With an Alexa global site rank of 1,106 and offering over 400 cryptocurrencies, Cryptopia is one of the most used exchanges in the industry. It has gained a reputation for facilitating the purchases of lesser-known and newer currencies. It even has five separate trading pairs. But is the exchange worth using? What is it like to frequently deposit and withdraw various coins and tokens? The aim of this review is to give people an impartial overview of the website before they embark on using it.
How do you deposit funds? What methods are available?
The first thing a new user will want to do is to make a deposit. To do this you need to go to the ‘Balances’ tab on your ‘Account’ page. From there you can deposit funds into any of the coins or tokens that Cryptopia supports. When you click the ‘Deposit’ button for a coin, Cryptopia will create you a new wallet with a QR code leading to your address.
There is no upper or lower limit to how much you can deposit, and there are currently no deposit fees. The exchange states that you should not link your Cryptopia wallet to your mining set up as it cannot support such a function. Some coins are easy to deposit (for instance no problems were noticed when depositing Myriad) but depositing Ethereum was problematic. It took a substantially long time for the money to arrive, even after there had been well over 100 confirmations. This issue happened every time an ETH deposit was made, and also happened with a handful of ETH based tokens too (such as OmiseGo). The money arrived every time but the delay it sometimes took meant that chances were missed for investing in dips in the market.
In terms of which methods are available, you can deposit any of the 400+ coins or tokens which are offered by Cryptopia. You can also directly deposit New Zealand Dollars if you are a New Zealand resident who has submitted identification.
What currencies can I buy, sell and margin trade?
Cryptopia holds over 400 separate cryptocurrencies, with most of them being obscure or lesser known. In terms of popular coins, you can trade Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, and Dash. Their lesser known coins include XTRABYTES, Obsidian, Verge, and SkyCoin.
Is Cryptopia safe?
In terms of safety, Cryptopia acts in the same way as most exchanges. There is a level of trust which you must place into any centralized exchange; you have to hope that they will look after your money and give it to you when you ask. With Cryptopia, it seems that they have never stolen money from users before, but there are sometimes issues with the speed of withdrawals. Their ‘terms of service’ also state that they reserve the right to prevent withdrawals on certain coins temporarily. This is problematic but not entirely off-putting as they usually do this for maintenance purposes.
How to buy and sell on Cryptopia?
Buying coins is a relatively quick process. To purchase a currency you need to have Bitcoin, Tether, New Zealand Dollar Tether, Litecoin, or Dogecoin to begin with, and then go to the ‘Exchange’ page. Every coin on Cryptopia is paired to Bitcoin, but you can also purchase most coins with either Litecoin or Dogecoin too. The ability to use Dogecoin as a trading pair is refreshing as it conveys just how far adoption of the coin has come.
When choosing to buy a coin or token you are given analytical tools such as the candlestick chart and the order book. And while the order book served as a helpful took for making financial decisions, the candlestick chart seemed ‘buggy’ on certain coins. The process of making a purchase was largely similar to that of other, larger, exchanges like Bittrex and Binance. For somebody who is new to cryptocurrency and has never used an intricate exchange, it will likely be hard to figure out at first. After the quick purchase of the coins, they showed up in a wallet of their own attached to the Cryptopia site.
One annoyance is that Cryptopia is planning to close numerous coin exchanges for some of the less popular trading pairs. For instance, ToaCoin is not available to be purchased with either Litecoin or Dogecoin. This means that for many obscure coins you would need to use Bitcoin to buy them, which can be off-putting considering how high BTC transaction fees currently are.
Selling coins is more or less the same process, and is just as quick to do. There were no noticeable problems regarding this, but a quick search online shows that many people have struggled with this in the past. It appears that Cryptopia sometimes prevents the sale of certain coins for indefinite periods without giving any prior warning to their customers. This could lead to many people losing out on their profits or gains from day-trading or holding.
Cryptopia fees and Transfer Limits
There is no fee for depositing funds to Cryptopia, but there are for withdrawing (as with most exchanges). The fees are different for each coin on offer, and the ranges of fees can be quite drastic. For instance, Bitcoin withdrawal fees are currently at $11.00, whereas Reddcoin withdrawal fees are less than a cent. You can find withdrawal fee details on the ‘Coin Information’ page, and then by checking under ‘Settings’ on your coin of choice. There are also fees for trading coins. These seem to be pegged at a 0.20% fee for all coins, which is somewhat high.
