The more the cryptocurrency space is emerging, the more the awareness about the use of cryptocurrencies are being made the more crypto-space is expanding. As a result of the tremendous increase in the need exchanging cryptocurrencies, Cryptocurrency exchanges are becoming an essential part of any trading activity. To fill this need today, a number of exchanges exist across the world and serve different markets and countries.

As the demand for cryptocurrency exchange services is growing, many exchanges are having difficulty keeping up with demand. This is both in terms of website infrastructure and in customer support response times. However, some exchanges have been keeping up with the daily demands. One of these exchanges is the Cryptopia exchange.

About Cryptopia Cryptocurrency Exchange

Cryptopia is a New Zealand based exchange, it offers a lot more than just a crypto-exchange. The company also offers a gateway to the world of cryptocurrencies for both New Zealanders and non-Zealanders.

If you are looking for an exchange that offers a good number of cryptocurrency assets, as well as options to trade in non-bitcoin pairs, the Cryptopia Exchange may be worth a look. Cryptopia is an all-in-one kind of exchange and trading site focused on cryptocurrencies. You can buy altcoins at whatever prices are being offered by other people on the platform and sell them for the price you think you’ll get.

You can also 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.

Cryptopia is an entirely peer-to-peer exchange, so you’re buying straight from other users. As shown above, Cryptopia also offers a range of useful features other than exchange feature including:

Marketplace:

The marketplace for buying and selling listings with cryptocurrencies. The Cryptopia marketplace lets you sell anything, to anyone, anywhere in the world in exchange for the cryptocurrency. The marketplace also allows you to set up an Auction or classified listing using your cryptocurrencies. Like other online marketplaces, you’ll potentially find some very competitive prices of commodities.

Coin info:

Up-to-date information on the more than 500 altcoins being traded at Cryptopia. The section provides you with the following information:

  • Rating,
  • Algo,
  • Network,
  • Connections,
  • Block height,
  • Wallett status, and
  • Listing status

Major Feature Of Cryptopia Exchange

Multiple Asset Support

One of the best-selling points of the Cryptopia Exchange is it’s extremely broad asset support.

The only fiat currency supported by Cryptopia is the New Zealand dollars transferred from a New Zealand bank account.

However, it also supports an exceptionally wide range of cryptocurrencies. Not only is the asset choice incredibly wide, but the site also allows for direct exchanges between various popular currencies such as Litecoin and Ethereum. This is important because it means that traders do not need to convert everything into bitcoin first before they can convert into another cryptocurrency.

Fees

As discussed above, 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. Therefore, the fees are limited to:

Trading:

There are fees charged for trading your current asset for another.

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.

The trading fees charged at Cryptopia are 0.20% of the total BTC or cryptocurrency traded on each trade. This is in line with the current state of the crypto-competition, although one could possibly find even lower fees.

Security

Unlike some other exchanges in the market, Cryptopia does not appear to have been the victim of a widespread hack.

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, the exchange warns that no information sent on the Internet can be guaranteed to be 100% secure and offers its services at your own risk.

Also, for maximum security, Cryptopia recommends two-factor authentication (2FA) for all accounts and insists on it for level 3 verification.

Payment method

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. This needs to be done manually by requesting a transfer.

Getting Started With The Cryptopia

Creating An Account On Cryptopia

  • Follow this link to the registration page on Cryptopia as shown below, and fill up all the required information.

  • After successfully filling the details and agreed to the terms and conditions, a confirmation email will be sent to the mail address you provided as shown below:
  • Click on the link sent to your mailbox to confirm your registration.

Verifying Your Account

There are three stages of verification:

Stage 1:

This can be achieved by verifying only an email address as stated above. This level of verification is limited to a withdrawal or transfer of up to NZ$5,000 per 24-hour period.

Stage 2:

This level of verification requires your residential address, an identification document(could be a voters card, national identity card, or a drivers’ license) and a picture of yourself holding that ID. Once you are done with this level of verification you can raise your withdrawal and transfer limits to NZ$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 NZ$50,000 per day, you can raise your withdrawal and transfer limits to NZ$500,000 per 24-hour period.

Note that two-factor authentication must be enabled for all parts of stage 3 verified account.

Fund Your Account

  • Click on the ‘Wallet’ button
  • Select the ‘Deposit’ function from the drop-down as shown below:

  • Select the type of currency you are willing to deposit by typing the currency identifier in the text box provided and click the next button

  • Copy the generated address or scan the QR Code (In the example below, we are using the BTC).
  • Paste the generated address into the sending account
  • Wait for the transaction to be confirmed on the blockchain

Placing a trade on Cryptopia

  • Click on the exchange button from the top tab
  • Select your preferred trading pair from the left panel (In this guide we are selecting the BTC pair)
  • Select your preferred asset you are willing to change exchange with your BTC (In this guide, we selected the Wincoin)
  • Fill the buy order on the left-hand side as shown below:

  • Wait for the order to be matched.
  • Note that the order placed will be placed in the open orders below the BUY/SELL orders column
  • You can also follow the same step to SELL your asset (WINCOIN in this case) for BTC.

To withdraw your fund from Cryptopia

  • Click on the ‘Wallet’ button
  • Select the ‘Withdraw’ function from the drop-down as shown below:
  • Select the type of currency you are willing to withdraw by typing the currency identifier in the text box provided and click the next button
  • Fill in the amount of BTC you want to withdraw
  • Enter the BTC address your sending to, and your 2-factor authenticator pin and press next button as shown below:
  • A withdrawal confirmation will be sent to your mail, confirm the mail and wait for the blockchain confirmation.

 

Written by MyBitcoin Team

Follow us on:

Pin It on Pinterest