At the time of writing, BTC Markets offers 27 digital assets that can be traded against Bitcoin or the Australian Dollar (AUD). The choice of currency is very limited and not suitable for altcoin investors compared to other exchanges. However, investors can buy Bitcoin, XRP, Ethereum, Litecoin, Stella Lumens, Chainlink, OmeseGo, PowerLedger, Bitcoin Cash, Compound, Golem, etc.
Some cryptocurrencies are available on the BTC markets. Photo: BTC Markets
BTC Markets accepts PayID, OSKO and BPAY for Australian dollar deposits and account funding. Most Australian banking institutions support PayID. Generally, deposits are processed quickly and credited instantly with no fees. The drawback to BPAY is that it can take anywhere from one to three business days for the funds to arrive.
Beginners should be aware that the deposit limits for BPAY and OSKO are $2000 and $10,000 respectively. Limits can be increased, but you must submit a ticket to customer service.
In general, fiat currency deposit and withdrawal options are few and can be improved for better flexibility. Swyftx and BinanceFor example, credit/debit cards are allowed for purchases, while Coinspot allows buying cryptocurrencies with a cash deposit. (You can read the file CoinSpot Review or Swiftex reconsidering to learn more about their features)
Depending on the trading volume, BTC Markets has a tiered fee system for the AUD pairs ranging from 0.10% to 0.85%. Compared to other exchanges in Australia, the trading fees are relatively low for high net worth investors. However, for small investors, the price of 0.85% is uncompetitive compared to alternatives with lower fees, such as Swiftex and Digital Surge, which charges between 0.5% and 0.6%.
BTC Markets uses a market maker and trader fee model for bitcoin trading pairs. Cryptocurrency trading fees are -0.05% and 0.2%, which is very reasonable.
Deposit and withdrawal fees
BTC Markets does not charge a fee for deposits or withdrawals in Australian dollars into an Australian bank account. This is the standard for most Australian cryptocurrency platforms. If a cryptocurrency asset is withdrawn, a normal transaction (mining) fee will be charged based on the load of the specific coin’s blockchain network.
BTC Markets Deposit Fee. Photo: BTC Markets
Cryptocurrency withdrawal fees are as follows: Bitcoin = 0.0005 BTC, Litecoin = 0.001 LTC, Ethereum = 0.001 ETH, Ethereum Classic = 0.001 ETC, Ripple = 0.15 XRP, BCH = 0.001 BCH.
Features of BTC Markets
BTC Markets provides a secure and stable platform for buying, trading and selling cryptocurrencies. The trading platform offers the following features.
BTC Markets is known for its purpose-built trading system, which provides high volume transaction processing and automated trading tools. It has a cutting edge cryptocurrency trading platform that allows users to buy and sell crypto assets against the Australian dollar while taking advantage of the daily price fluctuations.
Traders on the platform can buy or sell in the market to hedge against price fluctuations, giving its users the freedom to manage investment risk. Charts are powered by TradingView, a popular cryptocurrency charting and trading software with various tools, indicators and charting patterns.
BTC Markets user interface. Photo: BTC Markets
BTC Markets is gearing towards veteran high-volume cryptocurrency traders in Australia. This is a result of getting rid of spot buying/selling and introducing an advanced trading interface. The popular TradingView package supports real-time charting, providing experienced traders with access to a suite of advanced analytical tools and indicators.
Traders can quickly switch between 23 cryptocurrency/AUD trading pairs by clicking on the change market button above the charts. However, you can only exchange Litecoin (LTC), Ethereum (ETH), and Ripple (XRP) for Bitcoin. Under the charts buy and sell paintings and order books. In this aspect, BTC Markets has an advantage over competing Australian exchanges like Swiftex And an independent reserve that does not offer these features for traders to assess the spread and volume of a trading pair.
BTC Markets trading features. Photo: BTC Markets
Traders can make a variety of advanced orders for more control and flexibility while buying and selling cryptocurrencies, such as:
- Limit order: If the specified price of the asset is higher than the market price, the asset will be bought at the market price.
- Market order: Buy or sell cryptocurrencies at the best market price.
- Stop Order: A market order is placed when the ‘stop’ price condition is met.
- Limit Stop Order: A limit order is placed when the ‘stop’ condition is met.
- Take Profit: A market order is placed when the “take” price condition is met.
- Advanced: Time in effect (TIF) and posting of requests only.
SMSF . Investments
BTC Markets allows investors to invest a portion of their self-managed Super Funds (SMSF) in digital currencies, including Bitcoin and Ether. The website does not indicate whether BTC Markets has partnered with a super fund specialist to provide these services or whether they are provided internally. However, consumers can benefit from the following:
- BTC Market’s reputation as a crypto service provider
- Over-the-counter (OTC) for high-volume traders
- Appropriate trading fees for bitcoin trading pairs on the exchange.
- It’s easy to create tax reports to file your return
For more information about encrypting SMSFs, read our informative guide on using Australian Super Funds to invest in cryptocurrency.
SMSF support from BTC Market seems modest compared to other Australian exchanges offering the same service. Purchasing cryptocurrencies such as Bitcoin and Ethereum, which are popular investments for SMSFs, is not cost-effective over other platforms unless the 30-day trading volume is large enough to earn fee discounts.