By default, you are limited to only being able to withdraw the equivalent of $5000.00 NZD per day. This will not be a problem to the casual trader but professional brokers will want to look into ‘level 2’ or ‘level 3’ verification status. Level 2 status allows you to withdraw $50,000.00 NZD per day, and level 3 provides you with an indefinite amount. To get a level 3 status you would need to set up a dialogue with the Cryptopia administrative staff.
How quickly will my funds be available when I withdraw?
The act of withdrawing coins is by far one of the most problematic areas of Cryptopia. To withdraw, you need to navigate to the ‘Account’ tab, and then to the ‘Balances’ tab. There is then an option to withdraw next to each coin. For the most part, there were no noticeable issues when withdrawing other than the fact that it sometimes takes excessively long for the coins to arrive in their respective wallets. For instance, Ethereum withdrawals sometimes took 10+ hours (although that was rare). From taking a look at the Cryptopia forum and the dedicated subreddit, it seems that people have suffered from even longer withdrawal times. Some people have even noticed that their funds are leaving their Cryptopia wallets upon withdrawal but not appearing in the destination wallets. As of right now, there also appears to be an issue whereby Dogecoin cannot be properly withdrawn from the exchange.
Cryptopia is not known for its prompt support. While there were no issues where I needed to personally use the support function, I did examine the area and perform some research on it. The ‘Support’ tab can be found under your username. On this tab, Cryptopia gives a list of things you should do, and things you should avoid doing. Most of these are commonplace such as including all relevant information and not opening multiple support tickets. At the bottom of the page, Cryptopia states that you should expect a delayed response of around twelve days.
To have to wait almost two weeks is not an acceptable practice when dealing with assets as volatile as a cryptocurrency. For an exchange to take twelve or more days is unacceptable considering how a dip in the market can happen in mere seconds. At a push, a waiting time of around two-to-five days would be more acceptable.
What makes Cryptopia Unique?
In conjunction with having 400+ different coins and tokens, Cryptopia has a built-in marketplace. This is entirely separate from the exchange where you buy coins. The marketplace can be found on the homepage or at the top bar on each webpage.
The marketplace is not necessarily used to buy coins or tokens, but rather to buy and sell other products with cryptocurrencies. It can be considered a centralized alternative to OpenBazaar, a decentralized crypto exclusive marketplace. On the Cryptopia marketplace, you can find many different products from an iPhone X to fresh bee propolis. There are also cryptocurrency related products such as an offer to buy 10 MIOTA (IOTA) and various trading bots for sale. There are even sapphires and cars going on sale. The marketplace allows for direct sales, auctions, and bounties for ‘wanted’ items. One impressive feature is that it accepts numerous cryptocurrencies, not just the industry standards like Bitcoin and Litecoin.
There are options to buy using Verge, Dogecoin, Eternity, and many more. Some of the prices are unreasonably good, suggesting that there are some scammers on the market, but for the most part, products looked well priced, suggesting that Cryptopia regulates the area. Buying is easy and painless. One feature which would have improved the market would be an escrow feature where you only release the funds after you have received your product. This is a must-have for markets of this nature. It is possible that Cryptopia has this feature or is implementing it because it looks like the market can support it, but it was not up and running when I checked.
Pros and Cons
- Offers a huge range of coins
- Has large daily withdrawal limits, even for unverified users
- Contains a built-in marketplace which accepts many different coins
- Offers many different trading pairs such as Dogecoin and Litecoin
- Has worryingly slow customer service
- There are problems with withdrawing some coins, such as Ethereum and Dogecoin
- The website is buggy at times which can make trading harder
- The withdrawal fees are somewhat large
- The trading fees are large
- The forum is mostly inactive and unresponsive
Having used Cryptopia for a while, overall I can say that I am underwhelmed. While the exchange is used for purchasing lesser known coins and tokens I found that the lack of prompt support from staff and long withdrawal times were enough to make me reconsider using it at all. It certainly serves a greatly needed function in this industry of connecting individuals with obscure currencies, and there does not seem to be any alternatives to it other than some Chinese exchanges (which can be daunting to people who do not speak the language). Lengthy deposit times were off-putting as it meant that numerous opportunities to day trade were missed, and even lengthier withdrawal times were worrisome.