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Zipmex review

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Important information. Zipmex has suspended withdrawals until further notice. Zipmex tweeted this statement on 20 July, 2022.
Zipmex
Regulator registration
AUSTRAC
Supported assets
74
Fiat currencies
4
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Summary

Zipmex has suspended withdrawals until further notice. Keep reading to find out more.

Singapore-based Zipmex first opened its doors in 2019.

Zipmex was built by prominent figures in the Australasian business community. The Zipmex CEO and co-founder is Marcus Lim, founder of Australian online marketplace Oneflare, and a winner of the Anthill Entrepreneur Award and the Deloitte APAC Fast 500.

Its advisory board includes the former Stock Exchange Thailand chairman and the vice minister to the deputy prime minister of Thailand.

Pros

  • Aggregated liquidity. Zipmex aggregates liquidity from global markets and OTC desks.
  • High-speed trading. Zipmex says its platform can process 1.4 million trades per second.
  • Fiat currency support. Zipmex offers USD, SGD, IDR and AUD fiat currency trading options.
  • Very simple fee structure. Zipmex has a very straightforward fee structure: 0.2% trading fees and nominal deposit/withdrawal fees.
  • Complies with the Australian Transaction Reports and Analysis Centre regulations in Australia. AUSTRAC is the peak body for regulating cryptocurrency exchanges in Australia which requires Zipmex to comply with laws and regulations that are intended to provide certain protections for users.

Cons

  • No fee discounts. Zipmex doesn't offer discounted fee tiers for high-volume traders like many other exchanges.
  • Limited cryptocurrency selection. Zipmex only offers BTC, ETH, XRP, EOS and LTC.

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Details

Product details

Product Name Zipmex
Fiat Currencies USD, AUD, SGD, IDR
Cryptocurrencies BTC, ETH, XRP, LTC, BCH, USDT, BNB, XLM, ADA, DOGE & 64 more
Deposit Methods Bank transfer
Cryptocurrency
Trading Fee 0.2%
Deposit Fees AUD: $0
Cryptocurrency: None
Withdrawal Fees AUD: $5
Cryptocurrency: Fees vary

What is Zipmex?

Zipmex is a Singapore-based digital assets exchange offering fast trades, high liquidity and a wide selection of crypto commodities that can be traded 24/7.

On top of its advanced trading facilities and charting tools, Zipmex customers can also benefit from the convenience of trading with local fiat currency and earn competitive yield on selected crypto, with rates up to 14% annual percentage yield (APY).

Zipmex is currently operating in Singapore, Australia, Indonesia and Thailand.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, AUD, SGD, IDR
  • Supported cryptocurrencies: Approximately 74 cryptocurrencies

Which payment methods are accepted?

  • Bank transfer
  • Cryptocurrency

What's it like to use Zipmex?

What is the Zipmex Earn program?

Zipmex Earn is a yield-bearing savings program that offers attractive daily rates on selected digital assets you hold with Zipmex, such as Bitcoin(BTC), Ethereum(ETH), Tether (USDT) and more.

There are 2 account types in which you can earn yield on your crypto assets:

  • ZipUp. Enjoy daily payouts on your digital assets with this flexible earnings account.
  • ZipLock. A fixed-term earnings account that offers higher earnings with stable rates. Each crypto asset will be subject to a minimum lock-up period of 45 days.

ZipMembership tiers

ZipMembership offers 5 tiers and offers varying rates. Each tier from VIP 1 to 4 requires you to hold a minimum number of ZMT tokens in your Zipmex wallet for the entire duration in which you'd like to maintain your tier status/level:

VIPVIP 1VIP 2VIP 3VIP 4
Amount of ZMT tokens in Zipmex walletLess than 1001001,0005,00020,000

APY with ZipUp

Here's the overview of the APY you'll earn for different digital currencies based on your ZipUp membership tiers, as of 17 November 2021:

Digital currencyVIPVIP 1VIP 2VIP 3VIP 4
Zipmex token (ZMT)6%6.75%7%7.5%8%
USD Coin (USDC)3%3.75%4%4.5%5%
Gold (GOLD)3%3.75%4%4.5%5%
Bitcoin (BTC)2%2.75%3%3.5%4%
Litecoin (LTC)2%2.75%3%3.5%4%
Ethereum (ETH)2%2.75%3%3.5%4%
Tether (USDT)2%2.75%3%3.5%4%

