BTC Markets Review

Finding a decent platform to store or trade your digital assets safely can be difficult. Therefore, if you're looking for a reliable crypto exchange that you could utilize in Australia, this BTC Markets review will be useful.

Claiming to be Australia's first cryptocurrency exchange, the platform boasts a user-friendly experience for buying and selling digital assets, even for those new to the scene. With both PC and mobile app accessibility, the platform's easy-to-use interface makes it a convenient choice for trading on the go.

But is BTC Markets safe? What other features does it offer? How does it compare to other popular exchanges like Binance, Kraken, or Bybit? That said, let's begin this BTC Markets review by getting to know the platform a little bit better.

Verdict at a glance: BTC Markets stands out as a solid choice for Australian cryptocurrency enthusiasts. The platform's user-friendly interface and top-notch security measures ensure you feel safe and confident while trading. However, keep in mind that due to strict regulations, people outside the country might face limitations in accessing its trading service.

What Is BTC Markets?

So, what is BTC Markets? The platform is a cryptocurrency exchange that has been supporting the Australian crypto community since 2013. It provides an easy-to-use interface for users to securely and efficiently buy, sell, and trade cryptocurrencies.

The exchange has established its reputation based on its core values of security, integrity, responsibility, and reliability. Its goal is to make cryptocurrency accessible to everyone in the region, regardless of their knowledge level or trading experience.

As one of the leading BTC exchange markets in the country, the platform shows its commitment to inclusivity through its easy-to-use interface and robust security. It's not just for basic crypto transactions; the platform also has advanced features like an OTC desk for larger trades.

For those always on the move, BTC Markets offers a convenient mobile app for Android and iOS devices. This user-friendly platform allows you to manage your portfolio and execute trades with ease, no matter where you are.

Keep in mind that the trading service is exclusively for Australian residents. While people outside the country, like BTC Markets USA users, can access the website and app, the verification process requires Australian identification.

One thing is sure: the platform is dedicated to offering Aussies an easy and hassle-free crypto trading experience. Based on many user BTC Markets reviews, its strong security measures and commitment to government regulations have made it a popular and reliable option.

BTC Markets Review: PROS

Now that we've covered the basic question, "What is BTC Markets?", let's explore what makes the platform different from others.

Robust Security Protocols and Regulatory Compliance

One of the most frequently asked questions you might come across online is, "Is BTC Markets safe?" or "Is BTC Markets regulated?" So, let’s find the answer together by delving into the platform's security measures and regulatory compliance in more detail.

That said, one thing I found while exploring the exchange is that BTC Markets takes the safety of users' assets and personal information very seriously. The platform has robust security measures in place, including single sign-on (SSO) login with two-factor authentication (2FA).

As you can imagine, 2FA provides an extra layer of protection by requesting a code from the Google Authentication app on your phone. This means that even if someone has your password, they would still need the unique code from your phone to access your account^[1].

You also have the option to further enhance your account security with optional features, like address whitelisting and biometric authentication.

The former method limits withdrawals to specific addresses, while biometric integration adds a layer of protection through fingerprint or facial recognition^[2]. This proactive approach to security allows you to safeguard your crypto holdings with greater confidence.

Moreover, the platform uses a combination of cold and hot wallet systems, an innovative approach worth mentioning in my BTC Markets review. The cold wallet storage is encrypted and stored off-site in multiple highly secure locations, ensuring your assets are well-protected from threats.

Furthermore, the platform also reconciles its accounts regularly, closely monitoring funds twice daily for cryptocurrencies and hourly for AUD. This practice ensures that BTC Markets always maintains a full reserve.

On top of those strong security measures, the BTC Markets exchange has an impressive list of certifications, showing its commitment to following government regulations and maintaining ethical standards in the industry.

BTC Markets is registered with AUSTRAC and is also a gold-certified member of ADCA. These compliances demonstrate its commitment to the country's financial system and national security from criminal activities.

In addition, BTC Markets has earned the ISO 27001 certification from the British Standards Institution (BSI). This internationally recognized award means the platform has strong information security management, setting it apart from other BTC exchange markets that offer similar services.

Due to this strict adherence to rules, BTC Markets takes its KYC verification seriously. To start trading, new users need to verify their identity using their email, phone number, and government-issued ID.

KYC procedures are important to verify customer identities to prevent money laundering and other financial crimes. This helps BTC Markets protect itself from legal repercussions and ensures a safer financial environment for all parties involved, including its users.

