Beyond all the massive exchange juggernauts such as Binance or HitBTC, lies a New Zealand based exchange that has gone from strength to strength over the past year. In this Cryptopia review, we’ll go over everything you need to know before signing up and why we think it’s an awesome, safe crypto exchange.
Product Type: Cryptocurrency exchange
Established: Founded in 2014 in Christchurch, New Zealand
Fiat Currencies Available: None
Cryptocurrencies Available: Bitcoin, Ethereum, Litecoin, DOGE and 500+ more.
Cryptopia is a New Zealand based cryptocurrency exchange that was founded in Christchurch in 2014. The exchange was developed by software engineers Rob Dawson and Adam Clark.
The exchange was just one of many that saw massive growth in 2017 – the company has reported that at at the beginning of 2017 they had around 30,000 users signed up and by December 2017, that number had ballooned to 1,000,000. By the first week of January a further 400,000 people had signed up.
Due to the unprecedented growth, then company took the step of appointing their first CEO, Alan Booth. Alan Booth is a business consultant and entrepreneur with more than 5 decades of experience and has worked with many tech start-ups.
At the Cryptopia’s peak in December 2017/January 2018, the total trading volume of the exchange was more than that of the New Zealand Stock Exchange.
Signing up to Cryptopia is extremely easy, it generally takes just a couple of minutes to get going.
Once you have completed these steps, Cryptopia will send you a verification email. You simply need to login to your email account, open the email from Cryptopia and click ‘Verify My Email Address’. This will take you back to Cryptopia’s homepage where you can now login.
*Although it’s not necessary, it’s good practice to use a unique email address for each individual exchange account. This ensures that if one of your exchange accounts was ever hacked, the hackers will not be able to access other exchanges that you are registered with using the same email address.
**Always use a strong and unique password, at least 8 characters long. Cryptopia requires that you use at least one uppercase letter, one lowercase, one symbol and one number.
Once you have logged in for the first time, Cryptopia will present you with an notice that encourages you to enable 2 Factor Authentication (2FA). This is not completely necessary, but is highly recommended.
2FA is an additional layer of security that requires that anyone who logs into your account needs your email address, password and access to your mobile phone. A number is presented on an app on your phone when you go to log in and you need to enter this number on Cryptopia to gain access.
We highly recommend Authy or Google Authenticator as trusted 2FA apps.
Cryptopia offers 3 levels of verification and each different level will simply determine how much dollars value you are able to withdraw within a 24 hour period. The levels are as follows:
Level 1: $5000NZD (around $3400USD / $4600AUD at time of writing) withdrawal per 24 hour period. No verification or identification is required.
Level 2: $50,000NZD (around $34,000USD / $46,000AUD at time of writing) withdrawal per 24 hour period. This level requires that you send in photo ID such as a driver’s license, as well as a photo of yourself holding the ID. Having such verification process in place is normal for any legitimate cryptocurrency exchange and ensure that the company is operating correctly under local laws.
Level 3: For anything larger than $50,000, you first must go through the Level 2 verification process and then contact Cryptopia informing them that you with to increase your withdrawal amount.
For 99% of people, levels 1 and 2 will be sufficient.
Cryptopia is well known among the cryptocurrency community for regularly adding new coins with low market capitalisations, before they’re added to larger exchanges such as Binance.
These coins can sometimes be more of a risk than larger or more established coins and tokens, but there have been many cases of coins on Cryptopia gaining as much as 10,000% or more in a short period of time – which is especially true if the coin reaches a significant milestone in their roadmap or a partnership is announced with another coin or company.
The exchange adds several new coins each week.
Cryptopia offers four trading markets, these are: Bitcoin, Litecoin, DOGE and USDT (Tether). USDT is known as a stable currency and each unit of USDT is backed by the United States Dollar.
Like almost all cryptocurrency exchanges, Cryptopia has 2 types of fees implemented: trading fees and withdrawal fees. Cryptopia’s fees are extremely reasonable when compared to some other exchanges.
Trading fees: the trading fees are a low 0.2% of the trade. This is calculated before you execute the trade, so you can see how much you will be charged.
Withdrawal fees: the withdrawal fees vary for each coin or token. Although the fees are different for each coin, the amount charged is not a percentage. For example, the fee will not change whether you are withdrawing 0.5BTC or 10BTC. These fees help go towards the miners who are running the network.
The withdrawal fees can be found under the Coin Info section of Cryptopia which is at the top or any page you visit on the site.
|Withdrawal Fees||Varies according to coin|
Cryptopia is extremely safe and to date has not suffered from any type of hack. The exchange strongly recommends that users enable 2FA on their accounts by showing a Security Warning at the top of the page until the user does so.
On a lot of exchanges, 2FA is only required on login, but Cryptopia takes it a step further and gives you the option of enabling it for withdrawals, transfers and even the updating of security setttings – which means that if someone has logged into your account, they would still need to have access to your 2FA to change any security settings (such as change your password).
In addition to the strong security settings, the exchange also has a very in-depth Security FAQ in the help section. One topic that they cover thoroughly is phishing.
This is where an imposter website is presenting themselves as Cryptopia and trying to get the user to login with their details. The imposter website then steals the users email address and password, then logs into the users real Cryptopia account (this is why it is extremely important to use 2FA).
To prevent yourself being a victim of phishing, Cryptopia makes the following recommendations:
In spite of all the security measures you and Cryptopia take, it is still recommended to withdraw your coins and tokens to an external wallet such as a hardware wallet. The cost for these are tiny (under $200) when you consider that you could be losing thousands of dollars if something was to happen to your exchange account.
No, Cryptopia is currently only a cryptocurrency exchange, which means they don’t deal with traditional fiat currencies. They previously allowed deposits of NZD, but removed that option do to issues with New Zealand banks. The hope to bring back that service in the future – we will be sire to update this when they do.
No, for the same reasons as above.
Cryptopia is not currently a leverage/margin trading exchange.
Cryptopia is considered to be a centralised exchange.
It’s quite easy to see that Cryptopia has a lot of positives. A quick glance at these things are:
The couple minor things that we would suggest needing improvement are:
It’s quite easy to see why so many users have flocked to Cryptopia over the past year. The exchange offers a huge number of unique altcoins and a no-nonsense, hassle free trading experience. The company is likely to continue to grow into the future.
We can highly recommend Cryptopia as a upstanding cryptocurrency exchange.