It might be challenging to choose a trustworthy and secure cryptocurrency exchange in Australia with so many options. They have their own set of features, trading pairings, fees, and limitations which they contemplate.
BTC Markets is a well-known exchange that specialises in trading Bitcoin and other digital currencies. And because most people looking forward to BTC Markets are curious to know more about it, we’ll present you with correct and up-to-current information about BTC Markets.
Key Features
- Long-running and well-established Australian trading exchange
- Accepts PayID and PayPal to deposit AUD and fund a trading account
- Fees begin at 0.85 percent and drop as trading volume increases.
- TradingView support offers advanced trading and charting to SMSF investors.
What is BTC Markets?
BTC Markets is a renowned crypto trading programme situated in Melbourne—offering a simple, safe, and dependable Bitcoin exchange for both novice and experienced investors.
The website provides 13 distinct cryptocurrency pairings that may be traded using a sophisticated trading system designed for active investors.
Furthermore, BTC Markets was one of the first cryptocurrency exchanges to set foot into the Australian market in 2013, and both novice and expert investors extensively utilise it.
Is BTC Markets Safe?
Yes, the BTC market is safe to use, and you don’t have to worry about anything since there are many security measures to ensure your money’s safety. Since its inception in 2013, there have been no recorded exchange hacks or thefts of client money.
However, in December 2020, BTC Markets revealed thousands of users’ identities and email addresses in an email that remained unnoticed. All clients were affected by the exchange’s information security incident, so you need to keep tabs on this.
Features & Benefits
BTC Markets provides a reliable and secure platform for crypto buyers, sellers, and traders. Furthermore, the trading platform has the following features and advantages:
- It’s simple to use for both new and experienced traders
- The buy and sell functionality allows you to get started fast with digital currency
- There are 20 currencies to purchase, trade, and sell in exchange for AUD or BTC
- You can trade popular cryptocurrencies using real-time market data and graphing
- Recurring transaction dollar-cost averaging tools are included
- Stop-limit, take-profit, and time-in-force orders are advanced order types
- Charting and technical analysis software of the highest calibre are available
- It includes a safe wallet that keeps over 98 percent of its assets in offline cold wallets
- User accounts are protected by two-factor authentication.
- Broad training, educational guides, and frequently asked questions section available
Creating An Account With BTC Markets
Below are the steps to follow when creating your BTC Markets’ account:
- Visit btcmarkets.net to get started
- In the upper right-hand corner, click the ‘Create Account’ button
- Enter your email address, create a secure password, and click the ‘Sign Up’ button
- Verify your email address
- Use your registered credentials to access BTC Markets.
After you’ve established an account, go to BTC Markets and fill up your user profile. And please note that you’ll be required to provide personal information such as your full name, residential address, date of birth, and mobile phone number.
Account Verification
You must first complete a KYC (Know Your Customer) verification process before making a bank deposit or withdrawal to or from your BTC Markets account. This is done to verify your identity and reduce fraud in compliance with Australian laws and regulations.
Submitting an Australian Passport or a Driver’s License is the simplest and quickest option to complete the BTC Markets verification.
You will also need to verify your current residence address using a document that displays your full name and address, such as a bank statement, utility bill, or lease agreement.
To verify your account, go to the top menu and select “Account,” then “ID Verification,” and follow the instructions.
Available Deposit Methods
BTC Markets Australia accepts the following deposit methods for funding its accounts:
- Pay ID—The majority of Australian banks accepts the payment mechanism. Deposits are often processed promptly and credited to your BTC Markets account immediately, with no extra costs.
- BPAY—A safe and dependable method of financing your account. All deposits are made using BPAY, although it may take 1 to 3 business days for the cash to reach BTC Markets. There are no additional fees when using BPAY to transmit money.
Trading Crypto Using BTC Markets
The exchange is well-known for its custom-built trading system, which offers equity, high-volume transaction processing, and automated trading systems. It features a sophisticated cryptocurrency trading platform that allows users to purchase and sell digital assets and profit from daily price fluctuations.
Traders on the platform can go long or short on the market to hedge against price volatility, giving customers the ability to manage their investment risk. The charts are powered by TradingView, a well-known cryptocurrency charting and trading program that includes various tools, indicators, and drawing patterns.
Use the order window available below the charts to place an order. Depending on your entrance and departure strategy, you can select from a variety of order kinds.
To purchase one Bitcoin via a market order, for instance:
- Enter ‘1 Bitcoin’ in the Volume area to represent the amount being purchased or sold.
- Choose ‘Buy’ or ‘Sell,’ then examine the order and price.
- When you’re satisfied with the order, click ‘Confirm’ to place the market order.
Supported Cryptocurrencies
BTC Markets provides 20 digital assets that you may trade against Bitcoin or AUD (AUD), such as:
- Bitcoin
- XRP
- Ethereum
- Stella Lumens
- Chainlink
- Litecoin
- OmeseGo
- PowerLedger
- Ethereum Classic
- Bitcoin Cash
- Bitcoin SV
- Basic Attention Coin
- Compound
- Algorand
- Enjin
- Meld Gold
- Golem.
Trading Fees
BTC Markets has a tiered fee structure for AUD pairings that ranges from 0.10 percent to 0.85 percent, depending on the amount traded. Trading costs are fair only for high-net-worth investors. However, costs are affordable for the majority of newbies seeking to make their first cryptocurrency buy. Users who want to get the most out of their deposits should check at Swyftx (which we highly recommend you do).
BTC Markets employs a market maker and taker fee model for people trading digital assets against a cryptocurrency pair such as Bitcoin, Litecoin, Ethereum, or XRP. Furthermore, the trading costs for cryptocurrency with BTC Markets range from -0.05 percent and 0.2 percent.
Deposit & Withdrawal Fees
BTC Markets does not charge any fees for depositing AUD or cryptocurrencies into the exchange. However, you’ll be charged when you remove a cryptocurrency asset. Likewise, you’ll incur no charges when withdrawing AUD from your wallet into an Australian bank account.
Is BTC Markets Legit?
Based on its rigorous adherence to Australian rules and regulations, BTC Markets is a genuine cryptocurrency exchange. Since 2013, the trading platform has used stringent Know-Your-Customer (KYC) measures to limit the danger of fraudulent behaviour.
Use Swyftx Over BTC Markets
Swyftx is a reputable Australian-based crypto trading platform that allows users to purchase, trade, and sell over 226 cryptocurrency projects simply and transparently. With over 250,000 registered members, the network has grown in popularity since its launch in 2019. Furthermore, Swyftx has focused on offering a user-friendly platform with many features for novice, intermediate, and expert traders.
This exchange platform is safe to use because of the various security layers to protect your money. Two Factor Authentication (2FA) is used to protect customer accounts and wallets, which means you need a password and 2FA device) to log in successfully. 2FA is necessary to validate withdrawals, changes to account details, and some high-volume trades.
