BTCMarkets.net is a cryptocurrency exchange based in Sydney, Australia. Find out what you need to know about the platform today in our review.
What is BTCMarkets.net?
BTCMarkets.net, or simply BTC Markets, is an Australian cryptocurrency exchange. The exchange promises to allow anyone to trade blockchain assets with ease. It supports popular Australian money transfer methods like BPAY – in fact, you won’t even pay a fee when depositing money with BPAY.
BTCMarkets.net was launched all the way back in September 2013, when Australian bitcoin enthusiast Martin Bajalan launched the platform in partnership with other members of the Australian chapter of the Bitcoin Foundation.
The exchange initially supported Bitcoin and Litecoin trading. Today, it supports trading across most major cryptocurrencies, including Ethereum, Ethereum Classic, Bitcoin Cash, Ripple, and others. At the time of writing, its 24 hour trading volume was sitting at around $9 million.
How Does BTCMarkets.net Work?
BTCMarkets.net works like most other bitcoin exchanges. You create an account, complete KYC/AML verification, then deposit money. You can deposit money through bank transfer, card payments, or cryptocurrency transfers. BTCMarkets.net also recently implemented BPAY into the platform, making it easy for Australians to transfer money online from any major bank.
One of the unique things about BTCMarkets.net is that there are no fees on deposits. Cryptocurrency deposits are always free (as they are on most exchanges). However, you won’t pay on BPAY deposits either. The only deposit fee is a $3.30 AUD fee charged for POLi deposits.
Instead of charging deposit fees, BTCMarkets.net makes money through trading fees. The company charges a flat rate of 0.22% on most crypto to crypto trades, along with trading fees of 0.85% when buying or selling cryptocurrencies with Australian Dollars.
You can view the most popular BTC Markets trading pairs at the exchange’s Coin Market Cap page here. Over 50% of the platform’s trading volume is in the BTC/AUD pair, with other popular pairs being ETH/AUD, BCH/AUD and LTC/AUD. At the time of writing (November 2017), the exchange had a 24 hour trading volume of around $9 million USD.
Here are the most important fees you need to know about on the BTCMarkets.net platform:
Deposit Fee: Free (for bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and BPAY deposits) or $3.30 (including GST, for POLi deposits)
Trading Fee for Crypto to Crypto Trades: 0.22% (including LTC/BTC, ETH/BTC, ETC/BTC, XRP/BTC, and BCH/BTC)
Trading Fees for AUD/Crypto: 0.85% to 0.10%
The trading fees for AUD/crypto trades will vary depending on your volume. There’s a sliding scale ranging from $500 in trading volume to over $5 million. With low volume (below $50,000), you’re paying anywhere from 0.60% to 0.85% per trade. With higher volume ($1 million and higher), you’re paying between 0.10% and 0.15% per trade.
BTC Markets is a blockchain technology company. At launch in 2013, the company was described as a Sydney-based company, although it appears they have since moved to Melbourne.
It’s a privately owned company founded by Martin Bajalan and other members of the Australian chapter of the Bitcoin Foundation.
BTC Markets Conclusion
BTC Markets is an Australian cryptocurrency exchange that makes it easy for Aussies to participate in the crypto economy. The platform supports popular Australian money transfer methods like BPAY. In fact, you won’t even pay a fee for depositing money via BPAY into the platform. You will, however, pay fees of up to 0.85% on all AUD/Crypto trades.
To learn more about BTCMarkets.net, visit the platform online today.