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BTC Markets Review: Features & Fees

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Luis Clark
btc markets review

BTC Markets Review: Our Opinion

BTC Markets stands out for its durability in the industry and ease of use. The cryptocurrency exchange has been offering its services since 2013 with little to no incidents. 

However, BTC Markets is a basic crypto exchange at best as it doesn’t support advanced trading features and has a limited selection of cryptocurrencies available. There’s also no NFT support and it charges very high trading fees for its AUD/USDT pair and also applies higher than standard taker trading fees. 

In addition, BTC Markets is only available to Australian crypto traders, which restricts its use to international customers. AUD is the only fiat currency supported.

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    Intro/Company Overview About the BTC Markets Exchange

    btc markets homepage

    BTC Markets was founded in 2013 and is headquartered in Richmond, Victoria, Australia

    The company currently has more than 325,0000 users in Australia and has managed $23 billion in traded funds. 

    The Australian exchange is headed by Caroline Bowler as CEO and is Australia’s first cryptocurrency exchange. 

    The goal of the BTC Markets Exchange is to make it easy for Australian clients to buy, sell, and trade supported cryptocurrencies safely and efficiently. 

    Concerning services offered, BTC Markets allows clients to deposit money to buy and trade digital assets. It also provides tax reporting features. 

    Advanced users get access to a dedicated account manager, API integrations, and reduced trading fees.

    Pros

    Cons

    BTC Markets Review: Unique Features

    BTC Markets App

    The BTC Markets app lets you buy, store, sell, and trade cryptocurrencies like Bitcoin, Ethereum, XRP, Bitcoin Cash, etc. on the go. 

    The mobile app has a user-friendly interface that allows you to start trading wherever you are. It is suitable for everyday traders, institutional clients, SMSFS accounts, and sophisticated investors. 

    The app has device-setting-aligned light and dark mode. You can adjust the setting to suit your light condition and preference.

    The mobile app supports the deposit of AUD into your account through several payment methods like BPAY, PayID, or Osko. It also supports the deposit of cryptocurrencies from external crypto wallets. 

    The mobile app has a simple buy/sell feature that allows you to quickly trade cryptocurrency. 

    It also has trading order features like Limit, Market, and Stop Limit. 

    Aside from crypto trading, you can also keep track of market movements and prices of your preferred cryptocurrency pots via the watchlist feature in the mobile app. 

    There is also a portfolio feature that allows you to view current and historical total equity and specific asset holdings. You can also view your order status and transaction history on the go. 

    To keep your funds in the BTC Markets secure, access to the mobile app is protected using a 6-digit PIN or your device’s inbuilt biometric security

    The app also has the best security standards like SSO login with two-factor authentication, ISO27001-certified information security, internal control limits, personal data encryption, and off-site cold wallet storage.

    Self-Managed Super Fund

    btc markets super funds

    BTC Markets supports self-managed Super Fund investments in digital assets like Bitcoin, Ethereum, XRP, and other supported cryptocurrencies. 

    While there are no restrictions on Self Managed Super Fund investment in digital assets, it must meet the investment strategy and risk as per 52B of the SISA and reg 4.09 of the SISR.

    BTC Markets Self Managed Super Fund offers tax reporting for annual audit preparation as well as access to BTC Markets Global network through its liquidity providers. 

    BTC Markets also offers personalized service for large trades and friendly customer service.

    OTC Trading

    otc desk btc markets review

    The BTC Markets Over-the-Counter Trading Desk allows you to execute high-volume trades with minimal price slippage

    The handling of large orders via the OTC desk reduces market fluctuations and the impact the large trades can have on the market price of the token or coin. 

    BTC Markets offers personalized OTC trading to high net-worth individuals who want to trade AUD 100,000 or more. The OTC trading is discreet. It also gives the traders access to lower spreads and BTC Markets Global network of liquidity providers. 

    OTC traders can reduce exposure to market fluctuations by locking in rates

    The BTC Markets OTC desk is available from 9 Am to 5 PM Mondays to Fridays except public holidays. 

    BTC Markets offers private consultations with its experienced traders to OTC clients.

    Cryptocurrencies Available on BTC Markets

    fees btc markets

    There are about 29 cryptocurrencies supported on the BTC Markets platform. Cryptocurrencies Supported include Bitcoin, Ethereum, Litecoin, XRP, Tether, USD Coin, Chainlink, Bitcoin Cash, Compound, Bitcoin SV, Polkadot, Algorand, Solana, Aave, Ethereum Classic, Basic Attention Token, Sui, Flare, MANA, etc.

