A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Cryptopia consists of four parts: general information, fees, deposit methods and security.
IMPORTANT UPDATE, 14 JANUARY 2019: On 14 January 2019, Cryptopia was hacked. The breach resulted in “significant losses”. No amount of the losses has yet been announced, but media is speculating in the loss being as much as USD 23 million. On 15 May 2019, the exchange decided to appoint liquidators. Trading is suspended at the exchange. The below message is the latest information from the exchange:
Cryptopia is a cryptocurrency exchange from New Zealand. It is really powerful, in the sense that it supports over 400 different cryptocurrencies. If you are looking for a less known altcoin to trade that is not supported by most cryptocurrency exchanges, we would be surprised if it wasn’t supported at Cryptopia.
This exchange has an impressive 2 million users, which shows how popular it is. The exchange also has a very strong Twitter-following (more than 200,000 people).
Cryptopia also claims to have market-leading two-factor security options, including Cryptopia’s own hardware dongles.
Cryptopia seems to permit US-investors (unlike most other cryptocurrency exchanges in the content of Oceania). US-investors should of course do their own independent assessment of any problems arising from their residency or citizenship anyway.
Cryptopia Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Cryptopia. There are no scary surprises in the trading view, but the design and layout is straight-forward.
Cryptopia’s fees consist of deposit fees, trading fees and withdrawal fees.
Deposit fees vary dependent upon how you deposit.
Trading fees are 0.20% flat, meaning that takers and makers both pay 0.20% of the total order value of the trade as a fee to Cryptopia.
Withdrawal fees are fixed at 0.002 BTC for BTC-withdrawals.
More on these fees below.
Cryptopia Trading fees
This New Zealand cryptocurrency exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. They offer flat fees of 0.20% of the order value of each order from both the takers and the makers.
It should be noted that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts.
Cryptopia’s flat trading fee of 0.20% is slightly below the global industry average (which is approx. 0.25%).
Cryptopia Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Cryptopia is luckily not one of those exchanges. However, their withdrawal fees are above average. When withdrawing BTC from Cryptopia, you will have to pay 0.002 BTC as withdrawal fees. Whereas 0.002 BTC on the day of writing this review (19 November 2018) is only USD 10.50, the global industry average is still 0.0008 BTC. This means that the fixed withdrawal fee amount might be insignificant in the big picture, but it is still 150% higher than the global industry average…
Cryptopia offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as Cryptopia accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
One might ask why security is a feature that we have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle a lot of cash or coin deposits and withdrawals.
Cryptopia has an average security score. We run all exchange-websites in the Mozilla Observatory-test (https://observatory.mozilla.org/) and Cryptopia received a C-score. This is relatively acceptable, especially considering that a majority of all the exchanges in our Cryptocurrency Exchange List only receive an F-score. But there’s definitely also room for improvement.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: