BTC Markets Comprehensive Review 2022 – Fees, Pros, and Cons

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It’s difficult to know where to start when it comes to crypto investing! Several new and jargon-laden information regarding Blockchain systems and decentralization frequently swamps the rookie investors. This turns out to be a struggle for beginner investors and traders. 

Here we will attempt at the beginning–to select a dependable exchange to buy, sell, and keep your digital currencies. Unfortunately, with more and more options readily accessible in Australia, it’s tough to locate a reliable and respected exchange to make purchases with AUD. Also, every exchange has its characteristics, trading pairs, charges, and restrictions. 

BTC Markets is a pioneering exchange dealing with Bitcoin or other virtual assets. Throughout this BTC Markets review, we would also evaluate the platform’s functionalities, supported cryptos, and exchange fees to establish whether it is an excellent platform for novices looking to buy, trade, and sell cryptocurrency with AUD.

Pros And Cons of BTC Markets

Pros

  • Extensive trading system with key features like stop losses.
  • Spend money on digital products for your SMSF.
  • Create tax reports to make it easier to file your taxes.
  • Exceptional evaluation and monitoring, powered by charts from TradingView.
  • The platform provides you with an OTC trading desk when making large trades.
  • Better chances of earning passive income via crypto staking.

     

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Cons

  • Compared to other exchanges, there is a limited selection of tools to invest in.
  • No NFTs or DeFi.
  • High leverage is not available.
  • Unlike many other exchanges, it does not enable paying charges with cryptocurrency.

     

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BTC Markets At A Glance:

Website Homepage https://www.btcmarkets.net/ 
Year Founded 2013
Headquarters Melbourne, Australia
Wallet Availability Yes
Hardware wallet availability Yes
Type of wallet Private key wallet
Number of coins 23
Number of coin pairings 19
Native token availability No
Exchange availability Yes
Customer Service Submit Request Form
Mobile app Yes
Cloud storage Yes
Deposit Fee Free
Transaction Fee Maker – 0.05%

 

Taker – 0.2%

Withdrawal Fee Varied
Supported Fiat Currencies AUD
Supported Nations 100+

BTC Markets: Company Overview

The platform bills itself as a “Blockchain technology company,” and its leadership group has a vast understanding of the IT and economic services sectors.

BTC Markets is a widely known crypto exchange headquartered in Melbourne, with over 325,000 customer base and $17.1 billion through dealings handled since its inception.

The exchange offers an easy, safe, and dependable crypto exchange for novice and experienced buyers. In addition, BTC Markets offers 23 different crypto pairs for trading via a high-frequency trading system designed for professional investors.

Generally, BTC Markets is a top-quality facility for investors who want to make a deal with cryptos using Blockchain and AUD pairs at competitive charges.

btcmarkets

Cryptocurrencies Supported In BTC Markets

Ethereum (ETH) Bitcoin (BTC) XRP (XRP)
Stellar (XLM) The Sandbox (SAND) Powerledger (POWR)
Bitcoin SV (BSV) Decentraland (MANA) Bitcoin Cash (BCH)
Chainlink (LINK) Tether (USDT) USD Coin (USDC)
Ethereum Classic (ETC) Aave (AAVE) Compound (COMP)
Basic Attention Token (BAT) Enjin Coin (ENJ) Golem (GNT)
Algorand (ALGO) OmiseGO (OMG) Litecoin (LTC)
Uniswap (UNI) Meld Gold (MCAU)  

Key Features of BTC Markets

Advanced Trading Tools

BTC Markets offers a variety of devices for knowledgeable traders, ranging from simple buy and sell market orders. The functionality goes from simple to sophisticated order types such as limit, stop-limit, take-profit, and time in force; the latter would benefit traders seeking to make money from price volatility in the cryptocurrency market

Because BTC Market collaborates with Trading View, depositors can monitor statistical information and crypto rates in live time. Clients can also customize their list to be aware of their preferred cryptocurrency. 

Users can maintain their crypto holdings and continuously monitor their total assets, the comprehensive transfer record, and the condition of one’s active orders, everything in one area and in real-time with the platform.

BTC Markets furthermore facilitate staking; at the moment, only one crypto is open for staking, which is Algorand (ALGO), with only an expected APY of 0.06%.