    BTC Markets Fees

    BTC Markets has a clear and upfront fee structure both for trading fees and withdrawal fees so you’re unlikely to find any hidden costs or margin.

    Trading Fees

    BTC Markets Fees for Trading Pairs

    • Maker Trading Fees: -0.05% 
    • Taker Trading Fees: 0.2%

    AUD/USDT Market Pairs Trading Fees

    BTC Markets fees for AUD/USDT market pairs on BTC Markets are dependent on your 30-day trading volume. The higher your 30-day trading volume the less you’ll have to pay in trading fees. 

    • $0.01 – $500.00 30-Day Trade Volume: 0.85% 
    • $500.00 -$1000.00 30-Day Trade Volume: 0.83% 
    • $1000.01 – $3000.00 30-Day Trade Volume: 0.80% 
    • $3000.01 – $9000.00 30 Day Trade Volume: 0.75% 
    • $9000.01 – $18000.00 30-Day Trade Volume: 0.70% 
    • $18000.01 – $40000.00 30-Day Trade Volume: 0.65% 
    • $40000.01 – $60000.00 30-Day Trade Volume: 0.60% 
    • $60000.01 – $70000.00 30-Day Trade Volume: 0.55% 
    • $70000.01 – $80000.00 30 Day Trade Volume: 0.50% 
    • $80000.01 – $90000.00 30 Day Trade Volume: 0.45% 
    • $90000.01 – $115000.00 30-Day Trade Volume: 0.40% 
    • $115000.01 – $125000.00 30-Day Trade Volume: 0.35% 
    • $125000.01 – $200000.00 30-Day Trade Volume: 0.30% 
    • $200000.01 – $400000.00 30 Day Trade Volume: 0.25%
    • $400000.01 – $650000.00 30 Day Trade Volume: 0.23% 
    • $650000.01 – $850000.00 30-Day Trade Volume: 0.20% 
    • $850000.01 – $1000000.00 30-Day Trade Volume: 0.18%
    • $1000000.01 – $3000000.00 30-Day Trade Volume: 0.15%
    • $3000000.01 – $5000000.00 30-Day Trade Volume: 0.13% 
    • > $5000000 30-Day Trade Volume: 0.10% 

    It’s important to note that all trades are converted to Australian Dollars (AUD) to calculate volume.

    Deposit Fees

    BTC Markets does not charge cryptocurrency deposit fees.

    Withdrawal Fees

    BTC Markets charges different dynamic withdrawal fees if you’re withdrawing held cryptocurrency. These withdrawal fees may vary depending on network congestion at the time of the withdrawal request. 

    Listed below are the average payment method fees you’ll need to pay for cryptocurrency withdrawals. There is no withdrawal fee for AUD transactions: 

    • Aave (AAVE): 0.21 AAVE
    • Algorand (ALGO): 0.01 ALGO
    • Australian Dollar (AUD): Free
    • Avalanche (AVAX): 0.005 AVAX
    • Basic Attention Token (BAT):9 BAT
    • Bitcoin (BTC): 0.0003 BTC
    • Bitcoin Cash (BCH): 0.0001 BCH
    • Bitcoin SV (BSV): 0.0001 BSV
    • Cardano (ADA): 0.7 ADA
    • Chainlink (LINK): 0.7 LINK
    • Compound (COMP): 0.1 COMP
    • Decentraland (MANA) : 6 MANA
    • Enjin Coin (ENJ): 6 ENJ
    • Ethereum (ETH): 0.005 ETH
    • Ethereum Classic (ETC): 0.001 ETC
    • EthereumPoW (ETHW): 0.05 ETHW
    • Flare (FLR): 5 FLR
    • Golem (GNT): 25 GNT
    • Litecoin (LTC): 0.001 LTC
    • Meld Gold (MCAU): 0.0003 MCAU
    • OMG Network (OMG): 3 OMG
    • Polkadot (DOT): 0.046 DOT
    • Powerledger (POWR): 22 POWR
    • Solana (SOL): 0.01 SOL
    • Songbird (SGB): 0.005 SGB
    • Stellar (XLM): 0.01 XLM
    • Sui (SUI): 0.02 SUI
    • Tether (USDT): 7 USDT
    • The Sandbox (SAND): 5 SAND
    • Uniswap (UNI) : 0.8 UNI
    • USD Coin (USDC): 7 USDC
    • XRP (XRP): 0.01 XRP
    • For Australian residents all trading fees include GST

    Also, deposits over AUD 500,000 equivalent in non-Australian currency are accepted and are subject to foreign exchange conversion fees. 

