What is BTCMarkets?
Established in Melbourne, Australia in September 2013, BTCMarkets is a well-known cryptocurrency exchange founded by Martin Bajalan, a prominent Bitcoin enthusiast and one of the founding members of the Australian chapter of the Bitcoin Foundation.
Exchange Platform
The BTCMarkets trading platform, developed by third-party specialists, leverages experience in high-volume, automated equities trading solutions from traditional financial markets, adapting it to the specifics of cryptocurrencies trading.
Supported Markets
BTCMarkets supports trading in 6 major cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and Ethereum Classic. Trading pairs are available in both AUD to cryptocurrency and cryptocurrency to cryptocurrency.
Fee Structure
BTCMarkets distinguishes itself with a focus on cost, offering one of the lowest fee structures in the market. Crypto-to-crypto trading fees are as low as 0.22%, and AUD to cryptocurrency fees start at 0.85%, tapering down for higher transaction amounts.
Security and Fairness
The exchange emphasizes security, allowing unverified accounts for cryptocurrency deposits and withdrawals. However, fiat currency transactions require verification for compliance with KYC regulations. Security measures include two-factor authentication (2FA) and a system of cold and hot wallets.
Account Verification and Support
Account holders are encouraged to use 2FA for additional security. The exchange collaborates with Edentiti Pty Ltd., a government-approved ID verification company, for fiat currency verification. BTCMarkets provides extensive online support resources and an online ticketing system for customer queries.
Pros and Cons
Pros
Low trading fees
No deposit fees
Minimal charges on cryptocurrency withdrawals
User-friendly trading platform
Cons
Limited support for cryptocurrencies (only 6 major ones)
Supports only AUD as a fiat currency
No margin trading available
Conclusion
Operating since 2013, BTCMarkets is a well-established cryptocurrency exchange with a strong reputation for security and customer service. While it caters well to those seeking a straightforward, low-cost exchange for major cryptocurrencies, advanced traders may find the limited cryptocurrency support and lack of margin trading less appealing.
What are the trading fees on BTCMarkets?
BTC market pairs:
Maker fee is -0.05%
Taker fee is 0.2%.
Does BTCMarkets offer leverage trading?
BTCMarkets does not currently offer margin trading or leverage options.
Is BTCMarkets safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
