Zipmex Review (Sep 2022): Why We Don’t Like It

June 4, 2022
Reviews

Zipmex is a crypto exchange that operates in southeast Asia. Zipmex supports 41 cryptocurrencies and on top of a trading platform, users can choose from two staking platforms. However, it doesn’t offer high-volume trading discounts, and most benefits are locked behind a ZMT-staking program.

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What Is Zipmex?

Founded in 2018 by Marcus Lim and Akalarp Yimwilai, Zipmex is a cryptocurrency exchange headquartered in Singapore. Zipmex operates in four countries in southeast Asia, including Australia, Indonesia, Singapore and Thailand, and it boasts a full business licence in both Thailand and Australia. It supports 41 of the largest cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and Tether (USDT).

Zipmex offers many interesting features; users can choose from two staking platforms: ZipUp! and ZipLock. The main difference between the two is the lock-in period: the former doesn’t have a lock-in period, users can withdraw at any time; the latter has higher interest rates but the minimum lock-in period is 45 days. There’s also an ICO Launchpad called ZipLaunch, where users can stake ZMT, Zipmex native token, to earn crypto rewards in the form of ZMT or other tokens, depending on the ICO project.

To start off this Zipmex review, let’s take a deeper look at Zipmex’s pros, cons and features.

Zipmex Pros & Cons

Zipmex Pros

  • Available in Australia, Indonesia, Singapore, and Thailand
  • Some of the lowest trading fees in Australia (0.2%-0.1%)
  • Insured for up to $100 million USD
  • App available on Android and iOS 
  • Supports 41 cryptocurrencies
  • Accepts AUD, USD, and SGD
  • InstantTrading (0.2% Fee)
  • ZipUp! – Staking Platform
  • ZipLaunch – ICO Launch Pad
  • ZipLock – Staking Platform with lock-in period

Zipmex Cons

  • Investors are compelled to acquire ZMT to get the best benefits
  • Customer support is not available on the phone
  • No high-volume trading discounts
  • Limited crypto offerings

Zipmex Features

1. ZipUp+, ZipLaunch, ZipLock

Zipmex launched its own native token, the ZMT. ZMT is an ERC-20 digital token based on the Ethereum blockchain. Zipmex users holding ZMT tokens get a lot of benefits when using ZipUp!, ZipLaunch or ZipLock, based on a tiered system. 

  • Level 0: <100 ZMT
  • Level 1: Between 100 and 999 ZMT
  • Level 2: Between 1,000 and 4,999 ZMT
  • Level 3: Between 5,000 and 19,999 ZMT
  • Level 4: Over 20,000 ZMT

Benefits for ZipUp+, Zipmex’s staking platform, range from 6% APY to 10% APY, depending on the tier. The higher percentage is for those holding at least 20,000 ZMT. There is no lock-in period when using this staking platform, users can withdraw at any time. 

ZipLaunch is Zipmex own ICO Launchpad. Investors can choose to stake ZMT to support new crypto initiatives coming out and earn rewards in the form of ZMT and tokens of that new crypto. ZipLock is similar to ZipUp!, a staking platform, but with a lock-in period. Rates are higher than ZipUp!, but the minimum lock-in period for staking in this platform is 45-days.  

2. Security Features

Zipmex is registered with the Australian Securities and Investments Commission (ASIC), and the Australian Transaction Reports & Analysis Centre (AUSTRAC). Zipmex uses a combination of cold storage and hot storage to keep assets secure while maintaining high liquidity. Using Two-Factor Authentication (2FA) and facial recognition software technology is mandatory to use this platform.

Zipmex, through its partnership with BitGo, is one of the few crypto exchanges that is fully covered – all crypto assets are insured for up to $100 million USD in the event of a hack or any security breach. Additionally, Zipmex complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in all supported countries, including Australia, Indonesia, Singapore, and Thailand.

3. Excellent Customer Support

Zipmex offers customer support via email, and their customer service reps are actually helpful rather than just following a script. It takes just a couple of minutes for the customer service reps to reach out, and they’re actually helpful rather than just following a script. You can reach out to them through:

  • Email: support.au@zipmex.com
  • Support page: Via the Help Center on their webpage
  • Live chat: Available by filling the contact form in their page

4. Zipmex Dashboard

Zipmex’s Dashboard is the go-to answer for investors looking to keep track of all their assets – all in one place. Zipmex is partnered with Tradingview to provide real-time price updates, useful data feeds, 24-hour and historical performance of individual assets, charts and graphs, and many more useful research tools for veteran investors. Through Tradingview, Zipmex also offers trend graphs, indicators, and expert analysis, so you can always make the best investment at the right time. 

