ZipMex Review 2022: Is It Safe & Worth Using?

Updated: Jun 21st, 2022
Kevin Groves
Kevin Groves
ZipMex Review 2022: Is It Safe & Worth Using?

Zipmex is a cryptocurrency exchange in Australia that is focused on providing retail and institutional investors the ability to invest securely in cryptocurrencies. The exchange started with a spot market and has expanded to provide cutting-edge features and services. We will review the platform in detail to determine if it's safe and worth your time to buy, trade and sell crypto. Our methodology includes creating an account, depositing crypto and trading on the website and mobile app to experience the complete features of the trading platform.

HedgewithCrypto Score
HedgewithCrypto Score
3.9/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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Trading Fees:0.2%
Country:Australia, Singapore
Currency:AUD, USD, THB and SGD
Promotion:None available at this time
Ease of useStarStarStarStarEmpty Star
ReputationStarStarStarEmpty StarEmpty Star
Deposit methodsStarStarStarStarEmpty Star
FeesStarStarStarStarEmpty Star

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What Is Zipmex?

Zipmex is an AUSTRAC-registered cryptocurrency exchange that is available for customers to deposit funds directly to buy crypto assets in Australia including Bitcoin, Ethereum, Cardano and XRP. The platform has been designed to streamline the onboarding process into the crypto industry with a variety of deposit methods and coins to buy, trade and sell.

The exchange aims to become a market leader by offering fast trades, high liquidity and a broad choice of crypto assets. Zipmex offers a suite of advanced trading features and charting tools that can be used to chart a wide selection of cryptocurrencies that can be traded 24/7. 

Notable features on Zipmex include:

  • Licenced cryptocurrency exchange to operate in Australia
  • Instant trades, withdrawals and deposits to AUD bank account
  • Trading fees as low as 0.2%
  • Funds in a Zipmex wallet can earn interest paid in crypto up to 11% APY
  • Funds are covered by an insurance policy by BitGo for up to $100 million
  • Advanced charting with TradingView
Exchange NameZipmex
Fiat CurrencyAUD, USD, THB & SGD
Cryptocurrency19
Payment TypeBank wire
Trading Fee0.2%
Deposit Fee$25 for USD, 3% for SGD deposits
Withdrawal Fee25 for USD, 3% for SGD deposits
Mobile AppYes (iOS devices only)

Pros & Cons

Zipmex is a top-rated crypto exchange for beginners that want to purchase cryptocurrency. It features a modern and streamlined trading experience to deposit AUD quickly with an intuitive mobile app to manage a portfolio. However, intermediate users and advanced traders will be disappointed with the lack of trading features. Moreover, there are expensive deposit fees which are $25 and 3% for USD and SGD respectively.

Is Zipmex Legitimate?

Zipmex is a registered reporting exchange with AUSTRAC that enforce financial laws to minimize the risk of criminals using cryptocurrency exchanges for money laundering, terrorism financing and cyber crimes. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires regulated entities to collect information to establish a customer’s identity, monitor transactional activity, and report to AUSTRAC transactions or activity that is suspicious or involves large amounts of cash over $10,000.

Features & Benefits

Zipmex is a licensed exchange in Australia that has expanded to a Singaporean cryptocurrency exchange to service the South East Asian region. The exchange offers a user-friendly suite of advanced trading features and charting tools for cryptocurrency traders and liquidity providers. There is an elegant user interface with a seamless experience for users to buy and sell assets effortlessly. 

zipmex featureszipmex features

Zipmex Compared

Low fees are a common factor for investors looking for an exchange to buy Bitcoin using AUD. This comparison table lists other top Australian cryptocurrency exchanges that offer low trading fees.

How Does Zipmex Work?

Zipmex is not a conventional exchange and works like a broker to find the best BTC prices by aggregating volume from some of the world’s largest exchanges and OTC desks to provide significantly higher liquidity. This allows Zipmex to deal with large volumes of trades and therefore can offer its customers with lower spreads between buyers & sellers and less slippage compared to other crypto exchanges in Australia. 

The value of each cryptocurrency (Bitcoin, Ether, Litecoin, EOS, XRP) is determined by the most recent trade (“last price”) executed by the relevant matching engine. All account balances on Zipmex are priced in this way, a convention called “marking to market.”

Is Zipmex Safe?

Zipmex features several safety and security measures to protect users information and funds that include:

  • Regulation. Zipmex exchange is registered with AUSTRAC and complies with AML/KYC requirements.
  • Verification process. Adheres to KYC processes in accordance with regulations for fiat currency deposits, withdrawals and trading. Crypto to crypto deposits, withdrawals and trading can be performed with basic email verification only.
  • Security features. Zipmex includes 2-factor authentication in addition to a verified email address linked to the account. This adds an additional layer of security to the account that makes it very difficult for cybercriminals to compromise client accounts and withdraw funds. They would have to know your login information and be in possession of your mobile phone (and able to unlock it)
  • Theft & hacking. There are no known instances of the crypto exchange being hacked.

Getting Started With Zipmex

1. Sign Up & Verify Email

The process to sign up with Zipmex is incredibly simple. All you need to do is visit the website, click on 'Sign-Up' then proceed to fill in your username, email address and set a password.

