Nowadays, exchange platforms are essential in cryptocurrency trading. Below you’ll find a Cryptopia review, which will help you find answers to questions like “Is Cryptopia legit?”, “Is cryptopia scam?”, “Can I trust Cryptopia?” and more…
What is Cryptopia?
Cryptopia is a registered exchange located in Christchurch, New Zealand. Cryptopia exchange was established in 2014 by two gentlemen: Adam Clark and Rob Dawson.
Now, Cryptopia is not your typical crypto trading exchange. It is much more than that. The founders of the company not only did they create an interactive platform for traders to engage in cryptocurrency trading. It also created a marketplace where users can buy all sorts of things including cars, computers, furniture, clothing, art you name it, using digital currency.
On top of that, Cryptopia supports over 500 cryptocurrencies including the most popular ones and some of which you may never have heard of. They also have their own cryptocurrency called Dotcoin. Aside from that, trading on Cryptopia has its advantages. For one, the transaction fees are relatively low. They also have an arbitrage tool that enables users to capitalize on the differences between two or more market prices. This difference is the profit.
One main challenge that Cryptopia has been facing is security. There have been numerous complaints regarding hacking attempts. Although the company has not experienced any kind of large-scale attack leading to the theft of a huge number of coins. The complaints may discourage some users from using the platform. But so far, there are thousands of traders trading on the platform while enjoying every advantage it has to offer despite security concerns.
Cryptopia allows anyone to trade cryptocurrencies as well as buy and sell products regardless of their location.
There are daily limitations on how much a user can withdraw based on the verification level of their accounts. The limits are as follows:
|Verification Level||Daily Withdrawal Limit in NZD|
Users who need to withdrawal more than $50,000 NZD need to contact customer support to place a request for a level 3 verified account. The request may be granted if:
- The user is a level 2 verified account holder but wishes for a higher daily withdrawal limit.
- The user is a corporation or a business.
Bear in mind that although Cryptopia supports a wide range of cryptocurrencies, it does not support fiat currency trading.
Cryptopia supports a variety of trade pairings. The major base currency options are Bitcoin, Ethereum, USDT, Litecoin, DOGE and NZDT. Margin trading is not supported on the site and neither is fiat/crypto trading.
- Deposit methods: Bank transfer, Litecoin, Bitcoin, Ethereum and Dash
- Withdrawal methods: Bank transfer, Litecoin, Bitcoin, Ethereum and Dash
Cryptopia does not charge a fee for deposits, but it does charge a fee for withdrawals. This fee varies depending on what coin you are withdrawing. There is also a trading fee of 0.2%.
Getting Verified on Cryptopia
- For Level 1 verification accounts, you only need to fill in your full names and email address. Once you have verified your email, you can start trading.
- For Level 2 verification accounts, you are required to fill out a form with the following details: your full names, date of birth, address, country, city, state, and zip code. You are also required to attach two pictures. One should be an image of your ID and the other should be a photograph of yourself holding you’re ID.
- For level 3 verification accounts, you need to contact customer support to place a request for the verification. They should tell you what information they require from you.
- Arbitrage tool – the tools allow users to view the currencies trading on different trading exchanges and their market prices. The tools give users an opportunity to take advantage of the market price variations to make a profit.
- Cryptopia Awards – Cryptopia has a reward bot that awards users with free coins for using the site. You can receive awards for finding blocks, trading, voting, chatting, tipping and much more.
- Lottery – it’s not all work and no fun. Cryptopia provides its users with a fan lottery game where users can get a chance to win coins every day.
- Marketplace – this is one of the most interesting features on Cryptopia. There is an online shop where users can buy all sorts of things from cars to small items like books and children’s toys. Payment is by coin.
Is Cryptopia safe?
- Cryptopia is a registered exchange and it has been open to the public about its operations. Furthermore, the founders of the company are publicly accessible and the company has a legit office and a legit team of staff. The only issue constantly raised by users is related to security. There are also complaints about its software being outdated and its interface not being user-friendly.
- Other than that, Cryptopia has a great community of people from all across the globe who share ideas and provide solutions on the site’s forum.
- The company also has a reliable customer support that is accessible via a ticket system, email, phone, live chat (Trollbox), and social media (Facebook and Twitter).
How to use Cryptopia
To use Cryptopia, you simply need to join the site by signing up. The process is fairly easy and the instructions are pretty straightforward. A few things that you should note is that the bank transfer payment option is only available for New Zealanders. Everyone else has to use the credit/debit card option.
Cryptopia is definitely an exchange which is in a class of its own. Apart from the numerous services it provides for its users, it also has an online shop, a rewarding system, and a lottery game. This is what is so good about the site, the fact that it offers a blend of shopping, trading and recreation activities.
There are, however, a few areas that need improvement, such as the website’s the interface. For a novice, they may find it daunting trying to figure their way around the site. The site also does not support fiat/crypto trading, which may discourage users who don’t know how to trade with cryptocurrencies. But despite these issues, the pros outweigh the cons.
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