BTC Markets vs Coinbase | Optimal Exchange For Australians?
Jack Moreau
Aug 2024
8 min read
Fact checked
BTC Markets vs Coinbase: We've done a thorough comparison of both exchanges, taking into account factors such as fees, ease of use, product range, deposit methods and more. Keep reading to find out which exchange is the best choice for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
BTC Markets was founded in 2013 by Caroline Bowler and is a registered Digital Currency Exchange with AUSTRAC. BTC Markets is a smaller company with over 20 employees based in Richmond, Victoria and only available for Australian citizens.
BTC markets exchange
BTC Markets is the first Australian owned and operated exchange that has grown to over 320,000 Australian users. The exchange has focused on creating a simple to use exchange that makes it easy for new crypto investors to buy and sell cryptocurrencies.
The exchange offers a small range of 30 plus well known cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, Algorand, and is also available on Android and IOS where it has 5,000 downloads.
BTC markets app
Coinbase was founded even earlier than BTC Markets in 2012 by Brian Armstrong and Fred Ehrsa and is registered in the United States. Coinbase has over 5000+ employees and is available in over 100 countries.
Coinbase exchange
Coinbase is a leading exchange and wallet service known for its user-friendly interface, security, and regulatory compliance.
The platform supports over 240 cryptocurrencies, including Bitcoin, Ethereum, Solana, Ripple along with multiple fiat currencies. Coinbase offers a range of services, such as spot trading, recurring buys, staking, and Coinbase learn and earn, NFTs and more.
The exchange caters to both retail and institutional investors with its advanced trading platform, Coinbase Pro. Coinbase is of course available on both Android and IOS where it has 10 million downloads and 4.1 star rating with ovre 750,000 reviews.
Coinbase app
BTC Markets vs Coinbase Signup & KYC
When it comes to creating an account on BTC Markets, users should be aware that the process is a bit more lengthy than on some other exchanges. To access the platform, users must complete both the signup and KYC procedures at once.
BTC markets signup & KYC
Another important thing to note is that BTC Markets is only available to Australian residents. Citizens from outside jurisdictions will not be able to sign up to the exchange.
Coinbase has a much quicker signup process. It only takes about a minute to complete as users only need to enter full name, email and password.
Coinbase signup
However, KYC is still required on Coinbase and users will need to submit their documents for verification. This process typically takes a few minutes to complete for users and a few hours to verify for Coinbase.
KYC is thus required by both BTC Markets and Coinbase with the one big difference being that BTC Markets is only available for Australians while Coinbase is available to users in over 100 countries.
BTC Markets vs Coinbase Products & Services
Coinbase is one of the biggest exchange in the world with over 100 million users with product and services crafted to suit beginners and institutional clients.
Coinbase USPs
Despite its vast offerings, Coinbase is bound by strict U.S. regulations which limits its ability to offer high-risk products like 100X leverage found in many offshore exchanges.
While this reduces the appeal for professional traders, it also simplifies the platform for beginners by making it more easy to navigate.
Coinbase Dashboard
The platform offers two user experiences in the regular Coinbase interface and the Advanced version.
The regular interface is designed for ease of use, catering to those new to the crypto world, while the Advanced interface is tailored for experienced traders, offering more complex trading options.
Coinbase Buy & Sell
Coinbase enables trading in over 240 different cryptocurrencies and users can trade through a user-friendly buy-and-sell feature for beginners or via spot trading in the Advanced section.
Coinbase Spot Trading
For those looking to steadily invest over time, Coinbase provides a recurring buy feature so that users can implement a DCA strategy.
Recently, Coinbase has expanded its offerings to include BTC and ETH futures, along with perpetual contracts for a range of cryptocurrencies including BTC, ETH, LTC, SOL, XRP, and AVAX, offering up to 5X leverage.
Coinbase Crypto Futures
Despite being a top-three exchange in terms of 24/7 spot trading volumes, Coinbase is less prominent in the futures market.
Coinbase Trading Volumes
For users interested in earning interest on their holdings, Coinbase currently offers an attractive 5% interest rate on USDC.
Coinbase Earn
Additionally, the platform has introduced a unique learn-and-earn program, where users can gain knowledge about various blockchain projects and earn tokens as rewards.
Coinbase Learn
Expanding into the world of digital collectibles, Coinbase has developed its own NFT platform so that its users can easily mint, explore, buy, and sell NFTs on blockchains like Ethereum, Base, and Polygon.
Coinbase NFTs
To bridge the gap between cryptocurrency and everyday transactions, Coinbase offers a Visa Card, enabling users to spend their crypto or cash (USD) and earn rewards on their spending.
Coinbase Visa Card
For those seeking a non-custodial approach to crypto, the Coinbase Wallet offers a solution. This wallet allows users to store and manage cryptocurrencies across blockchains such as Bitcoin, Ethereum, Solana, and others.
