Are you interested in learning about BTC Markets and how it stacks up against other exchanges? Our review of BTC Markets covers everything from its product features to its trading fees and user experience. So whether you're a seasoned trader or just getting started in the world of cryptocurrency, our unbiased review can help you decide if BTC Markets is the right exchange for you!
BTC Markets is an Australian owned and operated cryptocurrency exchange that was founded in 2013 by Caroline Bowler. The exchange isregistered with AUSTRAC and has it's headquarters located in Richmond, Victoria where it has over 20 employees.
BTC Markets is a beginner-friendly platform that offers a safe and simple way for users to buy and sell cryptocurrencies. BTC Markets has a small range of over 30 well-known cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, Algorand, Cardano, and Chainlink.
The exchange is only available for Australian citizens and not available in any other countries. BTC Markets has over 320,000 Australian traders and is available on Android and IOS where it has over 5,000 downloads.
BTC Markets Signup & KYC
The signup process on BTC Markets is lengthier than other exchanges as both the signup and KYC process must be completed in one go to access the platform.
This creates more friction for users who may prefer to complete the KYC process at a later time. KYC is mandatory on BTC Markets and it's not possible to create an account without getting verified.
Another restriction is that only Australian residents can signup while non-Australians won't be able to use the platform. To complete the KYC, users need to submit personal information including a valid government ID.
BTC Markets Products & Services
BTC Markets offered a very limited range of products which includes spot trading for over 30 cryptocurrencies and OTC desk for those that wish to execute trades above above AU$100,00 with smaller price slippage.
Overall liquidity is not great on BTC markets as it's a much smaller exchange with daily trading volumes in the $1,000,000 range. This is tiny volumes compared to most exchanges that target a wider global audience.
BTC Markets has created a modern and user-friendly exchanges that looks great and is easy to navigate. For total beginners, buying and selling cryptocurrencies becomes easy. The downside is that BTC Markets is too limited both in terms of cryptocurrencies and product for users who are looking for more.
When it comes to the trading fees charged by BTC Markets, those differ depending if the trading pair is BTC or AUD. When BTC is the trading pair, the maker fee is -0.05% and 0.2% for takers.
For AUD market pairs, the trading fee begins at 0.85% and can be lowered based on 30-day trading volumes. The minimum threshold to begin paying lower fees starts at trading volumes that exceed $500 AUD per month.
The deposit methods supported by BTC Markets includes fiat currencies such as AUD and cryptocurrencies. For those that wish to deposit AUD, they can do so free of charge either with BPay or OSKO payments. For those that wish to deposit cryptocurrencies, they have over 30 coins and tokens to choose from and deposits are free of charge.
How to withdraw from BTC Markets?
In terms of withdrawing funds, BTC Markets offers free AUD withdrawals via BPay and OSKO.
For those that with to withdraw well known cryptocurrencies such as Bitcoin, Ethereum, Solana and ERC-20 USDT, the fees are 0.0003 BTC, 0.005 ETH, 0.01 SOL and 7 USDT.
Overall, BTC Markets is a decent option for Australian citizens looking for a beginner-friendly exchange. The exchange offers a small range of over 30 well known cryptocurrencies, user-friendly interface, and variety of deposit and withdrawal methods make it easy for new investors to buy and sell cryptocurrencies.
The platform is only open to Australian residents and the KYC process must be completed during the signup process. Besides spot trading for cryptocurrency trading, BTC Markets also has an OTC desk where users can conduct larger buy and sell orders with smaller slippage.
In terms of trading fees, BTC markets charges a 0.2% taker fee for BTC pairs while AUD trading pairs are charged 0.85% with the possibility of discounts for higher volume traders.
While BTC Markets is a decent stepping stone for beginners new to cryptocurrencies, the exchange unfortunately is too limited overall to satisfy the needs of more demanding users.
Users can just as easily use Binance or OKX which offers lower trading fees, a wider range of products and services and many more cryptocurrencies.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.