Our Cryptopia review 2018 will investigate areas of this trading exchange so that aspiring crypto traders can gain an understanding to whether this may be one of the best cryptocurrency exchanges to register with.
Cryptopia is what can be considered a pure cryptocurrency exchange broker. Here, traders can use popular forms of cryptocurrency such as Bitcoin, Ethereum, and Litecoin to purchase less popular forms. Established and operating in New Zealand, it is designed to help clients to buy, sell and trade a range of items using cryptocurrency.
With Cryptopia, users can buy digital currency at the prices offered and sell them for whatever price they believe that they might be worth. A major benefit of this is the ability to transfer cryptocurrencies between users without a fee that would normally occur when trades happen along the usual blockchain. Items that can be purchased on Cryptopia using cryptocurrency vary tremendously from headphones to cars and much in between.
Is Cryptopia safe?
It is crucial when identifying a potential cryptocurrency exchange to understand if the site provides a safe and secure service. So, is Cryptopia safe?
As far as safety goes, the consensus is that Cryptopia provides a reasonably safe and secure service for their clients. We have come to this conclusion, via the following information provided on their website:
- No personal information collected during the registration phase is distributed except for the need to verify identity.
- Cryptopia provides users with the ability to protect their accounts by using two-factor authentication. This involves an initial creation of username and password and subsequent verification through a code sent to the user’s phone.
- Cryptopia uses HTTPS security certification and makes a considerable effort to ensure maximum security of all data stored on the platform.
Nevertheless, Cryptopia does warn that no information sent over the internet is 100% secure and while they work feverishly to ensure safety, they do state that services are offered at the customer’s own risk.
Our Cryptopia exchange review has found that, without question, one of the site’s major advantages is the unbelievably wide range of cryptocurrencies available. At the time of writing, there were an incredible 546 different altcoins available on the exchange. While many of these would not be of interest to crypto traders it must be noted that the major cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and Ripple, are all available for purchase and trade.
Cryptopia is open to anyone of a legal age from all countries around the world. Despite this, there are limitations. The major limitation is that those looking to deposit fiat currency can only do so with New Zealand dollars. In addition, bank transfers can only be made from New Zealand bank accounts.
With that said, this is not really where the value of Cryptopia lies. It is designed to support those who already possess digital currency and would like to finance their accounts via this method. Therefore, for those using cryptocurrencies, you can use Cryptopia hassle-free from any country around the world.
The Cryptopia purchase process
Our Cryptopia review will now detail to readers how to use Cryptopia. The first thing you need to do is to create an account.
The account creation process is very easy. The first thing you need to do is fill out the registration form that can be found on the website. The only verification required at this stage is your email address. If this is the only verification that you provide throughout the process, then you will be limited to a transfer limit of $5000.
If you require a larger limit, then you’ll need to provide further account verification. This involves providing a form of photo identification, your full name, and address and a selfie with the photo ID that you have provided.
Additional verification can be provided by presenting proof of address and a written request explaining why you require higher limits. Having created your account, the next step in learning how to use Cryptopia is understanding how to trade.
Learning how to buy on Cryptopia is quite simple. To begin a trade, click on the exchange button located on the website homepage. Ensure that you have selected the ‘markets’ tab on the left-hand side of the exchange screen. Having enabled the markets tab, you’ll be able to browse pairs and use the search box to filter results. Having located the trading pair that is of interest, you can then choose to buy or sell by clicking on the buy/sell buttons in the lower portion of the screen.
For those who are keen to learn how to buy on Cryptopia marketplace, this is achieved by clicking on the ‘Marketplace’ tab at the top of the exchange page. This will take you to numerous categories that you are able to browse. You are then free to purchase a range of products using cryptocurrencies such as ICO guides, currencies and software items.
Our Cryptopia review has identified that there are two types of fees that you will encounter as a user. Cryptopia fees relate to exchanges and withdrawals:
- Exchange fees are charged when transferring cryptocurrencies from an existing wallet to another one. There are factors relating to how much you are charged, one of which is the currency being transferred.
- Withdrawal fees are applied when cryptocurrencies or fiat currency is being withdrawn from your account.
One major advantage is that there are zero fees paid in relation to the transfer of altcoins from user to user. This is because the coins stay in the user’s Cryptopia wallet, but the person allowed access to that specific wallet changes.
As mentioned above, our Cryptopia review 2018 found that there are account limits placed on users, but these limits vary depending on the amount of verification that a user has provided.
Verification Level 1: When a user provides just email verification, that user is limited to $5000 in daily withdrawals and transfers.
Verification Level 2: When a user provides photo ID verification, that user can trade and withdraw up to $50,000 per day.
Verification Level 3: If approved for level 3 verification, a user can trade and withdraw up to $500,000. To be approved for verification level 3, two-factor authentication must also be undertaken.
Our Cryptopia review found that although customer support is available via chat, forums and social media, the site has been experiencing many issues in relation to customer support. The site forums are littered with negative comments and reviews about poor customer service experiences. However, this has not gone unnoticed by Cryptopia who are determined to fix this issue and who have recently hired more staff to cope with the high customer support demand.
- Wide range of cryptocurrencies available for purchase
- Low fees
- Email-only verification required
- Free transfers within Cryptopia
- Access to the hugely popular Marketplace allowing purchase of items using cryptocurrency
- Outdated web design
- NZD the only fiat currency available for deposits
- Poor customer support history
Our Cryptopia exchange review found that this site is an extremely desirable one for those looking to purchase rarer forms of cryptocurrency or to use digital currency to purchase standard items. The Cryptopia fees charged are very minimal and there are over 500 altcoins available to users which is highly desirable for those looking to possess the rarer forms of digital currency. While the customer support leaves a lot to be desired, and the web site could use updating, we feel many would find Cryptopia a cryptocurrency exchange worth their while.