The Zipmex dashboard is also available on the app, on Android and iOS.

5. Instant Account Verification

To sign up with Zipmex, you just need to provide your name, date of birth, address, phone number and email address. Most users won’t have to upload a photo or a video and can get verified in minutes. A small number of users may have to upload an additional identification document like:

  • Driver’s Licence
  • Passport
  • National Identity Card

Cryptocurrencies On Zipmex

Zipmex supports over 41 different cryptocurrencies. Here are some of the most popular:

Bitcoin (BTC)Ethereum (ETH)Litecoin (LTC)
Ripple (XRP)Bitcoin Cash (BCH)Tether (USDT)
USD COIN (USDC)Chainlink (LINK)Enjin (ENJ)
Yearn.finance (YFI)Maker (MKR)Compound (COMP)
The Sandbox (SAND)Polygon (MATIC)FTX (FTT)
Uniswap (UNI)Aave (AAVE)0x (ZRX)
Curve DAO Token (CRV)SushiSwap (SUSHI)The Graph (GRT)

Zipmex Fees

Zipmex has a Fee Schedule based on how many ZMT you’re holding; the more tokens you hold, the bigger the discount. Discounts range from 50% for users holding more than 20,000 ZMT to 10%, for users holding at least 100 ZMT. The base Maker’s/Taker’s fees are 0.20% of the amount of crypto traded. 

  • Maker’s Fees: From 0.20% to 0.10% (based on ZMT holdings)
  • Taker’s Fees: From 0.20% to 0.10% (based on ZMT holdings)
  • Deposit Fees (Crypto): Free
  • Withdrawal Fees (Crypto): Depends on the crypto (for Bitcoin 0.0002 BTC)
  • Deposit Fees (AUD): Free 
  • Withdrawal Fees (AUD): $5 (minimum withdrawal 25 AUD)
  • Instant Trading: 0.2%

3 Exchanges I Recommend Over Zipmex

Zipmex isn’t a bad exchange, but it’s also not the best in Australia. Due to its limited coin offering, rewards locked behind ZMT holdings, and lack of customer support on the phone, I recommend any of these three exchanges instead, over Zipmex:

How To Withdraw From Zipmex

To withdraw fiat (cash) from Zipmex, follow these steps:

  1. Visit Zipmex’s website or app
  2. Log in and open your Wallet. 
  3. Click Select Currency
  4. Enter amount, bank details, and name
  5. Press the Withdraw button at the bottom and confirm using 2FA

To withdraw crypto from Zipmex, follow these steps:

  1. Visit Zipmex’s website or app
  2. Log in and open your Wallet
  3. Click on the Withdraw menu and enter a Destination Address
  4. Press Withdraw at the bottom and confirm using 2FA

Keep in mind that if you’re withdrawing Bitcoin you can only send it to another Bitcoin address.

In Summary

Zipmex is a crypto exchange that operates in southeast Asia. Zipmex supports 41 cryptocurrencies and on top of a trading platform, users can choose from two staking platforms. However, it doesn’t offer high-volume trading discounts, and most benefits are locked behind a ZMT-staking program.

Zipmex FAQs

Is Zipmex Safe & Secure?

Yes, trading with Zipmex is completely safe and secure. Zipmex is registered with the Australian Securities and Investments Commission (ASIC), and the Australian Transaction Reports & Analysis Centre (AUSTRAC).

Is Zipmex Legit?

Yes, Zipmex is legit. It has over 2 million active customers in southeast Asia and has a daily trading volume of $22 million. 

Is Zipmex Legal In Australia?

Yes, Zipmex operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), follows all Australian Financial Regulations, and is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does Zipmex Verify Accounts Instantly?

Yes, Zipmex does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Driver’s License
  • Passport
  • National Identity Card

Is Zipmex Good For Australians?

Zipmex is a decent exchange for Australians, though if you’re looking for the best overall trading experience, I recommend using Capital instead. It offers quite a bit more than Zipmex, and I’m confident you’ll have a better experience with them than you will with Zipmex. 

How Well Is Zipmex Reviewed On Reddit?

Reddit’s review of Zipmex is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I Buy Dogecoin With Zipmex?

No, you cannot buy Dogecoin with Zipmex. If you want to buy Dogecoin, I suggest using Swyftx, Digital Surge or CoinJar instead.

Is Zipmex Insured?

Yes, Zipmex’s crypto holdings are insured through BitGo’s custody services. Users’ crypto assets are insured for up to $100 million USD.

Zipmex Referral Code

Zipmex does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does Zipmex Report To The ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, Zipmex is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.

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