Read the Liquid.com: Comprehensive Review 2022 – Fees, Pros, and Cons>>>

BTC Makers’s Mobile App

The BTC Maker platform is usable for both iOS and Android devices. Thanks to the latest update, the current version of the app now enables users to carry convenient and simple AUD deposits via the Osko or BPay channels. Besides, users can also use advanced trading tools to place orders, track rates, track market fluctuations, and handle their investment portfolios, all through their mobile devices.

In addition, the mobile platform comes with a seamless UI, allowing users to make the most of their operations over both platforms. Besides, users can also do some charting (to limited access) over the platform.

However, while the platform allows everything, it should be noted that withdrawing fiat or cryptocurrency via the mobile app is currently impossible. Instead, users must log in via the desktop version to continue with the process.

Industry-Grade Security

BTC Markets employs several structures to ensure that all accounts are fully secure: for example, when logging in, all account holders must use two-factor authentication (2FA). Besides PIN verifying, BTC Markets employs single sign-on (SSO) cryptography to confirm users, oversee unusual behavior, and biometric authentication. Furthermore, all private data is confidential from beginning to end.

The smartphone applications auto-lock after 120 seconds of inactivity. If users have not accessed the profile in 7 days or more, you can’t use the PIN or biometric authentication to log back in; instead, you must finish the login procedure that uses your email address and password. 

This ensures that nobody ever gains direct exposure to your profile if you drop your phone. The platform does it to protect against hacks as well as safely maintain holdings, BTC Markets provides a 98% cold storage strategy for cryptocurrency.

Instant Account Verification 

The Bitcoin Markets platform revolves around real-time updates! As a result, users signing up for the platform don’t need to wait days (or weeks) to get started with their trading activities. 

To register with BTC Markets, simply enter the name, DOB, address, mobile number, and email id. The swiftest way to confirm your profile after logging in is to click Account and then ID Verification. Next, you will be taken to GreenID. The last step is to present an additional form of identification.

Once done, all you need to do is fund your accounts and get started with everyday trades. 

Seamless Customer Support

BTC Markets provide customer service through a ticket scheme on their website. This could take a little time for customer service staff to respond, sometimes 7-10 days, and whenever they do, they are incredibly beneficial rather than simply following a template. You can contact them using the following methods:

  • Support page: Visit their website’s Help Center.
  • By filing a ticket to the Help Center.
  • There is no live chat available.

When users have any issues or queries about BTC Market’s customer service, please contact them at [email protected]

[maxbutton id=”3″ url=”https://www.btcmarkets.net/” text=”Start trading with BTC Markets” ]

Other Features of BTC Markets

  1. Self-Managed Super Fund (SMSF): You can create an SMSF or a Self-Managed Super Fund at BTC Markets. To do so, you must first go through validation, fill out certain profile information, submit an SMSF application form, and then begin trading. 

So there is some documentation and some inconvenience. However, once the SMSF is fully operational, users will start receiving tax reporting, entry to a worldwide system of liquidity services, VIP customer care, and quality services from the platform for any large transactions you intend to make.

2. Advance charting via Trading View: Various exchanges have distinct trading interfaces. There is also no “this view is the best” point of view. Individuals must decide what trading interface is best for them. 

All these views have one similar theme: they all show the purchase book, or at least a portion of the purchase book, an exchange rate chart of the selected cryptos, and order information. They usually have options to buy and sell as well. When you go for an exchange, look at the trading view to ensure that it feels natural to you.

3. Real-time market trading: The real-time market functionality is by far one of the most appealing offerings of the BTC Markets. Here, users get to experience trade beyond the traditional means. Users accessing the platform can explore the marketplace and decide on the different tokens they want to purchase. 

To give you a better idea, it’s an open market of different buyers and sellers coming together to trade cryptos. So you have no alternative but to buy or sell immediately from the exchange. If you use an ‘order book,’ you could even now purchase or sell instantaneously. But remember that it’s from another user who already has set the rate to proceed with a given transaction.

2. Chances to stake your crypto tokens: Staking is a secure and simple way of growing your crypto portfolio inactively. Safe investors who are not very active with trading have the option to earn a fixed amount of interest from their crypto tokens. Talking of the BTC Market platform, users signing up with the platform have access to stake their ALGO tokens. 

