Improving our trading platform

Dear Customers,

In the past few months our customer base has increased dramatically showing unprecedented growth and community interest in blockchain technology. This rapid growth has presented operational challenges for all exchanges, including BTC Markets. We anticipate this trend will continue, so we are working hard to meet the demand and improve the customer experience on the BTC Markets platform. We remind our customers to take caution when trading in highly volatile markets and that unanticipated events can have major market effects. Please trade responsibly and understand the risks involved.

ADCA – Code of Conduct

ADCA developed the Australian Digital Currency Industry Code of Conduct as a tool to help Australian consumers identify digital currency businesses that have best-practice standards in place. Digital currency businesses that are certified by ADCA must prove to independent auditors that they meet the rigorous standards set by the Code. An external auditor confirms that each item in a checklist of code compliance obligations has been satisfied. We have completed an external audit and are currently in the process of finishing off the final recommendations of the audit. Our compliance team has been working very hard to meet the obligations of the code of conduct and we hope to be fully certified Jan/Feb 2018.

Support Team

Increased interest for trading blockchain assets with BTC Markets has led to heightened stress on our support team and infrastructure. Major activity and new users mean more support tickets and man-hours spent resolving them. To meet this demand, we have more than doubled the size of our support team and will continue to expand as required to meet our previous customer satisfaction levels. Finding and hiring talented trustworthy support staff is not an easy or quick process, especially in our line of business. All new staff are trained on the technical and regulatory nature of a rapidly evolving industry. We must also ensure the security of our system and operations at every level. This requires thorough and proper screening of new employees and creating secure working environments for our staff.

Regulation and Onboarding

In anticipation of falling under AML/CTF Act regulation, we verify the identity of our users, their source of funds, and the purpose of their transactions as they occur on our platform. If users want to increase their limit, they must provide more information. We use this information to calculate a risk score. That score determines how we manage and mitigate a users risk. This will soon be required by the AML/CTF act and we take our compliance obligations very seriously. We make efforts to build a culture of compliance for our organisation. Often the on boarding process may require manual intervention or a letter to be sent. We are aware of the negative impact these delays can have on verifying your BTC Markets account. We are doing our best to work with our verification partner to improve automation whilst keeping private information protected in line with our Privacy Policy.

Our compliance team also needs to review and approve limit increases and often the checks for the source of funds is a manual process. We are aware of delays associated with limit increases and may we kindly ask that you do not submit limit increases via support as they are unable to resolve these tickets. Currently limit increases can only be submitted via the website and are subject to a compliance check.

Deposits and Withdrawals (Approved processing)

All of our transactions are monitored and if required we red flag certain transactions for specific activity to ensure the safety of your funds. While we are not able to provide the reasoning for red flags without compromising the integrity of the system, we want to advise how our efforts to keep our platform safe and secure may result in delays on deposits and withdrawals. For example, when our system detects suspicious activity, the resolution requires a human to follow up. As we increase our customer base,  more red flags are triggered resulting in more follow ups. Some of these flags have already benefited compromised accounts, protecting customer funds for users that did not have two-factor authentication enabled on their account. As tempting as it is to rush these systems, we should be made aware that large financial institutions have spent years fine-tuning their suspicious activity detection and transaction monitoring. Our rapid growth may not allow us time to fine-tune our systems, but we can learn from their experience in this area.

As we make improvements to our platform, we kindly ask that our users do not submit repeat support tickets. Most of our open tickets consist of duplicates. Repeat tickets increase our backlog and response time. It also creates more work as support have to manually consolidate the duplicates. Duplicate tickets needlessly slows resolution not only of your ticket, but of all other outstanding tickets.

We have experienced a very challenging and extremely exciting 2017.  We would like to wish all of our community a happy new year. Without your support we would not be here today. We have some exciting announcements to make in the near future, for what promises to be an extremely exciting 2018 for blockchain and the community.


BTC Markets Support Team

26 thoughts on “Improving our trading platform

    • I joined BTC in early September before all this craze happened. New investors have to realise we are still in the early stages of crypto and there will be hiccups and tech issues along the way. BTC are doing their best with the backlog and it’s important to intensly screen newbies and the growing employees on their site. Do we want BTC to be hacked because they were forced to rush through applications?Damned if they do and damned if they don’t. In the short term they could restrict new applications for a maybe a week until they catch up. I’m reading their facebook page and blimey are people getting heated up! Cheers community members and have a great New Year!

