Adam Mathew is a writer for Finder, specialising in video games and TV. He's been the editor of magazines such as Ultimate Nintendo and Official PlayStation AU. His words may also be found in IGN, Gamespot, Kotaku, Red Bull, Game Informer and AusGamers.
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
Cryptopia in liquidation
In January 2019, the Cryptopia exchange suffered a major hack in which NZD$23 million was lost.
On May 15, 2019, all trading on Cryptopia was suspended as liquidators were appointed.
Cryptopia is NZ based exchange and trading site focused around cryptocurrencies. Traders can buy altcoins at whatever prices are being offered by other people on the platform and sell them for the price they think they’ll get.
It’s also possible to browse various sale listings and potentially buy almost anything from gift cards to headphones to a car with cryptocurrency.
One of the main benefits might be the ability to transfer bitcoin and other currencies between users free of charge, as it’s being passed through Cryptopia rather than along the blockchain. It also offers a range of features that you might find useful, including:
Marketplace: The marketplace for buying and selling listings with cryptocurrencies.
Arbitrage: An information section where you can see the prices of coins listed on other exchanges. This can help you pick out the listings with a better value for money and make more informed decisions.
Coin info: Up-to-date information on the more than 500 altcoins being traded at Cryptopia.
Paytopia: Cryptopia’s own products and services, including various promotional tools to use with your listings, available on per-month subscriptions and payable with Dotcoin.
Cryptopia is an entirely peer-to-peer exchange, so you’re buying straight from other users. Like eBay, Gumtree or other online marketplaces, you’ll potentially find some very competitive prices, but will probably also find some very bad offers.
Once you have done your research and considered the pros and cons, the first step to using Cryptopia is signing up and verifying your account.
How to get verified
There are three stages of verification.
Stage 1: By verifying only an email address, you can withdraw or transfer up to NZ$5,000 per 24-hour period.
Stage 2: By providing your full name and address, identification and a picture of yourself holding that ID, you can raise your withdrawal and transfer limits to NZ$50,000 per 24-hour period.
Stage 3: By providing all of the above, as well as proof of address, a photo of a paper with your Cryptopia username handwritten on it and a written statement about why you need limits above NZ$50,000 per day, you can raise your withdrawal and transfer limits to NZ$500,000 per 24-hour period. Two-factor authentication must be enabled for all parts of a stage 3 verified account.
Who can use Cryptopia?
Anyone with a verified account can use it from anywhere in the world. However, the only fiat currency it supports is New Zealand dollars, and you can only make bank transfers from New Zealand bank accounts.
If you want to deposit any fiat currency into the account, you’re going to have to be happy using New Zealand dollars. But if you’re only going to be using cryptocurrencies, then you can use Cryptopia from anywhere in the world without any issues.
How to get started, make transfers and trade
What currencies does Cryptopia support?
The only fiat currency Cryptopia supports is New Zealand dollars transferred from a New Zealand bank account.
However, it also supports an exceptionally wide range of cryptocurrencies. At the time of writing (November 2017), it had 548 different altcoins listed on the exchange. Naturally, this includes all the most prominent ones, like bitcoin, Ethereum and Bitcoin Cash.
There are two kinds of fees you’ll run into.
Exchange. There are fees for transferring cryptocurrencies from one wallet to another. The fees depend on the currencies being transferred and other factors.
Withdrawal. Transfer fees apply when withdrawing NZD from your account, as well as cryptocurrencies. When withdrawing cryptocurrencies, you’re essentially transferring them from the Cryptopia wallet to your own, so it’s also a transaction fee.
Notably, there are no fees for transferring altcoins between users on Cryptopia. This is because they’re staying in the Cryptopia wallet but simply allowing a different person access.
Accepted payment methods
The only fiat currency transfer method that Cryptopia accepts is from a New Zealand bank account. This needs to be done manually by requesting a transfer.
Withdrawing or depositing New Zealand dollars might take several days, depending on how quickly the transaction is approved, what time of day you submit the request and how busy it is at the time.
Your cryptocurrency transfer times will depend on the type of altcoin being transferred and how busy the network is, but it can be done in just a few minutes.
Your transfer limits will depend on your level of verification.
Safety, security and privacy
Cryptopia will not distribute any personal information it collects, except for the purposes related to the reason it was collected (like to verify your identity).
Cryptopia uses the expected HTTPS security certificate and generally takes all efforts to ensure the integrity and security of all data on the platform. However, it warns that no information sent on the Internet can be guaranteed to be 100% secure and offers its services at your own risk.
Nevertheless, Cryptopia has a large user base around the world, and many people find it trustworthy.
To assist your own security, it also recommends two-factor authentication (2FA) for all accounts and insists on it for level 3 verifications.
It also sells its own 2FA device for NZ$35 in the Paytopia section.
In January 2019 Cryptopia was hacked, and many customers lost funds. Since then, Cryptopia has proceeded with reimbursement plans for affected customers.
Customer service and contact
For support, such as reporting errors or requesting a bank transfer, you can send a support request ticket.
You can also get in touch with Cryptopia on social media, or use the forums or chat program provided to contact other users or ask questions through the site.
Pros and cons of Cryptopia
Offers that have the potential to be exceptionally good value for money.
You can send and receive cryptocurrencies from other users into your account without any transfer fees.
A wide range of products and services.
You can verify an account with email only.
Low to no fees.
Features like the arbitrage and marketplace.
Ability to buy, sell and trade an exceptionally wide range of cryptocurrencies.
Potential offers which are extremely bad value.
Can only make fiat currency transfers using NZD.
You might find an off-putting “Wild West” vibe.
No advanced trading features. It might be better suited to bargain hunters and one-off buyers and sellers rather than more serious traders.
Cryptopia is no longer trading. To find alternative venues, you can compare alternative exchanges.
The fees may primarily be to cover transfer costs. They can vary, though, and it’s not entirely clear whether or not Cryptopia also earns commission for its services.
Paytopia might be earning its revenue from selling merchandise and Paytopia transactions instead.
Cryptopia has a relatively large user base, provides an active social media presence and offers certain consumer guarantees in line with New Zealand law. It shows all signs of being legitimate but also offers its services on an “at-your-own-risk” basis. .
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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