ZipMex Review 2023: Features & Fees

There is a suite of top Australian-based crypto exchanges to suit investors and traders of all kinds, and every exchange seems to offer something a little different. One of the up-and-coming exchanges in Australia is ZipMex which has recently expanded into neighboring Asian markets.

Our Takeaways

Name	ZipMex
Core Services	Fiat-to-crypto, earn interest on crypto
Available Cryptocurrencies	Bitcoin, Ethereum and 19 other coins
Fiat Currencies	AUD
Deposit Options	Bank transfer (Moonova)
Deposit Fees	1%
Trading Fees	0.2%
Withdrawal Fees	$5
Mobile App	Yes (iOS and Android)

What Is ZipMex?

ZipMex is an Australasian digital asset exchange that was founded in 2019. Built by Marcus Lim and Akalarp Yimwilai, both prominent figures in the Australasian business community, ZipMex endeavors to provide everyday people with an enriching crypto experience. Since its inception, it has established itself as a trustworthy and reputable exchange and now has several offices in Australia, Indonesia, Singapore, and Thailand.

ZipMex Pros & Cons

Top ZipMex Features You Should Know

High Liquidity & Low Spreads

ZipMex operates differently from most other crypto exchanges. The platform works similarly to a broker whereby it finds the best cryptocurrency prices by aggregating volume from some of the world’s largest exchanges and Over-The-Counter (OTC) desks. This means that ZipMex has access to a significant level of liquidity and can therefore offer highly competitive spreads. The spread is the difference between the buy and sell prices of a digital asset and is not often made transparent to the trader. The access to high liquidity also means that you can instantly complete fiat deposits while trading crypto, thus reducing the chances of price slippage. 

The advantage of offering lower spreads compared to most exchanges is directly related to having access to increased liquidity. Within the Australian crypto market, ZipMex is one of few exchanges that can pass on these benefits to its customers. If you rate value for money, then you should also consider Swyftx, another Australian-based exchange with high liquidity and low spreads.

Earn Interest On Crypto Holdings

A unique feature offered by ZipMex is its ‘Ziplock’ and ‘ZipUp’ features that allow you to earn a passive income on holdings. You can earn 14% interest on the ZipMex Token ZMT and up to 11% interest on US stablecoins with Ziplock. Ziplock is the most lucrative interest-earning option, however, requires a 45-day lock-in period.

If you’re looking for a flexible way to earn interest on your crypto holdings, ZipMex also offers the ‘ZipUp’. This feature allows you to earn up to a 5% bonus on US dollar stable coins and up to 8% on other cryptos. All interest is calculated and paid out daily (for both options) and there are no minimum or maximum deposit amounts. Interest will be automatically credited into your ‘Z-Wallet’, making the experience smooth and stress-free.

Overall, these interest-earning capabilities are a great feature that makes ZipMex a unique competitor in the space. The option to earn interest on held assets may be appealing to those who want to generate a passive income during periods of market decline or volatility.

Insurance Cover On Custodial Assets

ZipMex has partnered with BitGo to provide insurance cover for up to $100 million USD on all funds stored on the exchange. This means that in the very unlikely event that stored funds were lost, damaged, or stolen, BitGo would cover the stolen costs for up to $100 million USD.

Is Zipmex Secure?

ZipMex is a trustworthy and secure exchange to buy, trade, and sell cryptocurrencies. The exchange is registered with AUSTRAC, the Australian government body that enforces financial laws to minimize the risk of criminals using cryptocurrency exchanges for money laundering, terrorism financing, and cybercrimes. 

Security measures implemented by ZipMex to safeguard digital assets are best-in-class, including thorough customer due diligence and video KYC checks, IT audits and penetration testing, segregation of user assets and company capital, and non-disclosure of your details to third parties.

ZipMex has partnered with BitGo who act as custodians for held digital assets. Multi-signature technology is required for every transaction, and stored assets in its custody wallet are insured with coverage up to $100 million.

Getting Started

Creating an account with ZipMex is similar to many other exchanges. The process will prompt the provision of an email address, username, and password that will result in a basic account for you to explore the features of the platform.

ID Verification & Limits

After an account is created, you will need to verify your identity prior to depositing funds and trading. Australian law requires ZipMex to verify all trading accounts and be fully compliant with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.

The verification is a fairly straightforward process and will require you to provide copies of a government-issued document such as your passport or driver’s license. Once the KYC documents are submitted, they may take around 24 hours to be checked and verified.

Deposit Methods

ZipMex supports bank transfers for deposits using the service Moonova. Fiat currencies able to be deposited include the Singaporean Dollar (SGD), United States Dollar (USD), Australian Dollar (AUD), and Indonesian Rupiah (RP). Other supported deposit methods include POLi and cryptocurrency from a wallet, both of which would be completed instantly. 

