Ethereum

BTC Markets has been supporting the Ethereum chain and its updates since Ethereum commenced in 2015. If you are holding ETH, your assets will remain safe before, during and after the Merge. 

What are BTC Markets doing to support the ETH Merge? 

As the date of the ETH Merge is not fixed, BTC Markets are carefully tracking updates within the crypto community and have the team on standby to support necessary activities at the time of the Merge. 


To manage any instability in the network, BTC Markets will suspend deposits and withdrawals of ETH and ERC-20 tokens for a short time before and after the Merge, which is forecast to occur on the 15th of September 2022. 


It is possible that the ETH Merge will result in a hard fork, leading to the existence of two chains. A snapshot of ETH balances will be taken at the time of the Merge, so that if there is a split, we can effectively distribute the new token to our clients. Further updates will be provided should two viable chains emerge. 


Clients of BTC Markets will still be able to trade ETH and ERC-20 tokens during this period. 


We will keep you up to date via announcements on our social media pages and direct emails. 

What is a hard fork and what does it mean for me? 


There are two possible outcomes should a fork occur following the Merge:

 If the PoS chain is supported by most of the community, and there is little support for a PoW forked chain, only one chain will remain.


 If the Merge is contentious, and there is continued support for the current proof of work consensus mechanism, it is possible that two viable ETH chains will emerge, and a new token will be created. For this reason, BTC Markets will take a snapshot of all ETH holdings at the time of the Merge. We will then credit clients for the new chain, based on the snapshot of ETH at the time of the fork expected to occur on the 15th of September 2022. 

Your ETH private keys will remain secure on BTC Markets during this time. 


 Clients can trade ETH and ERC 20 tokens on the exchange during this period. However, if the chain forks, we cannot guarantee what fork of ETH your trades will ultimately relate to. Please remember, ETH and ERC-20 deposits and withdrawals will be disabled ahead of and during the Merge. 


 If you want to continue to deposit and withdraw your ETH, you may send your tokens to a platform maintaining these services. Please be advised that this action may expose you to a higher level of risk. 

Preparing for Ethereum's Merge as a BTC Markets Client

ETH Merge date is anticipated for 15th September 2022

The network is transitioning from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism

The Merge is expected to reduce Ethereum's energy consumption by ~99.95%

Customers do not need to take any action to participate in the Merge

BTC Markets will monitor activity at the time of the Merge and evaluate any possible forks

"The Ethereum network move from proof-of-work to proof-of-stake consensus mechanism has been compared to changing a plane's engine mid-flight. It is hard to work in technology and not be thrilled by this audacious undertaking, so near completion"

After years of planning and development, the Ethereum Mainnet is anticipated to migrate from its existing PoW consensus mechanism to its new PoS validation structure on 15th September 2022. The Merge, announced by 

 will improve the scalability and sustainability of the Ethereum network. In this article, we will explore some of the basic concepts of Ethereum, the significance of this Merge, and the impact it may have on you as a holder of ETH.

Ethereum is a programmable blockchain, which is a software platform that can be re-coded to build new uses for the technology. The network’s digital asset, Ether (ETH), is the second largest by market capitalisation.

Ethereum has a feature called smart contracts. A smart contract automatically executes the terms of an agreed contract, without the need for any third party. It is useful for many industries, including e-commerce, e-gaming, and financial services.

, the “Mainnet is the primary public Ethereum (ETH) production blockchain, where actual-value transactions occur on the distributed ledger. When people and exchanges discuss ETH prices, they're talking about Mainnet ETH.”

The Mainnet currently operates on a PoW consensus mechanism that enables the Ethereum network to agree on things like the order of transactions or account balances. This avoids the possibility of double spending, and ensures that the Ethereum blockchain is very secure.

PoW relates to the underlying process that miners undertake to add valid blocks to the blockchain. As more blocks are added and the blockchain gets longer, the work gets harder. This means miners need to consume larger amounts of computing power to validate new blocks, which in turn is very energy intensive and not very sustainable.

The Beacon Chain is Ethereum's new PoS blockchain, and has been described by 

 as the “spine that supports the entire Ethereum 2.0 system”. Like Mainnet, the Beacon Chain is the consensus mechanism of the network, responsible for creating new blocks, validating them, and rewarding validators with ETH for keeping the network secure.

It was deployed in December 2020 and has been running parallel to Ethereum’s Mainnet, confirming on-chain data, but through the PoS consensus mechanism. Running the chain separately, allowing for the identification of bugs or development issues prior to the Merge.

Being a PoS network, the Beacon Chain uses less energy than the PoW protocol (~99.95% less), as transactions and blocks can be approved quicker without the need to solve complex equations. Blocks on a PoS chain are said to be ‘forged’ as opposed to ‘mined’.

