Adam Mathew is a writer for Finder, specialising in video games and TV. He's been the editor of magazines such as Ultimate Nintendo and Official PlayStation AU. His words may also be found in IGN, Gamespot, Kotaku, Red Bull, Game Informer and AusGamers.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is Cryptopia and how does it work?
Cryptopia is an all-in-one style exchange and trading site focused around cryptocurrencies. Traders can buy altcoins at whatever prices are being offered by other people on the platform, and sell them for the price they think they’ll get.
It's also possible to browse various sale listings, and potentially buy almost anything from gift cards to headphones to a car, with cryptocurrency.
One of the main benefits might be the ability to transfer bitcoin and other currencies between users free of charge, as it’s being passed through Cryptopia rather than along the blockchain. It also offers a range of features that you might find useful, including:
Marketplace: The marketplace for buying and selling listing with cryptocurrencies.
Arbitrage: An information section where you can see the prices of coins listed on other exchanges. This can help you pick out the better value for money listings and make more informed decisions.
Coin info: Up to date information on the over 500 altcoins being traded at Cryptopia.
Paytopia: Cryptopia’s own products and services, including various promotional tools to use with your listings, available on per-month subscriptions and payable with Dotcoin.
Cryptopia is an entirely peer-to-peer exchange, so you’re buying straight from other users. Like eBay, Gumtree or other online marketplaces you’ll potentially find some very competitive prices, but will probably also find some very bad offers.
Once you have done your research and considered the pros and cons, the first step to using Cryptopia is signing up and verifying your account.
How to get verified
There are three stages of verification.
Stage 1: By verifying only an email address you can you can withdraw or transfer up to $5,000 per 24-hour period.
Stage 2: By providing your full name and address, identification and a picture of yourself holding that ID, you can raise your withdrawal and transfer limits to $50,000 per 24-hour period.
Stage 3: By providing all of the above, as well as proof of address, a photo of a paper with your Cryptopia username handwritten on it, and a written statement about why you need limits above $50,000 per day, you can raise your withdrawal and transfer limits to $500,000 per 24-hour period. Two-factor authentication must be enabled for all parts of a stage 3 verified account.
Who can use Cryptopia?
Anyone with a verified account can use it, from anywhere in the world. However, the only fiat currency it supports is New Zealand dollars, and you can only make bank transfers from New Zealand bank accounts.
If you want to deposit any fiat currency into the account, you’re going to have to be happy using New Zealand dollars. But if you’re only going to be using cryptocurrencies, then you can use Cryptopia from anywhere in the world without any issues.
How to get started, make transfers and trade
What currencies does Cryptopia support?
The only fiat currency Cryptopia supports is New Zealand dollars transferred from a New Zealand bank account.
However, it also supports an exceptionally wide range of cryptocurrencies. At the time of writing (November 2017) it has 548 different altcoins listed on the exchange. Naturally, this includes all the most prominent ones, like bitcoin, Ethereum and Bitcoin Cash
There are two kinds of fees you’ll run into.
Exchange. There are fees for transferring cryptocurrencies from one wallet to another. The fees depend on the currencies being transferred and other factors.
Withdrawal. Transfer fees apply when withdrawing NZD from your account, as well as cryptocurrencies. When withdrawing cryptocurrencies you’re essentially transferring them from the Cryptopia wallet to your own, so it’s also a transaction fee.
Notably, there are no fees for transferring altcoins between users on Cryptopia. This is because they’re staying in the Cryptopia wallet, but simply allowing a different person access.
Accepted payment methods
The only fiat currency transfer method Cryptopia accepts transfers from a New Zealand bank account. This needs to be done manually by requesting a transfer.
Withdrawing or depositing New Zealand dollars might take several days, depending on how quickly the transaction is approved, what time of day you submit the request and how busy it is at the time.
Your cryptocurrency transfer times will depend on the type of altcoin being transferred and how busy the network is, but it can be done in just a few minutes.
Your transfer limits will depend on your level of verification.
Safety, security and privacy
Cryptopia will not distribute any personal information it collects, except for the purposes related to the reason it was collected (ie, to verify your identity).
Cryptopia uses the expected HTTPS security certificate and generally takes all efforts to ensure the integrity and security of all data on the platform. However, it warns that no information sent on the Internet can be guaranteed to be 100% secure, and offers its services at your own risk.
Nevertheless, Cryptopia has a large user base around the world, and many people find it trustworthy.
To assist your own security, it also recommends two-factor authentication (2FA) for all accounts, and insists on it for level 3 verifications. It also sells its own 2FA device for NZ$35 in the Paytopia section.
In January 2019 Cryptopia was hacked, and many customers lost funds. Since then, Cryptopia has proceeded with reimbursement plans for affected customers.
Customer service and contact
For support, such as reporting errors or requesting a bank transfer, you can send a support request ticket.
You can also get in touch with Cryptopia on social media, use the forums or chat program provided, to contact other users or make enquiries through the site.
Pros and cons of Cryptopia
Offers that have the potential to be exceptionally good value for money.
You can send and receive cryptocurrencies from other users into your account without any transfer fees.
A wide range of products and services.
You can verify an account with email only.
Low to no fees.
Features like the arbitrage and marketplace.
Ability to buy, sell and trade an exceptionally wide range of cryptocurrencies.
Potential offers which are extremely bad value.
Can only make fiat currency transfers using NZD.
You might find an off-putting “wild west” vibe.
No advanced trading features. It might be better suited to bargain hunters and one-off buyers and sellers rather than more serious investors.
Cryptopia is no longer trading. To find alternative venues, you can compare alternative exchanges.
The fees may primarily be to cover transfer costs. They can vary though, and it’s not entirely clear whether or not Cryptopia also earns commission for its services.
Paytopia might be earning its revenue from selling merchandise and Paytopia transactions instead.
Image source: Cryptopia
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.