August 28, 2020

BTC Markets Review

Overview:

The Australian cryptocurrency exchange BTC Markets claims to offer a variety of services but in reality, it allows only buying and selling cryptocurrencies against Australian dollar. The broker claims to be based in Melbourne and regulated by AISC. It is also claiming to be a member of Australian Digital Commerce Association. In this BTC Markets review, we will analyse all the claims of this broker and uncover defects of it. So, without further ado let’s begin.

About BTC Markets:

The company BTC Markets is situated in Melbourne. Nevertheless, Australian government is now formulating the framework to provide licences to the Crypto Exchanges. It means the broker is not overseen by any financial regulator. The broker accepts only Australian dollars as a payment. It also provides two factor authentications to guarantee security of trader’s funds. The offerings of BTC Markets consists of many cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple and more. These cryptocurrencies can be traded against each other or against Australian dollar. Considering the volatile nature of the cryptocurrencies BTC Market do not allow margin trading. Nevertheless, there are many fees and charges applied on the clients of this broker. The commission of 0.22 % on cryptocurrency to cryptocurrency trades and 0.85% on cryptocurrency to Australian dollars trade are charged. The broker provides only one trading platform that is web trader. However, web trader cannot be compared against famous MetaTrader trading platform. The MetaTrader is equipped with advanced facilities like multi account management, bot trading, A1 charging, several market indicators, expert advice and much more. The payment accepted by BTC Markets are by only two channels Bpay and POLi payments. For every transaction of withdrawal or payment the broker charges dollar 3.30 processing fees. It also accepts blockchain transfer. While researching for BTC Markets we came across several negative feedbacks buy the traders on social media and it is worrying fact.

Is BTC Markets scam or legit?

The broker is situated in Melbourne, Australia but the Australian government does not oversea any cryptocurrency brokerages services provider. It means the broker is an unregulated and unlicensed to provide cryptocurrency services. Furthermore, there are several charges applied on the traders. Payment is only accepted in terms of Australian dollars no other Fiat currency is accepted. The web-based trading platform is provided and it is not impressive. There are many negative user feedbacks can be seen on the social media and it is alarming fact. Therefore, we claim BTC Markets as a potential Australian trading scam. Traders should avoid this broker at any cost for the safety of their Investments.