Cryptopia Review: Is Cryptopia Safe? (Cryptopia.co.nz)
This Cryptopia Review describes in details what this Exchange (Cryptopia.co.nz) is offering and whether or not you should be involved.
It’s one of those Cryptocurrency exchanges you can’t ignore when writing reviews due to its popularity and the buzz it creates in forums like Reddit and Bitcointalk.
While contemplating to write this review of the Cryptopia exchange, I have seen people expressing varied opinions concerning this exchange.
Matters that have been discussed in these opinions include Cryptopia fees, the altcoins which they list on their platform, their support staff, and whether or not it is safe to exchange Cryptocurrency through them.
One major complaint that people have raised is that Cryptopia suffers from liquidity issues since the volume of trades that pass through the exchange is very small compared to Cryptocurrency exchanges like Paxful for example.
Apart from low volume of daily transactions, Cryptopia exchange has also been accused of working with rude support staff who might get you banned for petty things like discussing technical issues via the trollbox.
I will be getting into specifics later on in this Cryptopia review. For now, I’ll be answering the question of whether or not Cryptopia is a safe place to exchange fiat currency for an altcoin of your choice.
Note: This platform does not allow exchanging fiat currency (USD, EUR, JPY, GBP etc) into altcoins of your choice. It has to be in Bitcoin to the crypto currency of your choice.
Also, check out my review of the CCG Mining website. I have been recommending better alternatives for people who want to mine Bitcoin and other altcoins profitably. Finally, avoid any form of Bitcoin doubler site on the web. Last but not least, ICOs programs like Crypterium are scams. You’ll lose your money.
Cryptopia Review: Is Cryptopia safe?
It is not a matter of just saying Yes or No without going into the specific things that make it a worthwhile exchange.
With regards to experience and personal preference, one person might say that this Cryptocurrency exchange is safe. Another might say that it is not safe to do business with them.
One rule of thumb that I have always lived by is that you should never trust any Cryptocurrency site no matter how genuine it looks like.
Secondly, never store your Bitcoin in any online exchange site.
All exchanges have the potential to scam you, and that does not mean that things won’t go berserk if you’re exchanging fiat currency into altcoin using a Crypto exchange with glowing user testimonials. That is why I don’t rely on what I see on Reddit very much.
Most of these threads are highly moderated, apart from facing the challenge of falling for the tricks of people who work for the company you’re trying to learn about.
They are very active in these conversations. That may not give you a true picture of what could happen once you send your coins, hoping to exchange it into a Cryptocurrency of your choice.
Cryptopia Review: about the company
It’s a registered company operating out of New Zealand. Details of company registration can be viewed in the New Zealand’s Ministry of Business, Innovation and Employment website.
The company was founded in 2014 by Adam Clark and Rob Dawson.
Adam Clark has previously worked with companies like Intranet Limited (a company that provides software development and consultancy services), Shard web design, and Estaronline. His partner Rob Dawson is equally experienced in this field. For more details, check out his professional profile on linkedIn.
Cryptopia trades 600 BTC per day on average. This is an equivalent of 1.6 Million USD.
This site is popular for listing hundreds of coins. Some of these coins are not even known elsewhere. They recently introduced NZDT too.
So if you’re looking to trade one of those lesser known cryptocurrencies, this site may provide you with what you need.
I have seen people saying that they wanted to exchange fiat currency into some weird altcoin like shitcoin, Sexcoin, Titcoin etc, and that it all happened when they signed up with Cryptopia.
I do not know why this site focuses on coins that aren’t popular. Maybe this is their strongest point from a business perspective.
Big names like Bitcoin, Dash, Litecoin and so on exist too but with the exception of Ethereum. Again, I can’t help but wonder why?
From an entrepreneurial point of view, one may get their coins listed with Cryptopia website when they pay a certain fee. I think that explains why this site is popular for hosting too many types of coins.
Apart from running an exchange business, the site is also part of an entity called Mineshaft. This is a cloud mining platform where users only understand the language of Cryptocurrency investing.
