BTC Markets crypto exchange was founded in July 2013 as a platform to help Australians trade cryptocurrencies easily. Since its inception, the company has grown to become one of Australia’s largest and most liquid crypto exchanges. Furthermore, BTC Markets technology provides remitters access to Ripple’s On-Demand Liquidity (ODL) payments solution. Cross-border payments are now completed in seconds. This market-leading technology is a first for Australia.
Based in Australia, the platform is accessible to users all over the world, but they have to be comfortable with trading in the Australian Dollar (AUD). BTC Markets cryptocurrency exchange holds AUSTRAC Business registration. It is also a Gold-certified member of ADCA. The ADCA (Australian Digital Commerce Association) certification is in conformation with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations via independent audits. To this end, the company takes KYC verification seriously. New users must verify their identity with their emails, phone numbers, and government-issued identity cards. Furthermore, new and existing users are cross-referenced with criminal watchlists and lists of politically exposed persons. This is done to ensure the integrity of the platform.
BTC Markets is well-known for its simple user interface. The web browser is mobile-compatible, while the exchange also has a mobile app for smartphones.
BTC Markets crypto exchange has two main markets – BTC and AUD markets. At the time of writing this article, the platform supports 27 BTC Markets trading pairs. Some of the cryptocurrencies supported include BTC, ETH, DOGE, and more. The platform supports crypto-to-fiat and fiat-to-crypto trading. Apart from BTC Markets Spot trading, it also supports a peer-to-peer exchange of fiat and crypto, where both parties get to agree on the price of exchange based on prevailing market conditions. However, the platform does not support margin or leverage trading options.
The BTC Markets trade volume determines BTC Markets exchange fees, which employ a tiered model. There are 3 VIP levels with different benefits and rewards. These tiers are dependent on a user's trading volume over a 30-day period. BTC Markets exchange fees range between 0.10% and 0.85% for fiat to crypto and vice versa. For AUD bank deposits, the platform does not charge.
However, BTC Markets cryptocurrency exchange employs the maker and taker fee structure for crypto-to-crypto trading as opposed to the tiered fee structure for AUD pairs. The trading fees charged by the maker and taker for trading pairs are between 0.05% and 0.2% of the traded amount. It is also worthwhile to note that there are no deposit fees, be it for fiat or crypto deposits.
To deposit funds, users can opt for either BPay or OSKO deposit methods. For cryptocurrencies, deposit methods include creating crypto addresses for receiving crypto tokens.
Concerning withdrawal fees, the platform does not charge for AUD withdrawals. Withdrawal fees for cryptocurrencies are determined by the cryptocurrency involved. For example, the BTC Markets crypto price for Bitcoin is 0.0003 BTC, while it is 0.001 LTC for Litecoin. For non-Australian banks, standard withdrawal fees apply. The same applies to making a deposit or withdrawing cash via wire transfer.
In the future, the platform plans to include earning opportunities for its users to earn passively through staking activities. However, this is dependent on regulatory approval. Additionally, it provides an OTC trading option. This method allows traders to make big trades of over 100 thousand AUD over the counter, with low fees and no slippage. Traders and investors who want to make use of this feature have to reach out to the company directly.
About the Company
Based in Melbourne, Australia, the BTC Markets cryptocurrency exchange was founded by Martin Bajalan, a Bitcoin enthusiast. Bajalan was also among the nine founding members of the Australian chapter of the Bitcoin Foundation. The exchange is still privately owned and describes itself as a ‘Blockchain technology company’. It has a management team behind it with extensive experience in both the IT and financial services industries. The IT experience within the team comes from staff with a background in software development, cyber security (web and network), payments processing, and blockchain technology.
As of December 2022, BTC Markets volume stands at over $4 million, or an equivalent of over 288 BTC over a 24-hour period. Furthermore, the platform has over 325 thousand users and has amassed a trading volume of over 21 billion AUD.