BTC Markets review

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.

Product Name BTC Markets Exchange
Fiat Currencies AUD
Cryptocurrencies BTC, BCH, ETH, ETC, LTC, XRP, OMG, POWR
Deposit Methods Bank transfer
BPAY
Trading Fee 0.1-0.85%
Deposit Fees None
Withdrawal Fees Australian bank accounts: None
BTC: 0.0001
LTC: 0.001
ETH: 0.001
ETC: 0.001
BCH: 0.0001
XRP: 0.15
OMG: 0.15

Pros

  • 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

Cons

  • Trading fees may not be competitive at low trading volumes
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. 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.

Exchanges like BTC Markets

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.

BTC Markets also offers a range of up-to-date information on current and historical prices, and gives users the option of placing both market and limit orders. The platform is certified by the Australian Digital Commerce Association (ADCA).

Which cryptocurrencies can I buy/sell?

BTC Markets allows all of the following cryptocurrencies to be traded against AUD, and all (except bitcoin) are listed in trading pairs alongside bitcoin:

Available countries

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.

Which payment methods are accepted?

You can deposit funds into your BTC Markets account in three ways:

  • BPAY
  • Osko
  • Cryptocurrency transfer

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.

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.

Trading fees

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
0.85% $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
Withdrawal fees
Payment method Fees
Bitcoin 0.0001 BTC
Litecoin 0.001 LTC
Ethereum 0.001 ETH
Ethereum Classic 0.001 ETC
Bitcoin Cash 0.0001 BCH
Ripple 0.15 XRP
OmiseGO 0.15 OMG
Australian bank transfer Free

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.

Customer support

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

Pros

  • 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

Cons

  • Trading fees may not be competitive at low trading volumes
  • Not quite as user-friendly as some other platforms

Next steps

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.

btc market

Frequently asked questions

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6 Responses

  1. Default Gravatar
    MargaretDecember 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

    • finder Customer Care
      JoanneDecember 19, 2017Staff

      Hi Margaret,

      Thanks for reaching out.

      This page will outline what you need to know about bitcoins. The page 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

    • Default Gravatar
      manoDecember 22, 2017

      BTC market take too long to transfer Coins to Wallets . Im really not happy with it and hope to move out to other exchange ASAP.

      Regards,

    • finder Customer Care
      HaroldDecember 22, 2017Staff

      Hi Mano,

      Thank you for your inquiry.

      Should you need to review other options for bitcoin exchange you may want to check and evaluate the options on this page.

      I hope this information has helped.

      Cheers,
      Harold

    • Default Gravatar
      MaheshJanuary 1, 2018

      Its really very confusing to choose the correct platform to start buying crypto currency. Every, exchange has some or the other negative feedback. Can you please suggest the most authentic and has lowest fees. Also, it provides security to the coins in an individual account from theft.

    • finder Customer Care
      MayJanuary 2, 2018Staff

      Hi Mahesh,

      Thanks for reaching out.

      Indeed it would need a lot of research and comparison when it comes to choosing the exchange platform before you invest/buy cryptocurrency especially that there’s no single guide that covers all you need to know about all cryptocurrencies. Nevertheless, if you are looking for an exchange platform, you may like to visit this page to compare your options. The fees for the crypto transaction also differ from one exchange to another so you might need to visit the official site of the platform to get more details about the fees. You’ll be redirected to the official site by clicking on the ‘Go to site’ button.

      Also, if you’d like to have a start-up guide about cryptocurrency, you might find this article helpful. There’s also a section on that article that talks about security under “Stay Safe”.

      Hope this helps.

      Cheers,
      May

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