Cryptopia.co.nz trading exchange, which was launched in 2014 by Adam Clark and Rob Dawson had excellent reviews initially, especially when it didn’t have a great number of customers. In the early days it was said they are heavily focusing on creating a fully immersive cryptocurrency experience for users, making it a one-stop shop for all trading, information, and news. But it seems like Cryptopia is losing their game.
What’s wrong with the exchange, NOW?
On social media channels many users are complaining about the exchange lately. Not just with withdrawals or deposits but with the overall service of the exchange. Seems like Cryptopia didn’t expect it’s user base to grow so quickly and once it’s grown, they are finding it super hard to keep up with the customer issues.
Massive listing fee to list a new project
Cryptopia charges more than 60,000 us dollars to list a project in their exchange. For an exchange that’s ranking really low with a bad reputation in customer care and low trading volume, this is the main reason why good projects are least bothered to list their cryptos in the exchange.
In January this year, NZHerald.co.nz reported that Cryptopia has told customers its bank is closing one of its accounts. The company said the bank’s move had come at very short notice and with little opportunity for the company to present its case and provide compliance documentation. It is understood that the company had been banking with ASB Bank. However they seem to have fixed the issue later on and resumed their trading pairs with NZDT.
The Decline in the Number of Visitors – Lost more than 60% visitors in under 6 months
These issues they are having and their failure to keep up with things in the recent months seems to be taking customers away from their website. Their visitors data shows a steady decline from February 2018 to July 2018. In six months Cryptopia has lost over 60% visitors, shows traffic stats on similarweb. This has massive effect in their trading volume as well. Their rank in Coinmarketcap has fell to 89.
If they continue to be the same, it won’t take much to be out of the top 100 crypto trading exchanges. Especially at a time where tons of new exchange projects are coming up with excellent customer support and a responsive team behind it.