Since 2009 when the first cryptocurrency was introduced into the globe, about 1100 new cryptocurrencies have entered the market. Just like there are different fiat currencies, the multiple cryptocurrencies have opened new investment opportunities either through direct mining or trading in the exchanges.
Depending on the changing value of different cryptocurrencies in the market, a lot of people have been trading in the exchanges targeting to jump to the faster-growing options or earning higher profits. One of the top cryptocurrency exchanges in the market today is Cryptopia. This is a comprehensive review of the exchange to establish how it works, its key features, and identify major pros & cons?
What is Cryptopia?
Cryptopia is a cryptocurrency exchange ranked among the top 50 markets today. The exchange is based in Christchurch, New Zealand, where it is registered as a Limited Liability Company. Interestingly, the exchange is registered as a software development company and not a currency exchange.
A closer look at Cryptopia reveals that it is not simply a cryptocurrency exchange. In fact, to indicate that it is just a cryptocurrency exchange would be misleading. It is a platform that targets enhancing the use of cryptocurrencies. Notably, the blockchain technology has been very disruptive, and many administrations see them as a threat. Cryptopia targets helping to correct this misconception by getting as many people as possible into the crypto world.
The exchange describes itself as a one-stop crypto store that allows traders to buy and sell multiple digital assets. But this is not all. The exchange also allows traders to trade the crypto assets for real-world services and products.
How does Cryptopia work?
One of the most outstanding things about Cryptopia is the ease of joining and use. To trade in the platform, the first step is joining the network. In line with the focus on keeping personal details as anonymous as possible, Cryptopia ensures that the verification is easy, direct, and fast.
Visit the Cryptopia website and create a trading account using an email address. If you target small to moderate training, this is the best account because it allows withdrawals of up to $5,000/24 hours.
This is an advanced verification state that involves providing additional details such as address, full names, and a personal photo holding the national ID. Once you are through with the verification in this level, Cryptopia allows you to trade (transfer or withdraw) for amounts worth $50,000/24 hours.
This is the highest authentication level that Cryptopia users can go to. It involves providing proof of address, and an application stating why you need trading levels above $50,000. At this stage, you can make transactions of up to $500,000 for every 24 hours. The third level also comes with a 3-factor authentication. This means that it is the most secure compared to the other two levels of Cryptopia.
The main features of Cryptopia
Since its establishment in 2014, Cryptopia has been gaining a lot of popularity because of its unique features. Some of them include;
The Cryptopia marketplace is one of the easiest places to sell and buy products to your target audience for cryptocurrencies. You can set up an auction, start a classified unit, or buy and sell for free. No matter the setting, it is up to you to start converting the cryptocurrency into actual products and services.
This is a mining platform designed to help people who want to get involved in confirming cryptocurrency transactions. The Mineshaft supports mining using GPU or even full-blown ASIC rigs.
This is the main focus of the platform. The exchange is ranked among the top 50 markets for cryptocurrencies in the globe based on trading volumes. The exchange has a very large number of cryptocurrencies and is known to enlist even cryptocurrencies that have never seen other marketplaces.
Lottery and rewards
The lottery has an award model that allows users to win prices. This is designed to make more visitors come and use the platform. You can opt to join the daily or monthly lotteries.
The exchange also runs a reward system that targets rewarding users. Based on how you use the exchange, the Cryptopia can randomly pick a transaction and reward you.
Pros of using Cryptopia
- The exchange allows traders to deal with very many cryptocurrencies. With over 400 cryptocurrencies on the platform, you can easily take advantage of emerging assets to make more as they grow.
- The process of registering and trading on the network is very easy. Even new traders find it very easy to follow the platform and start trading like pros.
- It is more than an exchange. The company allows users to change their cryptocurrencies to fiat currencies and buy what they want directly from stores.
- The exchange has a very low trading fee compared to others such as Coinbase.
The main cons of using Cryptopia
- Cryptopia mainly focuses on smaller cryptocurrencies. This means that though one can still trade in top cryptocurrencies such as Bitcoin and Litecoin, the focus on small cryptos can only yield limited returns.
- Though the different levels of verification make it easy for all people to participate, the best security is only available to people at level 3 of authentication. For those at level one, the risk of attack is very high because the verification on requires email address.
- Because Cryptopia has won the tag of the exchange for novices, many experienced traders are likely to shun it for another exchange such as Coinbase and CEX.io.
- If you want to make fiat currency transfers, Cryptopia only allows traders to use NZ dollar.
- The exchange lacks in advanced features that are available on other platforms. It is because of this that the exchange has been tagged the best option for bargain hunters and one-off buyers as opposed to top-notch traders.
Cryptopia is one of the fastest growing exchanges in the globe today. More people prefer it today because it also serves as a complete marketplace. This means that you can buy cryptocurrencies or use them to buy products and services directly. The main disadvantage of the exchange is that it places a lot of emphasis on NZ dollar when making transfers. Because of this, it is one of the best options for people who are new to cryptocurrencies and based in the Far East.