Guide to Cryptopia Exchange
Founded in 2014 by Adam Clark and Rob Dawson, Cryptopia is a New Zealand-based crypto exchange. What initially started as a hobby, led the co-founders to quit their jobs and run the exchange full time.
With their laser-like focus on the exchange, Cryptopia grew significantly and witnessed immense expansion. Another reason for the expansion was the explosion in Bitcoin’s growth in the past few years. As a result, Cryptopia exchange grew from just two co-founders to a team of 50 employees to cope with the demand in the market. But, does this peer-to-peer exchange live up to the hype? We will find out in this Cryptopia review.
Connecting your Cryptopia Address to ZenLedger For Your Crypto Tax Forms
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!
With that said, let’s move on to the features of Cryptopia exchange.
Like several crypto exchanges, Cryptopia has been hacked in the past but it has managed to come back pretty effectively. The exchange has patched up its systems and taken care of the vulnerabilities that allowed the hack to happen.
While the information regarding the internal security protocols is sparse, the exchange does have an SSL certificate. Cryptopia has the standard 2FA (two-factor authentication) login security.
The 2FA is not the default security setting, so it is highly recommended that the users enable this feature manually. Another safety tip is to visit the correct site with the SSL padlock in the browser address bar as hackers often use illegitimate websites for phishing.
One of the distinctive features of Cryptopia exchange is one of the largest selections of altcoins. Traders often use the exchange when they want to trade in promising low market cap altcoins.
Cryptopia not only supports a lot of crypto tokens but also peer-to-peer exchange, meaning users can trade directly among themselves on the platform. Furthermore, users can also exchange several popular coins such as ETH and LTC. This means that they don’t need to convert every coin into BTC first before converting it into another coin. By doing this, users can save on fees.
When it comes to charging fees, Cryptopia stays in the mid-range (not too high or too low). It charges 0.20 percent of the total worth of each trade. Compared to Cryptopia, Polonium charges between 0 to 0.25 percent, and Binance changes 0.10 percent.
The exchange charges a withdrawal fee, which depends on the coin and the flat rate. For instance, if you want to withdraw 1BTC, you’ll be charged 0.01 BTC.
The trading platform of the Cryptopia exchange is relatively easy to use. When you go to the platform’s exchange tab, you can see a wide range of markets that are open for trading along with a summary of trending coins for the day. For traders, this feature comes in handy because the plethora of coins can get overwhelming.
While trading for a particular coin, you can select from the markets on the left. After that, you will be navigated to the charts and order books where you can switch between markets if need be.
The buy/sell order forms are quite simple to fill and under the order forms, you’ll see the order books. Unfortunately, in some cases, this simplicity works against the platform as it does not offer advanced charting for professional traders.
The trading speed, on the other hand, is fast and pushes the order books quite quickly. But, the market depth opens on a separate tab and you’ll have to navigate back and forth to see the buy/sell walls. In short, the trading platform is easy-to-use but misses out on some advanced features.
With Cryptopia exchange, you can self configure fast and responsive auto-trades, all thanks to its crypto exchange script system. You can set your trades based on the chronometric data, market conditions, or even a blend of both. New traders can take advantage of this feature to trade in a rollercoaster-like crypto market while preparing for strategic trading in the future.
Customer support is one category where Cryptopia dawdles. A quick internet search reveals many customers are dissatisfied with the exchange's customer support because of not receiving any response for days or weeks on end.
Predominantly, the complaints are regarding deposits or withdrawals. As an investor, it is an unnerving experience when you feel like your money has disappeared and you cannot reach anyone from the exchange. All in all, Cryptopia can certainly improve on the customer support front.
Cryptopia exchange is an excellent platform for newbie traders to start and learn the essentials of trading. It offers a myriad of cryptocurrencies for beginners to choose from and trade. However, advanced traders might find it overly simple as the exchange doesn’t offer advanced charting. If the exchange improves on its security protocols and customer support, it can come across one of the most holistic exchanges in the market. We hope this Cryptopia review will help you in making an informed decision.
ZenLedger can help you easily calculate your crypto taxes, and also find opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!