Note: for cryptocurrency cloud mining, visit this page and sign up with any site that you will find listed therein.
This marketplace has a page named CoinInfo. This page contains information about all coins listed on the site, plus an arbitrage tool is provided as well.
Cryptopia Login and sign up process
You only need your name and email address. You can then choose a Cryptopia login password.
However, during the sign up process, I noticed that it was a tedious and time-consuming expedition because in as much as the site warns that users should create passwords with upper/lower case and special characters, there is no prior warning when entering the wrong format of your password, and that means you can keep repeating the process until you figure it out correctly.
Cryptopia Review: Account types and getting verified
There are 3 types of accounts that users can open on this platform. Level 1 account can be opened with an email address confirmation only. They’ve capped withdrawal limits at NZD 5000.
Level 2 account users can withdraw up to ten times this amount. Apart from email verification, users are required to sign a special form which will contain their name, email, birth date, country, zip code and so on.
You’ve got to submit your email alongside a selfie of you holding the ID. This does not work well for impatient people like me as I have never figured out the need to submit a second photo showing me holding my ID.
I still prefer Paxful exchange over Cryptopia because they keep it simple. One doesn’t have to undergo silly, time-consuming and unnecessary verification processes.
Cryptopia Review: Interface, trading experience and fees
Once you’ve keyed in your Cryptopia login password, you’ll be met with a confusing user-interface (if this is your first time on the site).
Apart from this, the site doesn’t have any advanced trading features such as margin trading. Instead, you are only allow to place limit orders.
Those orders can take some time before getting filled (due to low trading volume), although there is always the option of canceling an order if you change your mind and if it has not been filled yet.
In the above screenshot, I was trying to buy some Electroneum using Bitcoin. I had exchanged some dollars into Bitcoin using this site.
You can see that there is also a chart showing the price of Electroneum relative to that of Bitcoin.
On the left upper side, there are 5 tabs which correspond to popular Cryptocurrencies like Bitcoin, Litecoin, Dodge, USDT and the latest kid on the block being the NZDT.
Clicking on any of those tabs will show you a list containing dozens of coins which you’d want to exchange the coins you’re holding into.
If you scroll down the page on the right side, you will see current Buy orders, Sell orders and market history. Criptopia charges a 0.2% transaction fees.
Cryptopia Review: is Cryptopia safe from site vulnerabilities?
They are well-protected from DDOS attacks. The site has also implemented withdrawal confirmation through email.
With a strong password intact, the site encourages users to implement 2FA authentication which can be configured for 6 different actions.
One special feature that this site offers is the ability to invest in a Cryptocurrency known as DOT. It’s synonymous with cold wallets. Addresses are published on a forum.
Cryptopia Review: Support
They operate an efficient customer support on Facebook and Twitter. These are professionally managed.
On the other hand, some users have written complains about their site admins on forums like Reddit and Bitcointalk.
If you Google the term Cryptopia Reddit, you’ll immediately gain access to these threads.
The same applies to finding discussions about whether Cryptopia is safe or not on BitcoinTalk. It seems that the person who was given the mandate to respond to client issues on BitcoinTalk forum is always ignoring complaints, or at least they don’t care.
As mentioned before, this site might ban you if you try discussing technical issues on their chat. You might want to use their integrated ticket system instead.
- Support staff has been accused for being rude and easily agitated.
- They don’t support Ethereum
- Interface can be confusing to fast-timers
- Low trading volume
- Unlike Paxful, Cryptopia Exchange does not support MasterCard/Visa deposits
When you sign up for Payoneer MasterCard, there is a $25 incentive for free. You can use it online to buy Bitcoin or anything else you want.
My best advice for you
First off, if you’re planning to trade Ethereum, you’ll be disappointed for looking up to this exchange. Secondly, if you are a seasoned trader of Cryptocurrencies looking to trade large volumes each day, Cryptopia isn’t the best place for you. Ultimately, only those who trade less popular coins will find this platform a good fit.
Thanks for reading this Cryptopia review.