BTC Markets Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Martin Bajalan, who was interested in Bitcoin at the time, was the founder of
the cryptocurrency exchange that was launched in September 2013 in Melbourne,
Australia. In addition to this, Bajalan was one of the nine original members
that established the Australian branch of the Bitcoin Foundation. The exchange
is still run by a management team that is privately owned, and it labels itself
as "a Blockchain technology firm." This team has substantial expertise working
in the information technology (IT) industry as well as the financial services
industry. The BTCMarkets team has members who have experiences in software
development, cyber security (web and network), payments processing, and the
integration of Blockchain technology. These members provide a wealth of
knowledge in the field of information technology.
Visit BTC Markets Website.
Additionally, the firm offers a consultation service that assists clients in the design, construction, and implementation of cloud-based and locally based Blockchain technology solutions.
Tweets by BTCMarkets
The BTCMarkets cryptocurrency trading platform itself was designed by third-party industry experts with extensive experience in the trading systems of traditional financial markets. The team that is responsible for the platform has a significant amount of experience developing high-volume, automated trading systems for equity markets, and they have adapted this expertise to the particulars of trading cryptocurrencies.
Trading is available for Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and Ethereum Classic on BTCMarkets. These are the six cryptocurrencies with the highest market capitalization. Hard forks in the Bitcoin and Ethereum blockchains gave rise to subsequent cryptocurrencies, which have subsequently carved out their own market shares to become among the most traded independent cryptocurrencies. These subsequent cryptocurrencies were created as a result of the hard forks.
Currently, the sole fiat currency that is supported by the BTCMarkets exchange is the Australian dollar (AUD), and trading is accessible in pairings including both AUD and cryptocurrencies as well as pairs involving cryptocurrencies trading with each other.
BTCMarkets is now one of the cryptocurrency exchanges available that has some of the lowest trading fees, as its primary differentiating factor (USP). Trading costs for cryptocurrencies with other cryptocurrencies are as low as 0.22 percent, and trading fees for Australian dollars to cryptocurrencies start at 0.85 percent for transactions of up to $500. AUD to crypto trading costs can drop as low as 0.1 percent for transactions of $5 million AUD or more. For example, the cost of purchasing $9,000.01 to $18,000 worth of the supported cryptocurrencies is subject to a 0.7 percent fee.
Both traditional cash and cryptocurrency deposits, as well as withdrawals to a local Australian bank account, are free of charge. There are no costs associated with making a deposit. The following fees will be applied to any cryptocurrency withdrawals you make:
Ripple is equal to 0.15 XRP, Bitcoin Cash is equal to 0.001 BCH, Litecoin is equal to 0.001 LTC, Ethereum is equal to 0.001 ETH, Bitcoin is equal to 0.0005 BTC, and Ethereum Classic is equal to 0.001 ETC.
Within the context of the larger landscape of cryptocurrency exchanges, where moderate trading costs typically disguise hefty charges put on deposits and withdrawals, the fee structure that BTCMarkets use may be seen as a significant source of competitive advantage.
Accounts are not need to be verified if both deposits and withdrawals are done in the cryptocurrency in question. However, verification is necessary for any deposits or withdrawals of fiat money, and the account holder must provide evidence of identification in order to satisfy this requirement. The submission of a copy of either a passport or a driver's license will accomplish this goal. The compliance with KYC (Know Your Client) standards and other international anti-money laundering legislation necessitates the verification of accounts when fiat currencies are involved. The ID verification services are provided by Edentiti Pty Ltd., a firm that is approved by the government.
To further strengthen the protection of their accounts, account holders are strongly encouraged to use two-factor authentication (2FA). In most cases, this entails a piece of personal information that, in addition to a password, is required to be submitted in order to get access to the account. This serves as an additional layer of online identity verification for anybody who is trying to log in.
The money in customer accounts are protected by BTCMarkets utilizing a combination of cold and hot wallets, with encrypted cold wallets stored off-site and dispersed over a number of different safe locations. In addition, there are best practice cybersecurity safeguards in place to protect the exchange from the intrusion of hackers.
The exchange maintains a complete reserve matching account holdings, and it performs cryptocurrency and Australian dollar reconciliations twice daily and hourly, respectively, to guarantee that customer balances in their cold wallets and bank accounts are consistent with one another. In addition, it is strongly suggested that users withdraw inactive cryptocurrencies and fiat currency money into wallets or bank accounts that they directly handle.
BTCMarkets offers help to its customers by way of a sizable online knowledge base that contains articles covering the queries and problems that are most frequently asked. In addition, a web-based help ticketing system is made available so that any concerns or issues that are more particular can be directed through it and answered by customer service representatives.
Low transaction costs for trading Pros and cons:
No deposit costs
There are no costs associated with cash withdrawals, however there are certain fees associated with cryptocurrency withdrawals.
Trading platform that is both simple and effective to utilize
Only six of the largest cryptocurrency markets accepted the Australian dollar, which only supported one fiat currency.
