Developed in 2014, Cryptopia has been around for more than 2 years, which is generally a good sign when determining whether or not a service in the cryptocurrency space is a scam. After all, scams rarely survive to that 2 year point before being uncovered. As Scout the Scam Sniffer dug deeper into Cryptopia, it became more and more clear that the answer to the big question, “Is Cryptopia a scam?” was a flat out NO! In fact, it quickly became clear that the exchanges involvement in the cryptocurrency sector is a value addition for the industry as a whole. Today, we’ll talk about:
- What Cryptopia is;
- the supported cryptocurrencies;
- customer service provided;
- the crypto-community’s view;
- fees charged;
- unique capabilities;
- and Scout’s Final Thoughts.
What Is Cryptopia
Cryptopia is an innovative cryptocurrency exchange that was founded in 2014 by Adam Clark and Rob Dawson, both of whom are well-respected members of the cryptocurrency community. The exchange, like any other cryptocurrency exchange allows for the trading of cryptocurrency pairs, essentially buying and selling one cryptocurrency, using another as a form of payment.
However, Cryptopia is an incredibly unique cryptocurrency ecosystem that can’t be simply viewed as an exchange. The company also offers a marketplace service, which allows for the listing and sale of goods within the system. This is an interesting move as it makes these goods accessible as the result of a cryptocurrency payment rather than a fiat currency payment.
Aside from the capabilities of the exchange, it also proved to be overwhelmingly user friendly. It seems as though with many exchanges, the more cryptocurrencies are offered, the more convoluted they become. Fortunately, Adam and Rob kept usability in mind when it came to the design of Cryptopia.
Cryptopia is a massive exchange with tons of cryptocurrencies available to trade. Of course, the exchange offers the trading of all the major cryptocurrencies, but it goes quite a bit further than that too. In fact, the exchange currently supports more than 400 cryptocurrencies and altcoins, and the list seems to be growing all the time!
However, when it comes to deposits and withdrawals, chances are that you’ll want to do so using cryptocurrency owned with a wallet or exchange that supports your local currency. Unfortunately, while Cryptopia supports and extensive list of digital coins, it only supports NZD when it comes to fiat currency.
Customer Service Provided
While just about everything else about this cryptocurrency exchange made us smile. However, when it came to customer support, there was a surprising black hole. The company does offer a great FAQ section that’s riddled with general information on trading cryptocurrencies, and there’s a pretty decent forum. However, when it comes to company specific customer support, the only way to contact the company is through a contact form. Unfortunately, various members have pointed to the customer service as being pretty much non-existent. While this largely has to do with ridiculous response times, we were shocked at just how bad the customer support was at an otherwise perfect service!
The Crypto-Community’s View
From the standpoint of the crypto-community, Cryptopia is, by the vast majority of customer accounts, a positive member of the cryptocurrency community. When reading most consumer reviews, they are filled with glowing recommendations. In particular, users seem to enjoy the amount of altcoins that are supported, the ease of use of the platform, and the added features.
However, some reviews do point to the issue mentioned above. Unfortunately, some users have shown frustration with the customer support provided through the exchange.
The fee schedule charged by Cryptopia can be relatively confusing, and that’s not necessarily the exchange’s fault. First and foremost, the company charges a competitive 0.2% for every trade. However, when it comes to withdrawal fees, that’s where things get tricky. The withdraw fee is generally imposed by the blockchain with which the transaction is taking place. So, if you withdrawal on an expensive blockchain like Bitcoin, your withdrawal fees could be around $30, but the same transaction on the Ethereum blockchain would be far cheaper.
As mentioned above, Cryptopia isn’t just a cryptocurrency exchange, it’s more of a marketplace. In fact, some have even compared it to the Ebay of the cryptocurrency world. However, the marketplace isn’t the only unique feature offered by Cryptopia. Another feature that users seem to really enjoy is Cryptopia rewards. Essentially, there is a reward bot that rewards users based on random actions. The rewards come in randoms amounts and through random coins, so, it makes trading and being part of the ecosystem the company has built more rewarding.
Scout’s Final Thoughts
When digging into Cryptopia, Scout the Scam Sniffer seemed to get positive signals from just about everything he checked. Unfortunately however, while the platform built is a great one, fees are competitive, and the community involved in the marketplace is a good one to be part of, if you start working with Cryptopia, you can’t expect strong customer service. So, while this is a recommended service for those who are confident in their abilities and who have been in the cryptocurrency space for a while, the lack of customer service makes this an iffy option for beginners.