Looking for a well-reputed and easy-to-use cryptocurrency exchange that’s born and bred in Australia? BTC Markets is just the platform. It is the most traded order book exchange service provider in Australia that deals in Bitcoin, Ethereum, and many other cryptocurrencies.
BTC Markets is known as one of the leading cryptocurrency brokers in Australia and is famous for its high liquidity across various trading pairs. Read this to-the-point review of BTC Markets to know everything important about it.
Overview of BTC Markets:
- High liquidity
- Automated AUD cost averaging
- More than 20 cryptocurrencies, including BTC, Etherium, COMP, Chainlink, Ripple, and Litecoin, etc.
- OTC Desk available
- SMSF account support available
- Bank transfer, POLI/Osko, and SWIFT as payment methods
- 0.85% to 0.10% fee for both buyers and sellers – depends on trade volume
Introduction to BTC Markets:
Launched in 2013, BTC Market is one of the top crypto exchanges in Australia, with headquarters in Sydney. Unlike its competitors, BTC Markets is only available to Australian crypto investors and traders, so if you’re reading this from outside of Australia, you’ll have to join other platforms like CoinSpot.
The platform has several security features to ensure the maximum safety of its users’ data and funds, which is why thousands of Aussie traders trust it. That said, here’s how to join BTC Markets and buy cryptocurrencies in just a few minutes.
How to Make an Account on BTC Markets?
- Sign up for BTC Markets by providing your first name, last name, email address, and identification document for verification.
- Next, add a bank account, and deposit some AUD using any of the payment methods mentioned above.
- Now go to the ‘Prices’ tab, select the coin you want to purchase, and then select Market Buy to automatically buy from the cheapest seller.
- Once done, review everything and then execute the order. The cryptocurrency will now land in your wallet.
BTC Markets Deposit Methods:
Although you can make wire deposits in your BTC Markets account, you cannot add funds using credit cards. However, wire transfer is enough for any beginner trader to quickly buy cryptocurrencies available on the platform. Here are the two main payment methods offered by BTC Markets:
- Osko: Can be used by any of the supported Banks in Australia. Although the first-time payment can take up to 24 hours to clear, after that, all payments will be cleared in under one hour. There’s no fee for the transfer of funds, but the daily deposit limit varies from bank to bank.
- BPAY: Can be used by any of the supported Banks in Australia. However, the transfer of funds is not instant and can take 1 to 2 business days; you’ll get an email when the funds land in your account. Also, the daily transfer limit is 2,000 AUD, and there’s no fee.
BTC Markets Fees:
There are two types of fees charged by BTC Markets, just like most of the crypto exchange platforms – Trading & Withdrawal fees.
Trading Fees:
There are different types of trading fees for the takers and makers, which is the case with almost all exchange platforms. A fixed fee of 0.20% is charged from the takers on BTC pairs, which is the standard across the crypto exchange space. As for the makers, they are rewarded 0.05% of the overall order value.
Furthermore, crypto exchanges often offer discounts on trading fees if a large volume is traded. BTC Markets has a similar trading fee model for AUD pair with cryptocurrencies. The fee ranges from 0.85% for $0.01 to $500 to 0.10% for over $5000000.
There different fees in this range for different trade volume brackets. Visit this page to know them all. Looking at the fee structure, it’s safe to say that BTC Markets has cheaper fees compared to most crypto exchanges in Australia.
Withdrawal Fees:
BTC Markets charges a withdrawal fee of 0.0003 BTC on the withdrawal of every BTC, which is lower than the industry average of around 0.0005 BTC.
There is no doubt that the incredibly low trading and withdrawal fees of BTC Markets make it a lucrative platform for many Aussie crypto investors and traders.
BTC Markets Security:
Although the BTC Markets platform is very secure and there haven’t been any security complaints in the past, it still received an F grade on the Mozilla Observatory test. However, this is a standard for most crypto platforms that are performing on the same level as BTC Markets, so it’s not a big concern.
Still, we’ll suggest you never ever leave your crypto coins or dollars lying around in your BTC Markets account. Only deposit AUD when you need to purchase a coin, and as soon as you make a purchase, transfer it to a secure wallet.
Pros & Cons of BTC Markets:
If you’ve read this far, then let us refresh your memory and give you the gist of this BTC Markets review by pointing out the advantages and caveats of this exchange. Read them below.
The Good Bits:
- Very high liquidity, even for some small coins
- Very low fees – below industry standard in most cases
- Instant AUD deposits
- Over 20 cryptocurrencies
- Great reputation in the market
The Not So Good Bits:
- The user interface can be a little confusing for non-tech-savvy people
- Doesn’t support credit card transfers
The Bottom Line:
BTC Markets is definitely a great crypto exchange in Australia and is best for entry-level investors looking to dip their toes into the sea of cryptocurrencies using their Australian dollars.
It’s fast and straightforward, making the overall process from signing up to purchasing crypto easier for an average user.
Plus, the fees are very low, attracting bigger and more experienced traders, resulting in high trading volume.
