• Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • Ethereum Classic
  • Ripple
Additional info
  • 0.85-1%
    Trading Fees
Target Market
  • Australia
  • Bank Wire
  • AUD
  • Top Australian Exchange
  • Decent fees, local depositing options
  • Liquidity obviously an issue


BTC is the best of a handful of exchanges that focus on the Australian market. The daily btc trading volume is generally about double that of Independent Reserve, and the two make up the vast majority of the Australian dollar / bitcoin trading volume.

Even in their leadership position, liquidity is still an issue, an issue partially offset by local deposit options and AUD trading.

BTC Markets is working closely with Australian regulators to advance the bitcoin industry in Australia. The fees are a bit higher than might be found at large USD exchanges and the trading platform offers the bare minimum. However, Australian traders should lend their support to BTC Markets who are trying to make it as a local exchange provider, and take advantage of the low deposit and exchange fees at the same time.


Like all exchanges, two factor authentication is offered upon login to protect account entry.

According to BTC Markets, a full reserve strategy is employed for both bitcoin and fiat funds. Client bitcoin are kept within cold storage, which is encrypted and dispersed across multiple off site locations. Twice daily reconciliations are made to ensure full reserve. On the fiat side, 100% of client Australian dollars are held in reserve, and there is an hourly reconciliation.

Reserve levels have not been independently verified through audit, so we are forced to take BTC Markets at their word (which I personally do). One point to make on their review strategy. 100% cold storage limits access to the bitcoin necessary for the exchange to facilitate fast order filling. This could mean that market orders are not placed quickly enough, and pricing changes in the interim. There have been some comments to this effect online, but they could be anecdotal. While this is worth noting, on balance most would prefer an exchange running with 100% reserves and slightly slower order filling than the opposite extreme.


BTC Markets is owned by Jarrod Crane and William Graham who have been relatively forthright about how the exchange operates, and the office location in Melbourne, Australia, is public knowledge. BTC Markets is a legitimate operation with a transparent management team.

Less is known about the solvency of BTC Markets. Though the company has claimed a 100% reserve strategy, this has not been independently verified. As is the case with most exchanges, funds are not insured and there is little information on financial backing. That is to say – it is unclear to what extent BTC Markets would be able to absorb losses resulting from security breach or operational mishap.

Opening an account

Australia has not yet formalized a regulatory framework for bitcoin. In anticipation of being regulated once the government position is clarified, BTC Markets requires customers wishing to make a bank deposit or withdrawal to undergo the same KYC/AML requirements that would be expected of a fiat bank. There are no such requirements should a user wish to fund the account with bitcoin.

GreenID is used for account verification. According to the btcmarket site, government issued photo ID and proof of address in the form of a utility bill or bank statement is required. We were unable to test the process as BTC Markets was having issues connecting to GreenID when we attempted registration.

Trading Platform

A simple and intuitive trading platform is offered, with trades available in AUD/BTC, AUD/LTC, and BTC/LTC. Market and limit orders are available on the buy and sell side. There is a “spend all” button on the buy side and “sell all” button on the sell side, which allows users to easily calculate the amount of bitcoin they can buy with all their fiat currency including the fee, and vice versa.

The order book is conveniently placed below the trading slips, and two additional tabs, open orders and trade history, display the relevant information in a convenient format. So basically, a very simple trading platform to exchange Australian Dollars and bitcoin.


BTC Markets is not mobile friendly, though a trade could be made in a pinch with much difficulty.


Trading fee30 day AUD trading volumeTrading fee30 day AUD volume
0.75%<$60000.30% <$90,000
0.70%<$90000.25% <$95,000
0.65% <$15,0000.20%<$100,000
0.60%<$20,0000.15% <$150,000
0.55%<$30,0000.10% >$150,000

There is no deposit or withdrawal fees on Australian bank transfer or cash at branch.

Might be better off elsewhere if:

You don’t live in Australia, obviously. is meant to serve Australia only.  If you are not an Aussie and have somehow made it this far through the review, check out our best bitcoin exchange list for more appropriate alternatives.

You aren’t dead set against using a broker.

Brokers in Australia can often offer better pricing than the exchanges.  Check out our picks for the best Australian bitcoin brokers.

You are post On Ramp and looking to trade the market.

BTCMarkets is the best way of getting your AUD into bitcoin.  Once you have done the initial trade, you can transfer your bitcoin anywhere and take advantage of international liquidity pools and, if you are so inclined, margin trading.  Bitfinex has the top spot market liquidity in the market, while Bitmex offers the highest leverages and lowest fees on spot and futures.

Bottom Line

BTC Markets is catered to the Australian bitcoin trader. The Australian bitcoin market suffers from a volume deficit. Of necessity, there will be slightly higher fees than might be found in USD/BTC exchanges. The trading platform is a bit bare-boned as well, but it does it’s job as an on-ramp.

None of this matters. BTC Markets is the best exchange in Australia, and is investing now in the bitcoin industry in the hopes that the market will mature. If and when the market matures, more investment can be made in the trading platform, and fees can be dropped. BTC markets should be supported by the local bitcoin community. BTC Markets is a great method for depositing and withdrawing fiat currency and exchanging to and from bitcoin without exchange or bank fees.

After your AUD are exchanged to bitcoin, you can decide whether to continue trading with BTC Markets or move to a different USD/BTC exchange. If continuing to trade with BTC Markets – or most exchanges for that matter – we would recommend storing your bitcoin in a professional wallet service.