BTC Markets Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BTC Markets consists of four parts: general information, fees, deposit methods and security.
BTC Markets is another cryptocurrency exchange headquartered in Australia – the land of kangaroos and koala bears. This exchange launched as early as in 2013.
Unfortunately for all investors outside Australia, BTC Markets is only open to Australian residents. If you’re not from Australia but you still need to find a cryptocurrency exchange to trade at, please use our Exchange Finder and we’ll try to help you through it!
Self Managed Super Fund (SMSF)
At BTC Markets, you can also set up a so called SMSF (a Self Managed Super Fund). In order to do so, you need to go through verification, certain profile completion details, submit a certain SMSF application form and then – finally – start trading. So there’s some paper work and some hassle. But when the SMSF is up and running, you will receive tax reporting, access to a global network of liquidity providers (i.e., not only be limited to the liquidity at BTC Markets), VIP customer service and personalized service from the exchange for any large trades you wish to make.
BTC Markets Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at BTC Markets:
BTC Markets Fees
BTC Markets Trading fees
The one thing you should never ever forget is to check the trading fees of an exchange that interests you. BTC Markets is one of the many exchanges that don’t charge different fees between takers and makers. Usually, you say that such exchanges’ trading fees are “flat”.
BTC Markets offers a flat trading fee of 0.22%. The exchange does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. This exchange’s trading fees are slightly below the industry average which can be argued to be around 0.25%. Accordingly, the trading fees at this exchange is a competitive advantage against the majority of other top crypto exchanges in the market and maybe even makes BTC Markets the best cryptocurrency exchange site for you.
It should also be noted here that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts. BTC Markets have such a discount model as well, but only for the trading fees when you trade cryptos against the AUD (Australian Dollar). The trading fees for such trading pairs range from 0.85% (when you trade small) down to 0.10%, when you trade for more than AUD 5,000,000 during a 30 day trading period.
BTC Markets Withdrawal fees
BTC Markets charges a withdrawal fee of only 0.0001 BTC when you withdraw BTC. This fee is below the industry average and much better than the withdrawal fee at many of the other top crypto exchanges.
With respect to deposit methods, this exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. As it does accept wire transfer deposits, this exchange qualifies as an “entry-level exchange”, meaning that new cryptocurrency investors can start off their cryptocurrency trading career here! That can of course be immensely helpful for many people out there who yet haven’t taken their first step in the cryptocurrency world.
BTC Markets Security
This exchange has a security score of B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is way above the industry average. The majority of cryptocurrency exchanges in our Cryptocurrency Exchange List actually only receives an F when running the Observatory-test.
B is a very strong security score and really a feather in the hat for this exchange.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):