ZipMex Review

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

UPDATE: Creating a new account appears to be suspended at the time of writing.

Bottom line:

Zipmex is a 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. AUD deposits are free making it a good exchange for Australians.

Zipmex Compared and Alternatives

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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 are as low as 0.2% (maker and 0.2% (taker)
• Funds in a Zipmex wallet can earn interest paid in crypto up to 12% APY
• Funds are covered by an insurance policy by BitGo for up to $100 million
• Advanced charting with TradingView

Review of Zipmex's Top Features

Buy & Trade the Major Cryptocurrencies

Zipmex offers investors and traders the ability to use AUD and SGD to purchase 62 digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), Cardano (ADA), and more. Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are also supported assets.

Whilst Zipmex's cryptocurrency offering is limited compared to other Australian crypto exchanges, the platform still hosts all the major cryptocurrencies as well as popular altcoins to keep beginner and novice investors interested.

Earn Crypto with ZipUp+

Zipmex has introduced its ZipUp+ feature where users can passively earn up to 10% on 8 digital currencies. Supported crypto includes the platform's native token ZMT, Bitcoin, Ethereum, Tether, Cardano, Solana, and Ripple. As shown below, interest rates depend on the investor's VIP level. The majority of Zipmex's interest rates, particularly those for VIP 4, are quite competitive in the Australian crypto market.

Any of the supported crypto can be deposited into and withdrawn from the Earn wallet at any time and for free. With no minimum deposit, beginner investors with small amounts of crypto capital can start earning passive yields on their portfolios.

Spend Crypto with Zipmex Card

Active crypto users can spend their Bitcoin, Ethereum, or Zipmex Tokens at retailers that accept Visa payments using the Zipmex Card. In return, rewards of up to 4% can be obtained when making purchases, however, rewards are only paid out in ZMT. The percentage reward depends on the monthly spend amount as well as the investor's VIP Tier. Rewards are paid into the Z Wallet at the of every month.

Based on our review, the Zipmex Card appears to be relatively early in its development with several limitations indicated to be improved in the future. These include:

• Adding more supported crypto other than BTC, ETH, and ZMT.
• Adding Flex, a feature to help users save crypto during times of market price fluctuations.
• Expanding the list of supported countries beyond Singapore.

The ZMT tokens that are generated as rewards can be used to reduce trading fees, participate in the voting of new token projects, and get higher Earn interest rates.

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 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.

Is Zipmex Safe?

Zipmex is a safe and secure cryptocurrency brokerage platform that implements several safety and security measures to protect users' information and funds.

• 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.

Creating & Verifying An Account

Like most other cryptocurrency platforms, the process to sign up with Zipmex is incredibly simple and straightforward. Due to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws and regulations, new users will need to verify their ID prior to depositing fiat funds.

basic ID verification may take up to 1 hour to complete which is relatively long compared to other platforms where 5 minutes is the norm. In terms of proof, users can submit a valid state-issued driver’s license or passport.

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 supported fiat currencies comprise the Singapore Dollar (SGD), United States Dollar (USD), Australian Dollar (AUD), and Indonesian Rupiah (IDR).

Ease of Use

Instant Buy & Sell

Features that allow investors to instantly and simply use fiat to buy crypto are commonplace among exchanges that cater to beginners, and Zipmex is no exception.

As long as the account is funded with fiat, users can simply select the digital asset they want to purchase and the amount to spend. Following a review of the transaction and confirmation, the purchased crypto will be near-instantly transferred into the wallet.

Whilst the availability of this feature will suit most, if not all, traders, looking for it for the first time will be a challenge. Unlike other platforms where Instant Buy & Sell features are centrally promoted, access to Zipmex's counterpart is relatively hidden as a button on the exchange interface.

The Zipmex Trading Exchange

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 its 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 maximizing profits and minimizing 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.

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?

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. Trading fees on the exchange follow a maker and taker structure that starts from 0.2% and 0.2%, respectively. These fees are quite competitive in the market, although there are cheaper options such as Binance Australia and FTX.

In addition to the maker and taker structure, Zipmex trading fees are also tiered which means that cheaper trading fees can be achieved if certain criteria are met. As shown below, discounts of up to 50% can be obtained depending on the volume of ZMT held.

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.

Frequently Asked Questions

How We Rated Zipmex

Category	Hedge With Crypto Rating
Features	4 / 5
Supported Fiat and Deposit Methods	3.5 / 5
Supported Crypto & Trading Pairs	4 / 5
Fees	3.8 / 5
Ease of Use	4.5 / 5
Customer support	4.4 / 5
Security Measures	4 / 5
Mobile App	3 / 5