The platform provides an approximate percent yield (APY) of 4.78% (depending on the lock-in period of the token). While the platform is only limited to users staking their ALGO tokens, BTC Markets is open to the idea of introducing new staking options into its platform in the future. 

4. Option of recurring purchases: BTC Markets provides everyday traders with the option to automate their crypto strategies with its recurring purchase options. Users can set up regularly occurring purchase decisions with BTC Markets to average out the cost and minimize the impact of price volatility on the crypto value. 

You can set a regularly occurring payment to occur every day, week, or month and even specify the day and time. Users can currently set up regularly occurring purchases for Bitcoins, Ethereum, Litecoins, XRP, LINK, and ALGO.

5. Stringent security measures: Accounts do not need to be verified if they make payments and withdrawals of funds in digital currencies. Every fiat money transaction requires confirmation, including the account owner giving proof of identification.

Account-holders are advised to enable two-factor verification of one‘s accounts for additional safety. This usually entails providing individual data regarding a passcode as an additional layer of digital proof of identity for somebody trying to sign in to the profile.

[maxbutton id=”3″ url=”https://www.btcmarkets.net/” text=”Start trading with BTC Markets” ]

Trading Experience Of BTC Markets

Regarding trading experience, the BTC Markets platform comes with a similar experience for all beginner and advanced users alike. The platform brings you a clean UI and a simple trading experience. Therefore, this section will walk you through a usual walkthrough of the trading experience of new users. 

To start trading crypto on BTC Markets, you must first select whether they want to make a purchase or resell cryptocurrency. Once done, you can trade your favored crypto for AUD or even other digital tokens.

Once done, users can select a market order, a limit with a trading volume. The spot value is easily accessible on the main website. Overall, the trading experience is decent and easy to understand for every user. 

However, there’s a catch when it comes to the trading experience! BTC Markets is very limited when it comes to supported digital currencies. This is an excellent platform for users who want to continue with limited access to crypto tokens and develop their folios over large projects. However, it might be challenging for users with a knack for diversifying the folios with multiple levels of crypto projects. 

Fees Structure of BTC Markets

BTC Markets follow a maker-taker fees structure, meaning that users have a chance to reduce their fees with increased trading volumes significantly. However, the overall fee structure for average volumes follows a tiered design. It varies from 0.10 to 0.85% for fiat to cryptocurrencies and likewise.

BTC Markets costs low fees compared to its industry rivals, particularly for high-risk investments with a high net worth. In addition, for digital currency trading, BTC Markets use a maker and taker pricing framework compared to a tier system fee arrangement for AUD pairs.

The maker and taker fees for BTC market combinations are 0.05% and 0.2%, respectively. 

One of the best parts of signing up with the platform is that it doesn’t charge any withdrawal fees (for Australian and other residents). So whenever a user wants to withdraw AUD from one’s wallet into one’s bank account, there seem to be no fees. But for crypto redemptions, basic exchange fees are charged.

 

30 Days AUD Volume Fee %
Up to 0.85% For trade between $0.01 – $500.00
Up to 0.83% For trade between $500.01 – $1000.00
Up to 0.80% For trade between $1000.01 – $3000.00
Up to 0.75% For trade between $3000.01 – $9000.00
Up to 0.70% For trade between $9000.01 – $18000.00
Up to 0.65% For trade between $18000.01 – $40000.00
Up to 0.60% For trade between $40000.01 – $60000.00
Up to 0.55% For trade between $60000.01 – $70000.00
Up to 0.50% For trade between $70000.01 – $80000.00
Up to 0.45% For trade between $80000.01 – $90000.00
Up to 0.40% For trade between $90000.01 – $115000.00
Up to 0.35% For trade between $115000.01 – $125000.00
Up to 0.30% For trade between $125000.01 – $200000.00
Up to 0.25% For trade between $200000.01 – $400000.00
Up to 0.23% For trade between $400000.01 – $650000.00
Up to 0.20% For trade between $650000.01 – $850000.00
Up to 0.18% For trade between $850000.01 – $1000000.00
Up to 0.15% For trade between $1000000.01 – $3000000.00
Up to 0.13% For trade between $3000000.01 – $5000000.00
Up to 0.10% For trade between > $5000000

Cryptocurrency withdrawal charges are calculated by that of the cryptos in question. For instance, the withdrawal cost for Bitcoin would be 0.0003 BTC, whereas Litecoin’s fee is 0.001 LTC.

