared to some equivalent exchanges, even with the maximum possible fee discount.
- Limited liquidity on some pairs. Not all available trading pairs are active.
- Withdrawal fees vary. The fee structure for cryptocurrency withdrawals can vary wildly between coins depending on the market price at the time.
- Only 23 cryptocurrencies supported. BTC Markets supports a smaller variety of assets than some of its competitors. This isn't necessarily a bad thing, but if you're looking for a large range of altcoins you may want to compare other platforms.
- AUD deposits and withdrawals are not supported. BTC Markets does not support AUD trading accounts. You may still be able to purchase crypto using a credit or debit card via the platform's instant purchase feature, although foreign exchange fees might apply.
Details
Product details
| Product Name | BTC Markets |
| Fiat Currencies | AUD |
| Cryptocurrencies | BTC, ETH, XRP, BCH, LTC, XLM, USDT, OMG, ETC, UNI & 15 more |
| Deposit Methods |
BPAY Cryptocurrency Electronic Funds Transfer Osko PayID |
| Trading Fee |
Maker Fee (for BTC pairs): -0.05% Taker Fee (for BTC pairs): 0.20% AUD Market Pairs: 0.10% - 0.85% |
| Deposit Fees | None |
| Withdrawal Fees |
Australian bank accounts: None Cryptocurrencies: Fees vary |
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD
- Supported cryptocurrencies: Approximately 24 cryptocurrencies
Which payment methods are accepted?
- BPAY
- Cryptocurrency
- Electronic Funds Transfer
- Osko
- PayID
What's it like to use BTC Markets?
1. Available cryptocurrencies
Browse the available cryptocurrencies from the home page.
2. Order books
Find everything you need to start trading in one place.
3. Logging in
Get started by creating an account and a login.
4. Help section
If you need assistance, find the answers you need in the BTC Markets help section.
Fees and limits
The fees below are accurate as of 16 December 2020.
Platform trading fees
There is a flat-rate trading fee for all crypto-to-crypto pairs, maker -0.05% & taker 0.2%. The fees in the table below apply to AUD-to-crypto trading pairs and are based on a 30-day rolling average of trade volume.
| Trading Fee % | 30 Day AUD Volume |
|---|---|
| 0.85% | $0.01 - $500 |
| 0.83% | $500.01 - $1,000 |
| 0.80% | $1,000.01 - $3,000 |
| 0.75% | $3,000.01 - $9,000 |
| 0.70% | $9,000.01 - $18,000 |
| 0.65% | $18,000.01 - $40,000 |
| 0.60% | $40,000.01 - $60,000 |
| 0.55% | $60,000.01 - $70,000 |
| 0.50% | $70,000.01 - $80,000 |
| 0.45% | $80,000.01 - $90,000 |
| 0.40% | $90,000.01 - $115,000 |
| 0.35% | $115,000.01 - $125,000 |
| 0.30% | $125,000.01 - $200,000 |
| 0.25% | $200,000.01 - $400,000 |
| 0.23% | $400,000.01 - $650,000 |
| 0.20% | $650,000.01 - $850,000 |
| 0.18% | $850,000.01 - $1,000,000 |
| 0.15% | $1,000,000.01 - $3,000,000 |
| 0.13% | $3,000,000.01 - $5,000,000 |
| 0.10% | > $5,000,000 |
Deposit and withdrawal fees
Deposit fees
You can make AUD deposits for free via bank transfer including Osko and BPAY. Cryptocurrency deposits are also free, but you will be charged standard network fees.
Withdrawal fees
Withdrawal fees vary based on the cryptocurrency selected.
| Payment method | Fees |
|---|---|
| Bitcoin | 0.0003 BTC |
| Litecoin | 0.001 LTC |
| Ethereum | 0.005 ETH |
| Ethereum Classic | 0.001 ETC |
| Bitcoin Cash | 0.0001 BCH |
| Ripple | 0.01 XRP |
| OmiseGO | 2 OMG |
| Bitcoin SV | 0.0001 BSV |
| Power Ledger | 54 POWR |
| Golem | 55 GNT |
| Stellar | 0.01 XLM |
| Basic Attention Token | 20 BAT |
| Enjin Coin | 28 ENJ |
| Chainlink | 0.6 LINK |
| Compound | 0.035 COMP |
| Algorand | 0.003 ALGO |
| Meld Gold | 0.0003 MCAU |
| Tether | 3 USDT |
| Australian bank transfer | Free |
How fast will my funds be available?
Deposits
Almost instant
BPAY deposits are generally processed on the same day.
Osko deposits are typically processed within a minute.
Withdrawals
1-3 days
NPP withdrawals are typically processed within a minute.
Direct entry withdrawals are generally processed within 1-3 business days.
Is BTC Markets safe to use?
- Regulation. BTC Markets was the first exchange to be Gold Certified by Blockchain Australia. BTC Markets is registered as a Digital Currency Exchange with AUSTRAC.
- Verification process. BTC Markets requires users to get verified for depositing, withdrawing or trading with AUD.
- Security features. BTC Markets recommends that you withdraw and personally hold any funds you're not using for trading. It was established in 2013 and has not been known to have ever experienced a major hack.
How do I create an account at BTC Markets?
BTC Markets alternatives
Frequently asked questions
Andrew Finder
Editor
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Joanne Finder
December 19, 2017
Hi Margaret,
Thanks for reaching out.
Our beginner’s guide to Bitcoins will outline what you need to know about bitcoins. They will discuss Bitcoin’s history, how it works, where you can use it among others.
Reading through the guide will not only save you a few headaches in the long run, but it will give you a greater appreciation of what’s going on behind the scenes.
Cheers,
Joanne
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Margaret
December 18, 2017
Want to buy bitcoin don’t know how to go about it not good with a computer would like to discuss this with a experience and knowledge on how to trade thank you Margaret