The Trading Experience

Buying Crypto

There are two ways of buying cryptocurrencies using AUD. The easiest way is to buy crypto with a simple click through the ‘buy/sell’ tab. The other option is through the ‘markets’ component, where you can access the full trading view of the charts.

For beginners or those not wanting to be overwhelmed by charts and figures, the buy/sell tab will be perfect. All you have to do is select the crypto you want and enter how much you want to buy. When comparing the two buy methods, there appeared to be a slightly worse price on the simple buy/sell tab, indicating the section of the market is where you will get the best rate on your crypto.

Trading Interface

The ZipMex exchange trading dashboard is well laid out and comes with a great selection of charting tools and technical indicators. The chart area and menu on the left will look familiar to experienced crypto traders as ZipMex’s charts are provided by Tradingview, TradingView is renowned for its high quality and smooth charting packages. 

ZipMex’s charts also offer a wide range of time frames and tools to draw trend lines and add indicators and chart patterns so you can analyze the price action of crypto and identify suitable trades.

On the right-hand side of the interface, you can find the order book clearly laid out as well as the button where you can place a variety of order types, including:

• Market
• Limit
• Limit: Good Til Canceled (GTC)
• Limit: Immediate or Cancel (IOC)
• Limit: Fill or Kill (FOK)

On the left-hand side of the screen, you can toggle through the other trading pairs offered. Overall, the trading interface is clean and easy to use, and ZipMex has managed to put together a trading experience that will satisfy crypto traders of all levels. 

Are ZipMex Fees Competitive?

Deposit & Withdrawal Fees

Deposit fees are 1% (capped at $3) for AUD. For USD deposits the fee is $10. For depositing cryptocurrency there is a standard fee charged by the Blockchain.

For AUD, ZipMex charges a $5 withdrawal fee with a minimum withdrawal amount of $10 AUD. 

Trading Fees

ZipMex charges an extremely low flat trading fee of 0.2% for buy and sell trades. This is considered very low in the Australian market and can be reduced further by achieving a higher member level.

Customer Support & Reviews

Customers experiencing troubleshooting issues may be able to find assistance from the Frequently Asked Questions page. If issues are not able to be resolved then the ZipMex customer support team can be reached via submitting a form (ticket system), email, or the live bot chat.

Mobile App

ZipMex offers a mobile app that is compatible with both iOS and Android devices. It is also worth noting that the website is also mobile-friendly if you do not wish to use the app.

ZipMex Alternatives

Crypto exchanges like ZipMex with similar features are:

• Swyftx (best Australian exchange overall) – Available for Australian and New Zealand investors and traders, the platform has a wide variety of features including a well-designed user interface, deep liquidity, low spreads, DCA, and advanced trading tools.
• Digital Surge (best for beginners) – Digital Surge is a beginner-friendly platform that possesses almost all of the products and services that CoinSpot offers. The trading fees are lower (0.5%), a similar number of supported digital assets (270+), and it provides a few innovative features including in-built tax tools and the ability to pay Australian bills with Bitcoin.
• CoinJar – CoinJar offers over 30 digital currencies and innovative products and is suitable for beginners and everyday crypto users.
• Independent Reserve – Independent Reserve is a trusted Australian exchange with a strong reputation for providing excellent OTC and SMSF services. Beginners can deposit and use AUD to buy 27 digital currencies on a simple and easy-to-use platform.
• Cointree (suitable alternative for beginners) – A solid choice for beginners and intermediate investors who don’t need advanced trading features.

Frequently Asked Questions

Has ZipMex Been hacked?

No, it does not appear that there has ever been a major breach in the security protocol of the cryptocurrency exchange. ZipMex provides an impressive insurance policy on funds stored on the exchange and they have a range of security measures that should give users peace of mind when using the platform.

Is There A Referral Program?

ZipMex has a referral program within its interest-earning component ‘Ziplock’. Users can earn 2.5 ZMT for every friend that signs up using a unique referral code and locks 250 ZMT into ZipLock.

What Is ZMT?

ZMT is the native ZipMex Token. It is an ERC-20 traded digital asset native to ZipMex. ZMT has multiple benefits on the ZipMex platform, with many use cases such as higher rates on earnings accounts, and discounts.

Is ZipMex Registered In Australia?

ZipMex is a registered reporting exchange with AUSTRAC, the government body that enforces financial laws to minimize the risk of criminals using cryptocurrency exchanges for money laundering, terrorism financing, and cybercrimes. Australian law requires ZipMex to adhere to KYC and AML procedures.

Our Verdict

ZipMex is a relatively young exchange that has quickly established itself as a reputable cryptocurrency trading platform in the Australasian market. The key attractant for investors and traders are the very low trading fees (0.2%) which is a result of the exchange’s high liquidity. Although relatively minor, the deposit and withdrawal fees may pose an annoyance to everyday investors and there are several other exchange options that charge zero fees in this regard.