CRYPTOPIA Review 2018
Cryptopia is a New Zealand-based cryptocurrencies exchange that offers both a platform for trading Bitcoin and hundreds of other cryptocurrencies as well as some innovative additional services. Founded in 2014 by Adam Clark and Rob Dawson, the company is located in Christchurch but operates internationally. However, the New Zealand Dollar (NZD) is the only fiat currency supported by the exchange and needs to be transferred from a New Zealand bank account.
- Cryptopia Platform
- Cryptopia Deposit and Withdrawal Options
- Cryptopia Privacy and Security
- Cryptopia Customer Support
- Cryptopia Pros and Cons
The exchange does, however, offer a limited range of cryptocurrency/fiat currency pair trading by using ‘Tether’ cryptocurrencies connected to fiat currencies. For example, the USDT cryptocurrency is based on the Bitcoin platform and is pegged to the cost of the USD, as well as being backed by physical reserves of the currency. So trading a cryptocurrency/USDT pair is the equivalent of trading against the price of USD.
We closed the Marketplace on 29th April 2018. There are plans in the roadmap to launch a new and improved version of the Marketplace to ensure our users can continue to buy and sell products using cryptocurrencies. We do not have a date at this stage, but when we do it will be announced via the Cryptopia Twitter Account.
Cryptopia is designed to allow cryptocurrency traders to do as much as possible within the environment of the Cryptopia platform. As well as the exchange itself, Cryptopia provides a ‘marketplace’ where users can buy or sell any goods and services they choose – something like an eBay for cryptocurrency payment.
An ‘arbitrage’ feature is also provided, which allows users to compare current rates being offered on other exchanges. This is a particularly useful feature in cryptocurrency markets as there is not yet any set methodology for fixing spot prices so they are based on current supply and demand on the particular exchange at any given moment. Buyers and sellers should always check prices on the exchange are roughly in line with averages on other major exchanges before confirming an order as while generally they are similar at certain moments more significant divergence can occur.
The exchange also includes a nice ‘chat’ feature which adds an element of community and allows traders to swap thoughts and ideas on cryptocurrency markets.
Crytopia’s biggest single strength is the variety of different cryptocurrencies and altcoins that can be traded on the exchange. Over 400 different crypto tokens are currently available to trade and more are added all the time. New cryptocurrencies can apply to be listed on Cryptopia, though a fee is charged to cover the cost of the exchange conducting a due diligence process before approving or declining a new token’s listing as a tradable market. Until recently Ethereum was a major omission in the cryptocurrencies supported on Cryptopia. Personal attitudes of the founders were the reason behind the Ethereum embargo but that’s clearly now been resolved and it is available on the exchange at present.
The exchange’s trading interface takes a little time to get used to and is not the most intuitive option available to beginners. This is to a large extent necessitated by the large number of different cryptocurrency markets it offers.
Cryptopia Deposit and Withdrawal Options
Currently New Zealand dollar deposits and withdrawals are suspended due to issues with banking service provision for NZDT. We are working closely with our banking partners and hope to resume NZ dollar deposit and withdrawal services as soon as possible. Finding a solution is a high priority and we will notify our community as soon as there are further developments. The NZDT market is still open onCryptopia and can be used to trade, just not to deposit/withdraw at this time.
Anyone who doesn’t have a New Zealand bank account will have to fund an account with cryptocurrency funds held elsewhere. This is done in the same way as any cryptocurrency transfer and a user simply transfers cryptocurrencies from another wallet to their wallet address on the exchange. Withdrawals are processed in the same way. Cryptopia does not charge a fee on deposits or withdrawals but the Blockchain network of the crypto being transferred will subtract the service fee for miners to verify the transactions.
Transactions conducted over the Cryptopia exchange are charged at 0.2% of the overall value.
Cryptopia Privacy and Security
A ‘Level 1’ Cryptopia account can be opened with only email verification so privacy can be maintained if a concern for users. Level 1 accounts only allow cryptocurrency-denominated deposits and withdrawals from and to cryptocurrency wallet addresses, with the value of withdrawals limited to $5000 NZD a day.
A ‘Level 2’ account, which increases the daily withdrawals limit to $50,000 NZD a day and allows the option for the account to be funded from a New Zealand bank account with NZD fiat funds, also requires the holder to provide a copy of a government-issued form of photographic ID and proof of address.
Accounts and wallets are protected by a range of two-factor authentication options which include hardware ‘dongles’. There is, however, limited information available in terms of the security architecture employed to protect the exchange itself from hacking and/or cold storage buffers protecting funds held on it.
Cryptopia Customer Support
Customer support is provided via an email ‘ticketing’ system and a phone line or live chat options are not currently available. A fairly extensive FAQ section, as well as the community chat on the exchange, should mean most issues can be resolved without the user having to resort to customer support. In adduition, Cryptopia implemented a new and more comprehensive Help Centre.
Cryptopia Pros and Cons
- Over 400 different cryptocurrencies available
- USD and NZD fiat currencies trading available through Tether formats
- 2-factor authentication account security
- New Zealand based and solid reputation
- No know hacking attacks to date
- Only users with a New Zealand bank account can fund their exchange account with fiat currency
- Lack of information available on exchange’s security architecture
- Exchange could have a more intuitive design and usability
How do I make a deposit into a Cryptopia Account?
There is a simple step-by-step process that lets you choose a cryptocurrency to fund an account with and transfer it in. New Zealand bank account holders can also transfer NZD which is converted into NZDT for use on the exchange.
Does Cryptopia charge for account withdrawals?
No, the only cost associated with a withdrawal will be the Blockchain service fee on the transfer
How much does it cost to trade cryptocurrencies on Cryptopia?
Transactions made over the Cryptopia exchange are charged at 0.2%
Do I need to provide ID or other personal information to open an account on Cryptopia?
Level 1 accounts on Cryptopia, which only facilitate cryptocurrency deposits and withdrawals, with a maximum daily value of $5000 NZD require only email address verification. Level 2 accounts that can be funded from a New Zealand bank account and have a daily withdrawal value ceiling of $50,000 NZD require a government-issued photographic ID and proof of address.
- Bitcoin Cash
- Bitcoin Gold
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man