This review was written in January 2018. Cryptopia is no longer trading, and the information here is not up to date.
| Product Name | Cryptopia Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | - |
| Cryptocurrencies | BTC, BCH, ETH, LTC, DOGE, NEO, XMR, POWR, DASH, PIVX, XEM, OMG, GNT, ZEN, NRG, SMART & 500+ more |
| Deposit Methods |
Cryptocurrency |
| Trading Fee | 0.2% |
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
Cryptopia is an all-in-one style 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:
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.
There are three stages of verification.
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.
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 has 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.
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.
The only fiat currency transfer method Cryptopia accepts transfers from a New Zealand bank account. This needs to be done manually by requesting a transfer.
Other than that, you can freely transfer cryptocurrencies between users, or make withdrawals and deposits from cryptocurrency wallets as usual.
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.
Cryptopia will not distribute any personal information it collects, except for the purposes related to the reason it was collected (ie, 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.
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, use the forums or chat program provided, to contact other users or make enquiries through the site.
Cryptopia is no longer trading. To find alternative venues, you can compare alternative exchanges.
Image source: Cryptopia
