Zipmex

Zipmex Review

What is Zipmex?

Zipmex is a cryptocurrency exchange registered in Singapore. It has been up and running since 2018. They offer trading in a dozen of cryptocurrencies, so you can definitely buy and sell the really big ones here. 

Zipmex Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Zipmex’s trading platform is also mobile compatible. You can download it from both the AppStore and Google Play.

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

According to information we have received, US-investors are indeed permitted to trade at Zipmex. Any US-investors should however also form their own opinion on this, as various state rules could also be an obstacle in their cryptocurrency trading.

Zipmex Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Zipmex:

It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.

Zipmex Fees

Zipmex Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

Zipmex charges what we call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.20%. These spot trading taker fees are quite in line with the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.215% and the corresponding spot trading maker fees were 0.162%. 

Zipmex also offer even more competitive trading fees for people who have advanced to become ZipMembers or ZipCrew. Everybody starts out as a ZipStarter, but if you become a ZipMember, you only have to pay 0.195% in trading fees and if you are a "ZipCrew" you pay 0.19%. All you have to do to increase your membership level is to own ZMT-tokens, being the platform's own native token. To become a ZipMember, you need 100 ZMT-tokens (on the date of first writing this review, 16 June 2021, the USD-value of 100 ZMT-tokens was USD 226), and to become a ZipCrew-person you need 20,000 ZMT-tokens (worth approx. USD 45,200).

Zipmex Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was approximately 0.0005 BTC per BTC-withdrawal.

Zipmex charges 0.0002 BTC per BTC-withdrawal, which is below the global industry average (being 0.0004599 BTC per BTC-withdrawal according to this report) and a quite competitive fee.

Deposit Methods

In addition to depositing cryptocurrency to the platform, Zipmex also lets you deposit fiat currency. But only through wire transfer (not credit or debit card purchases).

The fiat currency on ramp makes Zipmex an easy place to start trading at for the new cryptocurrency traders out there - a so called "entry-level exchange".