The Australian-based BTC markets cryptocurrency exchange was established in the early years of the cryptocurrency era, in 2013. The site offers a variety of pairs against AUD, the solely supported fiat currency. The local market is the exchange house’s primary market. Only accounts that are registered with the national bank are eligible for AUD withdrawals. Trading with cryptocurrency pairs is subject to a flat cost (0.22%). Depending on your trading status on the exchange, different crypto-to-fiat pairs have different trading costs, as do withdrawal fees.
Trading on margin
Trading on margin (with leverage) is not available. When using fiat currency, verification is required. Some traders may view the limited selection of trading assets as a disadvantage, However, as far as domestic traders are concerned, it represents a rather adequate option. The website is listed with AUSTRAC as a digital currency exchange. As a result, its AML policy complies with AUSTRAC regulations.
There are differing views among users when it comes to feedback and complaints. Although the exchange made it extremely obvious who to contact and how long it would take to address a problem, many users are complaining that the waiting time is excessively long and surpasses the 10-day mark (the website says it takes about that long). Customers are informed by the exchange that all negotiations should be conducted in writing.
The exchange has received some unfavorable comments, including the fact that it failed to inform BPAY of a change in BPAY deposit address, accounts were compromised, money vanished, and account verification took a long time. In addition to these, customer reviews indicate that the geographical address and contact phone number are false, making it impossible for users to find the exchange. Martin Bajalan launched it and served as its CEO from June 2012 to December 2013. He transitioned to software development at other businesses after that time. He was appointed creator and CEO of TransBit in January 2018, which assists it with trading, exchange, and payment services.
How to register
Signing up is quite simple. On the website, simply click the sign-up button. Fill out the registration form correctly, including your email, phone number, password, and other Information. After completing the form, you will receive an email with a verification link. Simply check your link to ensure successful verification.
How to make fund deposits
Click the “deposit” button in the top right corner of the screen after your BTCMarkets account has been verified. The wallet information you require to send the funds will be provided after you select which currency you want to deposit with (BTC/USDT/ETH/DOGE).
How the BTCMarkets Exchange works
Upon funding your account, you can start day trading at BTCMarkets. You may access the main trade section by clicking the “trading” button at the top of the screen. The trading pair you want to trade must now be chosen. Enter the quantity you wish to purchase, choose whether to place a “market order” or “limit order”, and then place your trade.
How to cash out
It’s incredibly simple to withdraw money from BTCMarkets. Enter all the necessary information in the “Withdraw” window after choosing the asset you want to withdraw. Be aware that if your account isn’t protected by 2FA and/or whitelisted addresses, you won’t be able to withdraw currencies.
How to check your ID
You can begin trading on BTCMarkets without completing the verification process, but I.D verification is required if you want to exchange fiat currencies for bitcoin or trade stablecoins. The Exchange may need additional documents depending on your account Type (Individual Or Corporate).
2FA
Two-factor authentication (2FA) on BTCMarkets is an additional security measure. You use the google authentication app on your phone to request a code after entering your account password. To access your account, enter the code on the platform. The two-factor code must be entered quickly. You might not be able to access your account even if it is off for a few seconds. Please make sure that the time and date on your phone are accurate and properly synchronized.
Withdraw
Log in and select account > Withdraw from BTC Markets. Enter your information and choose your withdrawal method (AUD or cryptocurrency). Please make sure to input the right blockchain address for cryptocurrency withdrawals. For both asset classes, there are daily withdrawal restrictions. There are few processing costs for crypto withdrawals.
Support
The courteous, knowledgeable support staff is based in Australia.
Security
Data security and privacy are top priorities at BTCMarkets. To make sure they have a full reserve, they do routine reconciliations of funds twice a day for cryptocurrency and hourly for AUD. Additionally, use best practices while enhancing security measures continuously.
