BTC Markets Review (May 2022): Why We Don’t Like It

May 9, 2022
Reviews

BTC Markets is a cryptocurrency exchange and one of the largest in Australia; it supports 23 cryptocurrencies, advanced investing and research tools, and a personalizable dashboard. However, customer support responses can take up to 10 days and the app is very limited.

Instead, I recommend Swyftx, Digital Surge or CoinJar, since they all offer more features and charge lower fees for both buying and selling crypto. For the best possible crypto trading experience, Australians can’t go wrong with any of these three platforms.

What Is BTC Markets?

BTC Markets is an Australian cryptocurrency exchange based in Richmond, Victoria. It was founded in 2013 by fintech specialist Caroline Bowler. It is only available in Australia, and it is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and is a member of the Digital Currency Exchange. BTC Markets supports 3 crypto pairs, ETH-BTC, LTC-BTC, and XRP-BTC, and 23 cryptocurrencies, which can be purchased directly using AUD.

BTC Markets is one of the largest exchanges in Australia by volume and has over 330,000 monthly users. BTC Markets is ideal for experienced investors looking for advanced trading tools. From charting and technical research analysis, through Trading View, to advanced market orders, like take-profit, time-in-force, and stop limit. BTC Markets also offers industry-grade security through 2FA and biometric check-ups, instant deposits, and even a nascent crypto staking platform – keep in mind only the cryptocurrency Algorand (ALGO) is supported at this time.

To start off this BTC Markets review, let’s take a deeper look at BTC Markets’ pros, cons and features.

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
    My team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.
My top pick →

BTC Markets Pros & Cons

BTC Markets Pros

  • BTC Markets mobile app
  • Accepts AUD payments via PayID, Osko and BPay
  • Supports 23 cryptocurrencies and 3 crypto pairs
  • Crypto Staking platform
  • 98% of crypto assets are stored in Cold Storage
  • Advanced trading tools 
  • Trading View charting
  • 2FA and biometric verification
  • SSL Encryption

BTC Markets Cons

  • The staking platform supports only Algorand (ALGO)
  • Customer support may take up to 10 days to respond
  • Cannot withdraw crypto or fiat from the app
  • Supports only 3 crypto pairs 

BTC Markets Features

1. Advanced Trading Tools

BTC Markets supports different tools for experienced traders: from the very simple buy and sell market orders to the more advanced order types like take-profit, time in force, limit, and stop-limit; the last one is useful for traders looking to take advantage of price fluctuations in the crypto market. Investors can also keep track of market data and cryptocurrency prices in real-time, thanks to BTC’s partnership with Trading View. Users can also personalize their Watch List to keep track of their favourite crypto. 

Through the app, you can manage your crypto portfolio and track the total value of your holdings, your complete trade history, and the status of your active orders, all in one place and in real-time.

BTC Markets also supports staking – at this moment, however, only one cryptocurrency is available for staking: Algorand (ALGO), with an expected APY of 0.06%.

2. BTC Makers’s Mobile App

The BTC Maker’s app is available on mobile for both iOS and Android devices, and it allows for quick and easy AUD deposits using the Osko and BPay networks. Users can also access all the advanced trading tools and place orders,  monitor prices, track market movements, and manage their portfolios.

As of this moment withdrawing fiat or crypto through the mobile app is not possible; users have to log in on the desktop version. We outline how to withdraw fiat and crypto in the How to Withdraw section.

3. Industry-Grade Security

BTC Markets uses several mechanisms to make sure all accounts are completely secured: for starters, all accounts are required to use Two-Factor Authentication (2FA) when login-in. BTC Markets also uses Single Sign-On (SSO) Encryption, to authenticate users and monitor suspicious activity, and biometric verification, on top of a PIN verification. All personal information is encrypted end-to-end

Additionally, it has a very stringent system where the app auto-locks after two minutes of inactivity, and if you don’t access your account in 7 days or more you cannot use your PIN or biometrics to log back in, you need to complete the login process using your email and password. This is to make sure nobody gains access to your account when you lose your phone. For crypto assets, BTC Markets offers a 98% cold storage policy, to prevent hacks and keep assets secure. The remaining 2% is kept in hot wallets, to maintain liquidity.

