Description
UpdateWelcome to Australia's first established Bitcoin trading marketplace. We offer a secure and reliable trading platform for professional investors, businesses and anyone interested in buying or selling Bitcoins.
Reviews
Write a reviewChris - September 16, 2017
They force you through ridiculous verification process whereby supposedly a letter from melbourne to adelaide takes 10 days to deliver (and no, this is not just an in-case - it really seems to take 10 days). And then you discover that the *only method* for deposits in AUD is through 'POLi' payments, which ask you to enter your real bank customer login and password.They attempt to use the name of australia post, to make this sound legitimate - from their site:
"We offer the services of Australia Post's POLi Payments"
However, just ask the banks if they think it is OK for their customers to be entering their login details to the POLi site:
(from wikipedia - https://en.wikipedia.org/wiki/POLi_Payments )
Although POLi Payments stresses that security is a high priority for POLi,[11][12] concerns remain regarding exposing the user's banking credentials to POLi, and liability for fraudulent transactions.[13][14][15]
ASB Bank, one of New Zealand's largest banks, has responded to POLi with a release stating that POLi is "spoofing/mirroring" their on-line banking pages and capturing customer information, and "due to the serious security and fraud risks" recommending that their customers not use it.[16][17][18] The release also claims that ASB has asked POLi to remove support for ASB customers from their service. POLi responded to the ASB advisory with an announcement, refuting the claims,[19] and apparently reverting the version of the payment system.[16]
ANZ New Zealand,[20] Bank of New Zealand,[21] Kiwibank,[22] Commonwealth Bank,[23] Westpac[24] and Police Bank[25] are also warning customers against using POLi. ANZ and Kiwibank have further advised that use of POLi invalidated the bank's online guarantee, potentially making the customer liable for any losses if their online banking account were to be compromised.[22] POLi's terms and conditions note "We are not making any representation that we or POLi™ have the approval or, an affiliation with, or any licence from or agreement with your financial institution to operate or make POLi™ available for use by you."[26]
Unlike payments via credit cards, payments made via POLi are not able to be reversed by the bank.[27][28]
Brett Hyland - September 8, 2017
Poli Payment? Are you serious?What kind of idiotic website for trading offers you only one way to deposit money and through some ridiculous half arsed payment system that only works on some banks?
John - August 28, 2017
They had to send me a verification letter from Melbourne to Melbourne. Person in support claims it was sent on the 19th today is the 28th still no letter. Today was advised it was re sent and to wait another 10 days before contacting.Very shady company. No names on replies, very rude.
Johno - August 25, 2017
While I think btcmarkets is one of the easiest to trade on sadly the fees are ridiculous... literally makes shorting impossible. initially you lose 1.5% to a buy n sell cycle.. 25k in and ive only lowered it to 1.3% .. that's way to-much when competitors are offering .1% and .2%.I had no choice but to take my coins to a competitor :/
Albert - August 1, 2017
I've been using BTC Markets for about 9 months now and I'm very happy with their user updates, their simplicity of use and fairness of transaction costs and behaviours. Their site interaction is also quite simple, not overdone and I believe having all the graphs at your disposal - a very welcome aesthetic as well as functional also. Depositing/withdrawing money is straightforward and pretty quick. API availability is a nice touch also. I am also quite happy with the security side of things, plenty of verification and 2-factor authentication without impacting the user experience too much. As for Mark's review, I'm betting that he probably has no idea how bitcoin transactions work; it takes time to perform a transaction (i.e. the movement of btc from the exchange's wallet to his own personal wallet) needs confirmation via 'mining'. Only once verified onto the blockchain is it a 'confirmed' transaction. Of course this speed of transaction due to higher load increase from people interested in bitcoin is precisely why the bitcoin platform is being upgraded via UASF/UAHF to be able to perform faster transactions (one of a couple of reasons). He probably should update his 1-star review because that verification process has probably been resolved within a couple of mins/hours at the very least.
Ed - June 29, 2017
Started using BTC Markets for 2 weeks, easy to set up and deposit funds using POLI, GUI is pretty straight forward, API available if you wish to plug it into a google sheets like I do.2 Ethereums withdrawals so far, first attempt was really fast, transaction appeared on block chain within 5 minutes.
The second attempt was a little bit delayed. So I made a withdrawal request for Ethers to MyEtherWallet, after a shot while I received confirmation that the transaction has been processed and should appear on blockchain within minutes, I waited for a few hours and it didn't appear so I contacted support thru Facebook and managed to get it resolved within a hour Kudos to them. It turned out the traffic was high at that period and the system missed my transaction, but the support team was very professional and hence I highly recommend BTCMarkets.
The only con that I can think of is the lack of a mobile app for trading.
Cheers!
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One Happy Chappy - June 1, 2017
I've been using BTC Markets for 3 years now. In Australia they offer much better competitive prices to purchase BTC than other Aussie exchanges such as CoinJar (which I formerly used). On top of that they only charge a trading fee of 0.85%. When depositing BTC so that I can sell it and withdraw AUD it takes 3 confirmations (about 25-40 minutes). When I withdraw to my bank account (during business hours), the funds were received that same business day. I'm currently depositing AUD so I can purchase some more BTC, and awaiting the funds to appear in my account.
Not sure what's up with the bad reviews written above though. David, who wrote about an unconfirmed transaction sounds like a newbie. At least 3 confirmations are required. Far less than some other sites that require 7 confirmations. Prior to a confirmation it is supposed to say unconfirmed! I'm assuming he's never heard of the Proverb that says "...haste leads to poverty", and "patience is a virtue".
Also, addressing Shaniqua. I've read clause 14 (Termination) of BTC Market's Terms of Service (TOS). Based on that I'm guessing he was doing some pretty dodgy stuff. Here's some of the things from BTC Market's TOS copied and pasted:
(1) attempts to gain unauthorized access to the Platform or another User's Account or providing assistance to others attempting to do so; (2) overcoming software security features limiting use of or protecting any content; (3) usage of the Platform to perform illegal activities such as money laundering, terrorism financing, paying of ransomware or other criminal activities, (4) violations of these Terms; (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties; or (7) requests by law enforcement or other government agencies.
So. If you're having second thoughts about using them, don't. Look at other site's reviews, you'll soon find out they're fair dinkum!!!
David - May 9, 2017
Deposited $2,000 with them today and bought bitcoin. I then set up a withdrawal. The withdrawal is now an unconfirmed transaction. Essentially I have now lost my bitcoins. I have sent numerous emails to BTC Markets with no response. A shocking way to deal with a customer. I will never be using them again.
shaniqua - March 27, 2017
wow, after 3 years of making a business money. what a pest.As part of our ongoing risk management program, we regularly review our customers. As part of this review we have concluded that we are unable to continue to provide services to you. In accordance with clause 14 (Termination) in our Terms of Service we are therefore giving you 30 days notice of our decision to close your account.
Unless you request us to close your account sooner, your account will be automatically closed on 26/04/2017. Please ensure you have withdrawn all of your funds by this date. Sorry we are not able to give any further information as to why your account has been closed.
As always, you can reply to any email from us to get in touch with us.
Sincerely,
BTC Markets Team
Bob - February 18, 2017
5/5
