Cryptopia Review: Platform Security Features
What is Cryptopia
Cryptopia is a New Zealand cryptocurrency exchange that has become quite popular in the second half of 2017 during the rapid growth of the cryptocurrency market. The platform specializes in low-capitalization altcoins and offers almost the largest selection of trading assets in the entire industry. Moreover, in February 2018, the exchange supported almost 500 cryptocurrencies.
This is one of the most innovative and fastest-growing platforms. In addition to the ability to trade cryptocurrency, the site has a number of additional features, including a message board, forum, and much more.
How Does Cryptopia Exchange Work
Registration for Cryptopia has no geographical restrictions. To start the process of opening an account, you just need to click on the sign “Registration” in the upper right corner of the site. After that, the standard filling form will appear.
Unfortunately, Cryptopia Exchange does not support fixed deposit and withdrawal methods. The closest options are transfers via USDT (Tether) with NZED (New Zealand Dollar Teter). The remaining cases of transfers occur using cryptocurrencies. To enter funds, you just need to go to the Deposits tab, select the desired currency, generate an address for receiving a transaction and complete it.
How To Trade On Cryptopia
Cryptopia in terms of the number of available cryptocurrencies and trading pairs is one of the leaders among all the well-known exchanges on the market. The platform supports more than 500 coins and tokens.
To conduct trading on the site, you will need to go to the “Exchange” tab and then to the “Markets”. Next, you will need to select one of the listed pairs or enter the name of the desired cryptocurrency in the Search Markets field in the upper left corner. A chart with Japanese candles and the main trading functionality will appear. Below are the fields for buying and selling cryptocurrencies, order points, a list of active user orders and their history.
The trading commission on Cryptopia is the same for sellers and buyers alike – 0.2%. Its size is fixed and does not depend on the user’s trading volume.
Is Cryptopia Safe?
The exchange website uses an SSL certificate, and when you log in or have suspicious activity on your account, you will need to solve the captcha. Basic security tools for users:
- Two-factor authentication
They can be tied to various operations on the exchange: authorization, deposit, and withdrawal of funds, tips and blocking.
Cryptopia has no stories with DDOS or hacker attacks. However, some users complain about hacking their accounts. Perhaps this is due to the fact that the platform does not require the inclusion of two-factor authentication and PIN codes can easily be picked up on phishing sites or with viruses.
Cryptopia is not just a cryptocurrency trading platform. It has a number of additional functions and is also considered to be a crypto community in some way.
Advantages of the Cryptopia exchange: it supports more than 500 cryptocurrencies, promising altcoins and coins with low capital. The site has a simple and intuitive interface, forum and chat for communication with other users. Their additional services include a tip, a bulletin board and their own store (Paytopia). Moreover, there is no need to pass the test for work and additional security tools. The platform has a standard trading commission and the ability to work through a public or private API.
Disadvantages of the platform: they have a long time for processing applications, long feedback from support, various wallets can be disabled, sometimes there are delays in the transfer and high fees for withdrawing funds. There were also cases of hacking accounts on the platform.
Unfortunately, the Cryptopia cryptocurrency exchange is officially gone. After a hack in early 2019, the platform announced the termination of operations and liquidation of the company.
In mid-May, Cryptopia stopped trading on the website and reported that a hack in January 2019 made a great impact on the company’s financial situation.