ZipMex Review: Features & Fees

There are now dozens of Australian-based exchanges to suit 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, and has recently expanded into neighbouring Asian markets.  

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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 endeavours 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 is best for:

  • Both beginner and advanced traders who don’t need a wide selection of coins
  • People in Australia and Southeast Asia looking for a trusted way to buy crypto
  • Users wanting to earn passive income on their crypto
  • Users who prioritise low trading fees and high liquidity
  • Users who want insurance on their funds

Pros and Cons

Key Takeaways

Name

Core Services

Available Cryptocurrencies

Fiat Gateway

Deposit Options

Deposit Fees

Trading Fees

Withdrawal Fees

Mobile App

ZipMex

Fiat-to-crypto, crypto-to-crypto, crypto-to-fiat

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Top features you should know

High Liquidity & Low Spreads

ZipMex operates differently from most other crypto exchanges. The platform works in a similar fashion 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 customers will 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 are able to pass on these benefits to their customers. Users who value this benefit 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. Users can earn 14% interest on the ZipMex Token ZMT and up to 11% interest on US stablecoins with ZiplockZiplock is the most lucrative interest-earning option, however requires a 45 day lock-in period.   

For users looking for a more flexible way to earn interest on their crypto holdings, ZipMex also offers the ‘ZipUp’ feature, which allows users to earn up to 5% bonus on US dollar stable coin 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 where stored funds were lost, damaged, or stolen, BitGo would cover the stolen costs for up to $100 million USD. 

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 users to explore the features of the platform.

ID Verification & Limits

After an account is created, users will need to verify their 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 users to provide copies of a government-issued document such as a passport or driver’s licence. Once the KYC documents are submitted, it 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.  

Trading experience

Buying Crypto

There are two ways of buying and selling cryptocurrency on ZipMex. The easiest way is to buy crypto in 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, a company 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, add indicators and chart patterns so you can time your trades and maximise your profits.  

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 competive?

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.

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 user personal 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. 

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 for both iOS and Android devices. It is also worth noting that the website is also mobile-friendly if users do not wish to use the app.  

security measures

ZipMex is a registered exchange with AUSTRAC and they offer a fairly unique insurance policy for up to $100 million USD on all funds stored on the exchange. This insurance adds another layer of security and confidence that is not offered by many other exchanges. 

Additionally, ZipMex offers several security measures that seem reliable and up to date. These include cold wallet storage, adhering to KYC processes in accordance with regulations for fiat currency deposits, withdrawals, and trading, and 2-factor authentication as well as requiring a verified email address linked to the account. There have been no known instances of the exchange being hacked and funds stolen, lost or damaged

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, discounts

Is ZipMex Registered In Australia?

ZipMex is a registered reporting exchange with AUSTRAC, the government body who enforces financial laws to minimise 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. 

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