Launched in 2014, Cryptopia is a crypto-to-crypto exchange based in New Zealand renowned for its impressive array of exchange. Over the past couple of years, Cryptopia has made a name for itself as being one of the best all-in-one exchanges for buying, selling, and trading a plethora of assets using crypto.
It’s definitely the most advanced cryptocurrency exchange on the market, but what it lacks in usability and advanced features, and it more than makes up in the sheer number of cryptocurrencies it has available.
How does it work?
For starters, it’s important to note that Cryptopia is a peer-to-peer exchange. This means that users are buying directly from other users. Cryptopia provides its users with a long list or various sale listings, where they can basically all sorts of products. The exchange also allows its users to transfer a wide range of cryptocurrencies amongst them free of charge.
Some of the most important sections of the service include the marketplace, arbitrage, coin info, and Paytopia. The marketplace is the information section where users can see the prices of coins listed on other exchanges, the coin info provides up to date info on the over 700 coins currently supported on the exchange. Paytopia is an in-house service that includes a series of promotional tools which can be used with user listings (available per month subscriptions).
It’s also worth noting that the buy/sell panels don’t include options for market or limit orders and advanced options like margin and leverage trading.
Cryptopia boasts two types of fees: exchanges fees and withdrawal fees. The first type of fees is for transferring cryptocurrencies from one wallet to another and heavily depend on the cryptocurrencies being traded. The second type of fees applies when withdrawing cryptocurrencies. The exchange charges a standard 0,2% fee for every trade, and there are no deposit fees.
There are no restrictions on Cryptopia regarding the number of cryptos users can deposit. The transfer limits are in direct accordance to the verifications tiers or stages, of which there are three.
The stage 1 verification requires users to provide their email address and withdraw or transfer up to $5,000 per 24-hour period. Stage 2 requires them to provide the full name and address, identifications, and a picture of themselves holding that ID and grants a limit of $50,000 per 24-hour period. The third stage provides all of the above, as well as a written statement of why one might need $50,000, and the withdrawal transfer limits can be upwards of $500,000.
As mentioned before, the exchange’s biggest selling point is the amazing number of cryptocurrencies currently accepted. At the time of this writing (beginning of 2019), Cryptopia boasts over 835 trading pairs. It supports all the major crypto including Bitcoin, Tron, Litecoin, Ethereum, Dogecoin, Monero, NEO, SmartCash, Ethereum Classic, Bitcoin Green. A full list of trading pairs can be found on the Active Markets section of CoinMarketCap.
Security and privacy
Cryptopia is generally regarded as a very trustworthy exchange. The platform uses HTTPS security certificates to ensure that user privacy is always protected, as well as security measures such as two-factor authentication (2FA) for all accounts. However, it’s somewhat unclear how the platform actually stores funds.
What makes Cryptopia stand out from the crowd?
As mentioned before, Cryptopia is an exchange renowned for its huge selection of altcoins. Additionally, the exchange also provides its users with a wide range of adjacent products and services, nifty features such as arbitrage and marketplace, as well as low to no fees.
Disadvantages of Cryptopia
Even though Cryptopia seems like the place where you can always find exceptionally good value offers, not all services provided are good value. What’s more, advanced traders will feel disappointed by the lack of advanced trading features. This lack of advanced features might make the platform more appealing for bargain hunters and small-time buyers and sellers rather than more serious investors.
Cryptopia is a straightforward all-in-one platform that can deal with both popular and lesser-known cryptocurrencies (it has one of the world’s largest range of cryptocurrencies). The exchange is regulated by the New Zealand laws which provide its users with a relatively high degree of confidence.