There is no opportunity for margin trading.
As one of the cryptocurrency exchanges that has been operating continuously since 2013, is not only one of the most established cryptocurrency exchanges in Australia but also in the globe. The reputation of the exchange is well-known, and it has never been compromised in any way in terms of its security. The comments provided by account holders is likewise generally good, and the exchange has a solid reputation for providing excellent customer support.
Anyone seeking for a straightforward, low-cost cryptocurrency exchange that excels at the fundamentals and doesn't make things more complicated than they need to be should consider BTCMarkets. However, due to the fact that it has a highly competitive fee structure, many people use BTCMarkets to trade the six larger cap cryptocurrencies that are supported in addition to other, more expensive exchanges that offer greater choice for any other trades that may be required. More advanced cryptocurrency traders who require a greater depth of supported cryptocurrencies may look elsewhere.
The fact that the exchange only supports the Australian Dollar (AUD) as a fiat currency and cash withdrawals to bank accounts domiciled in Australia is one of the exchange's disadvantages.
BTC Markets provides investors of all experience levels with an easy-to-use cryptocurrency exchange that is both secure and reliable.
Among the most notable capabilities offered by the exchange are cost-free instantaneous Australian Dollar deposits and withdrawals, staking, over-the-counter trading, and the opportunity to make investments in digital assets for your SMSF.
First to receive Blockchain Australia's Gold Certification was the cryptocurrency exchange known as BTC Markets. Because it is an AUSTRAC-registered digital currency exchange, the firm known as BTC Markets Pty Ltd (ACN 164 093 887, ABN 45 164 093 887) is required to follow with the organization's laws and regulations.
Because "sample email addresses in the batch were appended to the same email, rather than delivered separately," user names and email addresses were exposed inadvertently as part of an email marketing campaign that was issued in December 2020. Aside from this event, which BTC Markets has expressed unreserved regret for, there have been no other breaches or hacks that have been publicized to the public.
BTC Markets protects itself against brute force attacks by requiring two different forms of verification and setting rate limitations. 98 percent of the assets are stored in cold wallets that are located off-site.
BTC Markets is appropriate for users of all skill levels, making it accessible to everyone. The user interface is straightforward and uncluttered, making it simple for novices to pick up the basics in a short amount of time. Automated recurring orders can be set up for those who wish to "set it and forget it," allowing them to dollar cost average their position over time.
TradingView charts and technical analysis, real-time market data, and access to an OTC trading desk are some of the features that will make more expert users feel right at home.
In our opinion, these are the most important aspects of BTC Markets.
Staking. Staking is a method that awards you with additional crypto when you hold crypto in your account. This method is not commonly offered on rival Australian exchanges.
OTC trading. Trading over-the-counter (OTC) enables you to make high-value trades with relatively minimal price movement. Limiting one's exposure to the danger of volatile market fluctuations, large orders that are processed through the trading desk have a less influence on the market price of the currency or token being traded. BTC Markets offers individualized assistance for customers who make transactions of AU$100,000 or more.
SMSF. Using your SMSF, which has a tiered fee structure, you may make investments in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others.
Tax preparation. Facilitates maintaining compliance with the Australian Taxation Office with regard to the payment of tax on cryptocurrency assets.
TradingView offers charting and technical analysis tools of a world-class caliber.
More than 20 different trading pairs are available to trade against Bitcoin or AUD on BTC Markets. The following is a list of some of the cryptocurrencies that may be obtained at this time.
Power Ledger (POWR)
Classic Ethereum (ETC)
Trading costs are among the lowest in the industry and are calculated based on a rolling 30-day total of AUD trading volume, with fees decreasing for deals of greater value. Is this the least expensive choice? That is something that is dependant on the volume of your deal.
The charge for swapping crypto for crypto is 0.2 percent (limited to certain pairs).
Trading costs for converting AUD to cryptocurrencies start at 0.85 percent for transactions of up to $500 and go as low as 0.1 percent for transactions of $5 million AUD and beyond.
There are no transaction fees applied to deposits made using fiat cash or cryptocurrency.
Additionally, there are no fees associated with making withdrawals to an Australian bank account.
Withdrawals made using cryptocurrencies will each incur their own unique costs.
The good and the bad:
Trading platform that is both comprehensive and equipped with crucial features, such as stop losses.
You may increase the amount of cryptocurrency you own by staking it.
Access to an over-the-counter trading desk, in the event that substantial deals are being made.
Make investments in digital assets for your self-managed super fund.
TradingView offered users high-quality analysis as well as charting options.
Produce tax reports in order to facilitate the filing of your return.
When compared to other exchanges, the available investment tools are more limited here.
No NFTs or DeFi.
Does not allow for trading on margin.
In contrast to a number of other services, it does not enable paying bills using your cryptocurrency.
How can I make a deposit into my account at BTC Markets? Before you are allowed to fund your account, you are required to first have your identity validated. Osko and BPAY are two methods that can be utilized in order to add Australian Dollars to your account.
