BTC Markets is a crypto exchange that was launched in 2013. Its headquarters is in Australia. Unlike other popular exchange sites, BTC Market is not open to crypto traders and investors outside of Australia. If you are re outside Australia, you can always use our Exchange Finder to get help on the best exchange sites available in your country.
BTC Markets offers different trading fees for the makers and takers as is the case in nearly all exchange sites. Takers are charged 0.20% of each order value, a percentage that is about the same as the industry average percentage. On the other hand, the maker is rewarded 0.05% of the order value. It can naturally become a source of partial income for makers.
Often, crypto exchanges offer trading fees discount in cases of a large volume of trade. BTC Markets has a similar discount model strictly for when you're trading cryptocurrencies against the Australian dollar. Within the model, the trading fees range from 0.85% to 0.10%, when you trade over 5,000,000 Australian dollars within a month. Overall, BTC Markets Fees are cheap compared to competitors.
The withdrawal fee charged by BTC Markets is below the industry average, which is about 0.0005 BTC. For every BTC withdrawn in BTC Markets, a withdrawal fee of 0.0003 BTC is set. This withdrawal fee is quite low compared to the fees set by most crypto exchanges.
BTC Markets allows for wire transfer deposits. Unfortunately, it doesn't allow for deposits through credit cards. The wire transfer deposit method enables BTC Markets to qualify as an entry-level exchange. This means it’s easier for first-time crypto investors to start their trading career in the crypto world using BTC Markets.
According to the Observatory test by Mozilla, BTC Markets’ security score is at B. This score is way above the industry average security score. Quite a number of crypto exchanges performing at the same level with BTC Markets records a security score of F when the Observatory test is run. High security is one of the primary reasons why traders choose BTC Markets as their exchange site.
In conclusion, BTC Markets is a great cryptocurrency exchange in Australia. It's the best entry-level exchange for investors looking to enter the crypto world using their flat currency. It makes the process less cumbersome. There are other suitable entry-level exchange sites out there including; PrimeXBT, Coinmate, Simex, Bittylicious, BaseFEX, Binance, Currency.com, Crex24, Changelly and CEX.io.
Just like BTC Markets, all these exchanges provide an opportunity for first-time investors to start trading. However, trading fees and security level may differ, you're encouraged to find out more about every exchange site before starting your cryptocurrency trading career.