The Beacon Chain has been in operation for 19 months, testing its integrations through the various networks that Ethereum has deployed. Most recently they completed a Merge on the Goreli testnet on August 12th, 2022 - the largest of Ethereum’s test networks. This signalled the final hurdle before a Mainnet migration can occur, which is anticipated to take place on the 15th of September 2022.

Around 15th September 2022 (at TTD 58750000000000000000000), data held on the Mainnet (the existing PoW consensus protocol on Ethereum) will be merged with the Beacon Chain, and the new PoS consensus will become the engine for block production on Ethereum. After the Merge has successfully taken place, mining will no longer be the means of producing valid blocks on the network, and all future block validation will be processed through PoS.

No history is lost from the blockchain. As Mainnet gets merged with the Beacon Chain, so too will the entire transactional history of Ethereum.

The move to a PoS consensus mechanism will provide the Ethereum network with heightened security, reduce energy consumption (by 99.95%* due to less computational power) and provide greater scalability opportunities not currently available under PoW e.g. sharding; a feature that makes data transfers and accessibility faster and more efficient for layer 2 rollups. Caroline Bowler stated, "The Merge is said to be the first of five major improvements to the Ethereum network. Vitalik Buterin is quoted as saying this will move the network from 40% to 55% completed".

PoS also allows ETH holders to earn crypto rewards through staking. Ethereum staking rewards are earned by setting up an individual node or delegating your ETH to a pool. By participating in staking, you assist in the validation of the Ethereum blockchain, further securing the network. The Ethereum network offers ETH as a reward for doing this.

Setting up your own pool requires 32 ETH, but if that’s not feasible, you can join a staking pool. More information on staking can be found on 

.

Unfortunately, due to the Australian regulatory requirement to hold a managed investment scheme license, BTC Markets is not currently able to support pooled staking for any asset. We will continue to monitor the regulatory landscape while we investigate alternative earning opportunities for our customers.

Will the Merge Impact Ethereum Token Holders? 

As a holder of Ethereum, there is nothing you need to do with your funds or wallet ahead of the Merge. There is no upgrade to an “ETH2” token, and any funds held before the Merge will still be accessible after it is complete.

It’s important to remain vigilant as scammers may attempt to target users unaware of how the Merge will be executed. Do not engage with notifications asking you to redeem, swap, or send ETH for “ETH2”, or any offers from others to act on your behalf to prepare you for the Merge.

There is some community speculation of a new Ethereum token due to a hard (contentious) fork following the Merge. BTC Markets will monitor activity at the time of the Merge and if a hard fork occurs, evaluate the impact on the network. To manage network risk, BTC Markets will suspend ETH and all ERC_20 token deposits and withdrawals a couple of hours before the Merge. This freeze will remain in place until the Merge is complete and the network is stable. We will keep our customers informed via our social media channels (

) during the event.

A small number of exchanges have listed ETHS and ETHW tokens as pre-emptive tokens in the event a hard fork occurs, and two chains emerge as viable. However, these pre-emptive tokens are not endorsed by the Ethereum Foundation.

Please always check reputable sources, such as Ethereum.org, for official releases and guidance.

What does the Industry Expect to Happen to Ethereum Post-Merge? 

, Ethereum could become worthy of institutional investments and adoption post-Merge. The report suggests that crypto could go the way of futures and exchange-traded funds as companies look to diversify their holdings into the crypto landscape.

BTC Markets is excited about what the upcoming Merge will do for the Ethereum blockchain and the impact it will have on the broader crypto ecosystem. 

If you have any further questions, please contact our 

The Ethereum Merge is Coming

Quick order buttons are now available in the latest version of the mobile app. Download it now from the 

If you love using the app, please don't forget to give us a 5* rating via the app stores.

- automatically populates the volume and price field (if applicable) using your total available balance and the price of the top ask (sell) order in the order book.

 - automatically populates the volume and price field (if applicable) using your total available balance and the price of the top bid (buy) order in the order book.

 - automatically populates the price field based on the price of the top ask (sell) order in the order book (not available for market orders, as price is already based on best market price).

- automatically populates the price field based on the price of the top bid (buy) order in the order book (not available for market orders, as the price is market price).

The quick order buttons are available via the Buy/Sell navigation tab. 

 Users must be logged into their account to access this feature.

Other updated included in this latest release:

Improved error logging and minor bug fixes

User watch list (favourite markets) retention

If you have any issues, feedback or suggestions for our mobile app, please let us know via our 

New Mobile App Feature: Quick Order Buttons

Dealing with crypto taxes can be complex at the best of times, that's why at BTC Markets we suggest that our customers engage a tax professional to help them with their reporting.

This year, we have partnered with a number of the very best tax professionals out there, and have negotiated some amazing discounts for BTC Markets customers.

 when you sign-up using the BTC Markets discount code before 31st July 2022.

