Whether you love them or hate them, cryptocurrency exchanges are an essential part of any serious traders life. 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.
Exchanges are also common targets for hacking attacks and many have suffered significant losses in the last few years. The most famous of which was Mt Gox. Today, we’re going to take a look at Cryptopia Exchange, what it’s about, what people think about it, and overall is it a good place to go for your exchange needs.
What should you look for in a good exchange?
Before we dig into the Cryptopia Exchange, we need to specify what makes a good exchange, and how can we identify one as such. Let’s go over these one by one.
Broad asset support
In an important sense, an exchange is only as good as the assets that it supports. For example, if an exchange only supports BBQ Coin, BitConnect Coin, and nothing else, it doesn’t matter if the exchange has the best customer support or the most reasonable fees.
For our first category, we need to consider if the exchange supports enough assets to justify signing up and using it.
When exchanges are hacked, the result is often that everyone who held assets on the exchange will lose a percentage of them. This is true whether or not their particular assets were hacked.
In order to reduce the chance of loss, we need to choose exchanges that maintain ideal security practices. Additionally, they should have never been hacked before, or have not been hacked for many years.
While it is best practice to not keep assets on an exchange, it may be necessary from time to time to keep some on an exchange in order to have various limit orders in place. Security needs to be a priority.
The Fees charged by the exchange should be reasonable, and at least on par with other competitors.
Finally, one issue that should never be overlooked is the customer support offered by the exchange. For this, your best solution is to check the internet for comments about the exchange and their customer support.
If you see dozens of posts from people saying that they never get responses back, the support never offers a proper solution, or the support is very unprofessional, you may want to think twice before signing up.
With these four basic criteria in mind, let’s take a look at the Cryptopia Exchange and see how it stacks up.
Cryptopia Asset Support
Probably one of the best selling points of the Cryptopia Exchange is it’s extremely broad asset support. In fact, the number of assets supported is so broad that it is unlikely that any one trader would need even half of them.
For example, on Cryptopia, you can buy PutinCoin (which as of today had a daily trading volume of 0.6 bitcoin) MagnetCoin (with a volume of 0.28 bitcoin today) and even something called King 93 (with a volume of 0.04 bitcoin).
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.
This can potentially save on fees, as each time a currency is traded, a fee is charged.
Cryptopia Exchange Security
So far, Cryptopia does not appear to have been the victim of a widespread hack. However, some users are reporting that their accounts are seeing illegitimate login attempts. This may be somewhat normal for this kind of website, however. Everyone should always be using 2FA where applicable. Cryptopia supports 2FA.
Cryptopia Customer Support
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.
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.
In addition to customers, those seeking to have their assets listed on the exchange also have complaints of their own.
Speaking on the condition of anonymity, one highly respected individual who worked with several blockchain projects that wanted to be listed on the exchanged noted the following:
“..trust me: stay away from Cryptopia”, and “it’s NOT a professional company and I expect a lot of trouble in times to come”.
The source went on further to say “…I know their customer service is unprofessional as fuck – making sex jokes and such while you want to list your coin”.
The source informed us that the price for listing on Cryptopia is already over $400,000 USD in equivalent cryptocurrency.
It should be noted, however, that it is likely that only those with bad experiences will go on the internet to leave comments about the support. If someone had a good experience, most likely will not leave comments about it. However, the sheer number of negative comments implies that there are still a lot of issues with Cryptopia customer support.
Cryptopia charges a fee of 0.20% of the total value of each trade. Comparing this to other exchanges, Binance charges 0.1% and Polonium charges between 0% and 0.25%.
This implies that Cryptopia fees are mid range, and not particularly high or low.
If you are looking for an exchange that offers a dizzying number of cryptocurrency assets, as well as options to trade in non-bitcoin pairs, the Cryptopia Exchange may be worth a look.
Just keep in mind that their customer service is far from perfect, and you may experience unnecessary wait times.
Featured Image via Cryptopia.co.nz