Cryptopia Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Cryptopia Review – is it scam or safe?
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
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 While some feel their service is outdated, due to software issues, others enjoy the plethora of available options.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 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.
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.
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.
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.
Cryptopia Review – is it scam or safe? Conclusion
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