CryptoTaxCalculator Discount Code: BTCM30

NB: This offer has now been extended until 31st October 2022.

 tax report by using the BTC Markets discount code before 31st July 2022 (existing and new customers). 

The first 100 BTC Markets customers to pay for a Koinly report using the BTC Markets discount code get their report for FREE!*

*This offer cannot to be used in conjunction with any other Koinly offer, is one use per customer, and excludes Koinly CPA and B2B customers.



 by using the BTC Markets discount link when you start automating your crypto tax reporting with 

 quote by advising that you're a BTC Markets customer.

 when you sign-up using the BTC Markets discount code: BTCMKT30 before 31st December 2022.

If you need assistance on how to integrate with these tools, please see our 

Tax Tool Partner Discounts

After nearly 18 months of hard work leading the regulatory charge and engaging the Australian Securities and Investments Commission (ASIC) in robust and productive discussions, we are incredibly proud to announce that we have successfully applied for and received a full Australian Financial Services License (AFSL) via our sister company, BTCM Payments, making us the first crypto exchange in Australia to successfully navigate this process.

The AFSL is currently focused on non-cash payment products and general advice, however additional variations may be made to the license over time. This will enable BTC Markets to further bridge the crypto and traditional finance gap and offer new and innovative products to our customers.

BTC Markets CEO Caroline Bowler said: “We are incredibly pleased and proud to be the first crypto exchange in Australia to go through a full AFSL application process via our sister company, BTCM Payments. This follows nearly 18 months of engagement with ASIC.

“Our preference has always been to own our own AFSL rather than buying an existing one from a license holder. We’re now the masters of our own destiny – we have a clean slate and full control over the AFSL. It also readies our organisation for impending Australian regulation which we will welcome in due course. Our AFSL will sit alongside our ISO certification and work for SOC 2 compliance.”

This follows a number of strategic announcements in the last twelve months including a trading arrangement with online broker SelfWealth in February this year; and most recently a deal with Mastercard in March.

We have also successfully obtained professional indemnity insurance, which to date has proved challenging for businesses operating in the cryptocurrency market in Australia.

“We have really seen over the past twelve months the cryptocurrency landscape in Australia grow and evolve and we are now, more than ever, committed to ensuring that we stay at the forefront of the industry.”

“From BTC Markets’ point of view, it’s about understanding the needs of our Australian consumers seeking to access crypto safely and securely,” Ms Bowler added.

“From an industry perspective, we’re seeking to demonstrate how crypto can sit alongside traditional finance to seamlessly work together in a financially inclusive future”.

Sister Company, BTCM Payments, Granted AFSL

The new BTC Markets app is here! Buy, sell & trade crypto on the go

The team at BTC Markets have been working hard to provide our customers with a mobile app to trade and manage their crypto portfolio on the go. We’re excited to announce that it’s finally here!

We wanted to ensure that when we released this, it echoed the speed and reliability of our desktop platform that is core to our exchange and that you as our customers rely on.

With the new BTC Markets mobile app, you’ll be able to trade crypto anytime, anywhere!

The BTC Markets app has a range of features, including:

Deposit AUD to your account instantly via Osko or through BPAY, or you can deposit crypto from external wallets to start trading cryptocurrency.

You can buy and sell cryptocurrency quickly and easily with our Simple Buy/Sell feature, or place more sophisticated orders with our Advanced settings, including:

Limit: Place a buy or sell order at a specific price.

Market: Buy or sell at the best available price.

Stop Limit: Place a buy or sell limit order once a specific price is met.

Keep track of cryptocurrency prices and market movements easily on the BTC Markets app and personalise which tokens you want to watch with our Watch list feature.

View your portfolio’s holdings, values, total equity, trade history, and buy/sell order status all in one easy view.

Enjoy easy and secure ongoing access to your account using PIN, or your device's inbuilt biometric security.

With BTC Markets, your account security is our top priority. The app has the same industry-recognised, best security standards that we implement on our web app, including SSO login with two-factor authentication (2FA), personal data encryption, internal control limits, and off-site cold wallet storage.

Two-factor authentication and rate limits

Building an app is a journey, and a continuous one at that. This means that although this is our first official release of the app, it doesn’t mean our work ends here. Your feedback is crucial and will influence the future direction of the apps design and functionality, while helping improve your experience and the experience of many others.

Please leave feedback via the "provide feedback" button on the accounts screen about what features you'd like to see, or report any issues you encounter.

BTC Markets Blog

Preparing for Ethereum's Merge as a BTC Markets Client

The Ethereum Merge is Coming

New Mobile App Feature: Quick Order Buttons

Tax Tool Partner Discounts

Sister Company, BTCM Payments, Granted AFSL

Introducing: The BTC Markets Mobile App