ZipMex Review – Is It Legit Or Scam? (2020)

Zipmex is a digital asset exchange that is focused on providing retail and institutional investors the ability to invest securely in cryptocurrencies. The exchange provides a platform for users to buy cryptocurrency in Australia and the wider Asia Pacific Region that also supports the growth of the global cryptocurrency industry.

While we aim to provide you with the most accurate information in this Zipmex review, we suggest that you visit their website from time to time to keep updated with any changes that may occur afterwards. 

P.S. Read our post titled 10 Best Cryptocurrency Exchanges In Australia to see if Zipmex made the list.

What Is ZipMEX? 

Zipmex is a regulated digital currency exchange provider that aims to become a market leader by offering fast trades, high liquidity and a broad choice of crypto assets. The exchange provides its users with 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. 

zipmex

You might also be interested in:

Zipmex Compared

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

Exchange

Fees

Rating

Website

swyftx

0.6% (low spreads)

5 / 5

independent reserve

0.5% - 0.05%

0.1% - 1%

4.5 / 5

coinjar exchange

1%

4.3 / 5

coinspot

0.1% - 1%

4.3 / 5

Zipmex Overview

Zipmex is a licensed and regulated Singapore-based cryptocurrency exchange that aims to provide a suite of advanced trading features and charting tools for cryptocurrency traders and liquidity providers. The platform has an elegant user interface and powers transactions with a seamless experience for users to buy and sell assets effortlessly. 

zipmex features

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. 

Getting Started With Zipmex

Step 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.

zipmex register

Step 2 - Activate Two Factor Authentication

The safety of your digital coins should be top pritroty and suggest activate 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 code from your phone.

Step 3 - Deposit Funds

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

Step 4 - Buy, Trade & Trade Cryptocurrency

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

Zipmex 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 — your valid state issued ID
  • Driver’s license OR Passport

Zipmex User Interface

The Zipmex exchange trading dashboard is a 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 chart

To buy or sell cryptocurrency there is a simple order-entry form which gives an estimate of the 1 BTC to AUD price and the amount to pay for 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. 

Zipmex Trading Assets

Zipmex supports a number cryptocurrency assets that can be traded against AUD or BTC:

Fiat to crypto pairs:

  • BTC/USD
  • ETH/USD
  • LTC/USD
  • XRP/USD
  • EOS/USD

Cryptocurrency pairs:

  • ETH/BTC
  • LTC/BTC
  • XRP/BTC
  • EOS/BTC
  • EOS/ETH

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

Zipmex Fees

Exchange fees are a important consideration when selecting a cryptocurrency trading exchange. 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 are transparent with their fees which are listed on the website.

Trading Fees

Zipmex charge a flat trading fee of 0.2% for buy and sell trades. This is very competitive in the market.

Deposit Fees

Currency

Fee

Cryptocurrency

Blockchain Fee

Australian Dollars

1% (capped at $3)

US Dollars

$10

Fiat Withdrawal Fees

Fiat Currency

Fee

Australian Dollars

Free

Singapore Dollars

Free

US Dollars

$25 USD

Indonesian Rupiah

0.2%, 25,000 IDR minimum

Crypto Withdrawal Fees

Crypto

Fee

Bitcoin (BTC)

0.0005 BTC

Ethereum (ETH)

0.01 ETH

EOS

0.1 EOS

Litecoin (LTC)

0.001 LTC

Ripple (XRP)

0.25 XRP

Zipmex Wallet

Zipmex exchange has its own online wallet to store its clients 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.

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 cyber criminals 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 Zipmex being hacked.

Zipmex Alternatives

swyftx

Swyftx

Swyftx is a state-of-the-art platform that allows you to purchase cryptocurrencies in an quick and easy manner. The registration process is incredibly simple with rapid sign-up and verification that takes less than two minutes.

independent reserve

Independent Reserve

Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar. 

coinspot

Coinspot

CoinSpot exchange is a well respected in the local Bitcoin community and is focused on helping newcomers to buy Bitcoin and cryptocurrency in Australia with Australian Dollars.

Frequently Asked Questions

How Does Zipmex Price Cryptocurrencies?

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.”

Does Zipmex Have A Mobile Trading App?

Zipmex does not currently offer its users with a mobile trading phone app for Android or iOS devices. The desktop version of the website is mobile friendly and responsive on smart devices.

Does Zipmex Offer Margin Trading?

Zipmex does not offer cryptocurrency leverage trading however according to the website the Zipmex team are developing this feature. 

Is Zipmex Legit?

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.

Can I Withdraw USD My Zipmex Account?

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.

Conclusion 

To conclude our Zipmex review, the exchange appears to be a credible exchange that offers very low trading fees by finding the best BTC prices by aggregating volume the world’s largest exchanges and OTC desks.

It is a straight forward and simple fiat to crypto platform that supports multiple fiat currencies. Overall, you should consider trading with ZipMEX if:

  • You like an exchange that is licensed and regulated
  • You want low deposit and instant buy trading fees
  • You want the choice of a variety of deposit methods
  • You like a simple to use and beginner-friendly exchange
  • You want an exchange with high liquidity to get the best prices

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees with a wide variety of deposit methods that will suit all types of investors in Australia. 

  1. Swyftx
  2. Independent Reserve
  3. Zebpay
  4. Coinspot
  5. Digital Surge
  6. Bitcoin Australia
  7. CoinJar
  8. Easy Crypto
  9. Binance Lite
  10. Cointree
  11. BTC Markets

ZipMex

3.7

Ease of use

4.0/5

User interface

4.0/5

Fees

3.5/5

Security

3.5/5

Customer support

3.5/5

Pros

  • Deposit fiat currency into the exchange
  • Variety of deposit methods
  • Competitive fees
  • Advanced order entry types
  • Regulated with AUSTRAC

Cons

  • No mobile app
  • Limited number of crypto assets
Default image
Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

Newsletter Updates

Enter your email address below to subscribe to our newsletter