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BTC Markets
BTC Markets is a large cryptocurrency exchange based in the city of Melbourne, Australia. As the Australian government is currently in the process of creating a framework, by which crypto-exchanges should register, this one is still not overseen by any agency. That being said, we have no doubts BTC Markets will be among one of the first to follow the procedure. [1] BTC Markets accepts Australian dollars, Litecoin, and Bitcoin in exchange for Bitcoin, Litecoin, Ethereum, Ethereum Classic, and Ripple.[2]
Unlike most other countries, Australia recognizes bitcoin as money, and so does not tax bitcoin purchase or sale.[3][4]
This is reiterated by the fact they are a member of the Australian Digital Commerce Association (ADCA). This is a non-government, non-profit organization aimed at popularizing blockchain technology. Its members include well known companies like IBM and crypto-exchanges, like CoinSpot. As we briefly mentioned in the beginning, BTC Markets is more of a digital asset exchange, than an entry-level service, they do accept AUD payment. Unlike some of the local competitors, they provide a more sophisticated trading environment on top of that. When it comes to guaranteeing security, this exchange utilizes cold storage and two-factor-authorisation (F2A). BTC markets has not experienced a major hack yet.
The user reviews on BTC Markets can be separated in two categories. The happy customers acknowledge the fact, trading against the Aussie dollar will not be very liquid and requires slightly higher fees (more on that later). The unhappy ones have various issues, from slow account verification to even not receiving coins in their respective wallets. While we always take these with a grain of salt, there must be some basis for at least a portion of them.
Contents
Trading
A buy/sell order is executed partially or in full when the price bid can be matched against a sell/buy order that is at or below the bid amount. BTC Markets is an Australian cryptocurrency exchange. Just like it’s major competitors, the company is very focused on the local market. That being said, BTC Markets provides an experience which advanced traders may enjoy, although even better environments can be found elsewhere. The relatively large number of negative user reviews on third party websites are troubling. Here are the strong and weak sides of this exchange.
Depositing funds
BTC
There are no fees incurred when depositing Bitcoins into your account. Funds are available once confirmed (3 confirms), a process that can take roughly 30 minutes.
LTC
There are no fees incurred when depositing Litecoins into your account. Funds are available once confirmed (3 confirms), a process that can take roughly 30 minutes.
AUD
There are no fees incurred when depositing AUD funds. Deposit options include domestic bank transfers that often clear after one business day and cash deposits at any Westpac branch in Australia which clear within a few hours.
Withdrawing funds
BTC
There are no fees incurred when withdrawing Bitcoins from your account.
LTC
There are no fees incurred when withdrawing Litecoins into your account.
AUD
There are no fees incurred when withdrawing AUD funds via domestic bank transfers. Processed same day and often clears after one business day.
Fees
BTC Markets charges a trading fee from each party of successful trades made through the market. The rate for new accounts and those with the lowest volume is 1%. As a user's trading volume increases discounted trading fees are available.
API
API is available on https://github.com/BTCMarkets/API