In addition, BTC Markets screens all users against criminal watchlists and lists of politically exposed persons to ensure the exchange remains secure. In some cases, you may be asked for more documents to confirm your identity. This shows the platform's commitment to safety and regulatory compliance.

So, to answer the question, “Is BTC Markets safe?” Yes, it is! The platform takes security seriously. BTC Markets utilizes top-notch safety protocols, regular audits, and compliance with international standards.

I'm impressed by the exchange's dedication to ensuring a secure environment for buying and selling cryptocurrencies. Its commitment to safety and regulatory compliance really stands out and deserves praise in my BTC Markets review.

Versatile Trading Features

Another aspect I need to discuss in my BTC Markets review is the platform's robust trading features. It offers a wide range of tools ideal for casual and serious crypto enthusiasts.

For newcomers, the simple and easy-to-use buy / sell feature is convenient and an accessible way to ease into cryptocurrency trading. It allows you to purchase and exchange cryptocurrencies at the best prices without having to worry about complicated strategies.

As you become more comfortable and knowledgeable, you can start exploring more advanced trading options. The platform's advanced limit orders, which include "Time in Force" and "Post Only" options, will allow you to confidentially take your trading to the next level by providing you with more control.

For those seeking to trade large volumes of cryptocurrency, BTC Markets offers an exclusive over-the-counter (OTC) desk service.

BTC Markets' OTC provides tighter spreads and a single, guaranteed price, along with instant execution and timely settlement. You’ll also benefit from its robust privacy and security measures, designed to minimize counterparty risk and ensure peace of mind.

Keep in mind that to use the OTC service, you must hold a verified account with BTC Markets. Also, the minimum trade is $100,000, with no maximum limit.

Another noteworthy thing I need to include in my BTC Markets review is the platform’s dedication to keeping users informed. The platform provides tools to monitor prices and market movements, all presented in a user-friendly and customizable interface.

Moreover, its real-time portfolio management feature is also fairly comprehensive. It lets you see your holdings, values, total equity, trade history, and the status of buy / sell orders, providing a complete overview of your investments. This feature is especially handy if you use the BTC Markets mobile app, which is available for iOS and Android.

As you can see from this section of my BTC Markets review, the platform offers versatile trading functionalities that cater to novice and experienced users. The blend of simple and advanced tools, along with real-time portfolio management, ensures a smooth trading experience.

Self-Managed Super Funds Support

As mentioned earlier in my BTC Markets review, the platform exclusively caters to Australian crypto enthusiasts, which is evident from its support for Self-Managed Super Funds (SMSFs).

Basically, an SMSF is a retirement savings account in Australia that you manage yourself. Unlike other super funds, an SMSF gives you more control over your investments. You have the freedom to develop your own strategy to invest in various assets, including cash, property, and cryptocurrencies.

However, with this freedom comes responsibility. Managing an SMSF means you're personally accountable for all the fund's decisions and the management of its assets. This can be challenging and time-consuming, especially if you're not well-versed in investment management.

So, if you're looking to diversify your SMSF with popular cryptos like ETH or BTC, exchange markets that support cryptocurrency integration are a must. These platforms not only help you understand the ins and outs of crypto assets but also make managing your SMSF a whole lot easier.

BTC Markets can help you manage your SMSFs, especially if you want to diversify your retirement investments with cryptocurrencies. It provides the tools and support you need to manage your SMSF while taking advantage of potential growth in the crypto market.

For instance, BTC Markets can assist with annual audit preparation for your SMSF crypto investments. In addition, it offers designated SMSF accounts access to a global liquidity network for seamless trading and market access for your crypto assets.

With its comprehensive trading features and solid regulatory compliance, BTC Markets can be the ideal platform for those looking to incorporate cryptocurrencies into their superannuation strategy.

Exclusive VIP Benefits

The last merit of the platform that I’ll discuss in my BTC Markets review is its VIP program. It is designed specifically for high-volume traders and investors. Once you become a VIP, you get various compelling perks, such as your own account manager, reduced fees, and higher API rate limits.

The VIP program is split into three tiers, with each offering more benefits as your monthly trading volume increases:

• Tier I ($500k-$1m): Custom fee agreement, dedicated account manager, in-house senior technical support, whitelisting withdrawal addresses, VIP status transfer to another exchange, and product feedback opportunities.
• Tier II ($1m-$5m): All Tier I benefits plus lower fees, direct support channel on Telegram, increased API rate limits, and a welcome gift.
• Tier III ($5m+): This includes all Tier II benefits plus the lowest fees, FIX connection with sandbox testing, and invitations to exclusive events.

