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Cryptopia Review - is it scam or safe?

Cryptopia Review - Is cryptopia.co.nz scam or safe cryptocurrency exchange?

RATING: 2.5 / 8 REVIEWS

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Trading Accounts

 

Account type Leverage Fee
Standard N/A 0.20

 

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

 

The company, security of funds

Company Country Regulation
Cryptopia Ltd New Zealand N/A

 

Cryptopia is based in New Zealand and offers a lot more than just a crypto-exchange. While the trading conditions will be the main focus of this review, their website 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 lot of interesting items are up for sale. 

 

The company also offers a gateway to the world of cryptocutrencies for New Zealanders. This is done by registering a bank account with them. That being said they do have a more global focus, unlike Australia's CoinTree, for instance.

 

Reading through the forum is a key part of the Cryptopia experience. Even the FAQ section is provided as a link to the forums. Some users will dislike this, but others may enjoy being part of a community.

 

There is a high number of confirmations required when depositing altcoins, 20 to be precise. Our experience with Bittrex showed 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 website claims this high number, when testing, we managed to receive a Litecoin transfer very quickly (after 2 confirmations). We are not certain which conditions will apply in the future.

 

There were a lot of security problems at Cryptopia. Online forums are full of complaints, regarding various hacking attempts. There hasn’t been a single large-scale hack, leading to the loss of many coins, but still, all the negative comments leave a negative impression.

 

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 While some feel their service is outdated, due to software issues, others enjoy the plethora of available options.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

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

 

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

 

Leverage

Cryptopia does not support margin trading. This is by no means a major negative, as this exchange has a focus on altcoins. Others, like GDAX offer some form of leverage, although 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 offering such a service, like IG is another option. That being said, these companies usually offer CFDs, instead of dealing with the actual coins. In case you are not familiar with such financial instruments, you better check out this post. The short version is that you will only profit and loose based on the price movement of the given coin, but will not be able to make transfers over the blockchain with it.

 

 

Fees

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

 

The aforementioned forex brokers, who offer Bitcoin trading put all of their fees in the spread. This makes comparing the two types of offers rather hard.

 

Trading platform

 

The trading platform at Cryptopia feels a bit complicated. It is by no means overly complicated, but then again, we are used to dealing with a lot of trading software. A beginner may not find this easy to grasp. Here is a preview:

 

 

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

 

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

 

The instrument list is conveniently placed on the left. That being said, they are surprisingly conveniently distributed, given their vast number. This box can be replaced by a chat-box, also known as the “Troll box”. It may not provide the most needed in formation, but in case of an issue, some users will likely help you.

 

 

Methods of payment

 

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

 

Conclusion

 

Cryptopia is a New Zealand based cryptocurrency exchange, which offers a lot of altcoins and some other services, like an online store where you can buy items. The company also offers New Zealanders a relatively easy access to the world of cryptocurrencies, via its banking service. After trying Cryptopia you will either love it or hate it. While this is mainly an exchange, the rest of the functionality is highly integrated. If you are used to dealing with streamlined software, this offer probably wouldn't be for you. On the other hand, if you like reading through dozens of forum or Reddit posts, you may enjoy the community at Cryptopia. Here are the pros and cons:

 

Pros Cons
A lot of altcoins available Security concerns in the past
Accepting fiat currency (from NZ) Banking only available to clients from New Zealand
Competitive fees A lot of confirmations required for altcoins (slow deposit times)
  Poor charting

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Cryptopia

Do not use Cryptopia

After waiting 49 minutes for a transfer of a modest 0.006 of BTC as a trial I just got instead 0.001...Cryptopia team never answered my support tickets and of course, NEVER will use that exchange, at least not in the near future or till the improve their dreadful service.

Carlos Garcia 01/13/2018

lets see justice done with these scammers

https://fma.govt.nz/contact/make-a-complaint/make-a-complaint-online/#UserForm_Form any complaints about cryptopia's fraudulent activity should be directed here if you want to see justice....they swindled me out of thousands with their paccoin scam then locked my account with the rest of my funds on it when I complained on there forum.

Paul Thompson 01/12/2018

Horrible exchange

Just started using. Transferred in roughly 1000aud of bitcoin to sell into litecoin. When the transfer went through I received 1.9 lite coin which is roughly 600 aud and the rest is missing. Absolute joke of an exchange

Andrew 01/11/2018

Horrible - Not trustworthy

Wow! This is truly a scam, very seedy, crooks really. Like others, my deposits didn't stay the same. But still, my investments went pretty well but when I tried to withdraw, the fee was more than ridiculous. For a certain coin, they're trying to keep around 90% of the total value. I'm glad I invested very small just to test. I was going to go big if it worked. My advice, AVOID!!

AB 01/08/2018

Cryptopia is stealing or hoarding coins

Cryptopia is not completing transfer of coins and not responding to support. Read their forums and make sure to do a very small transfer if you are going to deal with them. I recommend using another site.

Blockster 01/03/2018

Ripped of at Cryptopia

This is the lamest trade place ever no help lost my funds there

Lyle Hochstetler 01/02/2018

witdraw hackers

hi everybody i send this market ltc( estimated - 1.63672813 LTC litecoin) but it didnt pass to my accaount. and i write to their e mail and support page. but anybody didnt answered. i guess the witdraw ı send have been hacked by hacjer and transfered my ltc to another wallet.
this is the transfer link you can see:
https://chainz.cryptoid.info/ltc/address.dws?LPDKLEGPrYDDbAvJzQQiDDoSTst4oEzRWr.htm

ahmet 12/22/2017

The worse trading is cryptopia

Cryptopia scam if you try to buy cryptocurrency
Nothing ever happen on trade exchange what waste of time. Trading in btc
The worse trading wait the red sign appear

Jenifer 12/08/2017
Forex
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