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BTC Markets Review

Last Updated: Jul 31, 2022  |  Published: Sep 24, 2021


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Our Review 

BTC Markets

3.6/5

We ranked BTC Markets 14th place in Australia out of 16 platforms

πŸ† Overall Ranking

14/16

πŸ’° Fees

Average

πŸ“² Features

Below Average

πŸ‡¦πŸ‡ΊDeposit & Withdrawals

Below Average

πŸ‘ Ease Of Use

Below Average

πŸ”’ 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:

  • 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
  • No Mobile App & Limited Features Overall

Best BTC Markets Alternatives

Swyftx
  • Best overall in Australia 
  • 280+ coins, staking, bundles
  • Beginner-friendly
  • Limited pro tools
  • Low app reviews
  • Most features for Australians
  • 500+ coins, margin, futures, rewards and more
  • Limited KYC 
  • Expensive to fund AUD and can't Cashout AUD
  • Not licensed or regulated
Digital Surge
  • Best overall for beginners
  • 270+ coins
  • Fair pricing across the board
  • Limited features overall
  • Lack of professional tools

Overview

πŸ“² Features

Header

πŸ” 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

πŸ’² 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

BTC Markets

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?

  • Australian residents

Sign Up Requirements 

  • Email address
  • Name, address, date of birth
  • Australian phone number
  • Reason for opening account
  • Australian Passport or Drivers License

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:

Trading Fees

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

-

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

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.

BTC Markets Landing Page

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
BTC Markets Buy and Sell
BTC Markets Buy and Sell

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.

Recurring Transactions

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 OTC Desk

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.

BTC Markets Staking

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.

BTC Markets Tax Reports

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.

BTC Markets Customer Support

FAQ

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.

BTC Markets

BTC Markets

Trade 18 cryptocurrencies in Australia!