What is Zipmex?
Zipmex is a cryptocurrency exchange that was established in 2018. It recently began expanding its doors to Australian customers, catering to both experienced traders and beginners. You will, therefore, find basic buy or sell options, which can serve to ease the onboarding process for newcomers. However, you may also find certain features that are there to expand that range of functionality so that the more serious traders may find something worth delving into here.
Where is Zipmex located?
While the exchange was initially established in Singapore, it has since expanded its operations to Australia, Indonesia, and Thailand. So, you will find its headquarters in these locations as well.
Who created Zipmex?
Akalarp Yimwilai and Marcus Lim are the two names that pop up when the creation of Zipmex is concerned. Their aim underlying the establishment of this exchange was to make something that would eventually become an integral part of Asia’s financial infrastructure, enabling anyone to engage with what the digital asset world has to offer.
Who owns Zipmex?
Zipmex and the services it offers are owned by the firm known as Zipmex Pte. Ltd., whose founders were already mentioned earlier.
Is the Zipmex exchange available in the USA?
So far, we haven’t come across anything that states that US-based citizens cannot trade on this platform. As for its Terms of Service, they simply state that you cannot use its services if you are located in a territory, state, or country that is subject to a US embargo. Hence, it may be safe to assume that you can use its services if you are a citizen of the United States. However, any US-based investors should still formulate their own opinions regarding this, as certain state rules may hinder their cryptocurrency trading.
Is Zipmex legit?
This should probably be where we mention that this exchange has been registered with AUSTRAC and ASIC and therefore complies with KYC or AML requirements, which should be indicative of its legitimacy.
Is Zipmex safe?
Zipmex claims to take security seriously, employing KYC techniques and stringent verification to ensure that all of its users are who they say they are. Then there is 2FA provided too, which is a standard practice within this landscape. Other than that, the exchange also encourages its users to do something on their end, like keeping strong passwords and using cold storage, among other things. Consequently, the exchange should be safe for the most part.
However, one thing to note here is that last year, in 2022, the exchange filed for protection against bankruptcy in Singapore after it suffered a blow due to the wave of cryptocurrency contagion that was initially caused by the collapse of Terra, which lost billions. Moreover, Zipmex had even granted some loans to the Celsius Network and Babel Finance, both of which were left unpaid due to the fallout from the Terra debacle. All of this then resulted in the exchange temporarily halting its withdrawals. All in all, so far, it is unclear if the platform has fully recovered from it all, so do be mindful of that.
Pros and Cons of Zipmex
Some of the things that Zipmex has gotten right are its regulatory compliance, how beginner-friendly it is, its lower trading fees, and the fact that it offers an APY of 12%.
However, some of its potential drawbacks include its limited token selection, its deposit and withdrawal fees concerning fiat, and how it could do with some additional features that can cater to a more serious cryptocurrency audience.
How to buy crypto on Zipmex
While there are a few ways you can purchase tokens on this exchange, here we will briefly discuss one that could entail a few steps.
Step 1. Sign Up
Trading on any exchange begins with the registration process. So, go to its official website and click the Sign Up button at the top. On the registration page, enter your email address and password. Following that, read and accept its Terms of Service and verify the email address you just entered, and your account will then be created.
Step 2. Complete KYC and Enable 2FA
Once you have registered your account, you need to verify it prior to using funding methods or starting to trade. Certain laws and regulations necessitate Zipmex to verify its users’ accounts by asking you to provide details about where you live or who you are. Zipmex takes whatever measures it can to eliminate fraud and be completely compliant with AML or KYC regulations for the trading of virtual assets.
Furthermore, the KYC process on Zipmex is divided into basic and enhanced KYC. For basic KYC, you will need to provide an updated selfie and proof of identity, such as your passport or driver’s license. As for enhanced, you will have to provide your bank statement that covers the last three months and other proof of address documents like utility bills, credit card bills, insurance statements, etc.
In addition to KYC, you will also have to enable 2FA if you want to withdraw anything from the exchange. So, head over to Settings and then Profile & Security. Turn on the switch for 2FA and follow the on-screen instructions to complete this process, which will include downloading a specific application like Google Authenticator on your mobile, among others.
Step 3. Fund Account
Now that you have cleared KYC, you can fund your account with some fiat currencies. Here, we will use USD as an example. Start by navigating to Wallets, then click Deposit, and choose USD. Add the amount you want to deposit, after which you will have to place a deposit ticket that you will receive either through email or phone. To deposit funds into your Zipmex account via your banking portal, follow the instructions outlined closely. Then, from your deposit ticket, enter the reference code and the precise amount of funds that you entered earlier.
Since this may be your first time depositing this way, you have to note a few things. Firstly, your Zipmex and bank account holders’ names must be identical. Secondly, if you deposit several times, you will risk getting your account locked, and your first deposit may require 48 hours to fully approve. And lastly, you will obviously need to verify or add your bank account, and once it has been approved, your withdrawals can be carried out using this account as well. There are other things besides these; however, they aren’t as important.
Step 4. Select “Trade”
Now that you have funded your account, you can buy cryptocurrencies by heading back to the homepage and selecting Trade. From the drop-down menu, you can choose either simple or pro trading. If you select pro, you can then choose a trading pair that has your preferred token and perform either limit, market, or stop-limit orders to buy tokens.
How to deposit on Zipmex?
If you wish to increase your balance of virtual assets here, you can do so by going to the Wallet page after you have logged into your account. Click the Deposit button and select the asset you wish to deposit within your wallet. Click Show deposit address, then. Following that, you must then initiate a withdrawal using an external wallet or exchange to deposit the amount you want by simply copying this address to that wallet or exchange.
One thing to note here, however, is that if you wish to transfer USDT, Zipmex only supports it on the Ethereum blockchain, i.e., ERC-20. So, if you send this to the BSC (Binance Smart Chain), for instance, you will permanently lose your funds.
How to withdraw on Zipmex?
To withdraw from Zipmex, head over to the menu titled Wallet and select the Withdraw option and the token you wish to withdraw. Following that, add the amount you want to withdraw, the destination address, and the beneficiary’s full name and residence address. So, if you want to withdraw to Coinbase, for example, sign in to your account there, find the deposit address for the token you want to withdraw from Zipmex and paste it into the withdrawal field here. After this, you will have to enter your two-factor authentication code and the 6-digit verification code that will be sent to your email, and you will then finally be done with the withdrawal process.
How to transfer from Zipmex to Bybit
Transferring funds from Zipmex to Bybit is the same as withdrawing from Zipmex to Bybit, and to do that, just follow the withdrawal process outlined earlier but replace Coinbase with Bybit.
How to transfer USD from OKX to Zipmex
While there aren’t any direct means to transfer funds between the two exchanges here, what you can do instead is sell whatever tokens you want in return for USD on the Buy with Card page at OKX, which will then be deposited in your bank account, and then simply deposit that USD in Zipmex through that same bank account.
What coins does Zipmex support?
From what we have gathered, Zipmex supports around 60 tokens, which is fairly limited compared to what’s out there.
