Zipmex crypto Exchange, founded to provide high liquidity, boasts of high-speed trading (1.4 million trades per second) and a $100 million insurance policy. Find out more about this crypto exchange that offers impressive returns and discounts on depositing ZMT, its native token.
Zipmex Crypto Exchange Overview
|Name||Zipmex Cryptocurrency Exchange|
|Fees (maximum)||Maker: 0.20%Taker: 0.20%|
|Payment Methods||Wire TransferCryptocurrency|
|Supported fiat currencies||USD, SGD, AUD, IDR & THB|
|Mobile Application||Android | iOS|
|Supported trading pairs||171|
|Native token||ZMT (Zipmex Token)|
|CEO||Marcus Lim | Akalarp Yimwilai (Thailand)|
Zipmex Exchange was launched in 2018 in Singapore and offers excellent security features, 24/7 trading, mobile application, and safe insurance besides the advanced charting tools with an elegant but powerful user interface. Zipmex Crypto Exchange brokers the best cryptocurrency trades by aggregating liquidity from large exchanges and over-the-counter desks where traders trade directly.
Types of Trading & Order Types
Zipmex is a traditional cryptocurrency exchange and offers the following types of trading:
- SPOT Markets: Zipmex offers fiat-to-crypto pairs for trading. Their up-to-date market pairs are available here on the top left. The trading pairs are traded at the market price. Buyers ‘bid’ and sellers ‘ask.’ The trade is successful if the agreed price is not higher than the ‘bid’ price or not lower than the ‘ask’ price.
- ZipUp: ZipUp is rather an earning program offered by Zipmex. Through the ZipUp saving program, Zipmex offers interest rates, and traders can earn up to 10% per annum on their cryptocurrencies. Traders can freely deposit and withdraw their cryptocurrencies at any time and enjoy full control over their assets with no lock-in or fixed-term contract.
- ZipLock: Yet another trading instrument by Zipmex, Ziplock offers 16% interest per annum on a fixed deposit of ZMT (Zipmex Token). The minimum amount of ZMT to be deposited is 100 ZMT and the minimum lock-in period is 45 days. New users receive 16% interest per annum with a 20 ZMT bonus.
Types of Orders:
Zipmex has an OMS (Order matching system) that uses the FIFO (first in first out) method. It offers two major types of orders:
- Market Order: This is placed to buy or sell the asset at the market price. This order implies that the trader accepts the risk to trade at the best price at that moment in the order book.
- Limit Order: This is placed to buy or sell the asset at a specific fixed price. This order allows the trader to trade at a favorable price, specifying the maximum and minimum.
Is Verification Required – Verification Levels
ZipMex requires verification of user identity for deposits, withdrawals, and trading in Fiat currencies. Crypto-to-crypto deposits, withdrawals, and trading are only possible via e-mail confirmation. ZipMex recommends 2-factor authentication for your ZipMEX account and the email address you use to register your account.
Zipmex has three verification levels with different deposit and withdrawal limits. Each of the three verification tiers has different compliance requirements:
- Registered: This default verification tier requires only an email address confirmation but doesn’t let you transact.
- Basic KYC: The ‘Basic KYC’ tier requires users to provide their details, state-issued ID, and an updated selfie. It allows a daily deposit limit of USD 100,000 and a daily withdrawal limit of USD 100,000.
- Enhanced KYC: The final tier of Zipmex verification allows users to deposit a maximum of USD 250,000 and withdraw a maximum of USD 250,000. Its KYC requirements involve:
- Bank statement for the last three months
- Proof of address
- Salary certificate
- Insurance statement.
Zipmex Crypto Exchange Fees
While other exchanges charge taker and maker fees, Zipmex charges a 20% flat fee for spot trading from both the taker and maker. However, this fee is reduced if the user buys and deposits ZMT (Zipmex Token), the native token of Zipmex. Below is a table depicting trading fees for different member levels:
Zipmex fees clarify that deposit and withdrawal fees are reviewed and may be revised weekly. Zipmex market does not charge any fee for depositing and withdrawing cryptocurrencies like Bitcoin, Ethereum. It only charges gas fees (cost of computation to process transactions on the blockchain). The table below shows the deposit and withdrawal fees for different fiat currencies across the globe.
|Currency||Deposit Fee||Withdrawal Fee|
|Cryptocurrency||Network fees||Network fees|
|USD United States dollar||25 USD||25 USD|
|SGD Singapore dollar||0.3%||0.3%|
|AUD Australian dollar||1%||5 AUD|
|IDR Indonesian rupiah||0 (for Bank account deposit)1.5% (e-Wallet deposit)||5 IDR|
|THB Thai baht||Free||20 THB|
Zipmex Security Features
Here is the list of security features offered by Zipmex:
- Regulations: Zipmex market is regulated by MAS-Singapore, OSEC-Thailand, BAPPEBTI- Indonesia, and AUSTRAC-Australia.
- Verification: Zipmex has strict verification requirements, and all trading limits and privileges are subject to compliance.
- Insurance: Zipmex has a $100 million insurance with BitGo, a top custodian solution provider. The insurance will protect traders in the event of hacks or unforeseen calamities.
- Cold Wallet: Most of the traders’ digital assets are secured in a cold wallet BitGo, and protected by its security architecture.
Zipmex Pros & Cons
Following are the pros and cons of the Zipmex Crypto exchange platform –
- Competitive and straightforward fee structure
- Strong regulations
- Mobile apps (Android & iOS)
- Limited cryptocurrencies
- No discount fees for high volume traders
On a thorough review, Zipmex global appears to be a credible cryptocurrency exchange. It offers a simplified system of buying and selling digital assets along with a simple fee structure, 24/7 trading, and customer support for convenience. Furthermore, it includes various instruments to earn apart from trading, namely ZipUp and ZipLock. Zipmex has a robust system with multiple safeguards to protect traders’ assets. The exchange is regulated by various government agencies and has a $100 million insurance in cyber calamity to add to its security features. A user-friendly mobile app, low trading fees on high liquidity, instant conversion of fiat currency to digital assets, features based on QR codes that provide high security, and high investment returns providing more value on the same assets are just a few of the features. The above factors indicate that Zipmex is a great place to trade cryptocurrencies for beginners and professionals alike. Unlike the other cryptos, Non-Fungible Tokens can also be traded on Zipmex. And with Metaverse growing, the platform may have many opportunities for crypto traders in the days to come.