Method of payment Fees
Litecoin (LTC) 0.001 LTC
Ethereum Classic (ETC) 0.001 ETC
XRP (XRP) 0.01 XRP
Golem (GNT) 55 GNT
Power Ledger (POWR) 54 POWR
Bitcoin (BTC) 0.0003 BTC
Bitcoin Cash (BCH) 0.0001 BCH
Compound (COMP) 0.035 COMP
Bitcoin SV (BSV) 0.0001 BSV
Basic Attention Token (BAT) 20 BAT
Enjin Coin (ENJ) 14 ENJ
Chainlink (LINK) 0.6 LINK
Algorand (ALGO) 0.01 ALGO
Meld Gold (MCAU) 0.0003 MCAU
Tether (USDT) 20 USDT
OmiseGO (OMG) 2 OMG
Stellar (XLM) 0.01 XLM
Ethereum (ETH) 0.005 ETH

How Secure Is BTC Markets?

Regardless of your experience level, the safety and stability of the system being used for trading crypto assets is generally a top priority for crypto investors. BTC Markets is unquestionably safe to use and takes some fundamental precautions to secure customer funds.

BTC Markets is AUSTRAC-registered, which means it adheres to all forms of Australian legislation protecting economic attacks from happening on the platform. 

BTC Markets, however, still takes severe precautions to safeguard its customer’s cryptocurrency assets, stashing up to 98% of all crypto assets in cold storage. It also means that although BTC Markets is hacked and all resources from the electronic marketplace are looted, the assets are safe.

Most BTC Markets operation has been further shielded by 2FA, which requires depositors to register for the BTC Markets platform by entering a password produced on their allowed smartphone.

[maxbutton id=”3″ url=”https://www.btcmarkets.net/” text=”Start trading with BTC Markets” ]

Account Opening With BTC Markets

BTC Markets is still a consumer-friendly financial product that caters to novice and experienced investors. Making a BTC Markets profile is simple, requiring only these few simple moves.

Sign-up procedure and identification are required to create trading accounts to be successful. A ‘create account’ button is on the right edge of the BTC Markets webpage. The following steps are followed:

Step 1: Select the ‘create account’ section.

Step 2: Set a password and register a new email address.

Step 3: Then there is the choice to enter a promo code, which has no effect on trying to trade.

Step 4: The welcome phase follows next.

Step 5: Comprehensive validation by having to click the provided links.

Step 6: After passing the last checks, a client account is opened, and trading can begin. 

Once done, you’ll receive links such as Text and email on sign-ups on the platform.

Other Follow-Ups Post Account Opening With BTC Markets

Users can start creating their trading portfolio in the settings menu, but they must first sign back into one’s user profile. The login verification system, which includes allowed ID checking and a phone number listed, is critical.

Users should always enter one’s username and recorded email accompanied by their passcode to log in to BTC Markets.

Safe login is also essential for withdrawals and deposits where login credentials are authenticated for added security.

Satisfying the KYC necessity is also necessary to guarantee optimal protection, especially for regular withdrawals and client funds deposits.

Customer Satisfaction

Regarding client satisfaction, BTC markets received an average of 4.3 stars out of 5 from approximately 50 Finder.com reviews.

Most of the reviews appear to be positive. Some are pleased with the dependability and security that Bitcoin markets provide. A few reviewers also praised the platform for its ease of use and how quickly they became accustomed to the BTC market’s user interface. BTC markets also offer an excellent onboarding experience to new users.

BTC markets have about 80 reviews on Trustpilot and are rated 2.8 out of 5 stars. Most complaints are about poor customer service, improper transfers, and coins that do not appear in BTC markets after being sent.

BTC Markets Vs. Competition

Considering the wide range of services provided under BTC Markets, the platform is reliable when it comes to live-market that the users can access to carry out their trades. In addition, users can access several competitive tools to execute their smart trading strategies. 

However, similar to the reliable trading features for every type of trader, the platform is also limited in terms of crypto assets. Therefore, if you think that the BTC Markets exchange isn’t just what you’re searching for, there are several other options. If BTC Markets doesn’t stand up to your expectations, let’s compare it with some of the leading alternatives to the platform in the next section. 