      • I take my hat off to BTC. The amount of stupid comments on their facebook is astounding. One guy tweeted, emailed, sent tickets and made numerous comments on FB over the fact his BPAY had not gone through after he deposted it on Dec 30th. Do these people ever read the small print? Normally takes two business days and possibly more if there is a public holiday. I deposited mine at the same time and it went through yesterday and guess what? So did this guys as he reported. These are the time wasters who are clogging up the system for other genuine people who are not seeing deposits since mid December. Nervous nellies or weak hands who celebrate when everything goes well and blame others when things don’t. I sincerely feel for traders who have waited and are still waiting for transactions to go through. Cryptocurriences are not for the faint hearted as many of these Newbies are finding out.
        Thankyou BTC and looking forward to a exciting New Year

      • I concur with Juliet. BTC-M is doing a great job under what must be difficult circumstances. Thanks guys and girls – you have our backs. Where did that phrase come from anyway !?!

  1. If you cant manage more new members don’t accept them till you have the staff to deal with the demand. If a coin is having issues with deposits or withdrawals make an announcement so we don’t have the ripple incident again where people lost money. Your in a sensitive field dealing with peoples money that is heavily attached to them emotionally.

    I wish your team a smooth operation to help us all operate in a safe and secure environment but i have been burnt and lost money due to your hiccups so I am applying caution and also using other exchanges due to this.

      • BTC Markets want to score customers “risk” level inhouse + record why a person wants to buy crypto? Wow… no wonder I am flooded with orders… keep it up boys!!! We would never dare do this unless it was the law…. what next? drive 60km in a 100km zone in anticipation that the Govt. will change the speed zone sign in 6 months? wow….

    • Well said Sab. Totally agree, when a business tries to expand too quickly beyond their infrastructure/support capacity, it could have the effect of irreversible reputation lost. It is better to slow down and ensure existing services can be provided satisfactorily. When that is done properly, words will spread and the demand would still be there waiting at the doors when they are able to accept all demands.

      • I agree with everyones comments here. BTC need to catch up and sort things out before allowing new investors in. The crypto market is volatile enough without the added emotional turmoil from frustrated traders who I can sympathise with. It sure sucks losing money. BTC reputation will only get stronger if they apply the brakes now. Good Luck

    • Sab – what other exchanges can Australians use to buy bit currency at good rates perhaps US rates? I tried a few e.g. Coinspot – too expensive, Binance, too fiddly to even register (process keep spinning – no confirmation of reg eing complete), a few that I did get through dont offer the option of XRP, or the payment/deposit option didnt use PayPal or bank account or CC only cash or Poli. Any ideas for Aussies? And now I cant login into BTC even though I have reset my password 10 times and it keeps giving me “incorrect password” error. I have lodged a BTC support enquiry on this.

  2. Great work to everyone involved in improving the system. And I agree with Sab that a temporary suspension of new account creation would help greatly in solving current backlog and prepare you for any improvement roll out. Bitfinex does this as well and they do tell you when the next round of registration is open again so customer knows when to expect.

  3. thanks i’ve never had a problem with any services you provide..will you be picking up another alt coin at any stage soon? FUN would be handy to support the online gambling and gaming market.

    • It’s only a matter of time till you run into an issue where manual intervention is required from BTCmarkets. Good luck getting your issue resolved in a timely manner. They need to stop accepting new users till the existing backlog is taken care of.

  4. Thanks guys and girls for all that you are doing. I concur with the others- we need to put human beings back front center with this and other technologies. Tell your managers the customers are saying , ‘no need to rush’ 😉

  5. If you cant serve your existing clients, STOP ACCEPTING NEW USERS. Simple as that. Don’t be greedy and try to gain market share you cant serve TODAY. Or else, you will go the ways of poloniex and cryptsy

  6. Maybe, in your auto replies, say something that you are experiencing high volumes of deposits and withdrawals and include a revised ETA. That would ease the my mind somewhat. I’ve lost money because of your delays.

  7. I agree, please stop new users come on board and at least reply to your support tickets.
    Also you need to fix ability to withdrawl funds, its been over a week for me and i still haven’t got my money thats not good enough to be classified as a broker

  8. As a newcomer to crypto trading, the whole exchange game appears extremely dodgy. The best way for you guys to address that perception is with information. I suggest that you frequently broadcast the current status of any issue/backlog that is causing users distress with ETAs on expected resolution as frequently as possible. I would be a lot more loyal to an exchange that is being up front with what’s going on with my money.

    Also, your support ticket system needs to provide a lot more feedback. Once a ticket goes into the queue no one knows what is going to happen with it. I.E. I’ve put a couple of support requests in, the issue has been resolved but I’ve seen no ‘Your ticket has been closed’ emails. So I don’t know if my issues have been resolved by a human or by luck/time. Your users need to trust your support ticket system otherwise they are just going to whinge on twitter/facebook instead.

  9. I suggest that you get better bandwidth for your website during the buying/selling frenzies.

    Several times this year I’ve been unable to connect to webpage to sell/buy because of this.

    With more users, it will only get worse.

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