Community post
BTC Markets review
Hi Everyone
I just wanted to give a quick review on one of the main cryptocurrency market I have been using for buying in Australian dollars AUD. I have been using BTC markets now for a couple of months with no problem at all. Verification was easy for the level I'm trading at currently (can trade any amount but can only withdraw and deposit a max of $2000/day AUD) and verification to trade more just requires a few more things.
Buying and selling is very easy with a simple buy sell layout, buy/sell...price...total in AUD displayed just under where the pic cuts off below which includes your trading fee and GST (which reminds me I thought I'm not supposed to pay GST anymore since the new rules) the fee are quite reasonable compared to some others I have seen and also the increments at which the trades get cheaper is far more reasonable than a lot of other sites. I have put the prices below.
Fee Schedule
Trading Fee
LTC/BTC, ETH/BTC
ETC/BTC, XRP/BTC
Trading Fee %
0.22%
BTC/AUD, LTC/AUD, ETH/AUD, ETC/AUD, XRP/AUD
Trading Fee % 30 Day AUD Volume
0.85% 500
0.83% 1,000
0.80% 3,000
0.75% 9,000
0.70% 18,000
0.65% 40,000
0.60% 60,000
0.55% 70,000
0.50% 80,000
0.45% 90,000
0.40% 115,000
0.35% 125,000
0.30% 200,000
0.25% 400,000
0.23% 650,000
0.20% 850,000
0.18% 1,000,000
0.15% 3,000,000
0.13% 5,000,000
0.10% > $5,000,000
Deposits are easy done using POLi I haven't tried a bank deposit
Deposit Fees
Bitcoin Free
Litecoin Free
Ethereum Free
Ripple Free
Australian bank transfer Free
POLi $3.30 (inc. GST)
Withdrawals are quick (only tried a small test amount on a weekday in business hours and it was there the same day) for fiat and obviously the crypto withdrawals depend on the congestion at the time of transaction the fees are as follows
Withdrawal Fees
Bitcoin 0.0005 BTC
Litecoin 0.01 LTC
Ethereum 0.001 ETH
Ethereum Classic 0.001 ETC
DAO Tokens 1 DAO
Ripple 0.15 XRP
Australian bank transfer Free
This site is only for Australians or people who hold Australian bank accounts and over all the trading experience has been positive the service is good and secure (forgot to mention two factor authentication which btc markets has also) and there is a big enough volume trading round the clock to have a good price.
I think the charts could be a little better especially the candlestick charts but there is plenty of others to use especially if you want to draw lines and stuff.
There is only 4 cryptos on sale for fiat
BTC bitcoin
ETH Ethereum
LTC litecoin
XRP ripple
for the other altcoins I use poloniex bittrex and sometimes shapeshift.
I want to look into some foreign trading sites like coinbase kraken bitfinex but I just don't know how much the transfer fee will be from AUD to USD any Aussies reading this that can give me a rough idea that would be great because you could buy cheaper in the dips on those sites because of the higher volumes.
For the crypto trader in Australia I highly recomend taking a look at BTC markets. Things like Bitcoin.com.au are ok but too expensive I used them in the start too but I'm glad I found an easy to use market.
Hope this helps some Aussies out there and if you have had a good experience with another Australian market or foreign as an Australian investor reply with a link to your review so I and others can check it out.
Cheers
Gowd
Cant wait to get my Trezor...on sale for aussies https://steemit.com/cryptocurrency/@gowd/pre-ordered-my-trezor-on-sale-for-aussies-atm
Aussie crypto traders connect https://steemit.com/cryptocurrency/@gowd/aussie-crypto-traders
Replies (8)
great review mate...seems like a very nice exchaange....how do you find the site? smooth??...im gonna open up a account try em out....good fee structure...thanks gor the review
Thanks @twigg the site is smooth and professional the only thing that could be better is the charts and having the ability to do technical analysis on them and a few more coins would be nice too. If you have any questions feel free to ask.
Cheers
Gowd
Have used BTCMarkets and Independent Reserve and it is a tradeoff between volume and fees. Independent reserve has much better fees (.5) as opposed to the (.85%) on BTCMarkets but there is a lower trade volume so you end up paying more for BTC in the end.
It seems regardless of the exchange we aussies are still paying almost $100 per bitcoin more than what the US-AUD exchange rate at the time suggests. Personally i think BTCMarkets current fees are too high and have noticed bots manipulating the prices on occasion.
Am interested in finding out if anyone has a workable solution to using usd on exchanges and how one would go about such a thing as im sure as with most everything else we are paying far above what we should. At the moment it seems buying BTC locally using fiat then transferring the BTC to foreign exchanges is the only way.
Totally agree that the charts could use some more TA features. There is a site called coinspot that has a broader array of coins but have not used them yet so cant really give any feedback one way or another.
Agreed. Exactly what I have been doing. I notice the bots too especially once I put an order in.
I have looked into coinspot but have not used it either but have done some price comparisons with another steemit user @twigg he checked for me and the prices were higher than BTC markets
Yeah lol they are pretty quick to undercut ur bid price by a cent when u put a bid in. There seems to be a few bots that are putting in buy / sell orders of small amounts and usually one big order with the same amount appearing as both a bid and an ask but at different prices. This one is usually appearing in bold formatting as opposed to normal as well. I have no idea what is going on there.
I think the bold ones are whales notice there is usually a sell order for around the same amount kinda creating a buy wall and a sell wall, easy to do if you have the cash...I avoid this by predicting well in advance and placing an order for an up coming dip but quite a few times I have missed out on good buys by just a few cents..oh well good to know I'm close