BTC Markets is one of Australia's oldest crypto exchanges, founded back in 2013, and has over 325,000 Australian users. BTC Markets offers 19 different cryptocurrencies that can be bought or sold on the market using AUD and if you prefer to trade against BTC, you can do so with LTC, ETH and XRP. Read our review and see if you think it is the right crypto exchange for you.
What is BTC Markets?
BTC Markets is an Australian cryptocurrency marketplace where buyers and sellers can trade their digital assets. BTC Markets is proudly 100% Australian, privately owned and all their staff are based in Australia. Let's find out some of the features that make BTC Markets an exchange worth considering.
- 19 of the most popular cryptocurrencies supported
- Trading fees start from 0.85% but can be reduced based on 30-day trading volume
- Stake ALGO to receive rewards while you hold
- OTC trading for large orders with minimal slippage
- ADCA Gold Certification
- ISO 27001 certification
- Registered with AUSTRAC
- Certified member of Blockchain Australia
- Plenty of order types such as limit, market, stop limit, take profit, time-in-force and more
Australian alternatives to BTC Markets
Features
Trade on the market
BTC Markets operates entirely as markets, there is no option to instantly buy or sell directly from the exchange. Of course, you can still buy or sell immediately if you use a Market order, but remember that this is from another user, who has set the price at what they want. There are advanced charts by TradingView, complete with indicators and charting tools. Plenty of order types are available, such as limit, market, stop limit, stop order, take profit and advanced orders.
You can trade 19 different cryptocurrencies against AUD, and if you want to trade against BTC, you can do so with LTC, ETH and XRP only.
Staking
Staking is a safe and easy way to passively grow your cryptocurrency portfolio, and BTC Markets offers staking on ALGO. The estimated percentage yield (APY) on ALGO is 4.78%, and it is currently the only coin that can be staked at the moment. Hopefully BTC Markets will offer more staking options in the near future.
Recurring purchases
With BTC Markets, you can set recurring purchases, so that you can dollar-cost-average and reduce the effect of price fluctuations on your cryptocurrency value. You can choose to set a recurring purchase every day, week or month, and even select the day and time it occurs. Currently users can set recurring purchases for BTC, ETH, LTC, XRP, LINK and ALGO.
Certification and Registration
BTC Markets is registered with AUSTRAC, is a certified member of Blockchain Australia, carries gold certification with ADCA (Australian Digital Currency & Commerce Association) and holds ISO 27001 certification.
Fees and Payment Methods
BTC Markets does not charge for deposits, and the available methods are BPAY and OSKO.
When you trade cryptocurrency using AUD as the base currency, the fee is 0.85% per transaction. This can be reduced based on trading volume of the previous 30 days, and you can start receiving discounts after trading over $500. For example, if your trade volume was between $501 and $1000 your fees will be 0.83% instead of 0.85%.
If you trade using BTC as the base currency, the fee for makers is -0.05% and for takers is 0.2%.
Withdrawing AUD to your bank account is free of charge.
Security
BTC Markets uses industry-leading protection, implementing SSL data encryption, 2FA, internal control limits, and off-site cold wallet storage of 98% of digital assets. You can trust that your funds are secure when you trade on BTC Markets.
Pros and Cons of BTC Markets
Conclusion
BTC Markets is a decent choice for frequent traders that are looking to buy and sell on the market. However, when comparing to other exchanges, it seems to fall behind in several areas. For example, the trading fees of 0.85% are much higher than on Binance, where you trade on the market for only 0.1%. Also the range of cryptocurrencies is very limited, at only 19 coins. Our top recommendations for Australian cryptocurrency exchanges are Digital Surge and Swyftx. Digital Surge offers over 300+ coins with trading fees of 0.5%. Swyftx offers 320+ cryptocurrencies, 0.6% fees, staking on 20 coins, and a demo mode so you can practise trading with virtual money.
To research further before making a decision, you can have a read of our review on the top crypto exchanges for Aussies here, and also see the table underneath which has some important details that you can compare.
Frequently Asked Questions
Yes, BTC Markets is a legitimate and trusted cryptocurrency exchange that has been around since 2019. It is registered with AUSTRAC and holds ISO 27001 certification, gold ADCA certification and is a certified member of Blockchain Australia.
Yes, BTC Markets is a secure crypto exchange. It implements industry-leading security, with SSL data encryption, 2FA, internal control limits, and off-site cold wallet storage of 98% of digital assets. You know your assets are safe on BTC Markets.
Trading with AUD as the base currency will cost 0.85% per trade which can be reduced based on your previous 30 day trading volume. If you trade using BTC as the base currency, the fee for makers is -0.05% and for takers is 0.2%. Depositing and withdrawing AUD is free of charge.