A simple exchange for beginners and experienced cryptocurrency traders alike.
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.
Exchanges like BTC Markets
What is BTC Markets and how does it work?
Despite the name, BTC Markets offers a range of different exchange markets, including various bitcoin forks and Ethereum variations, along with other altcoins.
It strikes a balance between ease-of-use and features by offering:
- Market orders. Put buy or sell orders on the exchange at market rates. The price shown is the price at which the most recent trade completed.
- Limit orders. Put buy or sell orders on the exchange at specified minimum/maximum rates.
How to get started
Once you have considered the features and decided you want to start using BTC Markets you will need to create an account and deposit AUD or altcoins for trading.
- Sign up by creating an account with an email address and password.
- Verify your identity by following the prompts and providing the required information.
- Deposit altcoin or AUD into your account. This can then be traded on the exchange.
You can transfer altcoins with any supported wallet, and can make bank transfers using POLi.
How long do transfers take?
You may be able to create an account, verify it, make a deposit and start trading 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.
- Altcoin 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.
In which countries is BTC Markets available?
BTC Markets is only intended to be used by Australian residents, and you will need an Australian bank account to make AUD deposits or withdrawals.
Are POLi deposits available?
At the start of 2018 POLi deposits became unavailable on BTC Markets following issues with banks unexpectedly reversing transactions.
"We have suspended POLi deposits for now and are investigating other payment options." BTC Markets said on Twitter on 6 January 2018.
If you are considering buying, you should check the latest situation with regard to POLI deposits.
What are the fees?
There may be fees for deposits, withdrawals and trading.
|POLi||$3.30 (inc. GST)|
|Ethereum Classic||0.001 ETC|
|DAO Tokens||1 DAO|
|Australian bank transfer||Free|
The trading fees depend on your AUD trade volume over the previous 30 days.
|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|
Safety, security and privacy
BTC Markets uses an offline “cold” wallet of its own to store deposits in multiple secure locations. It maintains there’s relatively little risk of losing currency on its end.
It also follows all current best security practices and in addition runs regular reconciliations of all funds it’s holding. It does this twice daily for cryptocurrencies, and every hour for AUD. This ensures it 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.
Customer service and contact
The BTC Markets support team operates Monday to Friday, 8am to 8pm, with slightly reduced hours on weekends. It takes messages through the BTC Markets platform.
If needed, you can also get in touch through social media.
Pros and cons of BTC Markets
- A simple and effective exchange
- Offers a range of popular currency pairs for trading
- Might be a simple way for beginners to start buying cryptocurrency without paying extra for brokerage services
- Offers a public API programming tool to help automate trades
- Trading fees may not be competitive at low trading volumes
How to begin
If you have considered the features of BTC Markets and decided to start trading, simply create and verify an account, and make a deposit.
But before you do, you probably want to double check that BTC Markets supports POLi payments from your bank.