Cryptopia – Cryptocurrency exchange and Marketplace

Cryptopia is an exchange from New Zealand. And it has listed over 550 cryptocurrencies including the popular ones like Bitcoin, Litecoin, and Ethereum.

The marketplace, however, has been closed for now ­– but a launch of revamped version is expected.

Deposits

Any national can probably have an account with Cryptopia. The exchange, however, only allows New Zealand Dollar (NZD) for fiat deposits, and you must hold a local bank account to do that. Otherwise, you need to depend on other exchanges for conversions to fiat.

Buy/Sell Orders

A vital aspect of the Cryptopia is that the exchange doesn’t involve itself in buying or selling any currency. It just matches the open or instant orders with other traders. That adds more transparency to the price index of cryptocurrencies.

Coin Rating System

A rating system is in place that scores each cryptocurrency based on various factors. For example, third-party block explorers, pre-mine, availability of wallets for multiple platforms, initial coin offering, development activity, the community around the coin, user voting are some factors. The system, however, is under active development. And it will be tweaked furthermore for improvements.

Delisting

On 7 May 2018, Cryptopia has issued a notice delisting 28 altcoins. Users must withdraw all these coins within a month period from the notice date.

Some of the delisted coins are suffering from broken blockchains. Because of that reason users might not be able to withdraw those cryptocurrencies. And, Cryptopia can’t do anything to resolve the issue.

Other coins delisted are violating the exchange’s coin listing criteria.

Conclusion

Discussion forums like Reddit and BitcoinTalk have word that Cryptopia is a scam. There is, however, no evidence of such kind. Only the missing deposits are seeing delays in getting a response and tracking back.

Whatever the issues are, first, trade in small amounts. Once you get the confidence and okay with the quality of service, you can go for Cryptopia completely.

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