Zipmex Review: Is It Worth It For Australians?Last Updated on December 24, 2023 by Kevin Groves
Zipmex is a cryptocurrency exchange that focusses on the Australasian market. The platform allows Australians to buy and sell over 60 digital assets on a visually intuitive interface. But is it a worthwhile exchange to use given its recent financial problems? This review explores the features that Zipmex offers as well as its strengths and weaknesses
0.2% (maker), 0.2% (taker)
Number of cryptos:
Australia, Indonesia, Singapore, Thailand
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Here is a quick summary of the crypto exchange, Zipmex.
|Australia, Indonesia, Singapore, Thailand
|Fiat currencies supported
|Bank wire, cryptocurrency
|0.2% (maker) & 0.2% (taker)
|AUD: $5 (minimum withdrawal $25);
Crypto: Network fee that depends on cryptocurrency
|Yes (iOS and Android)
The Bottom Line
Whilst the Zipmex trading platform was easy to use and sleek in its design, some of its features are not as refined as the top crypto platforms in Australia. The interest-earning wallet (up to 10% APY), low trading fees (0.2%) and TradingView interface are the best features. However, the list of supported cryptocurrencies doesn’t compare to other platforms which may not be appealing if you want to buy exotic altcoins. In summary, most of Zipmex’s features can be found elsewhere.
What we liked:
- Excellent trading fees of 0.2% (maker) and 0.2% (taker)
- ZMT utility rewards
What we didn’t like:
- $5 fee for withdrawing AUD
- Lack of features
What is Zipmex?
ZipMex is an Australasian cryptocurrency exchange that was founded in 2019. The platform was built by prominent figures in the business community and aims to streamline crypto services for everyday investors and traders. Zipmex has several offices located in Australia, Indonesia, Singapore, and Thailand.
Zipmex Pros & Cons
Our Review of Zipmex’s Top Features
Buy the major cryptocurrencies
With the low trading fee of 0.2% and 0.2% for maker and taker orders, respectively, Zipmex is a great place in Australia to buy the major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), and Solana (SOL). Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) can also be bought using AUD.
Whilst Zipmex only offers 60+ digital assets, the selection includes all the high market cap coins and tokens. Cryptocurrencies can either be purchased using the Easy Buy & Sell feature, or through the Zipmex Exchange.
Earn crypto interest
Zipmex offers you an interest-earning wallet where you generate up to 10% Annual Percentage Yield (APY) on several cryptocurrencies such as USDC, USDT, BTC, ETH, and LTC. The highest interest rates are only obtainable when you increase your VIP level. For example, interest payments you can receive for Bitcoin at VIP 0 are 2% APY, but increase to 6% APY at VIP 4. However, increasing your VIP level requires you to heavily invest in ZMT tokens and hold them for at least 45 days.
Overall, Zipmex’s interest-earning offering is not as rewarding as other local platforms that allow you to earn interest on cryptocurrencies such as Swyftx. For example, the starting interest rate for Bitcoin 4.08% APY compared to Zipmex’s 2% APY at VIP 0.
Native ZMT token benefits
The native token of the Zipmex Exchange, ZMT, is an ERC-20 digital asset that carries a lot of benefits if you hold it. Some of the bonuses include:
- Discounts of up to 50% on trading fees.
- Use ZMT to purchase other coins and tokens (coming soon).
- Increased interest rates on ZipUp+.
- Use it for payments at participating retail merchants (coming soon).
- Get priority access to future blockchain projects and coin launches.
- Participate in airdrops.
- Use it to purchase Non-Fungible Tokens (NFTs).
Insurance cover on your stored assets
Zipmex is one of the few cryptocurrency exchanges that has insurance cover on its custodial assets. In the case of Zipmex, it has partnered with BitGo, to provide insurance cover up to $100 million USD on digital assets stored in hot wallets. This means that in the very unlikely event of a hack or security breach, Zipmex would potentially cover your losses.
Zipmex offers you an advanced trading exchange where you can analyse the price action of cryptocurrencies. The charts are powered by TradingView, renowned for their smooth and refined charts, and you have access to the full suite of drawing tools and indicators so you can identify suitable trades.
Order books are included which means that can assess the market spread and 24 hour trading volume of any of the 60+ trading pairs where AUD is the base currency. This is quite comparable to AUD-trading exchanges such as CoinSpot and BTC Markets. A variety of orders can be placed using the buy and sell panels, including market, limit, and stop orders.
According to our research, Zipmex has not been hacked or experienced breaches in its security framework and appears to be a safe and secure trading platform. The Zipmex website does not go into a lot of detail regarding its security measures, however, it states that it implements include external audits, penetration testing by third parties, separation of your assets from company-owned capital, and non-disclosure of information to third parties. All these measures are standard for cryptocurrency exchanges.
