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Cryptopia Review – Is scam or safe cryptocurrency exchange?

RATING: Two.Five / 12 REVIEWS

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Trading Accounts

Cryptopia is a cryptocurrency exchange, which permits trading numerous digital assets (altcoins), just like Bittrex and Poloniex. That being said, there are a lotsbestemming of specifics regarding this company.

The company, security of funds

Cryptopia is based ter Fresh Zealand and offers a loterijlot more than just a crypto-exchange. While the trading conditions will be the main concentrate of this review, their webstek also features a fully functional online shop, where cryptocutrencies are the means of exchange. This may not exactly be the next Silk Road, but a loterijlot of interesting items are up for sale.

The company also offers a gateway to the world of cryptocutrencies for Fresh Zealanders. This is done by registering a handelsbank account with them. That being said they do have a more global concentrate, unlike Australia’s CoinTree, for example.

Reading through the forum is a key part of the Cryptopia practice. Even the FAQ section is provided spil a verbinding to the forums. Some users will dislike this, but others may love being part of a community.

There is a high number of confirmations required when depositing altcoins, 20 to be precise. Our practice with Bittrex displayed a Litrcoin transfer can take 10-15 minutes, with only six confirmations required. That being said the times at Cryptopia my be very high (for a crypto-transfer that is).

Update: While the webstek claims this high number, when testing, wij managed to receive a Litecoin transfer very quickly (after Two confirmations). Wij are not certain which conditions will apply ter the future.

There were a lotsbestemming of security problems at Cryptopia. Online forums are total of complaints, regarding various hacking attempts. There hasn&rsquo,t bot a single large-scale hack, leading to the loss of many coins, but still, all the negative comments leave a negative impression.

Ter general, the user reviews about Cryptopia are very polarizing. While some feel their service is outdated, due to software issues, others love the plethora of available options.

Trading conditions

Trading instruments (cryptocurrencies)

A loterijlot of alternative digital assets are available at Cryptopia. At the time of writing of this review, the utter list included 536 altcoins. This even tops the opoffering provided by mnost other such platforms.

Trading is done against Bitcoin, USDT, NZDT, LTC and DOGE.

Cryptopia does not support margin trading. This is by no means a major negative, spil this exchange has a concentrate on altcoins. Others, like GDAX opoffering some form of leverage, albeit the ratios provided by exchanges are rather limited.

If you are looking to speculate on the price of major cryptocurrencies, like Bitcoin, trading with a forex broke suggesting such a service, like IG is another option. That being said, thesis companies usually suggest CFDs, instead of dealing with the actual coins. Te case you are not familiar with such financial instruments, you better check out this postbode. The brief version is that you will only profit and liberate based on the price movement of the given coin, but will not be able to make transfers overheen the blockchain with it.

The trading fees charged at Cryptopia are 0.20% of the volume of each trade. This is ter line with the current state of the crypto-competition, albeit one could possibly find even lower fees.

The aforementioned forex brokers, who offerande Bitcoin trading waterput all of their fees ter the spread. This makes comparing the two types of offers rather hard.

Trading verhoging

The trading podium at Cryptopia feels a bit complicated. It is by no means overly complicated, but then again, wij are used to dealing with a lotsbestemming of trading software. A beginner may not find this effortless to grip. Here is a preview:

Charting is nothing special, te fact slightly worse than the offers provided even by some other crypto-exchanges, let alone a good forex trading podium, like MetaTrader4 (MT4).

The order book and order placement modules are ter the bottom of our screenshot, but more importantly feel awkwardly placed.

The muziekinstrument list is conveniently placed on the left. That being said, they are remarkably conveniently distributed, given their vast number. This opbergruimte can be substituted by a chat-box, also known spil the &ldquo,Troll opbergruimte&rdquo,. It may not provide the most needed ter formation, but te case of an kwestie, some users will likely help you.

Methods of payment

All traders at Cryptopia can make cryptocurrency transfers. On top of that, Fresh Zealanders, who verify their identity can deposit funds via handelsbank transfer. This is a nice mix inbetween an altcoin focused company and an entry-level service.

Conclusion

Cryptopia is a Fresh Zealand based cryptocurrency exchange, which offers a loterijlot of altcoins and some other services, like an online store where you can buy items. The company also offers Fresh Zealanders a relatively effortless access to the world of cryptocurrencies, via its banking service. After attempting Cryptopia you will either love it or hate it. While this is mainly an exchange, the surplus of the functionality is very integrated. If you are used to dealing with streamlined software, this opoffering most likely wouldn’t be for you. On the other arm, if you like reading through dozens of forum or Reddit posts, you may love the community at Cryptopia. Here are the pros and cons:

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