Is BTC Markets safe?

The short answer.

Safety

3.5/5 Mostly cold storage and ISO 27001, but a 2020 email breach exposed about 270,000 customers.

Regulation

3.5/5 AUSTRAC-registered; no AFSL covered in this review.

Worth knowing

• The 0.85% entry rate is higher than several other exchanges' starting rates.
• Quick Buy/Sell is fee-free on paper, but the spread is built into the price.
• In 2020 an email error exposed the names and email addresses of about 270,000 customers to other customers.

Ratings are Nodora’s own, from published sources, and are not a guarantee. A good rating does not protect you from scams, lost passwords or a falling market.

Security, regulation and the 2020 email error

BTC Markets says it was founded in 2013, is registered with AUSTRAC and certified to ISO 27001, and keeps client crypto in a mix of hot and cold wallets, with encrypted cold storage held off-site in several locations.

In December 2020, a bulk email sent by mistake put customers' names and email addresses in the visible recipient field. About 270,000 customers were affected, each seeing up to 999 other customers' details. The company said no passwords were exposed, reported the breach to the Office of the Australian Information Commissioner and urged customers to use two-factor authentication. Exposed email lists can be used for targeted phishing, so stay alert to messages that look like they're from any exchange.

How to protect yourself on any exchange.

1. Turn on two-factor authentication

   Use an authenticator app instead of SMS where the exchange offers it.

2. Check the web address

   Fake login pages are the most common way accounts are emptied. Type the address yourself or use a bookmark. How to spot crypto scams ↗

3. Do not store everything on an exchange

   Coins you plan to hold for years are safer in a wallet you control. Wallet security guide ↗

4. Test withdrawals early

   Send a small amount out before you need to move a large one, so you know the limits, fees and delays.

How BTC Markets compares on safety.

Our safety and regulation ratings for all 13 exchanges, highest combined score first.

1. 1CoinbaseSafety 4 · Regulation 4.5 · Details4.25
2. 2CoinSpotSafety 4 · Regulation 4.5 · Details4.25
3. 3Crypto.comSafety 4 · Regulation 4 · Details4
4. 4CoinJarSafety 4 · Regulation 3.5 · Details3.75
5. 5Independent ReserveSafety 4 · Regulation 3.5 · Details3.75
6. 6SwyftxSafety 4 · Regulation 3.5 · Details3.75
7. 7BTC MarketsSafety 3.5 · Regulation 3.5 · Full review3.5
8. 8KrakenSafety 4 · Regulation 3 · Details3.5
9. 9OKXSafety 3.5 · Regulation 2.5 · Details3
10. 10Digital SurgeSafety 2 · Regulation 3.5 · Details2.75
11. 11BinanceSafety 3 · Regulation 2 · Details2.5
12. 12KuCoinSafety 3 · Regulation 1.5 · Details2.25
13. 13BybitSafety 1.5 · Regulation 2.5 · Details2

Common questions.

Is BTC Markets safe?

BTC Markets says it is AUSTRAC-registered, ISO 27001 certified and uses a mix of hot and cold storage. Those measures reduce some risks, but no exchange is risk-free. It also had a 2020 email error that exposed customers' names and email addresses, though no passwords.

Next steps.

Visit BTC Markets ↗Official site