BTC Markets vs. CoinSpot

Both BTC Markets and CoinSpot are Australian exchanges that allow users to make the most of their trading journey. However, when it comes to comparison, CoinSpot stands as Australia’s largest crypto exchange offering 350+ tokens. In comparison, BTC Markets is limited to over 20+ cryptos. 

In terms of competition, BTC Markets takes the lead with its no-fee on deposit policy. Rest, CoinSpot takes the lead with low fees and enhanced protection.

BTC Markets vs. Binance

It is the world’s largest cryptocurrency exchange depending on everyday trading activity. However, Binance is better suited to veteran traders going for specialty pairs. On the contrary, BTC Markets is one such platform that is a good start for both beginner and experienced traders. Regarding competition, BTC Markets takes the lead with its security and regulations over Binance. 

Looking at the insightful review, we can say that BTC Markets takes the lead compared to Binance. However, the platform falls short when it comes to CoinSport. Therefore, when you decide to sign up with either of them, ensure that you take your time to walk through the details of the competitions.  Read here the full Binance review.

[maxbutton id=”3″ url=”https://www.btcmarkets.net/” text=”Start trading with BTC Markets” ]

Final Verdict

Why should one consider using BTC Markets?

  • Good Platform for Australian Users: Among the most significant disadvantages for Australian customers when using other exchanges such as Binance or Crypto.com would be that rates are natively pegged to the US Dollars. 

Although this is alright for much more experienced users, these Aussie crypto investors often would like to do business in Australian dollars. BTC Markets enables this through Australian dollars-only transaction data and display.

 Low Fees: Another of the primary benefits of BTC Markets has been its minimal pricing system, which decreases with the increasing number of cryptos. 

The entry price for Australian dollars to crypto exchange charges is 0.85% for exchanges up to $500 and drops to 0.1% for exchanges of $5 Mn or more.

  • Crypto Staking: BTC Markets provides investors with exposure to crypto-staking commodities, which enable users to make extra money by blocking up one’s digital currencies for a specific timeframe.

While the platform only stakes ALGO, users still have a chance to earn over 4.78% interest per annum. 

  • Reliable Customer Service: BTCMarkets offer help via a substantial information resource trying to cover the most frequently witnessed issues and queries.

A digital help ticket mechanism is available so that customer service can acknowledge and answer any extra inquiries or troubles.

What needs to be improved?

  1. Very Small Selection of Crypto Assets: Whenever it comes to selecting digital currencies, BTC Markets genuinely have little to provide. BTC Markets presently only offer 23 different tokens. Unless you’re already content with just buying Bitcoin and Ethereum, nearly every other platform will be capable of offering you too many variations.
  2. Transactions only limited in AUD: The direct AUD deposits and operations are ideal for fresh Australian users; this functionality might become restricting as investors gain experience and get to be willing to various forms of trades. This won’t make a difference if you just want to buy or sell cryptocurrency rapidly and effortlessly with no snazzy rings and buzzers.

BTC Markets, which has been in activity since 2013, is amongst the most proven bitcoin exchanges in Australia and globally. The platform has a solid track record and never had a security problem.

BTC Markets might attract everyone searching for a minimal, simple-to-use crypto exchange that has all the fundamentals well without getting too complicated. On the other hand, more experienced cryptocurrency traders who require a significant depth of the cryptocurrencies may look elsewhere. Still, several people use BTC Markets to exchange the larger cap digital crypto assets backed and other costly exchanges that offer a wide selection for some other trades needed owing to its robust competitive pricing model.

FAQs

 Can I access staking with BTC Markets?

Thanks to the latest updates (on April 15, 2021) over the platform, users now have the option to stake their crypto offerings. However, specific rules and qualifications apply to the process. Therefore, before staking your tokens, try reading the qualifications and the terms & conditions.

 Do I need to verify my account with BTC Markets?

Yes, you’ll need to verify your account to be able to withdraw your funds in BTC Markets. However, the platform requires no such verification if you want to start trading crypto tokens.

 Can I start my trading career on BTC Markets?

Yes, you can start your trading career at BTC Markets. The platform allows users to sign-up in real-time and starts by selecting the list of tokens they’ll be interested in trading with. Thanks to the clean UI, you can also easily sell your tokens.

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