Coinbase Wallet
Coinbase has also introduced the Coinbase One Membership, priced at $29.99 per month, which grants users access to zero-fee trades, enhanced staking rewards, and priority support.
Coinbase One Membership
As a public company in the United States, Coinbase adheres to strict regulations and accountability standards, making it a highly secure platform for trading and custody.
Coinbase Institutions
This security aspect is particularly appealing to large institutions like BlackRock and Grayscale, who trade or hold a wide range of crypto assets through Coinbase.
Coinbase Prime
Coinbase Prime offers high-net-worth individuals and institutions access to advanced trading, financing solutions, cold storage, staking services, and more, emphasizing the platform's commitment to serving a diverse range of clients.
On the other hand, BTC Markets charges a maker fee of -0.05% for BTC market pairs and 0.2% for takers.
For AUD market pairs, the trading fee begins at 0.85% and can be lowered based on 30-day trading volumes. This means that BTC Markets offers a more competitive fee structure than Coinbase.
It's worth noting that both exchanges offer discounts for high volume traders. Coinbase's trading fees can be lowered if monthly trade volumes exceed $10,000, while BTC Markets' minimum threshold to begin paying lower fees starts at trading volumes that exceed $500 AUD per month.
BTC markets trading fees
Overall, while Coinbase may be more well-known, BTC Markets offers a more competitive fee structure for those that trade with BTC as their trading pair. For those that buy and sell using AUD, they would be better of using Coinbase which offers a lower maker and taker fee.
When it comes to deposit methods, BTC Markets and Coinbase both offer a variety of options to their users. Let's take a closer look at what each exchange has to offer.
BTC Markets supports fiat currency deposits in AUD, as well as deposits in over 30 different cryptocurrencies.
For those looking to deposit AUD, BTC Markets offers free deposits via BPay or OSKO payments. And for those looking to deposit crypto, the process is completely free of charge.
On the other hand, Coinbase offers fiat currency deposits in USD, EUR, and GBP. Deposits can be made via ACH, Wire (USD), SEPA (EUR), and Swift (GBP). ACH deposits are free of charge, while wire deposits incur a $10 USD fee.
Coinbase fiat deposits
SEPA deposits come with a 0.15 EUR fee, while Swift deposits are free of charge. For those using wire deposits with Coinbase, there is a $10 USD fee, while SEPA deposits come with a 0.15 EUR fee.
So while BTC Markets is more focused on the Australian market and offers a wider range of cryptocurrencies for deposit, Coinbase offers a greater variety of fiat currencies and deposit methods, making it a great choice for users around the world.
When it comes to withdrawing funds from BTC Markets, users can enjoy free AUD withdrawals via BPay and OSKO.
But if you want to withdraw well-known cryptocurrencies like Bitcoin, Ethereum, Solana, and ERC-20 USDT, you'll need to pay fees of 0.0003 BTC, 0.005 ETH, 0.01 SOL, and 7 USDT respectively. These are decently low withdrawal fees for cryptocurrencies.
Coinbase once more offers a wider variety than BTC markets with fiat withdrawal methods including ACH, Wire, SEPA, and Swift. ACH withdrawals are free, while wire withdrawals cost $25 USD. SEPA withdrawals cost 0.15 EUR and Swift withdrawals cost 1 GBP.
Coinbase withdrawal fees
For those that wish to withdraw their coins from Coinbase, they will need to pay a fee of 0.0002 BTC for Bitcoin withdrawals and 0.000768 ETH to withdraw their Ethereum. While BTC Markets only allows AUD withdrawals, Coinbase offers withdrawals in several different currencies.
In conclusion, while BTC Markets is only available to Australian residents, Coinbase is accessible to users around the world.
Both exchanges require KYC from their users but the signup and KYC process on Coinbase is quicker, and available to many more users around the world.
Both exchanges offer beginner friendly platforms but Coinbase offers many more products and services than BTC markets and a wider range of over 200 cryptocurrencies compared to only 30 offer by BTC markets.
In terms of trading fees, Coinbase has lower trading fees than BTC markets unless users buy and sell with BTC on BTC Markets.
In that event, the trading fees are 0.2% which is lower than Coinbase's maker fee of 0.4%.
When it comes to fiat deposits and withdrawals, Coinbase offers more variety than BTC markets both in terms of fiat currencies and deposit methods.
Whereas Coinbase supports USD, EUR and GBP, BTC markets only supports deposits of AUD.
The choice between BTC Markets and Coinbase will depend on individual preferences and needs.
BTC Markets may be a better option for Australian residents that are looking for a very basic exchange, while Coinbase is more suitable for users that are looking for a more versatile exchange overall.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