After logging in to BTC Markets, go to the drop-down menu and pick 'Account' and then 'Deposit.'
Pick a method for making deposits (AUD or crypto).
BTC Markets will accept payments made in Australian dollars via BPay and instant Osko transactions. Include the reference for your deposit in any conversation you have with your bank to reduce the likelihood of delays.
In the case of cryptocurrencies, select the digital asset you wish to use and then click the "Generate Address" button. Through the use of this address, you may transfer certain digital assets to your account on BTC Markets.
Where can I find the withdrawal instructions for BTC Markets? In order to transfer funds from your account with BTC Markets to your bank account in Australia, please follow these steps:
Keep scrolling until you reach the section labeled "AUD - Domestic Bank Transfer." You are able to make a charge-free withdrawal of AUD funds into your bank account by utilizing this service.
After making your selection, you will be prompted to fill out some information about yourself.
Click the button that says "Add Bank Account" in green.
Before you attempt to withdraw bitcoin, you need to double check that you have provided the correct blockchain address.
There are restrictions placed on the amount that may be withdrawn daily from both types of assets. Withdrawals of cryptocurrency may incur insignificant transaction costs.
BTC Markets is one of the cryptocurrency exchanges in Australia that has been operating for one of the longest periods of time, having begun operations in 2013. The vast majority of evaluations left by consumers are positive, which supports the reputation the exchange has earned for providing excellent customer service.
Anyone interested in a low-cost, easy-to-use exchange that is capable of performing all of the key functions without being unduly sophisticated will find this to be an appealing option.
This is not the right exchange for you, however, if you are interested in investing in more obscure cryptocurrencies, NFTs, or DeFi.
BTC Markets is widely regarded as the most comprehensive cryptocurrency
trading platform in Australia due to its unparalleled liquidity and extensive
market depth across 21 markets. BTC Markets is a Bitcoin exchange that was
established in 2013 and allows users to trade Bitcoins as well as a variety of
BTC Markets is one of the earliest cryptocurrency exchanges in Australia. It was established in 2012, which is four years after the first cryptocurrency was ever created. The cryptocurrency exchange, which has its headquarters in Melbourne, is an excellent platform for purchasing Bitcoin and other digital assets using Australian dollars.
In this analysis, we will discuss the significant characteristics, advantages, disadvantages, and components of the marketplace that set it apart from its competitors.
In this review of BTC Markets, we will, as was mentioned before, provide an in-depth study of the cryptocurrency exchange that is being reviewed.
BTC Markets is an excellent platform for exchanging traditional currencies for cryptocurrencies and cryptocurrency for traditional currencies. Here, the buyer and the seller can communicate with one another in order to consummate a deal at a price that is acceptable to both parties.
BTC Markets only supports the Australian Dollar (AUD) as a fiat currency option. Therefore, it is an appropriate trading platform for investors in Australia to use.
One way to think of BTC Markets is as an exchange website that brings together people who want to buy and sell cryptocurrencies. The price is determined by the buyers and sellers in accordance with the norms of the industry or demand and supply.
The most recent price that a buyer and seller have come to an agreement on is typically shown as the "current price" on the trading platform. In most cases, you'll be able to locate it on the webpage of the exchange.
Traders located in foreign countries can access BTC Markets by utilizing virtual private networks (VPNs). In point of fact, the cryptocurrency exchange does not appear to have any policies that expressly forbid the usage of virtual private networks (VPNs).
However, using a VPN may cause problems with the verification process, which might take significantly more time than usual.
When using a VPN, it is also doubtful that you will be able to make deposits or withdrawals on the same day.
According to the research that we conducted for this assessment of BTC Markets, the cryptocurrency exchange has an AUSTRAC Business Registration. In addition to that, it is an ADCA Gold-certified member. An independent assessment demonstrates that the ADCA accreditation, which stands for the Australian Digital Commerce Association, complies with AML/CTF requirements.
Because it is a platform that is subject to stringent regulations, BTC Markets is both a secure and legitimate cryptocurrency exchange. Users now have the option to link their Australian bank accounts, allowing them to acquire cryptocurrency pairs without having to worry about the legal ramifications of doing so.
The difference between it and other cryptocurrency exchanges may be attributed to the feature that was just described. Traders may purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Meld Gold (MCAU), and other cryptocurrencies using just AUD, as was pointed out in reviews that were less than positive.
The Upsides and Downsides of Bitcoin Markets:
Trading costs that are quite inexpensive in comparison.
There are no other supported fiat currencies than the AUD at this time.
Trading tools, charting choices, and order types that are at the advanced level. Support is provided for a limited number of cryptocurrency pairs.
It is suitable for both experienced and novice users alike.
The costs associated with trading cryptocurrency might vary widely.
Allows for deposits and withdrawals to be processed on the same day.
There is a simple process that may link a user's account to their existing bank account in Australia.
BTC Markets' mobile web browser is intuitive and easy to use.
