When it comes to trading altcoins, or just relatively new coins in general, with low market cap, Cryptopia is a great place to be involved. Coming with a massive amount of coins listed, its low fees and easy verification can prove to be a great advantage over other altcoin exchanges. Below, we provide step-by-step guides on how to create an account and navigate through Cryptopia’s homepage, as well as buying/trading and other things when it comes to withdrawing Monero (XMR).
Get Started with Cryptopia
Create an account
Under the “Register” option, you will be prompted to provide a username, a password, and an email address.
For providing extra security, most crypto exchanges will also require 2FA (Two Factor Authentication). That is, basically, an extra layer of security, which makes your account safer and hence, harder to gain access to. How this works, is, if you set up a 2FA with Google Authenticator, you will first need to scan a cryptographed message, which in return will be generating additional self-refreshing passwords. So each time you log in to your account, you will be prompted to provide the other 2FA password as well.
More analytically, all Cryptopia accounts start with a static 4-8 digit Two-Factor PIN code which you set on registration, along with your email address and password. Once you have logged in you can then change this to other 2FA methods of your choice, including Google Authenticator, from the Security page on your Account. Please note that you need to remove the current 2FA setting before you can select and apply other types. If you are having an issue with invalid 2FA codes, please first check what type is being requested:
- Pincode: This is a 4-8 digit PIN which you must set yourself when you first register along with your email address and password or set up later on the Security page of your account.
- Email Code: An email with the subject Two Factor Login will be sent to your registered email address. EmailCode 2FA tokens expire in 15 minutes after being generated, so please use the most recent one received. If they are not arriving, see below for email issues.
- Other options are Google Authenticator, Secret Question, Password, and the Cryptopia Authenticator device.
After that, you will need to verify your account by clicking on the link found in your verification email.
Once logged in to your Cryptopia account, you can start using the exchange, as well as some other features provided (more info below). Since we’re looking at Monero (XMR), we’ll go through the process of depositing, trading, and holding, right after we take a look at Cryptopia’s dashboard.
As a home page, Cryptopia provides the following sections/categories.
This is where the trading takes place. As of yet, Cryptopia operates using five different exchange instruments; Bitcoin (BTC), Tether (USDT), NZed (NZDT), Litecoin (LTC), Dogecoin (DOGE). Instruments are in fact currencies you can use as a basis to trade other coins. For instance, if you were to buy Monero (XMR), you wouldn’t be able to do it using Ethereum (ETH). You would instead need to trade Ethereum (ETH) for one of the available instruments and after that, a trade that amounts for Monero (XMR).
Cryptopia also offers its Marketplace section, where you can buy and sell all sorts of things. From upcoming ICO tokens to services like cloud mining and art collectables. One can say this looks and works kind of like eBay, but with cryptocurrency as its funding instrument. All in all, the Cryptopia marketplace lets you sell anything, to anyone, anywhere in the world in exchange for the cryptocurrency, free of charge.
A great community which is useful when it comes to discussing topics such as trading ideas, mining, but also the altcoin market in general. It is also a great way to solve any issues that one can happen to come across on Cryptopia.
$NZD TO CRYPTO:
To access this section, further verification is needed. Apart from your country, your name and your street address, ID verification are required as well. It is mainly used when you need to convert New Zealand Dollars to crypto, by depositing to NZDt and trading it for the coins of your choice. Hence, the further verification making perfect sense.
CRYPTOPIA BUYING MONERO (XMR)
Let’s say you’ve been holding some Bitcoin (BTC), which you will in return use to get ahold of some Monero (XMR). You first need to deposit that Bitcoin (BTC) to your Cryptopia account.
Once the BTC transaction is complete, you can then proceed to buy Monero (XMR).
Under the “Exchange” section, you should see the XMR/BTC pair, which we will use to buy our Monero. In the “BUY XMR” box, you should be able to type in the amount of XMR you want to buy. The same thing goes for selling XMR as well, using the “SELL XMR” box.
After that, your amount Monero (XMR) should appear in your wallet, which you can then hold or withdraw to another address.
WITHDRAWING MONERO (XMR)
It is the exact opposite process of depositing. Select what currency you wish to withdraw – in our case, Monero (XMR) – and then type in the exact amount and your wallet address.
As with most other exchanges, Cryptopia doesn’t charge a fee when depositing. As far as trading goes, there is a 0.20% fee for crypto-to-crypto trades. Cryptopia is mostly known for its low fees, but when it comes to withdrawing, you need to keep an eye on for each currency you wish to withdraw, as fees vary depending on the coin. Overall, there is a max 5,000 NZD withdrawal limit when cashing out New Zealand Dollars, which you can skip by providing extra verification (see $NZD To Crypto).
- Excellent community
- Huge amount of altcoins listed
- Low Fees
- Good customer support
- Easy verification
- It doesn’t use Ethereum (ETH) as an instrument
- Low volume of coins
- The user interface could be better
- Does not support FIAT currencies
- Lacks in advanced trading
For someone looking to trade altcoins, Cryptopia is a great exchange overall. It can lack in a more clean user interface, but its amount of coins listed and its easy verification make up for that. Also looking at its low fees, it can be a very useful tool for day trading, as well as acquiring new altcoins, holding and transferring cryptocurrency in between various wallets.