Zipmex cryptocurrency exchange review
|Product Name||Zipmex Cryptocurrency Exchange|
|Fiat Currencies||USD, SGD|
|Cryptocurrencies||BTC, ETH, XRP, LTC, BCH, USDT, USDC, GOLD, C8P, LINK & 10+ more|
For USD: 25 USD
For SGD: 0.3%
Cryptocurrency: Fees vary
For USD: 25 USD (minimum withdrawal 30 USD)
For SGD: 0.3% (minimum withdrawal 10 SGD)
About the Finder exclusive bonus
Zipmex Finder exclusive terms and conditions: Zipmex will pay the one-off bonus to eligible customers via an airdrop each Tuesday from 12 October 2021. That means you’ll typically get your bonus the Tuesday after you’re approved.
What is Zipmex?
Zipmex is a Singapore-based digital assets exchange offering fast trades, high liquidity and a wide selection of crypto commodities that can be traded 24/7.
On top of its advanced trading facilities and charting tools, Zipmex customers can also benefit from the convenience of trading with local fiat currency and earn competitive interest on selected crypto, with rates up to 10.5% APY.
Zipmex is currently operating in Singapore, Australia, Indonesia and Thailand.
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD, SGD
- Supported cryptocurrencies: Approximately 21 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
What’s it like to use Zipmex?
What is the ZipUp program?
ZipUp is an interest-bearing savings program that offers attractive daily interest rates on selected digital assets you hold with Zipmex, such as Bitcoin(BTC), Ethereum(ETH), Tether (USDT) and more.
The account charges no subscription fees (withdrawal fees apply) and has no lock-in period.
ZipUp membership tiers
ZipUp offers three membership tiers and offers varying interest rates. Each tier requires you to hold a minimum number of ZMT tokens in your Zipmex wallet for a 90-day fixed term:
|Amount of ZMT tokens in Zipmex wallet||Less than 100||Below 20,000||20,000 or more|
Annual percentage yield (APY)
Here’s the overview of the APY you’ll earn for different digital currencies based on your ZipUp membership tiers, as of 24 August 2021:
|Zipmex token (ZMT)||8.5%||8.5%||10.5%|
|USD Coin (USDC)||8.5%||8.5%||10.5%|
In order to start trading and enjoy higher limits with Zipmex, you’d need to undergo KYC verification:
- Registered. All new users will start off with this default tier after account registration and email confirmation.
- Basic KYC. To deposit, withdraw and trade in digital currency, you’ll need to upgrade your verification tier to ‘Basic KYC’, which will require the submission of an updated selfie, as well as identification documents (e.g. valid government-issued ID, driver’s license or passport).
- Enhanced KYC. To enjoy higher deposit and withdrawal limits, you can obtain the ‘Enhanced KYC’ status by submitting the following documents:
- Bank statements from the past three months
- Proof of residential address (e.g. credit card statements, telco/utility bills, tax invoice, letters from government bodies etc)
Fees and limits
The fees below are accurate as of August 23, 2021.
Platform trading fees
|Membership tier||Maker fees||Taker fees|
Deposit and withdrawal fees
|Fiat currency||Withdrawal fee|
|SGD||0.3%, 10 SGD minimum|
|USD||25 USD, 30 USD minimum|
Deposit and withdrawal limits
|Verification tier||Daily deposit limit||Daily withdrawal limit|
How fast will my funds be available?
Fiat deposit times will vary depending on the currency and your bank.
Cryptocurrency deposits can take a few minutes, depending on the cryptocurrency.
Fiat currency withdrawal times vary depending on the bank and currency.
Cryptocurrency withdrawals can take a few minutes, depending on the cryptocurrency.
Is Zipmex safe to use?
- Regulation. Zipmex operates as an exempt entity from the Monetary Authority of Singapore (MAS) under the Payment Services (Exemption for Specified Period) Regulations 2019. It also partners with BitGo as its custodian for digital assets, which insures the digital assets stored on its custody wallet with coverage up to US$100 million.
- Verification process. Zipmex requires user identity verification for fiat currency deposits, withdrawals and trading. Crypto-to-crypto deposits, withdrawals and trading are available with email confirmation only.
- Security features. Zipmex recommends 2-factor authentication for your Zipmex account as well as the email address you’ve used to register your account. Zipmex says it uses an “overlapping security structure”. There are no known instances of Zipmex being hacked.
Zipmex has a comprehensive support centre that covers most of the common FAQs regarding its fees and services.
If you have any other enquiries, you may also contact the support team through:
- Live chat. Available 24/7 on Zipmex’s website
- Contact form. You may send your enquiry through Zipmex’s online form or drop an email at email@example.com
How do I create an account at Zipmex?
What else do I need to know about Zipmex?
Singapore-based Zipmex first opened its doors in 2019.
Zipmex was built by prominent figures in the Australasian business community. The Zipmex CEO and co-founder is Marcus Lim, founder of Australian online marketplace Oneflare, and a winner of the Anthill Entrepreneur Award and the Deloitte APAC Fast 500.
Its advisory board includes the former Stock Exchange Thailand chairman and the vice minister to the deputy prime minister of Thailand.
In a nutshell
- Aggregated liquidity. Zipmex aggregates liquidity from global markets and OTC desks.
- High-speed trading. Zipmex says its platform can process 1.4 million trades per second.
- Fiat currency support. Zipmex offers USD and SGD fiat currency trading options.
- Very simple fee structure. Zipmex has a very straightforward fee structure: 0.2% trading fees and nominal deposit/withdrawal fees, with slightly lower fees for ZipMember and ZipCrew accounts.
- Fee discounts. Zipmex offers discounted fee tiers for holders of Zipmex’s token ZMT who attain ZipMember and ZipCrew tiers.
- Limited cryptocurrency selection. Zipmex offers 21 cryptocurrencies including BTC, ETH, XRP, XLM and LTC.
Ready to sign up?