BTC Markets is a user-friendly trading platform that caters to the trading requirements of both novice investors and experienced market participants. Therefore, making an account on BTC Markets is straightforward and only requires a few basic actions to complete.
Registration and verification are required steps that must be taken before trading accounts can be successfully created. On the homepage of BTC Markets, the tab labeled "new account" may be found on the right-hand side of the page. The following are the actions that need to be taken:
To set up a new account, select the "create account" option.
Please provide a working email address and choose a password before continuing.
In addition to that, there is the possibility of inputting a promotional code, which does not influence trade in any way.
The stage for the initial greeting comes next.
Verification can be finished by clicking the links that were provided.
After passing all of the necessary tests, a user account is finally created, and only then is it possible to begin trading.
In most cases, newly registered users will get links by text message and email.
The user's trading profile may be created inside the account settings; however, in order to do so, the user must first check in to their user account. It is essential to go through the account verification process, which entails presenting a recognized ID and providing a contact phone number.
Users are required to enter their password after entering either their username or their registered email address in order to log in to BTC Markets.
Logging in securely is essential for deposits and withdrawals, since user accounts must be validated throughout these processes for an added layer of protection.
In order to guarantee the safety of users, it is essential to comply with the KYC requirement. This is particularly true for the safe storage and transfer of user cash.
The fees charged by BTC Markets are tiered and dependent on the volume of trading that occurs. The rate varies from 0.10 percent to 0.85 percent when going from fiat currency to cryptocurrency and vice versa.
BTC Markets has cheap costs in comparison to its rivals, especially for high-risk and high-net-worth investments, and this is especially true for investments in bitcoin.
BTC Markets, the majority of other exchanges, does not impose deposit fees for bank transactions involving financial institutions and banks headquartered in Australia.
In contrast to the tiered fee system used for AUD pairings, the maker and taker cost structure is utilized by BTC Markets for cryptocurrency trading between cryptocurrency users.
Trading costs for Bitcoin market pairings range from -0.05 percent to 0.2 percent, depending on whether the trader is a maker or a taker.
Whether you are depositing AUD or a cryptocurrency, there are no associated deposit fees.
When a user moves Australian dollars from their wallet into their bank account, the user is not subject to any withdrawal fees. Withdrawals of bitcoin, on the other hand, are subject to the usual transaction costs.
Mining of the various cryptocurrencies in question results in the accrual of transaction fees. The blockchain technology is utilized, and the records of each transaction are stored on the blockchain networks utilized by the supported cryptocurrencies.
The type of coin being withdrawn is what dictates the withdrawal costs for that cryptocurrency.
BTC Markets accepts a wide variety of deposit methods, such as Electronic Funds Transfer, BPay, OSKO, cryptocurrencies, and wire transfers, among others.
Any monetary deposit that is made via BPay is subject to the terms and restrictions that are associated with BPAY. In a similar vein, readers are recommended to study the terms and conditions that belong to the various payment methods before using any of the other deposit options.
Users have the option of depositing money using either BPay or OSKO as their payment processor. Among the deposit options for cryptocurrencies is the creation of crypto addresses, which are used for receiving crypto tokens.
The techniques for withdrawing fiat cash are identical to the ones for depositing it. It does not cost anything to take money out of an Australian bank account.
Even if the foregoing is correct, customers of banks located outside of Australia will still be subject to the usual withdrawal costs. The same rules apply whether you are withdrawing cash or making a deposit through a wire transfer.
The maximum amounts that users can deposit or withdraw from BTC Markets are predetermined but can be raised at the users' request. Investors may get in touch with the customer care staff at BTC Markets to increase the limitations on both their withdrawals and deposits.
Traders are able to transfer their cryptocurrency holdings from their user accounts into their preferred cryptocurrency wallets. It is important for readers to keep in mind that the withdrawal limit is calculated based on the total amount of money that are now accessible.
Traders utilizing BTC Markets are required to select either the buy or sell cryptocurrency option before they can engage in cryptocurrency trading. They have the option of trading their chosen cryptocurrency for Australian dollars or for other cryptocurrencies.
After that, the traders will have the opportunity to select market order, market limit, and trading volume. On the site, for your convenience, we have included the currently applicable pricing.
One of the most significant downsides of BTC Markets is that it only supports a restricted number of cryptocurrency alternatives. Despite the fact that this could be the case, BTC Markets is a good option for Australian investors because other exchanges are frequently off limits to them. However, prior to engaging in trading, a person is required to decide which form of cryptocurrency they desire to exchange.
The website, which operates as an exchange for cryptocurrencies, offers cryptocurrency wallets to facilitate the offline storage of money. The app gives users the ability to put up to 985 of their cryptocurrency into a secure cold storage wallet. Because it is compatible with major wallets, users are not need to choose an e-wallet that is given by the platform they are using.
Some of the most well-known cryptocurrencies today are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP). Despite the restricted number of cryptocurrency token possibilities, investors may still discover other cryptocurrencies to trade, such as BSV, OMG, and XLM.
