BTC Markets is an exchange platform launched in 2013 in Australia. It focuses on the local market, supports AUD, and allows quick and secure fiat-crypto trading. There are many cryptocurrencies supported, including ETH, LTC, XRP, BAT, and even ENJ or LINK.
To trust the exchange, you should know where is BTC Markets located. Melbourne hosts the central office. The site has an only English version. And you want to know is BTC Markets legit, for sure. Now, Australia is struggling to develop the national crypto framework so the exchange isn’t officially regulated yet.
BTC Markets fees
Continuing our BTC Markets review, we should mention that the exchange delivers regular discounts to users. Thus, BTC Markets fees aren’t as high as you may expect. Regular levels are set for trading in BTC and AUD, depositing, and withdrawing. Rates vary, volume and roles affect them. For instance, BTC makers get rebates of -0.05% while takers pay a 0.2% fee. As for AUD, there are no makers/takers as fees relate to volume only: max is 0.85% and min is 0.1%.
Deposits here are free for all users and tokens. Withdrawals through AU banks are free, too. For all other out transfers, the exchange has relatively small fees.
Is BTC Markets safe?
Asking is BTC Markets safe, you show that you care about the reliability of your trading. That’s right. BTC Markets wallet and exchange services rely on the best market practices in the area of security. The company stores funds in cold wallets but uses hot ones for active trading. It also suggests enabling 2FA to protect accounts.
Of course, you need your BTC Markets login to turn this feature on. It’s recommended to complete verification to feel even safer. Happily, there were no registered cases of BTC Markets down issues. Overall, users leave polar reviews: some clients suspect BTC Markets scam while others appreciate its services for Australians.
BTC Markets wallet
It’s time for the next question. How to use BTC Markets? Start with creating an account using the eponymous button in the upper right corner.
After registration and activation, you can deposit funds using the internal wallet and your own crypto storage. Later, it’s time to ask how to buy on BTC Markets?
The main trading screen shows all the available coin pairs. You can choose your favorite market, open orders, and wait for their execution. There are different types supported, including Limit and Market orders.
In case of extra questions, check out the FAQ on the site. Alternatively, reach the BTC Markets support using its email address or the internal ticket system. Sadly, we couldn’t find the BTC Markets phone number.
Summing up this BTC Markets review 2020, we can say that it’s a great place for Australians. You shouldn’t suspect BTC Markets fraud but it’s only your choice. In conclusion, explore the core pros and cons.
- Large selection of currency pairs;
- Supports AUD;
- Use a cold wallet to store funds.
- No margin trading;
- Low liquidity;
- Relatively high commission.