Based out of Melbourne, Australia, BTC cryptoncoins.de is a large digital currency exchange created to allow users to buy, sell, and trade cryptocurrencies. However, BTC Markets is more than just a platform for /5. BTC Market's nonchalantness made I and my husband lose couple of thousands to con artistes and they've refused to take responsibility. All praises to www. flash asset recovery. (om for helping us out. Jul 21, · BTC-markets is pretty much what you see. A below average broker that supposedly dabbles only with bitcoin. This is never a good sign, because limiting yourself to bitcoin is focusing 1/5.
Review btc marketsBTC Markets Cryptocurrency Exchange Review - Crypto Head
However, when we accessed their web-based trading platform, we found out that the leverage ratio was maxed at There are so many issues with this broker that we cannot say that you would get any advantages to trading with BTC Markets. Vincent and the Grenadines.
This makes this company and brokerage an offshore entity. Brokerages that operate from this location are unfortunately known to be on the shadier side, and this broker is no exception. First, SVG does not have a regulatory framework in place for forex and CFD brokers, which means that if a broker is registered in this country, it will still need authorization to operate from a valid financial authority.
This broker is not regulated by any one of these authorities. The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
What this broker does offer is a web-based trading platform that doubles up as the client dashboard. This software does have a couple of trading tools such as pending orders, price alerts and live news, but this would only satisfy the most novice of traders.
This broker does not clearly state what the trading conditions are. Now this is where the confusion starts. So we are not clear which currency applies to minimum deposit amounts. Furthermore, as we already have stated, this broker has not provided any information on the trading conditions. We were only able to find out about the spreads after we registered for an account with BTC Markets. Not only are the minimum deposit information and trading conditions vague, but the payment gateways offered by BTC Markets are also suspect.
This broker offers its clients the following payment options: Xpate, Vload Voucher and an unknown Cryptocurrency wallet. These payment options are suspect because we have seen them being used most by scam brokers. In fact, many of the scam companies use Vload as their main — or only — payment gateway. Since this broker targets European customers, the fact that it offers trading bonuses makes it clear that it is a scammer.
This is because brokers are banned from offering trading bonuses since they come attached with very unfair conditions. And sure enough, BTC Markets too offers bonuses with unfair trading conditions. You will not be allowed to withdraw your funds until you have reached a trading turnover of 30 times your original deposit plus the bonus given by the broker.
This kind a target is almost impossible to meet, which means that you will end up not being able to withdraw your funds at all. BTC Markets also has indemnification clauses put in place. These are clauses that protect the broker from legal consequences in case their clients suffer losses when using their trading platform.
The platform provides reasonable fees for trades, deposits, and withdrawals, and boasts a large user base and trading volumes. It is difficult for anyone outside of Australia to use the exchange, which is something the site does intentionally.
BTC Markets intends to keep its scope small and narrow, focusing on specifics rather than catering to everyone. BTC Markets offers options that enable both sophisticated and novice traders to have a pleasant experience. BTC Markets offers support for many digital assets and trading pairs. BTC Markets might ask for personal data, which is typical of all exchanges. They request this information to cut down on fraudulent activities and money laundering. Sharing personal information is never ideal; however, BTC Markets is a site that submits to Australian rules and regulations.
That means you can rest assured that your data and funds are protected and safe. See their fees here. If your primary reason for using BTC Markets is due to the fiat currency they accept Australian Dollars , you might consider looking elsewhere.
There are cheaper alternatives that accept AUD. Essentially, trading one digital asset for another is 0. If your focus is on trades using fiat currency for cryptocurrency or high-volume trading, then you should consider sticking with BTC Markets.
While these trades begin at 0. By comparison, Coinbase charges 3. Thus, Australians experience low fees, even though the exchange is only available to a local market. The following limits apply when using the platform:. If you need limits that are higher than what the platform offers, you can request to have them increased. Confirm the transaction and organization information, then submit the payment.
The second way you can fund your account is through Bpay. Bpay is a reliable and secure method through which you can deposit monies into BTC Markets. Depositing via Bpay is free.
When the essential information is provided, submit your payment and wait for your funds to arrive. The basic trading page offers a chart that shows volume and recent price information. Located above the chart are price stats, which show you the valuation of specific digital assets. On the left side of the screen is the Buy option, which automatically fills in the market price of your preferred cryptocurrency.
Like some other exchanges, BTC Markets tells you the current price and allows you to spend that amount or choose not to. However, the exchange also offers a limit order selection, which you can use to create an order when the price changes.
That means BTC Markets will fill the order if the market price drops to your desired level. Like many other exchanges, BTC Markets offers support through an online support page that answers commonly asked questions.
If you have a more specific problem, the exchange does have a ticketing system you can use. These types of issues result in direct responses by the BTC Markets customer support team.
Most user reviews complain that the exchange does not offer phone or chat support, which would come in handy when users have questions or issues that could be handled quickly. Identity verification makes the exchange safer. For even more security, it is highly recommended that all account holders enable two-factor authentication 2FA.