The company also holds an insurance fund with BitGo where insurance of up to $100 million of assets is covered in the event of loss from hacking. Because Zipmex provides Australians with a fiat gateway where digital currencies can be bought with AUD, the company adheres to strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements.
Is Zipmex Legit?
Zipmex is a legitimate cryptocurrency exchange that is licenced by the Australian Securities and Investment Commission (ASIC) and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The company has offices in Sydney, Indonesia, Singapore, and Thailand, and is a member of Blockchain Australia and Fintech Australia. However, Zipmex has experienced a liquidity crisis in recent months and could be filing for bankruptcy protection.
Deposit & withdrawal fees
Zipmex does not charge any fees for you to fund your account wallet with AUD. Transferring cryptocurrencies from a cryptocurrency wallet or another crypto exchange and into the Zipmex wallet won’t cost you anything either. However, it must be said that free deposits of fiat and digital currencies in the Australian market typically carry no fees.
Trading fees for buying and selling cryptocurrencies on the Zipmex Exchange are very competitive. Fees start at 0.2% and 0.2% for maker and taker orders, respectively, and can be reduced based on the volume of ZMT you hold. For example, if you buy and hold between 100 and 1,000 ZMT, then your trading fees reduce by 10% to 0.18% (maker) and 0.18% (taker). This is quite competitive in the Australian market compared to Swyftx (0.6%), Digital Surge (0.5%) and Bitaroo 0.15% (maker)/0.19% (taker). However, the latter is only supports buying Bitcoins.
According to CoinMarketCap, the price of ZMT was $0.1589 (as of August 2022). This means that in order to achieve a 10% discount on your trading fees, you only need to purchase $15.89 of ZMT. By extension, you only need to purchase $158.90 of ZMT to reduce your fees by 20%. In our opinion, this is a worthwhile investment for long-term traders using the exchange.
Getting Started with Zipmex
Due to Australian government regulations, Zipmex is required to obtain basic personal information in order to verify your identity. Known as Know-Your-Customer (KYC), you are able to submit either your drivers licence or passport and wait 24 hours for approval.
Once ID verification is complete, you can fund your account wallet with AUD using bank wire transfers. Payment methods that are commonly offered by other Australian platforms such as POLi, PayID, BPAY and credit/debit cards are not supported.
Zipmex Ease of Use
Zipmex is an easy platform to buy altcoins with AUD. The fastest way is to use the Easy Buy & Sell feature that can be found through the Zipmex Exchange. It resembles the typical ‘quick buy’ function that most platforms provide where all you need to do is select the desired crypto, enter the amount of money to spend, and confirm the transaction. Purchased assets will be near-instantly transferred to your wallet. The Easy Buy & Sell feature is perfectly suited for beginners who don’t need to see complex charting.
If you’re having issues using the platform, the Zipmex Help Centre should help to alleviate your basic queries. There is a multitude of articles that outline and describe solutions to topics such as tools to manage your account, depositing fiat currencies, and its features.
If issues are not able to be resolved then the Zipmex customer support team can be reached via the contact card on the website, or by using the live bot chat.
Zipmex is trying to establish itself as a major cryptocurrency exchange in the Australasian region. So far, its products, services, and features are indicative of exactly just that, a fledgling trading platform. Whilst some of its features are in line with other platforms in the Aussie market, other features fall short such as the limited list of supported cryptocurrencies. The Earn feature and highly competitive trading fees are a plus, along with the innovative benefits obtained by holding the ZMT token.
Overall, Zipmex’s features and capabilities feel a bit lacklustre compared to other cryptocurrency trading platforms available in Australia. The platform is best suited to beginner traders who want value for money and those that are only concerned about the major coins and tokens.
Frequently Asked Questions
Does Zipmex have a mobile app?
Zipmex allows you to use the features of the platform on the go with its iOS and Android mobile apps. All of the features can be accessed including depositing and withdrawing funds, buying digital assets with AUD, and generating interest on the Earn module.
The Android-compatible app has been downloaded over 1 million times. Based on over 19,000 reviews, the app has an overall rating of 3.2 out of 5.0 which is average compared to the best Australian crypto apps.
What is Zipmex token?
ZMT is Zipmex’s native token. According to the whitepaper, it is an ERC-20 utility token that can be used to obtain several benefits and perks on the Zipmex trading platform including trading fee discounts, higher interest rates, access to new blockchain projects, and airdrops. At the time of writing, its price on CoinMarketCap was $0.159.
Is Zipmex regulated in Australia?
Zipmex is highly regulated by Australia’s financial government bodies. It is licenced by ASIC to provide cryptocurrency products and services, and registered by AUSTRAC where it is required to adhere to strict AML and CTF regulations.
Kevin is a cryptocurrency writer that has published hundreds of articles, guides, and reviews. He has been in the crypto space since 2016 and is passionate about sharing his expertise and knowledge with others.