Zipmex cryptocurrency exchange review

Find deep order books on Zipmex and instant trades, deposits and withdrawals to SGD and USD bank accounts.

  • Great for its high liquidity
  • Not so great if you’re looking for a large number of altcoins

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2

Fiat currencies

21

Cryptocurrencies

Details

Product Name Zipmex Cryptocurrency Exchange
Fiat Currencies USD, SGD
Cryptocurrencies BTC, ETH, XRP, LTC, BCH, USDT, USDC, GOLD, C8P, LINK & 10+ more
Deposit Methods Bank transfer
Cryptocurrency
Trading Fee 0.2%
Deposit Fees Cryptocurrency: None
For USD: 25 USD
For SGD: 0.3%
Withdrawal Fees Cryptocurrency: Fees vary
For USD: 25 USD (minimum withdrawal 30 USD)
For SGD: 0.3% (minimum withdrawal 10 SGD)
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Zipmex suspends withdrawals until further notice


“Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.”

Zipmex tweeted the above statement on 20 July, 2022.

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 14% 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
  • Cryptocurrency

What’s it like to use Zipmex?

What is the Zipmex Earn program?

Zipmex Earn 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.

There are two account types in which you can earn interest on your crypto assets:

  • ZipUp. Enjoy daily payouts on your digital assets with this flexible earnings account.
  • ZipLock. A fixed-term earnings account that offers higher earnings with stable rates. Each crypto asset will be subject to a minimum lock-up period of 45 days.

ZipMembership tiers

ZipMembership offers 5 tiers and offers varying interest rates. Each tier from VIP 1 to 4 requires you to hold a minimum number of ZMT tokens in your Zipmex wallet for the entire duration in which you’d like to maintain your tier status/level:

VIPVIP 1VIP 2VIP 3VIP 4
Amount of ZMT tokens in Zipmex walletLess than 1001001,0005,00020,000

Annual percentage yield (APY) with ZipUp

Here’s the overview of the APY you’ll earn for different digital currencies based on your ZipUp membership tiers, as of 17 November 2021:

Digital currencyVIPVIP 1VIP 2VIP 3VIP 4
Zipmex token (ZMT)6%6.75%7%7.5%8%
USD Coin (USDC)3%3.75%4%4.5%5%
Gold (GOLD)3%3.75%4%4.5%5%
Bitcoin (BTC)2%2.75%3%3.5%4%
Litecoin (LTC)2%2.75%3%3.5%4%
Ethereum (ETH)2%2.75%3%3.5%4%
Tether (USDT)2%2.75%3%3.5%4%

Annual percentage yield (APY) with ZipLock

Here’s the overview of the APY you’ll earn for different digital currencies based on your ZipLock membership tiers, as of 17 November 2021:

Digital currencyVIPVIP 1VIP 2VIP 3VIP 4
Zipmex token (ZMT)12%12.75%13%13.5%14%
USD Coin (USDC)9%9.75%10%10.5%11%
Bitcoin (BTC)4%4.75%5%5.5%6%
Ethereum (ETH)4%4.75%5%5.5%6%
Tether (USDT)4%4.75%5%5.5%6%
Litecoin (LTC)3%3.75%4%4.5%5%

*Note: There’ll be a minimum lock-up period of 45 days for each digital asset.

Verification tiers

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 17 November 2021.

Platform trading fees

Membership tierCriteriaDiscountMaker feesTaker fees
VIP0%0.2%0.2%
VIP 1Buy and lock 100 ZMT10%0.18%0.18%
VIP 2Buy and lock 1,000 ZMT20%0.16%0.16%
VIP 3Buy and lock 5,000 ZMT35%0.13%0.13%
VIP 4Buy and lock 20,000 ZMT50%0.10%0.10%

Deposit and withdrawal fees

Deposit fees
CurrencyDeposit fee
CryptocurrencyFree
SGD0.3%
USD25 USD
Withdrawal fees
Fiat currencyWithdrawal fee
SGD0.3%, 10 SGD minimum
USD25 USD, 30 USD minimum

Deposit and withdrawal limits

Verification tierDaily deposit limitDaily withdrawal limit
Registered
  • 0 USD
  • 0 SGD
  • 0 USD
  • 0 SGD
KYC
  • 100,000 USD
  • 40,000 SGD
  • 100,000 USD
  • 100,000 SGD
Enhanced KYC
  • 250,000 USD
  • 250,000 SGD
  • 250,000 USD
  • 250,000 SGD

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Varies

Fiat deposit times will vary depending on the currency and your bank.

Cryptocurrency deposits can take a few minutes, depending on the cryptocurrency.

Withdrawals

Clock icon for transfer speed

Varies

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.

Customer support

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 support@zipmex.com

How do I create an account at Zipmex?

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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

Pros

  • Aggregated liquidity. Zipmex aggregates liquidity from global markets and OTC desks.
  • High-speed trading. Zipmex claims that its platform is capable of processing 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 higher ZipCrew tiers.
  • Fee discounts. Zipmex offers discounted fee tiers for holders of Zipmex’s token ZMT who attain VIP 1 to 4 status.

Cons

  • Limited cryptocurrency selection. Zipmex offers a smaller selection of cryptocurrencies compared to other major exchanges.

Ready to sign up?

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Compare Zipmex against other exchanges

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Frequently asked questions

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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