So, if you're a high-volume trader, I belive you'll find the BTC Markets' VIP program pretty attractive. It's designed to give you a personalized and exclusive experience.

Overall, I like the BTC Markets for its user-friendly interface and wide range of trading, security, and asset management features. It's a reliable and robust platform for anyone interested in digital investing, especially if you're a crypto enthusiast in Australia.

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BTC Markets Review: CONS

In this part of my BTC Markets review, I'll talk about its limitations and areas for improvement. By looking at these aspects, you'll get a fair understanding of where it could improve.

Very Limited Coin Selection

The first notable drawback that I should mention in my BTC Markets review is its limited selection of cryptocurrencies.

As of writing, it supports around 30 coins that can be traded against BTC or Australian Dollars. These selections include popular ones like SOL, XRP, ETH, USDT, LTC, and LINK.

Despite this, narrowing the selection can be good, especially for new investors. By focusing on just a few cryptocurrencies, BTC Markets can offer a more user-friendly experience with simpler navigation and less overwhelming information.

New investors or casual traders won't feel overwhelmed by too many options. This simple approach can make decision-making easier, so users can become more familiar with popular cryptocurrencies without feeling lost.

However, if you're interested in exploring a greater variety of digital assets, you should check out other platforms like Binance, Kraken, or Bybit. These exchanges provide access to a broader selection of cryptocurrencies with similarly excellent features and competitive fees.

Not Supporting Crypto Staking

Another drawback is that BTC Markets doesn’t currently support staking. This might be a vital aspect to consider, especially for investors interested in exploring different strategies.

That said, staking is a popular method for growing a crypto portfolio. Investors can earn crypto rewards by allocating eligible digital assets, which accrue automatically. This service is commonly found on many high-quality crypto exchanges.

Unfortunately, BTC Markets can't offer staking services due to Australia's current regulations. While the platform excels in other areas like security and user-friendly interface, the lack of this feature could be a bummer for those looking for a one-stop trading platform.

While the platform is working on expanding its earning options, the existing limitations may only partially satisfy those who want to maximize their crypto investments. So, it's worth carefully considering these factors when deciding if BTC Markets fits your trading and investment needs.

Australia Exclusive Exchange

One of the primary drawbacks I must discuss in my BTC Markets review is that most of its features are currently only available to users in Australia. This exclusivity might be disappointing for global crypto enthusiasts. To access its trading features, you must pass a strict verification process requiring Australian documents.

However, there's a silver lining for international users. Even though the trading features are inaccessible, you can still use the app to monitor the market and access educational features to gain valuable insights into the cryptocurrency market.

So, although BTC Markets USA users cannot trade due to Australian document requirements, they can still view current asset prices on the platform.

Considering this limitation of BTC Markets, USA and global users might find a more inclusive experience on platforms such as Binance, Bybit, and Kraken. These exchanges are known for being user-friendly and accessible worldwide.

While it offers various benefits, the platform's limited accessibility, limited coin support, and staking restrictions may reduce its appeal, especially to the global trading community. These aspects are important considerations if you're looking for a versatile platform.

BTC Markets Fee Structure

Now that I’ve discussed the pros and cons in the previous section of my BTC Markets review, let’s examine the platform’s fee structure. Understanding the fees is crucial before deciding whether to use the platform.

BTC Markets offers a competitive fee structure for small and large-volume traders. It uses a maker-taker trading fee model, which means the fees vary based on the type of market pairs and trading, ensuring fair treatment.

For BTC market pairs, if you place a limit order that adds liquidity to the market (maker), you'll receive a rebate of 0.05%. On the other hand, if you place a market order that removes liquidity from the market (taker), you'll pay a fee of 0.2%. This system encourages users to add liquidity to the market.

For AUD / USDT market pairs, the fees follow a tiered structure, which means they reduce as your trading volumes increase. The fees range from 0.85% for lower volumes down to 0.10% for trading volumes exceeding $5,000,000 over 30 days.

For large transactions, you might get a price that's not on the regular order book. This price is determined by liquidity provider prices plus a markup, which may affect your trade's overall cost.

I think BTC Markets has a transparent and competitive fee structure. It's designed to be flexible, catering to different trading volumes and providing incentives for higher trading activity. This pricing makes it suitable for both casual traders and high-volume investors.

How to Use BTC Markets?

