Our Review
3.6/5
We ranked BTC Markets 14th place in Australia out of 16 platforms
🏆 Overall Ranking 14/16 |
💰 Fees Average |
📲 Features Below Average |
🇦🇺Deposit & Withdrawals Below Average |
👍 Ease Of Use Below Average |
🔒 Security Average |
BTC Markets has only 18 cryptocurrencies, no mobile app, 0.85% trading fees, and a 1.24% total purchase fee when tested (6th place). Although BTC Markets has been around since 2013, Australians have several alternatives that are cheaper, easier to use, and offer more features.
We ranked BTC Markets low because it was average or below average in the major categories (fees, features, ease of use, security, deposit and withdrawals). Many competitors offer 100's of coins, more features, more deposit/withdrawal options, lower fees and more.
Where It Shines:
Where It Falls Short:
Overview
📲 Features | Header | 🔐 Security | Header |
|---|---|---|---|
Coins Mobile App Web App Beginner Friendly? Pro Trading Terminal Limit Orders Recurring Buys Bundles Staking Margin Futures OTC 24/7 Support | 18 No Yes No Yes Yes Yes No Yes No No Yes No | App 2FA Uses Cold Storage? AUSTRAC Regulated? Any Hacks or Incidents? Insurance Policy? View Login History? Address Whitelisting Crypto Withdrawals Allowed Year Founded Publicly Traded? | Yes Yes Yes No $1m No ? Yes 2013 No |
💲 Fees | Cell | 🏦 Deposits & Withdrawals | Cell |
$100 Buy After All Fees $100 Sell After All Fees Best Deposit Fee Best Withdrawal Fee Trading Fee BTC Spread (Dec 17, 21) BTC Withdrawal Fee | $98.76 $99.26 Free Free 0.85% 0.28% 0.0003 BTC | $AUD Fiat Wallet? Direct Bank Transfer POLi PAYid Credit/Debit BPay Other Fiat Currencies | Yes Yes No No No Yes No |
- Table last updated: Dec 17, 2021
- Total fees and spread was tested Dec 17, 2021 and is subject to change
About BTC Markets
BTC Markets is an Australian based cryptocurrency exchange founded in 2013. Their website says they've served over 325,000 Australian clients and traded over $19 billion in digital assets.
On the platform, you'll find 18 cryptocurrencies, various security features and advanced charts and order types. At the moment, they do not have an iOS or Android app.
Some Stats
- Over 325,000 Australian clients
- Founded in 2013
- $19 billion in assets traded
BTC Markets Compared
Compare BTC Markets versus other popular Australian crypto exchanges:
We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:
Coins | Total Purchase Fee | Trading Fees | $AUD Deposits | Beginner Friendly | Advanced Features | Website | |
|---|---|---|---|---|---|---|---|
600+ | 0.15% | 0.10% | Yes | No | Yes | ||
18 | 1.24% | 0.85% | Yes | No | Yes | ||
110+ | 4.50% | 2.90%* | No | Yes | No | ||
50+ | 1.09% | 0% - 2.00% | Yes | Yes | Yes | ||
30+ | 0.14% + $50 | 0.10% | Yes | Yes | Yes | ||
370+ | 1.89% | 0.10% - 1% | Yes | Yes | Yes | ||
280+ | 2.36% | 0.05% - 0.9% | Yes | Yes | No | ||
150+ | 1.30% | 0.00% | Yes | Yes | Yes | ||
270+ | 1.04% | 0.50% | Yes | Yes | Yes | ||
150+ | 1.45% | 1.00% | Yes | Yes | No | ||
30 | - | 0% | Yes | Yes | Yes | ||
27+ | 1.68% | 0.50% | Yes | Yes | Yes | ||
50+ | 0.43% | 0.16% / 0.26% | Yes | Yes | Yes | ||
700+ | 2.23% | 0.10% | Yes | No | Yes | ||
270+ | 0.41% | 0.08% - 0.1% | No | No | Yes | ||
320+ | 0.95% | 0.60% | Yes | Yes | Yes |
Screenshots
Verification
Application Time | 5-10 minutes |
KYC Verification | Yes |
Instant Verification | ? |
Manual Verification | 1-2 business days |
Who Is Eligible? |
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Sign Up Requirements |
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Opening a BTC Markets account is similar to opening a bank account which requires documents. You will need to upload proof of ID in order to deposit funds, trade and withdraw on the platform.
BTC Markets needs to verify your identity by law so they can comply with KYC and AML requirements to prevent money laundering and more. This is required by law in Australia and many countries.
Once you have your ID information with you, the process is straightforward and takes 5-10 minutes to fill out. Typically, you will be ready to trade in 1-2 days or less.
Security
Let's take a look at BTC Markets security and reputation in the industry. Here is our conclusion and everything we collected:
Company Security Features
- 98% of assets held in offline cold storage in multiple secure locations
- They claim to have full reserves on their website
- A registered Digital Currency Exchange (DCE) with AUSTRAC
- All personal data is encrypted
- $1m insurance policy (limited information provided)
- Holds ISO 27001 Security Certification - this is an internationally recognized award for security
- They are externally audited according to their website
- Bug bounty program - white hat hackers can get paid to find bugs and vulnerabilities
User Security Features
This doesn't mean they're un-secure but BTC Markets has minimal user security settings compared to other platforms.
- 2 Factor Authentication via Google Authenticator (used to make account changes and more)
Can You Trust BTC Markets?
BTC Markets is considered a trustworthy exchange. They've been open since 2013 without any public hacks or loss of funds, 98% of assets are held in cold storage, and they claim to always maintain full reserves. However, they did have one incident in December 2020 where they accidentally exposed the names and email addresses of all their customers.
