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BTC Markets Review - is it scam or safe?

BTC Markets Review - Is btcmarkets.net scam or safe cryptocurrency exchange?

RATING: 3 / 17 REVIEWS BTC Markets

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Leverage Crypto trading Fee Trading vs AUD fee
Standard N/A 0.22% 0.87%

 

BTC Markets an Australian cryptocurrency exchange. While some of the other major players Down Under are merely entry service, meaning they simply allow you to buy or sell Bitcoin (or other coins) with AUD, this is a full fledged exchange, like Kraken, for instance. 


The company, security of funds

Company Country Regulation
BTC Markets Pty Ltd Australia N/A

 

BTC Markets is based in Melbourne. 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.

 

>>Other Australian cryptocurrency exchanges<<

 

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.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Several altcoins are available at BTC Markets. They are traded in certain pairs, as well as against the Australian dollar. Here are the details:

 

Cash pairs: BTC/AUD, LTC/AUD, ETH/AUD, ETC/AUD, XRP/AUD, BCH/AUD

 

Crypto to crypto: LTC/BTC, ETH/BTC, ETC/BTC, XRP/BTC, BCH/BTC

 

 

Leverage

BTC Markets does not facilitate margin trading. This is quite understandable, given the volatility of cryprocurrencies and the comparatively low AUD trading volumes. While this is a major currency, which is often in the eyes of forex trades.

 

>>Forex brokers offering Bitcoin CFDs<<

 

While we are on the topic of forex trading, did you know some brokers, like easyMarkets offer cryprocurrency CFDs?. These instruments follow the price dynamis of the coin they represent. That being said, there are a few other specifics, like the fact this may not be suitable for long-term investing, as the overnight fees can mount up. Be sure to read our detailed explanation.

 

 

Fees

BTC Markets Charges 0.22% on crypto to crypto trades. When compared to most other exchanges, this is a reasonable rate. While there are some companies who go even lower and some who give benefits to liquidity providers, a lot of exchanges charge something in the 0.20-0.25%.range.

 

On the other hand, when trading digital assets against the Aussie dollar, one must pay higher fees. The maximum is 0.85%, with the rate going lower for bigger trading volumes.

 

Trading platform

 

The trading platform provided by BTC Markets is web-based, which is nothing unusual for crypto-exchanges. The charting package will not impress experienced traders, as it has little to no analytical capabilities. Here is a snapshot of the charting package and the order placement module below it:

 

 

When scrolling even further down, one sees the order book (the list of all buy and sell orders in the market), followed information about your positions, as seen here:

 

The position of the transaction history and list of markets is rather bizarre. They are at the bottom of the page. While this isn’t a big deal, when choosing markets, active traders will prefer having the tape at a much more convenient place.

 

Methods of payment

 

BTC Markets accepts deposits Australian dollar payments by Bpay and POLi Payments. The latter comers with a flat $3.30 fee, which is quite acceptable. Blockchain transfers are also supported.

 

>>Want to buy Bitcoin with a Credit Card, click here<<

 

When it comes to withdrawing coins, BTC Markets also charges fees. These are separate from the usual blockchain costs of transfer and are as follows:

Conclusion

 

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.

 

Pros Cons
No major hacks yet Trading platform is not impressive
Instant AUD deposit methods Focus on the Australian market
Trading against AUD Some negative user reviews
Several altcoins supported Withdrawal fees on blockchain transfers

 

Latest news about BTC Markets
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Traders` reviews for BTC Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Be Very Carefu

Used to be good 2 years ago up to the last few months now be very careful with your crypto?
They are now running computers which manipulate the buy/sell process.
Watch it for yourself before you buy/sell absolutely any person with common sense can see they are manipulating the market on there own website.

David 06/10/2019

Don’t be scammed

I think BTC are part of a scam with ETC markets to take your money, pretend to invest then when it comes time to pay they cancel and change rules to make it impossible to get any money.
Don’t be scammed people, save your money.

Lynne Whitmore 03/24/2019

Scam - I wish I read the reviews

I got scammed from btc markets, I recommend you read the reviews, try their phone number and drive to their address.

1/ Reviews are either 1 star or 5 stars. It's obvious there are a lot of unsatisfied / ripped off customers and btc markets are writing 5 star reviews.

