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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 / 16 REVIEWS Cryptopia

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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 While some feel their service is outdated, due to software issues, others enjoy the plethora of available options.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

 

Latest news about Cryptopia
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Traders` reviews for Cryptopia

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scammers - they need to be shut down

Scammed me 50000 STN there is no way all my stuff got hacked to be able to withdraw my coin to bitcoin within 15 hours of funding it, they need to be shut down and arrested. From UK

Cris 09/29/2018

Cryptopia is a Scam site

10 July 2018

Journal type: Additional comments

Hello, I am sorry but the way Cryptopia works, you have a confirmation email when you log in to the server and you also need a 6 digit passcode sent direct to my email, this is all automated and before any account information can be accessed. I now feel that I have no alternative but to post the full transcript of this request for help, on scam websites, and as such, I will be filing a police report and seeking legal advice on my situation, regarding Cryptopia and the un-savoury people Cryptopia might employ, furthermore My email was not hacked nor was my cryptopia account compromised in any way, Cryptopia had access to peoples accounts without the need to log in, this is the only way my account could be accessed in this way.
Joshua

9 July 2018

Journal type: Additional comments

Thanks for waiting for us to get back to you about this.

We're sincerely sorry to see this has happened to you. I've completed my investigation into this and can see that your account was actually accessed by another person.

This IP address appears to originate from Luxembourg. Again, we are absolutely certain that no user credentials have been leaked from Cryptopia.

Your account was accessed by this IP address at 5/31/2018 7:06 PM(UTC), trades were completed at 5/31/2018 7:07 PM(UTC), and then at 5/31/2018 7:09 PM(UTC) funds were withdrawn to the following address:

3Lf2RcFaPSGtbLPrxHB4CVbmYMYKwBCPNT

Unfortunately, this is not a Cryptopia address so we cannot recover these funds. The transaction has been successfully broadcast to the blockchain and due to the nature of the blockchain we are unable to reverse it. You can see this here:

https://blockchain.info/tx/1215506cc1d1bb1423d79be4480b20d5a71bba64f57e9b9bfbf9bdf97c1ce5d7

You may or may not have received a withdrawal confirmation email - a common occurrence is scammers enter an account and then immediately disable the confirmation email, sometimes even going to the lengths of re-enabling it before they leave to cause further confusion.

We work closely with the New Zealand Police Cybercrime Unit, they have strong relationships with their global counterparts, and any requests for assistance need to come through their formal channels.

The next step you need to take is to have a representative from your local Law Enforcement follow up with their own regional or national Cybercrime unit. They will then be able to contact the NZ Cybercrime Unit with a request detailing your case, and any specific information or actions that they require of Cryptopia.

Any actions that the NZ Cybercrime team deem appropriate, such as freezing any accounts or locking funds pending further investigation or instruction, will then be passed on to us and we will happily comply.

NZ CITIZENS: We have reported this activity to CERT NZ and the New Zealand Police Cybercrime Unit on your behalf, however please note that you will still have to file a report of your own.
INTERNATIONAL USERS: We recommend you report this fraudulent activity on your account to your local authorities using the information we have provided.

Your email account may also have been compromised. The most common form we are seeing in these investigations is when the corresponding email address shows up on reported data leaks, and/or is being used for other internet services. Along these lines, I noticed that your email address [email protected] appears on a dump list as well - you can check this out for yourself by visiting https://haveibeenpwned.com/.

Historically all Cryptopia accounts started with a PinCode, as of April dynamic EmailCode confirmation is now the default. This EmailCode is only a simple form of 2FA and in an effort to proactively remind users to increase the level of security on their accounts to a Dynamic form (Google Authenticator/Authy/Cryptopia Authenticator Device) we have added a new "Security Warning" notification to the menu bar on the exchange as of the 6th of June 2018. You can read more about this here: https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=1cea6bb2db1ed30432a664a14a961984

If you have not already, please ensure you change your Cryptopia and email password immediately. It's very important you use an email provider which supports 2FA on your email account. Please check if your current provider supports 2FA and enable it if so. If your current email provider does not support 2FA we suggest you find a provider which does. You can then request Cryptopia Support to change your registered email address in a new support ticket. For extra security, we recommend that users of Cryptopia have a dedicated email address that's only used for Cryptopia related activity. Much of your information, and access to other accounts, can be gained with access to your email account, so please ensure yours is secure.

Your compromised account is not something that Cryptopia can be held accountable for. While we fully sympathize with your situation, it did not happen due to any negligence on Cryptopia's part and therefore the fault does not lie with Cryptopia. We cannot replace user funds; it is your responsibility to protect your user details. We cannot take any responsibility for a third party obtaining your credentials from you. The only way for a third party to obtain your login credentials, and therefore log in to your account, is by getting them from you; even if you didn't realize that you provided them. We assure you that Cryptopia has not been hacked. If Cryptopia were hacked, it is still not possible to obtain user passwords as they are not stored in a retrievable way.

We do find in some of these cases that the people responsible will delete all traces of an email from a users email account, again we cannot determine from your end how you were compromised.

I can definitely appreciate that this is not the nicest way to learn about account security, and again, I'm sincerely sorry for your loss.

Kind Regards,
Cryptopia Support

9 July 2018

Journal type: Additional comments

Hello, I can now confirm, that my account was compromised from your side, as there were no login attempts done on my account, indeed no login at all for the day my account was compromised, therefore, my account must have been compromised from someone who works at or has access to Cryptopia users files. All I want is my 5,130 ETN back, I'm not looking for any sort of compensation, just what rightfully belongs to me.


