Cryptopia Review: Scam Exchange? This You Need to Know!

If you wanted a nice and succinct summary of all the coins that are on the market as well as some technical information about them, then you can head on over to the coininfo section. As you may have picked up, Cryptopia is quite a weird exchange in the range of goods and services that they offer. While there is no doubt that the most important part of the exchange is their trading platform, they have a few other features which warrant some coverage.

1. Cryptopia was once a prominent player in the cryptocurrency exchange market, offering a wide range of trading pairs and services to its users.
2. Once listed with this package, your coin will be traded against three pairs (LTC, BTC and Doge).
3. Since our current set of tools are built around Ethereum, we will look at the movement of Ethereum from Cryptopia.
4. “This complex process also involved rebuilding the hacked cryptocurrency exchange and reconciling millions of transactions from nearly 960,000 users,” said Grant Thornton.
5. If you want to trade a particular coin, you will select the market to the left.

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The firm revealed that 10,000 accounts is just the tip of the iceberg, as the exchange has an estimated total of 960,000 users entitled to compensation after the crypto exchange’s untimely demise. The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. While it is great that the exchange makes it easy for anyone to list their coins, it does mean that a whole host of really low quality coins could get listed.

Is Cryptopia open for trading?

Like many other popular exchanges, the customer support category is one where Cryptopia seems to fail. A quick search of the internet reveals many hundreds or even thousands of customers that are angry with not receiving any response, often for days or even weeks. Like many other exchanges in the past, Cryptopia has been the victim of a pretty large hack.

Trading fees are 0.20% flat, meaning that takers and makers both pay 0.20% of the total order value of the trade as a fee to Cryptopia. This exchange has an impressive 2 million users, which shows how popular it is. The exchange also has a very strong Twitter-following (more than 200,000 people). To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you. Allowing a third party to have sole access of user data is worrying enough, and should be a huge red flag for future regulators to look out for.

Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door. New Zealand-based cryptocurrency exchange Cryptopia is officially gone. Cryptopia trade is suspended indefinitely as liquidators manage what's left of its assets.

In January 2017 they quit their jobs to work on the exchange full time. From May to December 2017 Cryptopia grew from 30,000 to ~1.5M registered users. That Arizona business is apparently playing hardball, demanding a ransom of $2 million for the data. Without it, none of Cryptopia’s former customers will see their money.

No matter what coin you’re looking to trade, you’ll probably find it on Cryptopia. They have branded themselves as the anonymous counterpart to Bitcoin as the demand for privacy conscious coins becomes more evident. Although Bitcoin is the most popular coin, all of that attention has attracted a great deal of scrutiny from governments and other organisations. There are also concerns that any Bitcoin fork that tries to label itself as Bitcoin "X" will face more scrutiny from the Bitcoin community. We have seen this recently with the great deal of animosity that the Bitcoin Community has for Bitcoin cash. It seems as if the team working on Zcash may not have anticipated the amount of work that would need to be completed post the fork.

How to buy cryptocurrencies

Additionally, the distributed nature of the hosting of decentralized exchanges means that they are not susceptible to downtimes. For Litecoin and Dogecoin traders, the closure of these markets may be a setback, but it also presents an opportunity to explore other exchanges and trading platforms. There are many reputable exchanges that offer trading pairs for Litecoin and Dogecoin, so users have plenty of alternatives to choose from. Unlike the hacker, Cryptopia employees no longer control the private keys of Ethereum wallets, and funds stolen from the exchange continued to flow to the ETH address. Cryptopia offers wire transfer as a deposit cryptopia withdrawal method, but you can’t deposit via credit card.

This could either be users in the community who want their coin added or project team members. These complaints are often in relation to deposits or withdrawals not working or not appearing. This can be a very unnerving experience when a customer feels that their money has essentially disappeared and no one seems to care.

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We believe that if Cryptopia had undergone Cyber Security CERtification the hack on the exchange could have been prevented. First of all, we’d like to highlight that there are irregularities in the story of Cryptopia Hack. The incident was confirmed by NZ Police almost straight away, however, the primary details still remain unknown to this day.

Poloniex’s show somewhat more variance, but nothing like a 32X increase. They averaged about 13,000 Eth withdrawn per day, with the max day only 2.7X the average day. Right away we can see that there was unusual withdrawal activity on Jan 13. All other days in January saw an average of 615 ETH withdrawn, so a magnitude 32X increase. January 15th, 2019 saw the announcement of another hack of a crypto exchange, New Zealand’s Cryptopia.

See if you have any outgoing Send transactions resulting in a large gain. If any of these transactions are a withdrawal to the closed exchange, you can tag it as Lost so that Coinpanda will not realize the gains on the transaction. The amount sent will instead be included in your Expense summary in the tax report, and you might be allowed to report this as a loss in your tax return. Cryptopia often lists projects when they’re still too small to be listed on a major exchange like Binance. Investing in these small coins can be highly risky, but finding the right one could mean striking gold.

1. You need to sign up to the claims portal below if you haven’t already and you’ll receive email updates from their team.
2. Unfortunately, for those professional traders who want advanced charting, Cryptopia does not seem to offer this.
3. The coininfo page is indeed a great way for you to get an overview of smaller cap coins.
4. What does the closure of the Litecoin and Dogecoin markets mean for the cryptocurrency community?
5. For an explanation of what happened previously and why we anticipated another round of security breaches was yet to come, see our prior analysis here.

I decided to sign up with Cryptopia today in an effort to understand more about how trading platforms work. The experience was ok but the messaging could be improved to make it more accurate and consistent. Be the first to receive our latest company updates, Web3 security insights, and exclusive content curated for the blockchain enthusiasts. Cryptopia was previously mainly famous for its record-breaking number of listed altcoins.

This is important because it means that traders do not need to convert everything into Bitcoin first before they can convert into another cryptocurrency. This can potentially save on fees, as each time a currency is traded, a fee is charged. When Bitcoin and altcoin prices skyrocketed in 2017, Cryptopia had also seriously expanded its services to keep up with the booming market. The platform supported a wide variety of cryptocurrencies, such as Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and even  ERC-20 tokens, or lesser-known tokens such as Electroneum (ETN). This drew a lot of attention from coin enthusiasts around the world and turned Cryptopia into a trending platform. Crytopia is a peer-to-peer cryptocurrency exchange based in Christchurch, New Zealand, launched by Rob Dawson and Adam Clark in 2014.