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
BTC Markets have different trading fees for takers and makers, which is quite normal in the business. This exchange’s trading fees for takers are roughly in line with industry average. The exchange charges takers 0.20% of the order value. However, if you are the maker in a trade, you will be happy to know that you will get paid to trade. BTC Markets trading fee for makers is -0.05%, meaning that you get rewarded for making a trade. This is naturally very beneficial for all makers out there.
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 0.0003 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. The new industry average is around 0.0005 BTC.
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.
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):