Cryptopia Exchange Review
Cryptopia Cryptocurrency Review
Trust Score: 9/10
Cryptopia is a cryptocurrency exchange that is run and operated from New Zealand. Originally founded by Adam Clark and Rob Dawson, this exchange was launched in 2014 and since that time it has slowly developed into a quality little exchange that has many benefits over its competitors.
One of those benefits is the sheer amount of coins that it lists for users to buy, sell and trade. There are literally hundreds of them with many of them not being listed in many other exchanges at all.
They do also have some of the bigger names as well such as Bitcoin, Litecoin, DASH and DOGE but to this day they have never listed Ethereum. The latter is certainly bewildering due to listing just about any other coin available but at the end of the day – this is completely up to them and we are sure that they have their own reasons.
What you might also like about Cryptopia, is the fact that it is not just an exchange but so much more. There is a marketplace that will allow you to sell all types of items for the many cryptocurrencies they support and they also like to educate their users on the complicated aspects of cryptocurrencies and trading such as mining.
If we have wet your appetite and you are looking to learn more about Cryptopia, you would be advised to read through this review to learn even more about this exchange.
Mobile App & API
Cryptopia does not currently have a standalone app for either Android, iOS or Windows 10 and we feel it is unlikely there will be any in the near future. If they were going to go down that route, they would have done so by now.
This might be disappointing for those of you that like to access your exchange via mobile but the site is still mobile-friendly. Mobile users will just have to access the site via the web browser on their device.
Cryptopia does have both public and private API’s however, which means developers out there can easily integrate this platform into their own applications.
- Mobile-friendly site
- Public and private API’s
The number of coins offered by Cryptopia is definitely where it is able to stand out – even among some of the more popular and larger exchanges out there. There are more than 400 cryptocurrencies in actual fact, a number that we do not think can be beaten by anybody.
Many of these cryptocurrencies are either new, unknown or not considered big enough to other exchanges and therefore not listed. This is good news for those of you that believe in some of these currencies and want to get in there before anyone else.
You will also have many of the big names in the crypto world so can expect to see Bitcoin, Litecoin, Neo, Ripple, Doge, Dash and Hexx. As we touched upon in the introduction to this review, however, is despite having so many coins and altcoins, they have stayed well clear of Ethereum which is arguably one of the biggest.
A full list of the coins supported by Cryptopia can be found here.
Trading on Cryptopia is all done against the BTC, NZDT, LTC and DOGE.
- Large selection of coins
- Variety of alt-coins
Registering & Verifying at Cryptopia
When you decide to give Cryptopia a try and decide to create an account, the process is not too different to any other exchange. You simply go to www.Cryptopia.co.nz and click on the register button.
Here you will be asked to create a username, password and to provide an email address. You will then be asked to check your email for a verification link which you will then have to click in order for your email to be verified.
There are three separate levels of verification on Cryptopia:
- Level 1 – This is the basic account that needs nothing more than email verification much like we explained above. With this level, you will be able to withdraw or transfer up to $5,000 NZD or the equivalent in cryptocurrencies per day.
- Level 2 – if you require those limits to be higher, you apply for level 2 verification. With this level, you will be able to withdraw or transfer the equivalent of $50,000 NZD per day. Applying and verifying your account for this level can be done by going to this address.
You will need to provide details and documents that will verify your name, address and identity. Usually, this will require a picture of a government-issued ID, a utility bill and a selfie of you holding your ID.
- Level 3 – Getting verified to the top level on Cryptopia will allow you to transfer or withdraw up to $500,000 NZD per day. This will require further verification which includes a written statement explaining your reasons for needing such a large limit, bank statement and another selfie with your ID but this time also holding a piece of paper with your Cryptopia username on it.
Another requirement for level 3 is that you must have opted in to use the 2-factor authentication for all aspects of your account on Cryptopia.
It should be noted that getting verified for level 2 and 3 can take up to two weeks to be completed.
Depositing & Withdrawing on Cryptopia
The process of making deposits, withdrawals and transfers on Cryptopia is fairly easy, especially once you have performed them a few times. It always pays to be careful as it does with any other exchange though. You should always understand the specific currencies, their rates and amounts before sending and double or even triple checking them are always recommended.
Depositing on Cryptopia is also fairly straightforward once you have created an account. Users simply have to choose the desired currency they wish to deposit after clicking deposit from the drop-down menu.