BTC Markets is safe and compliant in Australia. However, it's not recommended to store large amounts of crypto on any exchange. Although security measures are in place, there's still a small risk of getting hacked, government confiscation and more. The safest way to store large amounts of crypto is on a hardware wallet.
Fees & Spread
Trading Fees
BTC Markets trading fees start at 0.85% and get lower based on your total 30 day AUD volume. Here is a screenshot from their website:
Price Test (Dec 17, 2021 at 1:17pm)
We price tested 11 platforms simultaneously. Spreads and prices change daily so this data is subject to change. However, it's a good tool to compare real fees on these platforms.
Header | Amount | Ranking |
|---|---|---|
$100 Buy After All Fees | $98.76 (1.24% total fee) | 6/11 |
$100 Sale After All Fees | $99.26 (0.74% total fee) | 5/11 |
BTC Spread | 0.28% | 4/11 |
BTC Buy Price | $66,094 AUD | 4/11 |
BTC Sell Price | $65,911 AUD | 6/11 |
Ref. Price Difference | Buy: +0.39% Sell: -0.11% | - |
Reference Price (Google) | $65,837 | - |
The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.
The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.
From our test, BTC Markets had a total purchase fee of 1.24% which ranked 6th place out of 11 platforms. Platforms that tested cheaper overall include Binance, Swyftx, Coinjar and more. Click here to compare the Australian crypto exchanges we tested.
Deposits & Withdrawals
AUD Deposits
Type | Fee | Time | Limits |
|---|---|---|---|
OSKO | Free | Up to 1 hour | ? |
BPay | Free | 1-3 business days | ? |
AUD Withdrawals
Type | Fee | Time | Limits |
|---|---|---|---|
Direct Bank Transfer | Free | 1-3 business days | ? |
Crypto Withdrawals
Coin | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0.0003 BTC | ? |
Ethereum | 0.005 ETH | ? |
Platform & Features
BTC Markets lets you trade 18 different cryptocurrencies securely and with advanced trading tools. Let's break down everything the platform offers:
List of Features:
- Web app (no mobile app)
- 18 cryptocurrencies and 21 trading pairs
- Technical analysis tools and advanced charting
- Multiple order types (limit, stop-limit, take-profit, etc)
- Recurring transactions
- OTC Desk for orders above $100k AUD
- Accounts for individuals, institutions, and SMSFs
- Staking
- Export tax reports
- And more
1. Web App
BTC Markets is a relatively minimal platform that you can use on your web browser. Overall, it's very easy to navigate because there is only a few pages and the U/X is laid out well.
The downside is it might be confusing for beginners if they don't know how to place Market orders. There is also no mobile app on iOS or Google Play.
2. Advanced Trading
The trading interface provides a lot of information on your screen. You have access to various tools like:
- 18 coins and 21 trading pairs
- TradingView charts
- Technical analysis tools
- Multiple order types (Limit, Market, Stop Limit, Stop Order, Take Profit, Advanced, Recurring)
- Live order book and trade data
3. Simple Buy/Sell
The easiest way to buy/sell on BTC Markets is to place Market orders. This is generally best for beginners or anyone who wants to be quick because your trades will execute instantly.
Unfortunately, first-time investors might be a little confused and there's no dedicated section for beginners. However, Market orders are very easy to learn. If you prefer more beginner-friendly platforms, check out SwyftX and Digital Surge.
4. Recurring Transactions
Recurring transactions lets you setup automatic bank account deposits and crypto purchases in your account. You can customize your orders to happen on a daily, weekly or monthly basis which helps you dollar cost average into the market.
5. OTC Desk
For wealthy individuals looking to make orders above $100k AUD, you can use BTC Markets OTC desk. Their website says they offer personalised assistance, tighter spreads and access to their global network of liquidity providers.
6. Staking
BTC Markets lets you stake certain cryptocurrencies which help you earn yield and grow your portfolio. The rewards are automatically deposited into your account every month. Right now, Algorand is the only coin available to stake at the time of this writing.
Other crypto exchanges offer staking and earning as well. The most popular options to check out are Binance, KuCoin, Kraken and Crypto.com to compare the rates and coins available.
Screenshot from Sep 22, 2021
7. Tax Reports
BTC Markets has a Tax section where you can easily export reports of your transaction history and more. This downloadable file will show things like your tax summary, estimated gain or loss, account holdings and more which you can use for your reference or share with an accountant.
8. Other Features
- SMSF, institutional and individual accounts
- Powerful APIs
- Light mode and Dark mode
Customer Support
To speak with their team, BTC Markets lets you Submit A Request and view all of your support requests on their website. They do not have a live chat or phone support currently. There is also an FAQ area with articles and walkthroughs that might be helpful.
FAQ
Yes, BTC Markets is a legitimate Digital Currency Exchange (DCE) that is regulated by ASIC (ACN 164 093 887). They have been serving Australians since 2013.
BTC Markets has a $1m insurance policy according to their website but limited information is available. Typically, these policies only cover mistakes or hacks on BTC Markets end. User errors are not covered. For example, you are not covered if you are in a phishing scam, get your account hacked, or send crypto to the wrong address.
Yes. Your BTC Markets account comes with a unique wallet for every cryptocurrency that's supported on the platform.
Swyftx is better than BTC Markets if you want 280+ coins (vs. 18), more deposit and withdrawal options, more features and lower fees. However, BTC Markets has better advanced trading tools.
BTC Markets
Trade 18 cryptocurrencies in Australia!