Now that you’ve learned about the platform's advantages, drawbacks, and fees, you probably have a good sense of whether BTC Markets is a good fit for you. If you’re interested, I can help you with how to use it in this section of my BTC Markets review.

How to Set Up a BTC Markets Account?

Setting up an account on BTC Markets is straightforward. Here’s a step-by-step guide to help you get started.

Step 1: Visit the BTC Markets website and click the [Sign Up] button.

Step 2: Enter your email address, create a strong password, enter promo code (if there's any), agree to the terms and conditions, and click [Sign up and continue]. Check your inbox for a verification link from BTC Markets and click on it to activate your account.

Step 3:  Prepare your mobile phone and a valid Australian identification document. Click [Continue] to begin the process.

Step 4: Provide accurate and up-to-date personal information, including your name, address, date of birth, etc. Click [Continue] once completed.

Step 5: Complete the ID verification process by clicking [Submit details].

Step 6: BTC Markets will review your information. Once verified, your account is ready for use.

I suggest setting up 2FA for your account as soon as possible. This extra protection will help prevent unauthorized access.

Once your account is secure and verified, you'll be all set to dive into the BTC Markets platform and start trading!

How to Buy Crypto Using BTC Markets?

The process of buying crypto using BTC Markets is easy and seamless. Here are the steps you need to follow:

Step 1: Go to the official BTC Markets website and log in to your account.

Step 2: Once logged in, click on [Account], then select [Deposit] to view the available payment options. Choose your preferred method and deposit the desired amount.

Step 3: Click on [Buy / Sell] in the top menu to access the trading interface.

Step 4: For a quick and easy purchase, you can select a [Market] order. Then, simply choose the cryptocurrency you want to buy, enter the amount, and select [Buy].

BTC Markets supports card deposits from Australian-issued Visa and Mastercard bank cards (excluding prepaid cards). Additionally, the platform allows for instant OSKO PayID payments and direct deposits from banks. This flexibility in funding options makes it easy for users to get started with trading.

What is the Difference Between BTC Markets and the Australian Securities Exchange?

Before I wrap up my BTC Markets review, there's a question that some crypto enthusiasts are curious about: What is the difference between BTC Markets and the Australian securities exchange?

BTC Markets is a cryptocurrency exchange based in Australia. It's a digital marketplace where you can buy or sell digital assets like Bitcoin and Ethereum.

On the other hand, the Australian Securities Exchange (ASX) is more of a traditional exchange where you can invest in stocks, bonds, and commodities. It's like a one-stop shop where you can buy stocks like CSL, Commonwealth Bank, or BHP, among other things related to traditional financial products.

The main difference between BTC Markets and ASX is what they focus on. The former is all about digital assets and mainly serves Australian residents who want to trade cryptocurrencies.

On the other hand, ASX deals with a broader range of financial instruments and serves wider audiences with different investment needs.

Another key difference is regulation. Cryptocurrencies are still a relatively new asset class, and regulations around them are still evolving.

BTC Markets operates within a specific regulatory framework designed for emerging digital assets. This includes guidelines and requirements tailored to the unique nature of cryptocurrencies.

In contrast, ASX is a heavily regulated institution with strict compliance standards. As a major financial exchange, the aforementioned platform adheres to rigorous regulations covering a wide range of financial activities such as trading, settlement, and reporting.

You can say that ASX’s regulatory environment is more comprehensive and established compared to the framework applied to digital asset platforms like BTC Markets.

So, if someone asks, “What is the difference between BTC Markets and the Australian Securities Exchange?”, you can simply tell them the former is your go-to place for trading crypto, while the latter is where you trade stocks.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

To sum up, BTC Markets is a solid option for Aussie crypto fans. It offers top-notch security and complies with Australian regulations, ensuring a safe environment for digital currency trading.

In addition, the platform has a user-friendly interface and versatile trading features, suitable for beginners and experienced traders. It even supports SMSFs, a neat option for Aussies looking to add digital assets to their retirement portfolios.

However, one thing to remember is that it mainly focuses on the Australian market. So, if you're BTC Markets USA users, you won't be able to access its trading services. In that case, you might want to explore other popular exchanges like Binance, Kraken, or Bybit for a more global reach.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. F. Breuer, V. Goyal, G. Malavolta.: 'Cryptocurrencies with security policies and two-factor authentication';

2. M. Ibrahim, K. Ravindran, H. Lee, et al.: 'ElectionBlock: An electronic voting system using blockchain and fingerprint authentication'.