You will then be given a deposit address that you can use from your own wallet to transfer the currency into Cryptopia.
As for withdrawing, this is very similar apart from you obviously first select ‘withdraw’ from that drop-down menu and select the currency you wish to take out. You then simply put in the amount of the currency that you wish to withdraw and then add the address of your personal wallet.
It is important that you do not get ‘transferring’ confused with ‘withdrawing’. The latter is sending the money to your personal wallet while the former is transferring to another user account on Cryptopia. The process of transferring is very similar and this time requires you to search for the verified user before selecting them and the amount and currency that you wish to transfer to their account.
- Quick & Easy Deposits, Withdrawals and Transfers
- Can be performed using most crypto-wallets
Cryptopia Trading, Marketplace & Other Features
There are a number of services and features that Cryptopia provides for its users and not just their trading platform. Rather than being an exchange they offer up a selection of features that allow them to stand out from the competition.
- Trading Tools
At first glance, the trading platform and interface might look a little confusing – especially to beginners. However, Cryptopia does provide a host of informative forum posts that will help you with every aspect.
There is no margin trading available on Cryptopia, which is disappointing as you can only complete limit trades. These can also take some to be filled due to the low trading volume on this exchange.
There is certainly more than enough for traders to do but more advanced trading features would be very welcome. That being said, with so many cryptocurrencies to exchange, this exchange will certainly become popular with many.
Cryptopia has actually been quite innovative with some of their features that can be found outside of their trading platform. One of these is a marketplace where you can actually sell anything that you want in exchange for cryptocurrencies. In much the same way as sites like eBay, you simply create a posting that explains what you are selling and how much you want for it.
Other users can then simply purchase what you have put on offer by sending you the currency and the amount that you requested.
Understanding the concept of mining is one of those things that can be a turn of for those looking to get into cryptocurrencies. It is not essential to understanding it all but it does give users a much greater level of understanding about what this sector is all about.
To help their users understand these concepts better, they provide a number of excellent solutions that will cater to everyone from beginners to the more-experienced.
Accepted Payment Methods
The only fiat currency accepted on Cryptopia is that of the New Zealand Dollar, so only those with a New Zealand bank account will be able to transfer this currency to Cryptopia. They do however accept a ton of cryptocurrency transfers.
You can always use a different exchange to convert your fiat currencies into cryptocurrencies and then transfer those on to the exchange.
Those that do have a New Zealand bank account will have to have their identity verified before they can do bank transfers to Cryptopia.
- Accepts New Zealand Dollar
- All Kinds of Cryptocurrencies Accepted
Cryptopia ranks about average when it comes to fees but it is certainly not among the cheapest exchanges in this regard. That does not mean it is among the most expensive either but it does mean that you will be able to find others out there that are far more competitive.
Cryptopia charges a flat 0.20% fee for all transactions.
There are no restrictions at Cryptopia when it comes to accepting residents from other countries outside of New Zealand. Only residents of New Zealand will be able to move fiat currencies on and off the exchange but non-residents will know that using other exchanges to convert their currencies into cryptocurrencies before returning will be a get-around for this.
- No country restrictions
- Only NZD accepted as fiat currency
If you ever have any issues on Cryptopia that you cannot find the answer in the forums or F.A.Q section, you have two methods in which you can get in touch with customer support.
- Support Ticket – You can log into your account and create a support ticket detailing your issues. You will receive a reply to the email that you registered for the exchange.
- Email – if you are unable to log into your account for whatever reason, you can also get in touch with them via a number of different emails. The standard one is firstname.lastname@example.org but there are other addresses should you have problems with your 2-factor authentication or have a locked account.
With regards to safety on Cryptopia, they seem to do everything they can to protect their exchange and the accounts of their users. This includes a host of withdrawal confirmations and the recommendation that their users take advantage of their customized two-factor authentication software.
Probably not ideal for beginners and aimed more at those that have a rough idea of what they are doing, Cryptopia is an exchange that certainly has a lot going for it.
We would love for anyone to tell us an exchange that supports more Cryptocurrencies as we do not know of any if truth be told. Additionally, they have some innovative features such as their marketplace, Mineshaft mining solutions and they also allow customers to pay to host their own coins on the exchange.
There may be better options out there if trading is your main interest but even then, the sheer amount of currencies will certainly have you bookmarking this exchange for future use.
All in all, worth a try and we think that you will find Cryptopia an appealing exchange that will offer up plenty of features that you will like.