Cryptopia exchange review after the hack: can you trust this company?
When there are many scam projects around, it is very difficult to trust your funds to one specific company. That is why it is required that you analyze all the available information on the web before making a choice. Out Cryptopia review is aimed to help you with it.
About Cryptopia
Cryptopia is a peer-to-peer currency exchange based in New Zealand and it was registered in 2014. There is not a lot of information about the company on the web. However, there are a lot of articles that talk about the hack that occurred in 2019. At that moment, there were more than 2 million customers who kept a lot of their funds within the service. Although no precise sum about the losses was given, some media claim that more than $23 million USD was stolen.
What can you trade with Cryptopia?
The company provides more than 400 cryptocurrencies to choose from. These include many unpopular altcoins and it would be strange if you wouldn’t find the coin you need here. More information about the available pairs can be found on the service’s website.
Fees at Cryptopia
The fees at this exchange consist of three parts:
- Deposit
- Trading
- Withdrawal
First of all, we shall review the deposit fees. They depend on the sum you invest and the cryptocurrency you choose.
Second, the trading fees. They are flat and the number is 0.20%. It is the same for both makers and takers, so there is no difference whether you want to buy or sell.
Finally, when you want to make a withdrawal, expect to have to pay an additional 0.002 BTC when using Bitcoin.
It is important to note that although the trading fees do not change when volume grows, they still are below the industry average which is 0.25%. Therefore, working with this service might be quite profitable is you need to change small sums.
Is Cryptopia secure and what about the hack?
Although the company stated to have very good security, it couldn’t prevent the massive hack that occurred in 2019. Since then, many users wondered whether Cryptopia would reopen. According to the information on the social media of the company, Cryptopia is officially gone. Users still have a chance to get their funds back, but this might take a lot of time. All news about this can be found on the service’s Twitter and Facebook pages.
Can you open an account with Cryptopia?
No, Cryptopia is no longer functional and it is impossible for users to register or log in. We tried entering several standard links that led to the service’s homepage, but it appeared that they were completely deleted by the owners of the website.
If you open the website’s main page, you will be notified about the shutdown and liquidation. Also, information about legal directions and judgment is placed there. Although it is stated that the company does everything that is possible to return all the losses, it is unlikely to happen in the nearest time.
Cryptopia customer support
Contacting the customer support is possible through the live chat, forums, and social media. However, it is not likely that you will receive an answer from the workers of the company. Users answer each other’s questions because the company stopped reviewing any requests after being hacked. Beware of scams and do not give away your personal information!
User opinions about Cryptopia
The rating has extremely fallen since the massive hack. Users complain about losing their funds and the company not withdrawing their money. According to Trustpilot, 67% of all reviews are “Bad”. Most of the “positive” commentaries appear to be spam that advertises fake services for “reclaiming lost funds”.
A user with the nickname “Scott Medeiros” writes that he is extremely disappointed by the exchange because he had lost a lot of money. He cannot access his coins and considers the company to be a fraud.
Another user, “Kenneth Cole”, writes that there were issues with withdrawals long before the hack. For example, he tried to withdraw Ethereum and it took him 2 weeks of communicating with the support service to retrieve his money. Moreover, by the time the coins were sent, they fell in price by 30%. The hack made things look even worth.
In any way, the service no longer exists and there is no sense in looking for more information about it. It is recommended that you search for another cryptocurrency exchange that has high-security standards and did not suffer any breaches in the latest years.
Final opinion
Although Cryptopia might seem to be a decent exchange before the 2019 hack, its clients have lost to many funds. The service was unable to recover and shut down. Many people were very angry by this decision as their funds got frozen within the service and were not withdrawn. We recommend that you search for cryptocurrency exchanges with high security standards and keep the majority of your funds on your own cold storages.