2. Complete ID Verification

After signing up for an account, you will be required to provide verification before you can use funding methods or start trading. Laws and regulations require Zipmex to verify trading account to prevent fraud and be fully compliant with KYC and AML regulations for trading of digital assets.

Basic verification takes less than 1 hour according to the website. For more information, visit the FAQ section. Crypto to crypto deposits and trading only require email confirmation. To complete the KYC process, Zipmex requires proof of identity — a valid state issued ID such as Driver’s license or Passport.

3. Activate 2 Factor Authentication

The safety of your digital coins should be a top priority and suggest activating 2 Factor Authentication the first time you login. Go to 'Settings' on the top menu bar and turn on 2FA. You will need to download a Two-Factor Authentication app to your phone such as Authy or Google Authenticator. Once you have done this, use the app to scan QR code displayed on Zipmex and type in the code from your phone.

4. Deposit Funds

To fund your account, go to 'Account', then select 'Funding' and then go to 'Deposit' and choose your preferred deposit method.

5. Buy, Trade & Trade Cryptocurrency

Once your funds have been deposited into the account, you can start trading with Zipmex.

Supported Assets

Zipmex supports a number of cryptocurrency assets that can be traded against AUD, BTC or ETH. The overall selection of coins is fairly limited compared to the larger exchanges, which also have greater trading volumes and liquidity. The available pairs on Zipmex to trade include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • XRP
  • EOS

Deposit Methods

Zipmex supports bank transfer, POLi and cryptocurrency deposits. The speed of the deposit method will depend on the crypto coin and selected bank. Typically bank transfers can take between 1 - 3 business days, whereas cryptocurrency deposits can take just a few minutes. For bank transfers, the following fiat currencies are supported by Zipmex:

  • Singapore Dollar
  • United States Dollar
  • Australian Dollar
  • Indonesia Rupiah

User Interface

The Zipmex exchange trading dashboard is simple, clean and easy to navigate. Along the top bar, the Bitcoin live price in AUD, the bid and ask BTC price and the 24hr volume for the asset. The chart area and menu on the left will look familiar to serious crypto traders. Zipmex charting interface is provided by Tradingview that are renowned for smooth, intuitive and clean charts.

Traders will be able to make use of advanced trading tools and indicators provided by TradingView to refine their trading edge in maximize profits and minimize risk. Zipmex charts offer a wide range of time frames and tools to draw trend lines, add indicators and chart patterns to perfectly time a trade order using a market, limit or stop order.

zipmex user interfacezipmex user interface

To buy or sell cryptocurrency there is a simple order-entry form that gives an estimate of the 1 BTC to AUD price and the amount to pay in exchange. A great feature is the different types of orders that are available:

  • Market
  • Limit
  • Limit: Good Til Canceled (GTC)
  • Limit: Immediate or Cancel (IOC)
  • Limit: Fill or Kill (FOK)

A great addition to Zipmex would be One Cancel the Other (OCO) orders and a profit and loss calculator.

What Are The Fees on Zipmex?

Exchange fees are an important consideration when selecting a cryptocurrency trading platform. It becomes even more critical when trading larger position sizes and on a leveraged exchange where you are paying fees on positions that are much larger than your margin.

Zipmex is transparent with its fees which are listed on the website. There is a flat trading fee of 0.2% for buy and sell trades. This fee is quite competitive in the market, although there are cheaper options such as Binance Australia and FTX. However, other fees to be aware of include deposit costs which are 1% for AUD and $10 for USD. For withdrawals, there is no fee for AUD however there is a $25 fee for USD.

When the deposit and withdrawal fees are taken into account, the overall fees on Zipmex are not that great. Several exchanges in Australia have zero AUD deposit and withdrawal fees, albeit the trading fees may be higher.

Security

Zipmex exchange has its own online wallet to store its client's cryptocurrencies by navigating to 'Wallets' on the top menu. This page allows you to deposit and withdraw funds from Zipmex.

Transferring cryptocurrencies out of your Zipmex account and into an external wallet or exchange can only be initiated by the account owner. Once initiated, you'll be prompted to input a "Destination Address" (this is provided by your external hardware wallet or exchange) and an amount you’d like to withdraw. To withdraw BTC, you will need to ensure that you enter in another BTC address.

Frequently Asked Questions

Zipmex offer its users with a mobile trading phone app for iOS devices only. There is no support for Android devices which is a negative. However, the website is mobile friendly and can still be used on all smart devices.

If you have USD in your account that is available to withdraw, you can initiate a wire transfer to your linked bank account in your name.

Zipmex does not offer cryptocurrency leverage trading to long or short Bitcoin and other digital currencies. According to the website, the Zipmex team is developing this feature. For those that want to trade crypto with leverage, read this article that lists the best platforms for margin trading.

Conclusion

To conclude this Zipmex review, the exchange appears to be a credible exchange that offers very low trading fees. There are a few good features available to customers such as the ability to earn interest and a mobile app. However, the Zipmex app is not supported on Android devices and a $25 or 3% deposit and withdrawal fee for USD and SGD is quite expensive. 

For serious crypto investors or traders, we recommend sticking to the well-established and top cryptocurrency exchanges in Australia that offer a variety of services with a large customer service team and zero fees for AUD deposit using a bank transfer.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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