BTC Markets review: An exchange to trade and stake crypto

One of the most established exchanges in Australia.
One of the few Australian exchanges where you can stake and get crypto rewards.
Supports BPAY and Osko to fund your trading account.

BTC Markets is a privately held crypto exchange based in Melbourne. It is available exclusively to Australians, offering an easy way to trade cryptocurrencies against AUD and BTC.

Is BTC Markets the exchange that best suits your needs? Read on to find out more.

What is BTC Markets?

BTC Markets offers beginners and seasoned investors an easy-to-use, safe, and trustworthy crypto exchange.

Free immediate AUD deposits and withdrawals, staking, OTC trading, and the ability to invest in digital assets for your SMSF are among the exchange's salient features.

Is it safe?

Yes. BTC Markets was the first exchange to get Blockchain Australia's Gold Certification. The company, BTC Markets Pty Ltd (ACN 164 093 887, ABN 45 164 093 887) is an AUSTRAC-registered digital currency exchange and must abide by their rules and regulations.

User names and email addresses were accidentally exposed as part of an email marketing campaign sent in December 2020 when “sample email addresses in the batch were added to the same email, rather than sent individually”. Apart from this incident, which BTC Markets apologised for unreservedly, there have been no breaches or hacks reported publicly.

BTC Markets uses two-factor authentication and rate limits to protect against brute force attacks. 98% of assets are in off-site cold wallet storage.

Who is BTC Markets aimed at?

BTC Markets is suitable for anyone regardless of their trading experience. The clean and pared back user-interface makes it easy for beginners to learn the ropes quickly. Those wanting to set-and-forget can set up automated recurring orders to dollar cost average their position over time.

More advanced users will feel at home with TradingView charts and technical analysis, real-time market data, and access to an OTC trading desk.

Notable features

We think these are the key features of BTC Markets.

Staking. Not widely available on competing Australian exchanges, staking rewards you with more crypto when you hold crypto in your account.
OTC trading. Trading OTC allows you to make high-value deals with little price slippage. Large orders routed through the trading desk reduce the impact on the currency or token's market price, limiting the risk of being exposed to market swings. For purchases of AU$100,000 or more, BTC Markets provides personalised support.
SMSF. Invest in Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies using your SMSF with a tiered fee structure.
Tax preparation. Makes it easy to stay compliant with the ATO for tax on crypto investments.
TradingView. World-class charting and technical analysis tools.

Tradable coins

BTC Markets offers more than 20 tradable pairs against Bitcoin or AUD. The following are some of the cryptocurrencies that are currently available.

Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
Tether (USDT)
Power Ledger (POWR)
Chainlink (LINK)
Compound (COMP)
Golem (GNT)
Stellar (XLM)
Ethereum Classic (ETC)

Fees

Trading fees are competitive, with fees based on a rolling 30-day total of AUD trading volume, decreasing for larger trades. Is it the cheapest option? That depends on the size of your trade.

Crypto-to-crypto trading fee: 0.2% (limited to certain pairs).
AUD to cryptocurrency trading fees: 0.85% for transactions of up to $500 tapering down to as low as 0.1% for transactions of $5 million AUD and above.
Deposits in fiat currency or cryptocurrencies have no fees.
Withdrawals to an Australian bank account are likewise free.
Withdrawals in cryptocurrency are subject to individual fees.

Pros and cons

Pros

Comprehensive trading platform with essential features such as stop losses.
Stake your crypto and get rewarded with more crypto.
Access to an OTC trading desk if making large trades.
Invest in digital assets for your SMSF.
TradingView provided for high quality analysis and charting.
Generate tax reports so it’s easy to file your return.

Cons

Limited range of instruments to invest in compared to other exchanges.
No NFTs or DeFi.
Doesn’t offer margin trading.
Doesn’t support paying bills with your crypto, unlike several other Australian exchanges.

Alternatives

Alternatives to BTC Markets in Australia include the following exchanges.

Independent Reserve. Trade numerous popular and trending assets with a big pool of active traders and a reasonable fee structure.
Swyftx. Australian exchange to trade crypto and DeFi with low fees.
Binance. More tradable assets than BTC Markets, including many altcoins, NFTs, and DeFi. Low trading fees.
CoinJar. Cheap and transparent fees with a configurable user interface and layout. Offers a Bitcoin debit card and .
CoinSpot. Started out focusing on Bitcoin, but has expanded to include a large variety of altcoins. One of Australia’s most popular exchanges.
Cointree. Combines a simple and effective service for newcomers with more complex features for seasoned traders.

Comparisons

See how BTC Markets compares directly against their competitors.

FAQs

Does BTC Markets have a demo account?

No.

Is BTC Markets crypto insured?

No.

How do I fund a BTC Markets account?

You need to be verified before you can fund your account. Osko and BPAY are two options for depositing AUD into your account.

Log in to BTC Markets, select ‘Account’ and ‘Deposit’ from the drop-down menu.
Choose your deposit method (AUD or crypto).
BTC Markets accepts BPay and immediate Osko payments in Australian dollars. To minimise delays, include your deposit reference in your bank communication.
In the case of crypto, choose the desired digital asset and click ‘Generate Address.’ You send particular digital assets to your BTC Markets account using this address.

How do I withdraw crypto from BTC Markets?

To withdraw funds from your BTC Markets account to your Australian bank account, follow these steps:

Scroll down to the 'AUD - Domestic Bank Transfer' section. You can use this service to request a free AUD withdrawal into your bank account.
Choose your withdrawal method (AUD or crypto) and fill in your information.
Select the green "Add Bank Account" button.
Please make sure you provide the right blockchain address before withdrawing cryptocurrency.
For both asset classes, there are daily withdrawal limitations. Crypto withdrawals are subject to small processing fees.

Verdict

BTC Markets, which has been in business since 2013, is one of the longest-established cryptocurrency exchanges in Australia. The exchange has a reputation for good customer service, which is borne out in overwhelmingly good reviews from customers.

It is an attractive proposition to anyone seeking for a low-cost, simple-to-use exchange that performs all of the essentials well without being overly complicated.

However, if you want to invest in more exotic altcoins, NFTs, and DeFi, this is not the exchange for you.

Disclaimer: We put our customer’s needs first. The views expressed in this article are those of the writer’s alone and do not constitute financial advice. Advertisers cannot influence editorial content. However, Finty and/or the writer may have a position in the cryptocurrencies mentioned. Finty is committed to providing factual, honest, and accurate information that is compliant with governing laws and regulations. Do your own due diligence and seek professional advice before deciding to invest in one of the products mentioned. For more information, see Finty’s editorial guidelines and terms and conditions.