On BTC Markets, the list of cryptocurrencies that are supported is always being updated. Users are encouraged to familiarize themselves with the Terms and Conditions of BTC Markets, as well as the portion of the website devoted to frequently asked questions (FAQ).
According to BTC Markets, access to the website is denied to citizens of all nations with the exception of a few countries located outside of Australia.
The following is a list of some of the nations that are accepted by BTC Markets. They are as follows:
The following countries and territories are included: Algeria, Cameroon, Chad, Canada, Denmark, France, Greece, Haiti, Iceland, Libya, Mexico, Nepal, Sri Lanka, United Kingdom, Eritrea, Gambia, Indonesia, Chile, Ghana, Gibraltar, Kenya, Finland, Namibia, Oman, Jamaica, Palau, and Solomon Islands. countries such as Kyrgyzstan, Tunisia, Montenegro, Peru, Sweden, Trinidad and Tobago, Yemen, Germany, UAE, China, Brazil, Costa Rica, Hungary, Ukraine, Spain, New Zealand, Pakistan, Luxembourg, Marshall Islands, Monaco, Mozambique, Togo, Uzbekistan, Venezuela, and Zimbabwe, among others.
BTC Markets was developed specifically for the markets in Australia, however it also supports other countries with a few notable exclusions. It makes it possible for users to connect to the site over a virtual private network (VPN).
In a nutshell, BTC Markets is a platform that allows for the trading of cryptocurrencies and is available worldwide. Nevertheless, it is of the utmost importance to comply with the rules and regulations regarding cryptocurrencies that are applicable in one's own nation or jurisdiction.
BTC Markets is a platform that facilitates the trading of cryptocurrency assets and features many layers of security. A few of the security features include cold storage encryption for more than 98 percent of the trader's cryptocurrency money, two-factor authentication, and SSL encryption to protect users' personal information and financial data.
BTC Markets is one of the most well-known cryptocurrency exchanges because of its stringent compliance standards and extensive security measures. Most crucially, although being a privately held exchange, it operates only inside the confines of the blockchain network.
Because the website that hosts the exchange is optimized for mobile use, the safety features of the exchange are included in both the mobile browser and the app versions that are available for Android and iOS devices.
BTC Markets has a reputation for having the greatest customer experience and a user interface that is easy to use. The web browser is optimized for use on mobile devices. Additionally, there are apps designed specifically for mobile devices that can be downloaded from the Play Store and the App Store. However, it works in conjunction with a number of other cryptocurrency systems.
Customers who have questions or concerns can get in touch with us by sending an email or filling out a request form. Therefore, when compared to other exchanges, BTC Markets is one of the exchanges that has customer service that is not quite as good.
Within the customer support part of the website, you will find the support request form that must be filled out in order to submit requests.
It is important for readers to keep in mind that consumers may get information about their specific issues by clicking on the alternatives that are presented in the dropdown menu labeled "submit request."
Complaints@btcmarkets.net is the email address to use to contact the BTC Markets support team using the email support option. The amount of time it takes to react to questions and concerns raised by users is contingent on the user's location and the nature of their inquiry.
Contact information for BTC Markets' rules and processes may be found at firstname.lastname@example.org, which is accessible to government and law enforcement authorities.
BTC Markets recommends sending an email to AFCA if an individual is still unhappy with the response they received. As a result, it provides unmatched levels of openness.
BTC Markets is an exchange that is situated in Australia and was created specifically to allow trading in the AUD to cryptocurrency and cryptocurrency to AUD directions. The trading experience is improved by the platform's ease of use and its straightforward application programming interface (API).
The website offers sophisticated trading tools, which make it an excellent choice for both inexperienced and experienced traders alike. The number of cryptocurrency pairs it supports is restricted. On the other hand, it has a wide market reach, covering more than 21 different markets.
Due to the wide range of trading costs, one must steer clear of it while dealing in tiny amounts of currency. Nevertheless, the platform is particularly well suited for dealing with significant trade volumes.
Is It Safe to Trade on BTC Markets? One of the most thoroughly regulated and protected trading platforms, BTC Markets is widely regarded as one of the most reliable exchanges. It provides a vast array of trading services and is an excellent meeting place for anyone interested in purchasing or selling cryptocurrencies. The platform includes provisions for submitting taxes in accordance with the requirements of the trader's country of residence.
The user's information is encrypted using SSL, and a two-factor authentication system is also in place. Because it also provides the option of using cold storage, it is often regarded as one of the best marketplaces on which to trade cryptocurrencies.
Do BTC Markets Offer Staking? Staking is now available on BTC Markets as of the 15th of April, 2021. Following the completion of the 15 million user mark, the exchange decided to implement this adjustment.
Traders are needed to have at least one ALGO in their possession in order to be eligible for staking. Visit the site's Frequently Asked Questions section for further details.
