Previously considered a niche exchange, Cryptopia became popular on the back of several new hot coins.
The Cryptopia exchange was long considered a compromise when it came to trading. Thin volumes were a problem, but also lack of support and a very basic interface. Yet when it came to assets like ZClassic, as well as other new coins not listed elsewhere, Cryptopia found itself in demand.
Exchanges were some of the biggest winners of the crypto boom in 2017, and brand new markets quickly gained popularity.
Now, there are indications that Cryptopia may be stepping up its game when it comes to customer support:
One of the problems of the exchange revolved around the Electroneum (ETN) coin, which due to its anonymous nature required additional information about transactions, or else it could not link them to accounts.
The other big problem were the stuck ZClassic withdrawals. Ahead of the hard fork, Cryptopia announced problems with its ZCL wallet. In the past few days, the exchange tried to approve manually as many requests for withdrawal as possible, while aiming to credit the remaining accounts with ZCL and the Bitcoin Private coins.
Ethereum Classic (ETC): Where is the Airdrop Fever?
But users report other problems with Cryptopia, especially in withdrawing lesser-known coins. Additionally, Cryptopia had an outage period of a few hours on March 1.
The chief attraction of Cryptopia is the listing of 481 digital assets in total. The leading coins traded, beyond Bitcoin, include ZClassic (ZCL) and Electroneum (ETN) as of March 1. Even the BTC/USDT pair is less active compared to these two assets. Cryptopia offers a mix of rather solid crypto coins, as well as thinly-traded niche assets.
With the upcoming closing of the Nova Exchange, which had a similar coin profile, Cryptopia may find itself in the spotlight. But small-scale exchanges hold risks, as we saw in the case of the BitGrail exchange, which served as the first trading hot spot for NANO (XRB), formerly RAI Blocks.
The additional risk comes from low-volume trading, where assets manage to achieve a different price compared to other exchanges. While Cryptopia may be attractive as the only venue to trade post-ICO coins, for now it is advisable to approach the exchange carefully, and be aware of the right way to send anonymous coins.
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