BTC Markets Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
BTC Markets Review – is it scam or safe?
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
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.
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 instruments (cryptocurrencies)
Several altcoins are available at BTC Markets. They are traded in certain pairs, as well as against the Australian dollar.
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.
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.
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.
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.
BTC Markets Review – is it scam or safe? Conclusion
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