2/ Their phone number is 03 9999 9999. The number will take you no where. Try ringing it your self. I tried 20 times after all my money got scammed and there is no getting through.

3/ Look up their address online, drive to their address. I did and bought a coffee because that address is a coffee shop. (flat white with one please).

Good luck, use your own wallet. Don't leave yourself open to get scammed by btc markets, I wish I read the reviews.

David 02/26/2019

Very bad talk with clients

Had a talk today, they called me and tried to convince to deposit 500. After I said I do not trust them and I am not confortable, they still tried. After 1 hour and 20 minutes they gave up and called me looser. Also they used "fuck" word when we talked about scammers. Serious companies dont do. And they are still surpised how I do not trust them. And probably they dont have clients if they can talk with client 80 minutes who does not look like is going to deposit :D

Also they do not know how to talk - they present like they right all the time and client is not. After I said I could deposit 10 euros, they said they will not earn much. I said - you have ton of clients, you can combine all clients money and earn a lot. He says - you dont tell me how to do my job :D yeah, right, he is good, that you cannot tell him :D and is not able to solve such a simple problem. I believe most of finance managers combine even big amounts of money. And by talking like this, they do not care that I will write a bad review. Just plain stupid :)

Darius 08/23/2018

Australia Exchanges - Nauticus.io

I have been using BTC Markets for several months now. About a week and a half ago after I had bought some Bitcoin, they stopped withdrawals. It took several days to get my BTC out. I figured that was a once off and I kept using them. Now today the same thing happened again. This time my withdrawal was accepted and it just disappeared. Nothing has been sent and there is no record of the withdrawal. The only thing is that the funds are still showing as a balance in the account. Support has not answered either of my 2 emails regarding this.

I have heard there is a new exchange opening in Australia this month, Nauticus.io
They are supposed to have over 100 coins and 7 fiat currencies available to trade. Unfortunately for me, they don’t appear to be open yet.

cryptojim 08/18/2018

I got scammed

Yes I got scammed too! I can't believe I didn't read any reviews on btc markets, I thought they were legit but all my coins were moved out of my account. Cut and paste responses, yes me too, they have a 03 9999 9999 phone number, waste of time ringing that. Save your money, read the reviews.

David 06/21/2018

What the hell? Is this the best Australia has to offer?

They closed my account without warning 3 months ago. I didn't care as I had transferred to another market by then.

Now they're sending me emails saying I owe them money and that they'll involve the police(!) if I don't pay up. First $10 and $20, which I duly paid, I just chalked it up to bad bank transactions (POLi). Now that I've paid, they've followed it up with a demand for $50 and $100.

Now, that's customer service!

It honestly feels like phishing.

Disgusted 05/10/2018

They are liars, unfriendly and they shout at their customers

A Lady with name Julia pretended to have a coin listed that I said I would be interested in. However, the ICO of that coin has not yet been. They promise everything, just to lure my money out of my pocket. They are liars. Once Julia did not achieve, her boss rang me up. I told him that I am not interested and that I had no trust into his company. He called again, shouted at me on the phone and he tried to force me signing up. I just can say: Stay away from this company.

Ernst Dittmar 01/31/2018

Fake prices?

I have no idea where they get their "live" prices from. They are consistently 10-15% more expensive than prices listed on XE.com for example.

The article is also way off the mark when it comes to their fees. They charge up to 0.85% from what I've seen.

I'm not sure about this mob.

Jim James 01/16/2018

Unauthorized AUD withdrawal

I have two factor authentication for login. But some of my AUD was withdrew today without my acknowledgement.
I think the security level of BTC Markets need some reviews and hopefully regulations.

It was very disappointing for me to see this after trading on the exchange platform for a few weeks.

Regards,

Ean

Ean 12/28/2017

No support

Starting trading 2 weeks ago, I have emailed endless times for queries and help with no response. They really need a receptionist where you can ring a telephone number with your enquiries to get HELP!!!!!!!!!!!!. Senior people will go to another site with their SUPERANNUATION if they can talk to a human.
tHE ONLY EMAIL i GOT FROM THEM WAS i TRIED TO DEPOSIT TOO MUCH. Although this is the next gen of trading, mum and dad investors need human guidance on investing, especially with the wallets and there is no demo of how to do things. ALso very CONCERNED their physical address is a cafe as per the other guy!!! MOST IMPORTANTLY there is no Norton Security green ticks on their website at all......

john b 12/23/2017

The headquarters address is fake.

