We ranked BTC Markets 14th place in Australia out of 16 platforms
🏆 Overall Ranking
🇦🇺Deposit & Withdrawals
👍 Ease Of Use
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:
Comprehensive Trading Tools: Technical charting tools, live order books, advanced order types and more
Good Reputation: BTC Markets has been serving Australians since 2013 with no hacks and is a fully licensed cryptocurrency exchange
Where It Falls Short:
Limited Cryptocurrencies: Only has 18 coins versus hundreds on other platforms
Not Beginner Friendly: Beginners will have an easier time with platforms like Digital Surge or Swyftx
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
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.
$100 Buy After All Fees
$98.76 (1.24% total fee)
$100 Sale After All Fees
$99.26 (0.74% total fee)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
How We Tested This
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
Up to 1 hour
1-3 business days
Direct Bank Transfer
1-3 business days
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)
OTC Desk for orders above $100k AUD
Accounts for individuals, institutions, and SMSFs
Export tax reports
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
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.
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
Light mode and Dark mode
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.
Is BTC Markets Legit?
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.
Is BTC Markets Insured?
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.
Is BTC Markets A Wallet?
Yes. Your BTC Markets account comes with a unique wallet for every cryptocurrency that's supported on the platform.
BTC Markets or Swyftx?
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.