Launched in 2014, Cryptopia is a crypto-currency exchange based in Christchurch, New Zealand. The platform was founded by Adam Clark and Rob Dawson and is locally registered since July 29, 2014. Cryptopia is a great exchange platform for anyone wanting to trade in less popular altcoins or casual traders that see great value in social interaction.
The platform complies with New Zealand laws and also operates globally with no exceptions. Its trading volume is modest compare to other exchanges, which is around 600 BTC every day.
As per local media Cryptopia recently launched a new crypto currency (NZDT) whose price would be pegged to the New Zealand dollar (NZD). The website also lists a variety of altcoins, including some that are not offered anywhere else.
You can get an altcoin listed on Cryptopia by paying a small fee, post which the staff will review the currency. The details of the coin must be sent to the company through a ticket. The pricing of the currency is displayed on the website under the heading of ‘Paytopia’.
Besides being an exchange platform, the website also runs a cloud mining venture called Mineshaft, which is a marketplace where naturally only crypto currencies are accepted. It is a knowledge base with information about most of the listed altcoins and also an arbitrage tool.
Due to the social nature of the platform, the website fosters a sense of community, something which a lot of traders like and value about Cryptopia.
Ease of Use
The website has an embedded ticket system, from which it is easy to get in touch with the support team of Cryptopia. Its official profiles on Facebook and Twitter are professionally handled, with the manager trying to solve as many inquiries as he can.
Further, creating a new account on the platform is a simple process that requires a username, password and e-mail address. However, the website enforces a strict password policy with upper and lowercase letters, numbers and symbols being mandatory. There is no warning about this compulsion prior to registration, which makes reinitiating the entire process a bit tedious. Cryptopia does not entertain anonymous account but temporary e-mails are permitted.
The site uses Captcha to prevent DDOS attacks. Adding to the security is the implementation of a strong password policy where 2-factor authentication is encouraged along with the option to configure up to six different actions.
Further, Cryptopia applies extra security measures, including email withdrawal confirmations and control over API access. Users also have the option to open long-term deposits in a special currency called DOT. Cold wallets are assigned for this purpose and their addresses are posted in a forum thread.
The exchange has not experienced any breaches of security but a vulnerability was recently exposed where email addresses associated to the accounts involved in a trading operation were revealed. The e-mails sent by Cryptopia are not encrypted, but are sent as text/html.
One major drawback of the platform is that it does not accept the crypto currency Ethereum. The low volume of trading and the confusing interface of the website might also prove to be bothersome to some users.