APY with ZipLock

Here's the overview of the APY you'll earn for different digital currencies based on your ZipLock membership tiers, as of 17 November 2021:

Digital currencyVIPVIP 1VIP 2VIP 3VIP 4
Zipmex token (ZMT)12%12.75%13%13.5%14%
USD Coin (USDC)9%9.75%10%10.5%11%
Bitcoin (BTC)4%4.75%5%5.5%6%
Ethereum (ETH)4%4.75%5%5.5%6%
Tether (USDT)4%4.75%5%5.5%6%
Litecoin (LTC)3%3.75%4%4.5%5%

*Note: There'll be a minimum lock-up period of 45 days for each digital asset.

Verification tiers

In order to start trading and enjoy higher limits with Zipmex, you'd need to undergo KYC verification:

  • Registered. All new users will start off with this default tier after account registration and email confirmation.
  • Basic KYC. To deposit, withdraw and trade in digital currency, you'll need to upgrade your verification tier to 'Basic KYC', which will require the submission of an updated selfie, as well as identification documents (e.g. valid government-issued ID, driver's license or passport).
  • Enhanced KYC. To enjoy higher deposit and withdrawal limits, you can obtain the 'Enhanced KYC' status by submitting the following documents:
    • Bank statements from the past three months
    • Proof of residential address (e.g. credit card statements, telco/utility bills, tax invoice, letters from government bodies etc)

Fees and limits

The fees below are accurate as of 17 November 2021.

Platform trading fees

Membership tierCriteriaDiscountMaker feesTaker fees
VIP-0%0.2%0.2%
VIP 1Buy and lock 100 ZMT10%0.18%0.18%
VIP 2Buy and lock 1,000 ZMT20%0.16%0.16%
VIP 3Buy and lock 5,000 ZMT35%0.13%0.13%
VIP 4Buy and lock 20,000 ZMT50%0.10%0.10%

Deposit and withdrawal fees

Deposit fees
CurrencyDeposit fee
CryptocurrencyFree
SGD0.3%
USD25 USD
Withdrawal fees
Fiat currencyWithdrawal fee
SGD0.3%, 10 SGD minimum
USD25 USD, 30 USD minimum

Deposit and withdrawal limits

Verification tierDaily deposit limitDaily withdrawal limit
Registered
  • 0 USD
  • 0 SGD
  • 0 USD
  • 0 SGD
KYC
  • 100,000 USD
  • 40,000 SGD
  • 100,000 USD
  • 100,000 SGD
Enhanced KYC
  • 250,000 USD
  • 250,000 SGD
  • 250,000 USD
  • 250,000 SGD

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Varies

Fiat deposit times will vary depending on the currency and your bank.

Cryptocurrency deposits can take a few minutes, depending on the cryptocurrency.

Withdrawals

Clock icon for transfer speed

Varies

Fiat currency withdrawal times vary depending on the bank and currency.

Cryptocurrency withdrawals can take a few minutes, depending on the cryptocurrency.

Is Zipmex safe to use?

  • Regulation. Zipmex is registered with AUSTRAC and complies with AML/KYC requirements. Its partners include established financial services such as AEC Securities.
  • Verification process. Zipmex requires user identity verification for fiat currency deposits, withdrawals and trading. Crypto-to-crypto deposits, withdrawals and trading are available with email confirmation only.
  • Security features. Zipmex recommends 2-factor authentication for your Zipmex account as well as the email address you've used to register your account. Zipmex says it uses an "overlapping security structure". There are no known instances of Zipmex being hacked.

Customer support

Zipmex has a comprehensive support centre that covers most of the common FAQs regarding its fees and services.

If you have any other enquiries, you may also contact the support team through:

  • Live chat. Available 24/7 on Zipmex's website
  • Contact form. You may send your enquiry through Zipmex's online form or drop an email at support@zipmex.com

How do I create an account at Zipmex?

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