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Cryptopia is a cryptocurrency exchange which is situated in the country of New Zealand. Apart from the crypto exchange, the broker’s website acts as an online shopping website from where traders can buy stuff in exchange for cryptocurrencies. The broker claims to have high security for trader’s funds but it was hacked by hackers in 2019. More on that and other things will be thoroughly discussed in this Cryptopia review. Let’s dig deep into Cryptopia to know everything about it. Shall we?
A single exchange account is offered that is leverage free and accepts about 0.20% charges on each trade performed. The broker claims to provide as many as 536 altcoins that mean all of them. All these altcoins are traded against Bitcoin, USDT, NZDT, LTC, and DOGE. Unfortunately, the broker does not offer leveraged trading that means no margin is expected on each trade. It will definitely upset many cryptocurrencies traders. It also means very limited profit-making opportunity with Cryptopia. The broker charges around 0.20% of each trade made on it. According to us, it is quite massive because many brokers only charge 0.10% on every trade.
The provided trading platform is complicated to understand and handle. Not so special charting are provided and that could not be used to traders potential. Order placement tabs are oddly placed and do not feel logical. All the 536 cryptocurrencies are shown in the list and scrolling them down is a headache.
The broker accepts payments via only altcoins. For New Zealand based traders, there is special provision via bank wire transfer payments. But for that traders need to perform identity verification first. It makes broker Cryptopia a New Zealand centric and traders from another country will be offended.
We have come across several negative and scam feedbacks from it’s ex-clients. In addition to this Cryptopia was raided by hackers in January of 2019 and looted over 3.5 million US Dollars. So it is evident that the crypto trader’s funds are not at all safe with Cryptopia still broker claims to provide high security.
Is Cryptopia scam or legit?
The broker Cryptopia is situated on the offshore country of New Zealand. Crypto brokers are not yet regulated and trading with them has always a scam risk. The trading conditions are poor and focused on New Zealanders. The broker was hacked recently and many millions were stolen from it. A web trader is provided and all of this makes Cryptopia a potential cryptocurrency fraud.