BTC Markets Review
- Extremely easy to use and navigate
- Majority of funds are held in cold storage wallets
- Very low and competitive fees
- Australian Dollars accepted
- Trading platform is lacking some advanced features
- Focuses primarily on Australian market
- Small number of cryptocurrencies availablexx
BTC Markets is a privately owned and managed blockchain technology company offering cryptocurrency investment services to professional investors, businesses, and anyone interested in cryptocurrency. As well, BTC Markets offers comprehensive consulting services to businesses who want to utilize blockchain technology and cryptocurrencies in their business. However, their primary service is making Bitcoin and various other cryptocurrencies available to people from all around the world via their advanced exchange platform.
The BTC Markets company and exchange is based out of Melbourne, Australia. The Australian government has yet to create a regulatory framework for cryptocurrency exchanges, but as soon as they do, BTC Markets is likely to become the first to be regulated. This assumption is largely due to the company’s membership with the Australian Digital Commerce Association (ADCA), which promotes blockchain technologies.
Australia has had numerous cryptocurrency exchanges pop up in recent years. So, how do you know which one to use and which ones can be trusted? Well, in the following review we delve deep into the aspects that make up this cryptocurrency exchange and see what sets BTC Markets apart from the competition and whether or not they can be trusted.
BTC Markets does an excellent job at providing an easy to use and understand interface for buying and selling cryptocurrencies like Bitcoin. Traders have the ability to place market and limit orders for both buying or selling. The order window is very well designed, as is the trade history, order book, and charting. The whole platform looks and feels great and has enough tools and features for intermediate traders to appreciate as well. However, the charting analysis tools are not very advanced and there are only limited analysis tools and features. Nevertheless, the BTC Markets exchange platform does a great job at providing cryptocurrency exchange services to the mass majority. Also, the platform is completely web based and compatible with all smart mobile devices, so busy traders can make important decisions while on the go. The BTC Markets website and platform interface is also available in night mode which makes analyzing the charts and order books easier on the eyes.
BTC Markets deals in the cryptocurrency markets opposed to traditional financial markets such as stocks, indices and forex. BTC Markets does not offer as many cryptocurrency assets as many other cryptocurrency exchanges, but they do offer the most sought after and popular cryptocurrencies. For instance, traders can buy and sell Bitcoin (BTC), Litecoin (LTC), Ethereum (ETC), Ethereum Classic (ETC), Ripple (XRP), and Bitcoin Cash (BCH). All these cryptocurrencies can be traded against the Australian Dollar (AUD) or Bitcoin (BTC). While the range of markets is not large, they are sufficient enough for the majority of traders, especially for people new to cryptocurrencies.
Fees and Commission
BTC Markets offers their clients very reasonable and competitive fees compared to the industry competition. For instance, when trading crypto to crypto, traders incur a trading fee of 0.22% per trade. When trading crypto to fiat and vice versa, traders incur a fee of 0.85% per trade. This fee is also reasonable and can be lowered with larger trading volume.
As for deposit and withdrawal fees, deposits are free for all cryptocurrencies and for Australian Dollars there is a flat fee of $3.30 for deposits via POLi. Now for withdrawals, see the chart below.
Security and Fairness
BTC Markets is a very safe and secure cryptocurrency exchange as they employ the latest in security and encryption technologies. Also, the majority of user funds are stored in cold storage wallets which are located in numerous secure locations. The exchange does keep some funds in online hot wallets, but this is only for the convenience of moving funds around. Another security measure implemented by BTC Markets are two factor authentication techniques such as email verification, SMS messaging and Google Two-Factor-Authentication.
As for fairness between users, all accounts are treated the same and have access to the same tools, features, and cryptocurrency assets. However, accounts with greater trading volume can benefit from reduced trading fees.
BTC Markets offers their clients customer support that’s available Monday – Friday (8am – 8pm) and on weekends (10am – 6pm). The support they offer is provided through email and their social media channels such as Facebook, and Twitter. Also, users can get support through the exchanges extensive help centre which includes an FAQ page, knowledge base with previous support tickets, and an articles section. The support representatives are fairly quick to respond and are friendly and professional with their responses.
BTC Markets is a reputable and trustworthy cryptocurrency exchange based out of Australia. They have a strong emphasis on the local market and strive to bring the power of blockchain technology to all Australians. The exchange platform is very well designed and easy to use. The platform is more geared towards beginner to intermediate traders and offers the most popular cryptocurrency assets to be traded against the Australian dollar. It’s safe to say that BTC Markets cares deeply about their clients and offers them numerous resources and support options to set people on the right path and build up their knowledge for trading and investing in cryptocurrencies.
BTC Markets Q&A
The following are the common questions that customers inquired about BTC Markets.
Is BTC Markets regulated?
No. BTC Markets is not a regulated cryptocurrency exchange.
Is BTC Markets a scam?
No. BTC Markets is a very legit exchange and is not a scam.
Where is BTC Markets based?
BTC Markets is based in Melbourne, Australia.