Bitcoin's dramatic rise in value in captured the media's attention, but the currency isn't always safe from hackers, or even a failed hard drive. Consumer Reports looks at whether bitcoin is. This review of BTC Markets consists of four parts: general information, fees, deposit methods and security. General Information. BTC Markets is another cryptocurrency exchange headquartered in Australia – the land of kangaroos and koala bears. This exchange launched as early as in Dec 07, · Bitcoin futures markets will provide one of the safest ways to trade Bitcoin. Learn More About Bitcoin Trading No exchange, market, or product is percent secure.
How secure is btc marketsBest Places to Buy Bitcoin of
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. It creates an extra security layer that helps protect your account in the event someone with malicious intentions attempts to access it. BTC Markets creates another security layer by implementing a system of hot and cold wallets, along with encrypted wallets which it keeps off-site.
This system helps to spread its stored assets between several secured areas. The platform also uses advanced cybersecurity methods which help to ensure that your funds are protected against hackers. To protect your assets, BTC Markets holds a complete reserve of holdings which matches what customers currently hold on the platform.
Hourly audit reconciliations are performed on the site, as well as twice-daily cryptocurrency bank account and cold wallet match confirmations. It is also highly suggested that account holders move large quantities of digital currencies into an offline storage wallet. Funds in an online wallet are susceptible to attacks, no matter how secure the platform is. The GreenID section will request that you provide at least one form of government identification. BTC Markets will accept tenant agreements, bank statements, utility bills, vehicle registration, and other government-issued documentation as proof of residency.
If the platform does need more information, you will receive a separate email outlining what is required to verify your information. Respond with the requested information to receive confirmation that your account is approved.
Trading can be done via smartphone using the BTC Markets website, but doing so is challenging. This is a disappointing aspect of BTC Markets, given the popularity of mobile browsing and app integration. Currently, BTC Markets is intended for use by those who reside in Australia and are interested in buying, selling, and trading cryptocurrencies. BTC Markets does not provide a cryptocurrency wallet and recommends that users choose a third-party wallet to withdraw and manage their funds after trading on the exchange.
They specifically call out Electrum for Litecoin or Blockchain Wallet for Bitcoin, but there are many choices. Do some research on wallets and get educated on how to manage your wallets.
Though relatively new to the market and only available in Australia, BTC Markets is a powerful platform with good desktop usability and security. Independent Reserve Review. Best Crypto Exchanges for Australia. James is the main editor.
With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible. 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.
Regulated brokers are required to offer compensation to their clients in case they suffer losses due to services or products offered by the brokers. Everything about BTC Markets indicates that this broker is a scammer. It is unregulated and its trading conditions are unclear, as is the minimum deposit requirement. The payment gateways are highly suspect and the only asset you can trade is Bitcoin.
And lastly, this broker protects itself by adding numerous indemnification clauses. You should consider whether you can afford to take the high risk of losing your money. Save my name, email, and website in this browser for the next time I comment.
Try other platforms. Try these regulated brokers if you want to start trading cryptocurrencies. Plus Review - Regulated broker. Website URL: www. This leads us to the conclusion that this brokerage is operating without proper authorization. Start Trading Read Review. BTC Markets. User Experience 3. Payment Options 2. Security 2. Support 2. Reputation 2. Pros None. Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:.