Cryptopia is a regulated trading exchange based in Christchurch, New Zealand, which was launched in 2014 by Adam Clark and Rob Dawson, and registered with the New Zealand Government under the name Cryptopia Limited. It centers mainly on creating an entirely immersive cryptocurrency experience for traders, making it a hub for trading, news, and information.
As portrayed in its official registration information, Cryptopia is a software development service. Cryptopia does not have any claims as a financial service.
This exchange gives a gateway to the world of cryptocurrencies for New Zealanders, as it offers them the ability to deposit local fiat currency. Unlike Australia-based exchanges such as CoinTree, Cryptopia does have a more global focus.
One of Cryptopia’s most famous feature is the peer-to-peer cryptocurrency exchange it offers. According to the trading volume data, it frequently ranks between 50 and 60 for the top digital currency exchanges. Although other exchanges are unquestionably more famous for the most common digital coins, like BTC, Cryptopia’s widespread cryptocurrency support makes it perfect for anyone who is looking to expand his portfolio beyond BTC, Ether and Litecoin. The sheer amount of altcoins offered by Cryptopia is impressive to say the least. It is likely you will find nearly any cryptocurrency you search for on Cryptopia.
There is much to enjoy about this exchange. Apart from the extensive selection of altcoins, the platform offers an added functionality of forums and a unique marketplace.
As said earlier, Cryptopia is a decentralized peer-to-peer exchnage. So, unlike some exchanges where transactions go through the exchange itself, all trades are carried out directly with the other users.
To make Cryptopia stand out, it also has a marketplace that allows you to buy, sell, or trade nearly anything by using digital currency. This is an unusual blend in the cryptocurrency world and an answer to something that the market needs.
There are three levels of account verification on Cryptopia, and you can easily get a level 1 verification with just a confirmation of your email address. All you need to do is register your email address and have it confirmed by clicking on the confirmation link that you will get some seconds after submitting the request. You should note that accounts with level 1 verification would have a daily withdrawal limit of NZD 5,000
However, level two verification includes giving an ID, your full name, your address, and a photo of yourself holding the ID. The daily withdrawal limits increase to NZD 50,000 once tier 2 verification is complete. Level 3 account verification, on the other hand, will demand proof of your address, a written statement explaining why you need higher limits, and a photo of you and your handwritten Cryptopia username. The limits can be raised to NZD 500,000 with this verification. You must, however, have two-factor authentication, which is not compulsory for other verification levels.
Cryptopia offers a little bit complicated trading platform. For an experienced trader who has dealt with a lot of trading platforms, it should be by no means overly complicated. However, it is not beginner-friendly.
The charting offered on the platform is nothing special. It is, in fact, slightly more inferior to the offers rendered even by some other cryptocurrency exchanges, let alone an excellent forex trading platform, like MetaTrader4. The order book and order placement modules are awkwardly placed in the bottom.
The financial instruments are conveniently distributed despite their vast number, and the list is placed on the left side of the platform. This box can be substituted with a chat-box, called ‘Troll box.’ It may not provide the most necessary information, but in case of an issue, you will likely get help from some users.
Cryptopia’s market-trade fee is a static 0.20% for every trade, which is pretty reasonable, and it is around the industry standard. There is no stated withdrawal fee. However, depending on which blockchain you use, it can still become a costly experience. Bitcoin withdrawal will cost you a high rate of around 0.002 BTC or 35 USD or 50 NZD.
Placing a withdraw 1 BTC for instance, will incur a charge of 0.00080000 BTC, and the total bitcoin that will be transferred to your wallet will be a total of 0.99920000 BTC. There is no fee charged on deposits since it comes from the wallet of your choice.
Deposits and Withdrawals
Cryptopia allows all traders to make cryptocurrency transfers. Apart from that, New Zealand citizens, who have verified their identity can deposit and withdraw funds through bank transfer. This is an excellent mix between an altcoin focused company and an entry-level service.
Is Crytopia Safe?
Generally, Cryptopia is a relatively secured exchange, as is does not share personal information, and it uses an HTTPS security certificate. The Cryptopia team regularly ensures that the platform is always secure. They, however, warn that information sent over the internet cannot be completely secure. Therefore, this exchange highly recommends using two-factor verification (2FA) improve your security.
As said earlier, the 2FA is required on the highest level of account verification. It also demands users have strong passwords.
Because this exchange has a wide base of users, there is much of indication that Cryptopia can be trusted. Its consumer guarantees follow New Zealand law, which is pretty confidence-inspiring. And furthermore, it has an active presence on social media.