6 July 2018
Journal type: Additional comments

A bit more information, every time I login to Cryptopia, I have an automated email generated with a pin that I need to copy and past into the second part of the login, I never had any email from Cryptopia on the day when my account was hacked. This gives me the impression, that it was not compromised from an outside source, or I would have received the usual automated email.
[email protected]

6 July 2018
Journal type: Additional comments

Thank you for contacting Cryptopia Support and letting us know about this. We will investigate this as soon as we can. Please kindly note that these investigations may occasionally take some time to complete due to the intricacies involved. Your continued patience is appreciated as we do not have an ETA on the investigation.

Unfortunately, the most likely scenario is that your account has been compromised. Please change the password for both your Cryptopia and email accounts and enable a form of two-factor authentication if you have not already. We can also change the email address registered with your Cryptopia account to a new one if you wish. Please go to https://support.cryptopia.co.nz/csm?id=kb_category&kb_category=717e7f05db1553003a44f6fcbf96196b to read more about improving your account security.

The common reason for your account being compromised is that you fell victim to a phishing scam. There are many around at the moment and they use various methods. One of the most common is using a domain name that is similar to cryptopia.co.nz (our actual one) such as cryptopia.wx or even cryptopía.com (note the accented i). The perpetrators then purchase search engine ads to promote their fake site, or post on forums and social media. If you visit and use these sites they steal your login details. There are also fake apps in the app stores with our name attached to them. Although we report these sites as soon as we can, Google and the domain registrars are slow to take them down. We work hard to prevent accounts from becoming compromised and we provide an array of security options for your account. Please exercise caution to avoid using any unauthorized websites, apps, or other approaches which impersonate Cryptopia. Your login credentials should NEVER be used anywhere except on our securely signed site with a certificate from Cryptopia LTD [NZ]: https://cryptopia.co.nz, we encourage users to bookmark our site to avoid having to search for it in the future. Please visit https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=6ff72e77dbf9534032a664a14a961983 to read more about phishing scams and how to protect yourself from them.

If you have any knowledge of the phishing scam you may have been subject to, please let us know. We work hard to get phishing sites/apps/ads removed as quickly as possible to protect our users. Any information you can provide is greatly appreciated.

If your funds were moved from your account to another Cryptopia user we will investigate this user's account as soon as possible and lock it where appropriate. The stolen funds may be partially recoverable but we cannot guarantee this. The majority of transfers will have been transferred out of Cryptopia and are therefore out of our control. There is no ETA on this process so we appreciate your patience.

During the investigation, if you are a New Zealand citizen, we will collect information regarding your compromised account and will report this to CERT NZ and the New Zealand Police on your behalf. If you are from an overseas location we will provide you with the information we find during the investigation and we encourage you to report this via the appropriate channels in your country.

We will get back to you on this ticket once the investigation is complete.

Kind Regards,
Cryptopia Support
[email protected]

6 July 2018

Journal type: Additional comments

My account was hacked 5,130 ETN were converted into Btc, then transferred out of my account, into a Btc wallet.

Please help me.

Thank you,

Simon
[email protected]

6 July 2018

CSxxxxxxx Created

Simon 07/10/2018

Thanks for all this!! I was about to transfer 0.2BTC there!!

Thanks for the info fellow traders.You have saved alot of us from this scan.I was almost going to send my BTC there to participate in a pump.So sad for your terrible experiences and losses.Hope you recover soonest!

Josh 05/07/2018

This Cryptopia is not an exchange is a SCAM

This Cryptopia is not an exchange is a SCAM, they will steal your money and say that your account was hacked. It happened to me! Open your eyes!!

Marques 05/03/2018

Scam exchange

Cryptopia is a biggest scam exchange, last time i sent some ETH and still not yet received and its been a month already, i tried to get in touch with support team.. they never showed up but the facebook messenger they blocked when i started messaging them there… abuse this motherfuckers… biggest robbers and coz of people like them people are scared to invest in blockchain technology… how can we trust when we have this kind of exchanges around…

Mohammed 03/26/2018

Cryptopia supports Scam coins

So people invested into PAC coin and they reissued the coin as $Pac and devalued everyone's investment. The fact that Cryptopia supports scammers like this tells us that they are not honest.

Mark 03/17/2018

Beware. They have not honored my Bitcoin withdrawal for 7 days so far.

I opened an account with Cryptopia 2 months ago to buy some of the alt coins. I recently tried to withdraw a very small amount of my Bitcoins by Cryptopia to different exchange’s wallet. I waited 2 days and it showed 0 confirmations. I opened a support ticket and waited 3 days and got no response. I then decided that when I get out of Cryptopia to get out altogether. It does not seem to be have the integrity that I orignally thought. I sold he rest of my altcoins to Bitcoin, made another withdrawal request to a different exchange’wallet and still after several days nothing has happened. They are holding my coins and not responding to any of 3 open tickets. I filed a complaint with the New Zealand Commerce Commission last week. I hope that I can get some releif and my Bitcoin out.

Jeffrey 03/05/2018

Lost BTC coin with no record at the day it was lost

Hi there, i hooe my writing can be read wisely for you all that has account in Cryptopia. I have traded few coin at Cryptopia with my basic coin BTC. Yesterday by sudden i have lost all my bitcoin and no track record where the coins gone. I could trade sell and buy eventhough the account opened, i though the system was error yesterday. I have written support tiket but very slow respond. Today i saw there is withdrawal record for yesterday transaction then i realize somebody has stolen my bitcoin. Until today no respond from cryptopia admin. Who's false is this?.....

Syahnan 02/20/2018

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
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