Personal OTC office
OTC trading is a popular way to execute high volume trades with low spreads in the BTC markets. This function provides large orders to the site’s dealing desk so that they can facilitate your transaction instantly. This limits your exposure to market fluctuations and the impact of such a trade on the price of the asset. Regarding this trading option, BTC Markets is separate and offers customized assistance for orders over A$100,000.
OTC trading provides access to a wide network of liquidity providers and the execution of large trades outside the public BTC Markets exchange. BTC Markets offers personalized support to high net worth traders making transactions over $100,000. This has many advantages, including the opportunity to negotiate, lock in prices amid market instability, and the possibility of obtaining competitive interest rates.
BTC Markets App
BTC Markets has recently developed mobile applications for iOS and Android. Due to its recent release, consumer feedback has been limited; However, based on 38 reviews, the app has an average rating of 3.8 out of 5.0. Despite the small sample size used to determine how customers received the app, most reviews were positive. The app’s simplicity was highly praised, but some users had difficulties opting out.
Our testing shows that the app includes traditional security measures like two-factor authentication, assigning a unique PIN, and biometric login. Accessible features include account funding, detailed charts, and the submission of market orders to buy cryptocurrencies.
BTC Markets application. Photo: BTC Markets
BTC Markets security
BTC Markets is one of the safest cryptocurrency exchanges in Australia, it is Blockchain Australia approved and registered with AUSTRAC. Its security measures include know-your-customer (KYC), two-factor authentication (2FA), and offline storage of 98% of digital assets. In addition, BTC Markets performs hourly adjustments to ensure that the funds in their cold wallets and bank account match those in their clients’ accounts. Both cash and bitcoin funds are subject to a 100% reserve policy.
Since its inception, BTC Markets has built strong security mechanisms and has never reported major hacks. However, in 2020, a marketing email sent by BTC Markets in December revealed the full identities and email addresses of all its users. These emails were sent in batches of 10,000 without being detected by the company, and BTC Markets was unable to stop sending these emails in quick succession. Later, the exchange apologized to its clients and said that this incident affected all concerned.
BTC Markets users were quick to express their concern that this exposure could lead to the settlement of accounts of individuals with poor login credentials. In response, BTC Markets urged its users to use strong login credentials and assured them that their security measures would be audited internally. However, the platform has remained unaffected since then.
BTC Markets’ customer service structure consists of an FAQ area and an email help system. However, the content of their website is great and can be used to address the most common concerns. You can use the online ticket system to solve problems with the account, and the support team will respond to your inquiries.
Due to the sensitive nature of cryptocurrency trading, BTC Markets should expand its customer service options to include phone assistance. Due to security concerns, although this site has media pages on the most prominent platforms, they do not respond to customer inquiries about account issues. Support is mainly provided through support tickets and massive online resources.
BTC Markets Customer Support. Photo: BTC Markets
If the response you received from Customer Service does not meet your expectations, you have the opportunity to file a formal complaint by e-mail [email protected]. Please note that BTC Markets requires written notification of any complaints to be processed.
Frequently Asked Questions
Are BTC Markets Secure?
There is currently no insurance coverage for BTC Markets funds. However, your money is still protected with BTC Markets. With both a cold wallet and a hot wallet, the exchange maintains aggregate reserves and processes frequent settlement reports. Thus, you are sure that the funds in your BTC Market account correspond to the amounts in the bank account of the exchange and cold wallets.
Are BTC Markets Safe?
Yes, trading at BTC Markets is completely safe. BTC Markets conducts daily cash settlement checks to make sure everything is in order. Crypto assets are stored offline in cold wallets to prevent hacks, while a small portion of them are kept in hot wallets to preserve liquidity.
Is BTC Markets legal in Australia?
Yes, BTC Markets are allowed to operate in Australia. It complies with all Australian financial regulations and is registered with the Australian Transaction Reporting and Analysis Center (AUSTRAC) and cryptocurrency exchange. BTC Markets complies with the Anti-Money Laundering and Terrorist Financing (AML/CTF) Act.
How can I deposit in my BTC market?
Adding funds to your BTC Markets account is easy. Start by logging in to the system, then select your deposit type by clicking on the account icon. If you are funding your account with a digital asset, choose the digital asset and click Create Address. Finally, click on the deposit option to finish the transaction.
Since 2013, BTC Markets has provided Australians with access to digital currencies. It has a good reputation as a trustworthy place to exchange cash for cryptocurrencies. Despite its well-established reliability in the Australian crypto market, BTC Markets features and fees have not kept pace with other popular platforms such as Coinspot vs. Swiftex. First, the trading fee of 0.85% is relatively high, and there are cheaper places to buy cryptocurrencies. Also, experienced cryptocurrency traders who require a wider range of backed currencies may seek another exchange with a more diverse set of digital assets.
Disclaimer: This article is intended for use and should be used for informational purposes only. It is important to understand that digital assets are risky; You should always do your research and analysis before making any decisions regarding any of the products or services described. This article is not intended and should not be construed as financial advice.