Ноябрь 16, 2018
Markets

Cryptopia

Cryptopia

Cryptopia is considered as one of the older exchange platforms, so they managed to make a difference from the other platforms. They were founded in 2014 in New Zealand by Adam Clark and Rob Dawson. Cryptopia stands out because of one thing, and that is an online store that is implemented on the website. The store fully operates with cryptocurrency, meaning you can buy very interesting stuff with the digital currency. The website is very well composed with easy access to Exchange, Marketplace, Forums, and services. It is not multilingual, they only operate in English. They had some issues with security, being attacked by many hacking attempts, but they didn’t manage to make a major impact to the platform. They have some problems with customer complains, being an old currency exchange, they had to work a lot to adapt to extreme changes in the cryptocurrency community. They only accept New Zealand’s fiat currency, so we can say that isn’t such a benefit because you will lose too much money on transactions. Their offer includes more than 500 altcoins. Fees can be lower, and they don’t support margin trading, which is not a major issue.

Registration

To sing up to Cryptopia you won’t need any extra information about yourself. Email, password, and 4 digit code have to be implemented to register. Sometimes delay might happen when getting a verification email from your email. It is faster if you have a Gmail account, but in other situations, you can wait up to 12 hours to confirm your account, which is a bad thing. Even at the start, you have to wait.

Verification

By confirming your email address, you will have a level 1 account that comes with 5,000 NZD withdraw limit, which is a New Zealand’s currency, which is approximately $3,645 USD. To get a level 2 account you will have to add some extra information about yourself. Besides basic information, you will have to provide your postal code and current residential address. You also need to send a picture of your ID card and a selfie holding the card. Website and support are pretty slow when it comes to verification. Some users complained it took them a couple of weeks to get verified, what actually should take a couple of hours. For level 2 accounts, withdrawal limit is 50,000 NZD. There is a level 3 account option for more advanced users. For this option, you need to contact Cryptopia support and provide your business information. This might also take a lot of your time, many users change platforms because of time issues.

Make a deposit

It is very easy to make a deposit if you are doing it with the digital currency. There is an option to make a deposit through fiat currency, but that only applies to people from New Zealand who can open a bank account there. Bank transfers can take a lot of time, a few weeks or more. You can deposit only NZD, meaning your account will be funded by NZDT (Tether) which is the same thing as fiat funds. Minimum deposit for this option is $25 NZD. It is better, in this case, to make a deposit with cryptocurrency, which is a lot smoother and faster.

Withdrawal

It is simple to make a withdrawal if you follow easy steps, but when it comes to fiat withdrawal users had many complaints on the time it needs to complete the transaction, or even not being able to withdraw what resulted in them losing money. For digital currency withdrawal, you will need a wallet that provides you an address for you to send coins. Fees were bigger before when Bitcoin was not still that powerful, but now they usually range around 0.002 BTC. Their support in Litecoin is good, so maybe it should be your choice of making a transaction because it is faster and safer. Fees will change constantly because currencies are changing from day to day.

Pros

Cryptopia is an older exchange platform that managed to have 500 altcoins. With this many options, there are many pairs you can make while trading. Even if it isn’t a major fiat currency, they accept NZD, so if people are looking to invest, they can do it through New Zealand’s currency. What is distinguished then from other exchanges is a market on the website. You can get a wide variety of thing with cryptocurrencies. They have a multi-level security option, and they managed to protect themselves from hacking, which means a lot to users.

Cons

Cryptopia was founded in 2014, and then cryptocurrencies had bigger issues, Bitcoin wasn’t strong like now and there weren’t so many coins to choose from. Back then it was harder to have a crypto exchange platform, owners didn’t know when it is going to crash, so it was a big risk. But that had to learn a lot from then, which they didn’t. Issues involving security terms still exist. One major thing is that they allow only banking option for users from New Zealand. Their fees vary from coin to coin, and they can be very expensive sometimes. To many users complain about time issues and withdraw and deposit. They can work a little bit more on their interface, which isn’t that much newbie-friendly. You need to have some experience to cope with Cryptopia.

Customer feedback

They build a wide publicity of users who trust Cryptopia being a long time here. Everyone likes the market option that gives users more interesting experience with exchange platforms. We can see good reviews from users about features they have. Crypto traders love the extra features, combined with the a big selection of altcoins. We know there will always be some complaints. Usually, they complain about customer support regarding Bitcoin withdrawals. They have a slow response time, but it is important to understand that Bitcoin withdrawals are not completely free, but one imagines that the charge is out of Cryptopia’s control. Users on the internet, specifically on Bitcointalk and Reddit, have complained about disrespectful treatment by the site admins.

Conclusion

Cryptopia is a pretty good exchange platform especially for users from New Zealand. You have many things to do on the website that can lead to hours of research, reading, or just exploring new coins. They have some issues with Bitcoin, but all in all, the experience is good. The major thing that makes users mad is waiting time that can be weeks long. Having only NZD available basically means that you can only rely on a crypto-to-crypto exchange, if you are from any other state, or pay a lot of money for depositing and withdrawing New Zealand’s dollars. The website can be greater in future, and it has a great potential.

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