Does Account Verification Need to Be Completed for BTC Markets? Yes. When making withdrawals, it is critical to finish the Know Your Customer verification. Despite this, one can begin trading even before the KYC process is finished. In spite of this, a trading account cannot be created without first passing a simple email verification.
Is There a Mobile App Available for BTC Markets? Although there are no mobile applications that are specific to the BTC Markets exchange, there are derivatives of the exchange available on the Play Store for Android phones and the App Store for iOS mobile phones respectively.
To participate in trading on BTC Markets, you will first need to sign in to your account with BTC Markets. After that, go to the main menu and pick "Buy/Sell," followed by "Change Market." And as a last step, select the market in which you want to trade.
BTC Markets is a digital asset trading platform that is based in Australia that brings together buyers and sellers. Only residents of Australia are permitted to use BTC Markets.
Another cryptocurrency exchange with its headquarters in Australia, the
country that is home to kangaroos and koala bears, is called BTC Markets. The
year 2013 marked the beginning of operations for this exchange.
BTC Markets is, to the dismay of all potential investors located outside of Australia, restricted to citizens and permanent residents of Australia. If you are not located in Australia but you are still looking for a cryptocurrency exchange where you can trade, please use our Exchange Finder and we will do our best to guide you through the process!
You also have the option of establishing a so-called SMSF with BTC Markets (a Self Managed Super Fund). In order to accomplish this, you are need to first go through verification, then complete specific data of your profile, then send in a specific SMSF application form, and after all of that, you may begin trading. Therefore, there will be some paperwork and some inconvenience. You will receive tax reporting, access to a global network of liquidity providers (that is, you will not simply be restricted to the liquidity at BTC Markets), VIP customer care, and customized treatment from the exchange for any major transactions that you choose to execute after the SMSF is up and running.
Trading perspectives might vary greatly between various markets. In addition, there is no perspective that can be described as "the finest" overall view. You should assess for yourself which trading view is most suitable for you in order to maximize your profits. The order book, or at least a portion of the order book, a price chart for the cryptocurrency of choice, and an order history are often displayed in each of the views. This is generally the only thing that all of the views have in common. In addition to that, they often have purchase and sell boxes. Try to get a feel for the trading view of an exchange before you commit to using it so that you can determine whether or not it resonates with your own preferences.
It is extremely common in the industry for companies to charge various trading fees for buyers and sellers, and BTC Markets follows this practice. The trade costs that takers must pay on this exchange are, on average, about equal to those charged by similar marketplaces. Takers are subject to a fee equal to 0.20 percent of the total value of their orders. If, on the other hand, you are the one who initiates a trade, you will be pleased to learn that you will be compensated for your participation in the transaction. The trading charge for makers on BTC Markets is -0.05 percent, which means that you will receive a reward for placing a deal on the platform. This is obviously going to be of great use to all of the creators out there.
You should also be aware that many exchanges have trading costs that are decreased when volumes are increased, which means that you are given an incentive to trade in bigger volumes. This is something that should be mentioned here. The fees that are included in this analysis as well as in the table of comparison do not take into account any volume discounts. This type of discount model is also available on BTC Markets, but it is limited to the trading costs that are incurred when trading cryptocurrencies against the AUD (Australian Dollar). For such trading pairs, the commission rates range from 0.85 percent (when you trade a small amount) all the way down to 0.10 percent (when you trade more than AUD 5,000,000 in a given 30 day trading period) when you trade small amounts.
When you remove BTC from your BTC Markets account, you will be charged a withdrawal fee of merely 0.0003 BTC. This price is lower than the norm for the industry and far less expensive than the withdrawal fee charged by many of the other leading cryptocurrency exchanges. The new average for the industry is somewhere around 0.0005 BTC.
Wire transfer is one of the deposit methods that may be utilized at this particular exchange; however, deposits made using credit cards are not permitted. This exchange is considered to be a "entry-level exchange" due to the fact that it does allow deposits made by wire transfer; this means that new cryptocurrency investors may get their trading careers off to a good start here! There are still a lot of individuals out there who haven't made their initial foray into the world of cryptocurrencies, and this may certainly be of great assistance to them.
Because there are so many options accessible in Australia, finding an exchange where you can purchase Bitcoin with Australian dollars that is credible and trustworthy might be challenging. It is important to keep in mind that each exchange will have a unique set of features, trading pairs, fees, and restrictions. BTC Markets is a noteworthy exchange that has a primary emphasis on the trading of Bitcoin and several other digital currencies. Since its founding in 2013, the exchange has garnered widespread acclaim as one of the most successful cryptocurrency platforms in Australia. According to our preliminary analysis, the platform is designed for experienced crypto traders and is not user-friendly for crypto newcomers. In this analysis, we will evaluate the platform's features, the assets it supports, and the trading costs associated with using it to decide whether or not it is suitable for use for novices who wish to purchase, trade, and sell cryptocurrencies using AUD.