I though of making a deposit of $10000 into btc accounts

But for somereason I just want to drive down to the headquarters office address
Which said on the internet " 276 church street Richmond "
So I drove down this morning 22/12/2017 when I got there it turn out to be the headquarters
Is actually a cafe store. I was spending 3 Hours.
So luckily it was not legit when it come to address and contact phone number

I was so disappointed. I wouldn't put my money in btc market

Peter 12/22/2017

There's not even a contact number for support

Really poor customer experience, don't expect to get your money back. This is effectively a poorly run organisation that can't keep up with demand and as such, is effectively a scam as they cannot meet the service level that they purport to support.

Very negative experience, I do not recommend. To anyone.

MAlibu 12/20/2017

Very Happy. BTC is fast and easy. So far no issues

I have been using BTCMarkets for a few months now and Buying and selling is a breeze. I also had transfers-in and it was pretty quick. Whilest I can place buy/sell orders at market rates or desired value. I don't see option to put STOP-LOSS kind of orders which will trigger once the price reaches at a particular figure. It would be great to have such feature.
BTCMarkets offers API but I have not yet tried that option.
I don't trade big amounts yet. I feel there should be cap on fees rather than percentage which is OK for small buy/sell.

EssAar 12/16/2017

Scam

It is definitely a poorly regulated and managed website. I initially invest over 7 grand then my email was compromised and as I went to recover and cease the transactions they did not get back to me at a sufficient time. And although the IP address of the hacker was from a different country they did not seem to care or get alarmed at how it was possible that I could have accessed my account from a different country and process the transaction.

Very upset but learnt a very important lesson never deal with btcmarkets.net again. PS they dont even have a contact number. And if you send them an email expect to wait a few hrs to days

Hiba 11/26/2017

BTC Markets for Crypto Trading

There are many things to like when buying and selling cryptos through BTC Markets:-

I Applied for an account round about 20th October and although the Identification process took a little bit of time with sending various docs/photos etc. I was finally verified and approved after a confirmation phone call from one of the ladies in the office.
It was actually reassuring that their ID process was so thorough.

It was also reassuring to see that this company is a member of the ADCA.

Within a few days of applying, my account was opened and I BPaid a small deposit from my bank account. The funds arrived at BTC Markets promptly and I made my first purchases that same day.
Also in October in addition to a small portion of a Bitcoin I also bought a few Litecoins, a few Ethereum and some Ripple and was very pleased to see all the volumes hit my account right away.
I have also made a few more small deposits and bought a few more coins in November including Ethereum Classic and BCash and on every occasion the coins were in my account literally within seconds.
I have also made a few sales and also requested the proceeds to be transferred back to my bank and this has also happened promptly on each occasion.

Regarding the fees, I find them very reasonable so I hope that the company will eventually handle a few of the other coins that I trade through other exchanges because those other exchanges have significantly higher fees.

I will be visiting friends in Adelaide over the Christmas period and also attending a family reunion in Sydney at Easter and I will have no hesitation in recommending BTC Markets to any of them who are thinking about getting into cryptos.

Chris 11/15/2017

If it's not a scam, it's just poorly regulated

The majority of the volume on this site is generated from bots manipulating the price with concurrent buy and sell orders then there's the blocking orders that hit the screen faster than an ordinary order. ie. bid to buy at 1200 and an order to buy of 1200.01 hits the screen at the same time or earlier. As I don't see an API system to get involved in it would seem that the owners of this site are the manipulators.

With no real volume on this site, someone can come along and manipulate prices to whatever they want. If a few lay people follow them they get burnt by the bots when they get stuck in an unfavourable position. Yep I got burnt on a manipulated coin, bots blocked my efforts, price was thrown around and controlled by a couple unreasonable buy and sell bids. This stuff is extemely illegal on a regulated market.

Neil 11/13/2017
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