    These are incorporated in the blockchain-fiat currencies conversion cost. 

    In the event of large transactions, BTC Markets quotes an off-order book price which is determined by the price they receive from their liquidity providers plus their markup.

    Payment Methods

    BTC Markets offers 2 deposit methods for AUD which include Osko PayID (NPP) and Individual BSB and Account number.

    BTC Markets Review: Security

    BTC Markets trading platform is a registered digital currency exchange with AUSTRAC. Just like other regulated Australian crypto exchanges, it is fully compliant with AML and CTF guidelines. 

    All users signing up to the platform are required to verify their accounts as part of the platform’s KYC policy

    BTC Markets uses an Australian Government-approved verification system known as Green ID to verify customers

    The records of all customers are checked against international lists including the Australian Department of Foreign Affairs and Trade and the US Treasury Office of Foreign Assets Control. 

    Customers who positively match any of the watchlists are not verified. 

    The platform runs a regular reconciliation of all its funds once every 30 days to ensure that it has a full reserve. 

    It also uses a combination of both hot wallets and cold wallets to secure and manage clients’ cryptocurrencies. 

    The cold wallet is encrypted and kept off-site in multiple locations. Each location is physically diverse and physically secure. 

    Users can keep their assets on BTC Markets safe, users can use available security features such as address whitelisting, two-factor authentication, and Biometrics.

    Staking Rewards

    BTC Markets states that due to the current regulatory regime in Australia, it is unable to offer staking services on any of its supported assets. 

    That said, the cryptocurrency exchange used to support Algorand staking.

    BTC Markets Review: Supported Countries

    BTC Markets was created exclusively for the Australian market. It however supports users from other countries with a few exceptions. But to access the platform users outside Australia need to use a VPN. 

    Other supported countries include Canada, Sweden, Trinidad and Tobago, Cyprus, the United Arab Emirates, Ukraine, Hungary, the United Kingdom, France, China, etc.

    Opening a BTC Markets Cryptocurrency Exchange Account

    To open an account with BTC Markets go to their account creation page linked here. 

    Enter your email address and password plus agree to their terms of service. 

    BTC Markets will send a verification email to your inbox. 

    Click the Verify Email Address button in the email. 

    That’s all! Your account with the cryptocurrency exchange has been created and you can start trading immediately.

    BTC Markets Review: Trading Experience

    BTC Markets cryptocurrency exchange offers a basic crypto trading experience that’s targeted primarily at users who want to simply buy and sell digital currencies instantly. 

    It also allows advanced users to add custom parameters like stop loss, take profit, etc. to their trades.

    However, beyond these functions, the Bitcoin exchange doesn’t offer much in terms of advanced trading tools.

    Customer Service

    BTC Markets trading platform offers customer support via email through a support request on the platform. 

    There is no contact phone number listed on their website.

    Customers who are not satisfied with the response from the customer support team can contact the senior management at complaints@btcmarkets.net

    Your complaint will be reviewed within 10 business days and addressed. 

    That said, BTC Markets has a Help Center and a Support Page where users can check for answers to common problems encountered when using the platform.

    Customer Support

    btc markets review support

    Despite having limited support channels, BTC Markets offers good customer service. 

    Customer reviews on third-party review platforms like TrustPilot show that the support team offers good service to customers. Most negative reviews are about the high fees.

    Does Exchange offer Education?

    No, BTC Markets doesn’t offer education.

    Are BTC Markets Right for You?

    BTC Markets is right for you if you’re an Australian beginner crypto trader looking for a reliable crypto exchange to buy and sell assets on.

    Final Thoughts

    BTC Markets is a simple crypto exchange that targets primarily newbie traders not in need of advanced tools. 

    It has operated controversy-free since its founding in 2013, however, it charges very high trading fees when compared to other options and only supports Australian traders.

    BTC Markets is impressive, but no exchange is without competition. See how it measures up with one of its competitors, read our Cripto.com Australia review.

    FAQ

    Most frequent questions and answers

    BTC is good for executing basic buy and sell orders in large volumes. 

    You can withdraw from BTC Markets via your Australian bank account or an external crypto address. 

    BTC Markets is headquartered in Richmond, Victoria, Australia. 

    Yes, BTC Markets is Australia’s first crypto exchange and one of the best crypto exchanges in Australia.

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