BTC Markets is a well-known cryptocurrency trading company with headquarters in Melbourne. They offer a Bitcoin exchange that is user-friendly, safe, and dependable. BTC Markets caters to both novice and experienced investors. The platform provides traders with the ability to trade thirteen different cryptocurrency pairings utilizing a sophisticated trading methodology that is geared for active investors. BTC Markets was one of the first cryptocurrency exchanges to launch in Australia in 2013, and it is one of the most popular options for investors of all levels of expertise.
On the basis of its stringent compliance with the rules and regulations of Australia, BTC Markets gives the impression of being a genuine cryptocurrency exchange. The trading platform has been in operation since 2013, and it implements stringent Know-Your-Customer (KYC) standards in order to minimize the possibility of fraudulent behavior.
When looking to buy Bitcoin and Ethereum, many people in Australia turn to BTC Markets as their platform of choice. The exchange is one of the platforms that has been around the longest and has an established track record as well as costs that are competitive. On the other hand, the selection of currencies that can be traded with is quite restricted, there is no mobile app available, and the entire trading experience is subpar.
It would appear that BTC Markets is a reliable platform for trading cryptocurrencies, since the platform offers a number of different security mechanisms to protect the cash of its users. Since its founding in 2013, there have been no recorded instances of client monies being stolen or exchanges being hacked. BTC Markets, on the other hand, leaked the names and email addresses of thousands of customers in an email that was sent out in December of 2020 and went unnoticed. One of the very few instances of a security breach occurring on a cryptocurrency exchange in Australia, the information security breach on the exchange harmed all of its clients.
BTC Markets is one of the cryptocurrency exchanges that has been around the longest in Australia. Cryptocurrency investors that take their business seriously and want to trade crypto pairings against AUD might consider using this platform. Despite this, the exchange only supports twenty different cryptocurrencies, which is a relatively small number. In example, Australian platforms such as Swyftx, Digital Surge, and Coinspot each feature over 250 digital assets that are capable of being traded using either AUD or BTC.
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When it comes to buying, trading, and selling cryptocurrency, BTC Markets provides a platform that is dependable and safe. Additionally, the trading platform provides its users with the following features and advantages:
Trading platform that is straightforward and simple to use, and is ideal for novice as well as intermediate traders.
Easy buy/sell functionality that allows for quick and easy entry into the world of digital currency.
20 alternative cryptocurrencies that can be purchased, traded, or sold using AUD or BTC.
Charting and market data in real time to facilitate trading of prominent alternative cryptocurrencies
Tools that can help you average the cost of repeating transactions over time
Order types such as stop-limit, take profit, and time-in-force are examples of advanced order types.
charting and technical analysis tools of world-class caliber that include Trading View Earn rewards of up to 3.47 percent annual percentage yield (APY) by depositing AUD through PayID, BPAY, and Osko Algorand staking.
A safe wallet that protects users' money by keeping more than 98 percent of it in separate, offline wallets called cold wallets.
Two different authentication methods are used to safeguard user accounts.
Detailed instruction, educational materials, and frequently asked questions
BTC Markets is intended for crypto traders in Australia who are serious about their business and deal in huge volumes. Because of the exchange's low trading costs, it is a fantastic choice for professional cryptocurrency investors and people with high net worth. The disadvantage is that there is not a mobile app, there is just a restricted number of crypto pairings, and an obsolete charting platform.
Advantages of BTC Markets:
A reputable and well-established trading platform that holds a license issued by AUSTRAC
fees that are competitive and are based on a maker and taker model.
Multiple options for making deposits locally to fund an account.
Comparatively reasonable levels of volume and liquidity to those of other Australian exchanges
Cons: BTC Markets only supports 20 different cryptocurrencies and tokens.
The trading platform is antiquated and does not have any contemporary functions.
There is not a mobile app available to trade on the move.
BTC Markets is able to facilitate the trading of twenty different digital assets against Bitcoin or Australian Dollars (AUD). The variety of coins is quite restricted in comparison to that of other exchanges, which is why it is not suitable for investors in alternative cryptocurrencies.
Bitcoin, XRP, Ethereum, Stella Lumens, Chainlink, Litecoin, OmeseGo, PowerLedger, Ethereum Classic, Bitcoin Cash, Bitcoin SV, Basic Attention Coin, Compound, Algorand, Enjin, Meld Gold, and Golem are some of the cryptocurrencies that are currently available. Other cryptocurrencies include Stella Lumens and OmeseGo.
In order to establish an account with BTC Markets, simply follow these straightforward steps:
Simply go to the top right of the page and select the option labeled "Create Account."
Simply enter your email address, select a secure password, and then click the "Sign Up" button.
Verify your registered email address
You may access BTC Markets by logging in using the credentials you registered with.
After you have an account set up, you can log in to BTC Markets and finish up your user profile from there. In this section, you will be asked to submit various identifying information about yourself, including your full name, residential address, date of birth, and mobile phone number.
The Know Your Customer (KYC) verification procedure must be finished in order for a user of BTC Markets to be able to make a bank deposit or withdrawal utilizing the platform. In compliance with the rules and laws of Australia, we need to verify your identification in order to reduce the likelihood of fraud occurring.