4. Instant Account Verification

To sign up with BTC Markets, you just need to provide your name, date of birth, address, phone number and email address. After you log in to your account, the quickest way to verify your account is to click on Account, then ID Verification. You will be redirected to GreenID. The last step is to use an additional identification document like:

  • Driver’s Licence
  • Passport

5. Customer Support

BTC Markets offers customer support via a ticket system on their web page. It may take some time for the customer service reps to reach out, sometimes between 7-10 days, but when they do they’re actually helpful rather than just following a script. You can reach out to them through:

  • Support page: Via the Help Center on their webpage
  • Help Center: By submitting a ticket
  • Live chat: Not available

If you have any questions or complaints about BTC Markets’s customer support you can send them an email to complaints@btcmarkets.net.

Cryptocurrencies On BTC Markets

BTC Markets supports over 23 different cryptocurrencies. Here are some of the most popular:

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

BTC Markets Fees

Trading Fees & Spreads

  • Trading Fees (AUD pairs): From 0.85% to 0.10% (based on volume) 
  • Maker’s Fees: -0.05% (you earn 0.05% instead of paying fees)
  • Taker’s Fees: 0.2%

Deposit & Withdrawal Fees

Here are BTC Market’s deposit fees:

  • Deposit Fees (AUD): Free
  • Deposit Fees (Crypto): Free

Here are BTC Market’s withdrawal fees:

  • Withdrawal Fees (AUD): Free
  • Withdrawal Fees (Crypto): Depends on the crypto (0.0003 BTC for Bitcoin)

3 Exchanges I Recommend Over BTC Markets

BTC Markets isn’t a bad exchange, but it’s also not the best in Australia. Due to its low liquidity, high fees, and limited coin offerings, I recommend any of these three exchanges instead, over BTC Markets:  

  1. Crypto.com: With trading fees of just 0.4%, quick deposits and withdrawals, and best-in-class customer support, there’s no questioning why Crypto.com is one of the most popular exchanges in Australia. Get your $10 signup bonus with Crypto.com here.
  2. Digital Surge: With 250+ coins available to trade, trading fees of just 0.1% – 0.5% (depending on the volume traded), and a well-rated mobile app, Digital Surge is a great second option if you don’t want to use Crypto.com. Sign up with Digital Surge here.
  3. Swyftx: With zero deposit and withdrawal fees, instant account verification, and a beautiful website and app, Swyftx is smooth every step of the way. Sign up with Swyftx here.

How To Withdraw From BTC Markets

To withdraw fiat (cash) from BTC Markets, follow these steps:

  1. Log in to your account 
  2. On the top menu click Domestic Bank Transfer
  3. Select AUD as your withdrawal method 
  4. Click Add Bank Account
  5. Select the amount

To withdraw crypto from BTC Markets, follow these steps:

  1. Log in to your account 
  2. Select Crypto as your withdrawal method 
  3. Click Add Blockchain Address
  4. Select the amount

In Summary

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Instead, I recommend Swyftx, Digital Surge or CoinJar, since they all offer more features and charge lower fees for both buying and selling crypto. For the best possible crypto trading experience, Australians can’t go wrong with any of these three platforms.

BTC Markets FAQs

Is BTC Markets Safe & Secure?

Yes, trading with BTC Markets is completely safe and secure. BTC Markets runs daily verifications, Reconciliations of Funds, to make sure everything is as it should be. Crypto assets are stored in cold wallets off-line to prevent hacks, and a small percentage is kept in hot wallets, to maintain liquidity.

Is BTC Markets Legit?

Yes, Coinstash is legit. It has over 330,000 monthly users, uses a Single Sign-On (SSO) encryption protocol, and all accounts are secured with Two-Factor Authentication (2FA).  

Is BTC Markets Legal In Australia?

Yes, BTC Markets operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Digital Currency Exchange, and it follows all Australian Financial Regulations. BTC Markets is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does BTC Markets Verify Accounts Instantly?

Yes, BTC Markets does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Driver’s Licence
  • Passport

Is BTC Markets Good For Australians?

BTC Markets is a decent exchange for Australians, though if you’re looking for the best overall trading experience, I recommend using Swyftx, Digital Surge or CoinJar instead. Each of them offers quite a bit more than BTC Markets, and I’m confident you’ll have a better experience with them. 

How Well Is BTC Markets Reviewed On Reddit?

Reddit’s review of BTC Markets is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I Buy Dogecoin With BTC Markets?

No, you cannot buy Dogecoin with BTC Markets. If you want to buy Dogecoin, I suggest using Swyftx, Digital Surge or CoinJar instead.

Is BTC Markets Insured?

No, BTC Markets’s crypto holdings are not insured.

BTC Markets Referral Code

BTC Markets does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does BTC Markets Report To The ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, BTC Markets is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.

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