Cryptocurrency trading has become increasingly popular in recent years. With the rise of cryptocurrencies, many online brokers have emerged, making it easier for people to invest in digital assets. However, with the growth of the industry, many fraudulent brokers have also surfaced. One of these brokers is Cryptopia. In this article, we will be reviewing Cryptopia to determine whether it is a legitimate broker or a scam.
Overview
| Broker Name | Cryptopia |
| Established | 2014 |
| Country | Newzealand |
| Regulation | Not regulated |
| License | Not licensed |
| Current Status | Hacked and closed |
It is an online trading platform that offers cryptocurrency trading services. It was founded in 2014 and is based in New Zealand. According to the company’s website, it offers over 400 different cryptocurrencies to trade, including Bitcoin, Ethereum, and Litecoin. Additionally, it offers to trade in fiat currencies such as USD, EUR, and AUD.
Is Cryptopia Regulated?
Unfortunately, we cannot find any kind of regulation status on their website. But, there is an interesting thing.
They got liquidated in 2019 due to their financial crisis and several crypto hacking incident. This is a common way fo exchanged to scam people and close the operation.
Warnings from Financial Regulations
Several financial regulatory bodies have issued warnings against this website. The Financial Markets Authority (FMA) in New Zealand, for example, has warned investors about the risks associated with trading on Cryptopia. The warning states that the FMA is concerned that Cryptopia may be operating in breach of New Zealand’s financial markets legislation.
Is Cryptopia Can Be Trusted?
Given the lack of regulation and warnings from financial regulatory bodies, it is difficult to say whether Cryptopia can be trusted. It is important to do your own research and exercise caution when trading on unregulated platforms. It is also important to note that there have been several reports of users experiencing issues with withdrawing their funds from Cryptopia.
What Kind of Currency Pair Do They Offer?
Cryptopia offers a wide range of currency pairs to trade, including Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies. It also offers to trade in fiat currencies such as USD, EUR, and AUD. The platform offers a variety of trading options, including market, limit, and stop orders.
Customer Support
Cryptopia does not have any direct contact number or address except for some email addresses.
Trading Method (MT4/MT5/Any other method)
Cryptopia does not use popular trading platforms like MT4 or MT5. Instead, it has its own trading platform.
What Do Traders Think About Cryptopia?
Traders have mixed opinions about Cryptopia. Some users have reported success with the platform and have praised its wide range of currency pairs. However, there have also been numerous reports of users experiencing issues with withdrawing their funds from the platform. Additionally, the lack of regulation and warnings from financial regulatory bodies have led many traders to avoid using Cryptopia.
What To Do If You Get Scammed?
If you believe that you have been scammed by Cryptopia, there are several steps you can take. Alongside submitting reports to legal authorities you can submit your case to us. We will analyze the case and will provide free consultation and service recommendations to help you in recovering lost funds.
File A Complaint & Get Free Consultation
Final Thoughts
When choosing a trading platform, it is important to prioritize regulation, customer support, and reputation. These factors can help to ensure that you are trading on a platform that is safe and trustworthy. While Cryptopia may offer a wide range of currency pairs, it is important to weigh the risks associated with an unregulated platform.
In summary, while Cryptopia may seem like an attractive platform to trade on, it is important to exercise caution and do your own research before investing.