Submitting either an Australian driver's license or a passport is the most straightforward and time-efficient approach to finish the BTC Markets verification process. You will also be required to provide proof of your current residence address, which might be in the form of a document such as a bank statement, a utility bill, or a rental agreement. This proof must include both your complete name and your address. To verify your account, navigate to the top menu and select "Account." From there, select "ID Verification," and proceed through each step.
PayID and BPAY are two methods that consumers may use to deposit AUD and fill their accounts with BTC Markets. PayID is accepted by the majority of banks in Australia. The processing of deposits happens almost fast, and there are no additional costs associated with the transaction. The arrival of the cash can take anywhere from one to three business days when using BPAY, which is one of the reasons why this payment method is not as often used.
In general, the possibilities to deposit and withdraw fiat cash are quite restricted, and there is need for improvement in this area to allow better flexibility. Swyftx and Binance, for instance, both offer credit and debit card deposits, but Coinspot enables cash deposits.
The purpose-built trading system that BTC Markets offers, which includes equities, high volume transaction processing, and automated trading systems, is one of the company's most recognizable offerings. It provides its customers with the option to purchase and sell digital assets as well as take advantage of daily market swings by including a sophisticated cryptocurrency trading platform within its offering.
Traders on the platform have the ability to control their investment risk by either going long or short in the market. This allows them to hedge against price volatility. TradingView is a well-known piece of crypto charting and trading software that comes equipped with a variety of instruments, indicators, and drawing patterns. These charts are powered by TradingView.
Utilize the order window, which can be found just below the charts, in order to place an order. Your entrance and exit strategy will determine which order type is best for you to pick from among the available options.
To purchase one Bitcoin with a market order, here is an example:
In the area labeled "Volume," enter "1 Bitcoin" to indicate the quantity of cryptocurrency being purchased or sold.
Choose either "Buy" or "Sell," then go over the order and the price.
Once you have reviewed the order and are satisfied with it, click the "Confirm" button to place the market order.
The whole experience of trading on BTC Markets is one that is uncomplicated and uncomplicatedly easy. The user interface is relatively simple, and there is room for improvement to make it more suitable for both inexperienced traders and more seasoned market participants. In addition, there is no mobile app available for traders to use in order to track their deals while they are on the go.
BTC Markets makes use of a tiered-fee system for AUD pairings, with the fees ranging anywhere from 0.10 percent to 0.85 percent depending on the number of trades conducted. When compared to those of other exchanges in Australia that cater to high net worth investors, the trading costs are competitively priced. However, the costs of 0.85% are not comparable with cheaper options such as Swyftx and Digital Surge, which charge between 0.5 and 0.6 percentage points in fees respectively.
BTC Markets implements a market maker and taker fee model for Bitcoin trading pairs. This model applies to traders on the exchange who are exchanging digital assets against a cryptocurrency pair such as Bitcoin, Litecoin, Ethereum, or XRP. When you trade cryptocurrencies with BTC Markets, the trading costs are a fair -0.05 percent and 0.2 percent respectively, which is a good deal.
When you deposit Australian dollars (AUD) or cryptocurrency into the BTC Markets exchange, as well as when you withdraw Australian dollars (AUD) from your wallet into an Australian bank account, BTC Markets does not charge you any fees. When you make a withdrawal of a cryptocurrency asset, you will be subject to a standard transaction cost, also known as a mining fee, which is calculated using the blockchain network load for the particular coin.
It would appear that BTC Markets does not provide its consumers with the ability to trade cryptocurrencies via a mobile trading app that is compatible with iOS and Android smartphones. The website is optimized for mobile use, however it is not the best option for placing live positions, monitoring them, or managing them.
BTC Markets gives residents of Australia the ability to utilize their self-managed superannuation funds (SMSF) to buy digital currencies such as Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. The tiered fee structure will be suitable for investors in Australia who wish to acquire cryptocurrency via an SMSF. When requesting permission to open an account, the retirement savings plan must first issue an official letter of authorization.
Know-Your-Customer (KYC) protocols demand that users who want to purchase or sell bitcoin on BTC Markets first demonstrate their identity in order to comply with the requirements of the protocols. The following types of documentation may be uploaded in order to authenticate your account:
Passport for international travel National identification card Driver's license
BTC Markets is a premium cryptocurrency trading platform that allows users in Australia to purchase and sell 20 different digital assets. There are no confusing menus or other distractions, giving the charting experience the impression of a professional cryptocurrency platform. On the other hand, there is no mobile app, which is a significant disadvantage. Although investors with a high net worth or who use SMSFs have fewer possibilities to deposit Australian dollars and other supported assets, the costs for doing so are more affordable. Overall, BTC Markets is a good choice for experienced traders in Australia; but, there are better options available for new investors who are looking for user interfaces that are more approachable to beginners, reduced costs, and mobile apps.
Sites like BTC Markets in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.