Zipmex review
- Regulator registration
- AUSTRAC
- Supported assets
- 74
- Fiat currencies
- 4
Summary
Zipmex has suspended withdrawals until further notice. Keep reading to find out more.
Singapore-based Zipmex first opened its doors in 2019.
Zipmex was built by prominent figures in the Australasian business community. The Zipmex CEO and co-founder is Marcus Lim, founder of Australian online marketplace Oneflare, and a winner of the Anthill Entrepreneur Award and the Deloitte APAC Fast 500.
Its advisory board includes the former Stock Exchange Thailand chairman and the vice minister to the deputy prime minister of Thailand.
Pros
- Aggregated liquidity. Zipmex aggregates liquidity from global markets and OTC desks.
- High-speed trading. Zipmex says its platform can process 1.4 million trades per second.
- Fiat currency support. Zipmex offers USD, SGD, IDR and AUD fiat currency trading options.
- Very simple fee structure. Zipmex has a very straightforward fee structure: 0.2% trading fees and nominal deposit/withdrawal fees.
- Complies with the Australian Transaction Reports and Analysis Centre regulations in Australia. AUSTRAC is the peak body for regulating cryptocurrency exchanges in Australia which requires Zipmex to comply with laws and regulations that are intended to provide certain protections for users.
Cons
- No fee discounts. Zipmex doesn't offer discounted fee tiers for high-volume traders like many other exchanges.
- Limited cryptocurrency selection. Zipmex only offers BTC, ETH, XRP, EOS and LTC.
Details
Product details
| Product Name | Zipmex |
| Fiat Currencies | USD, AUD, SGD, IDR |
| Cryptocurrencies | BTC, ETH, XRP, LTC, BCH, USDT, BNB, XLM, ADA, DOGE & 64 more |
| Deposit Methods |
Bank transfer Cryptocurrency |
| Trading Fee | 0.2% |
| Deposit Fees |
AUD: $0 Cryptocurrency: None |
| Withdrawal Fees |
AUD: $5 Cryptocurrency: Fees vary |
What is Zipmex?
Zipmex is a Singapore-based digital assets exchange offering fast trades, high liquidity and a wide selection of crypto commodities that can be traded 24/7.
On top of its advanced trading facilities and charting tools, Zipmex customers can also benefit from the convenience of trading with local fiat currency and earn competitive yield on selected crypto, with rates up to 14% annual percentage yield (APY).
Zipmex is currently operating in Singapore, Australia, Indonesia and Thailand.
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD, AUD, SGD, IDR
- Supported cryptocurrencies: Approximately 74 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
- Cryptocurrency
What's it like to use Zipmex?
1. Getting started
Find everything you need to get started on the home page.
2. Exchange
Tap into Zipmex's aggregated order books.
3. Fees
Zipmex uses a very simple fee structure.
4. Zipmex signup
Enter your details on Zipmex to create an account.
What is the Zipmex Earn program?
Zipmex Earn is a yield-bearing savings program that offers attractive daily rates on selected digital assets you hold with Zipmex, such as Bitcoin(BTC), Ethereum(ETH), Tether (USDT) and more.
There are 2 account types in which you can earn yield on your crypto assets:
- ZipUp. Enjoy daily payouts on your digital assets with this flexible earnings account.
- ZipLock. A fixed-term earnings account that offers higher earnings with stable rates. Each crypto asset will be subject to a minimum lock-up period of 45 days.
ZipMembership tiers
ZipMembership offers 5 tiers and offers varying rates. Each tier from VIP 1 to 4 requires you to hold a minimum number of ZMT tokens in your Zipmex wallet for the entire duration in which you'd like to maintain your tier status/level:
| VIP | VIP 1 | VIP 2 | VIP 3 | VIP 4 | |
|---|---|---|---|---|---|
| Amount of ZMT tokens in Zipmex wallet | Less than 100 | 100 | 1,000 | 5,000 | 20,000 |
APY with ZipUp
Here's the overview of the APY you'll earn for different digital currencies based on your ZipUp membership tiers, as of 17 November 2021:
| Digital currency | VIP | VIP 1 | VIP 2 | VIP 3 | VIP 4 |
|---|---|---|---|---|---|
| Zipmex token (ZMT) | 6% | 6.75% | 7% | 7.5% | 8% |
| USD Coin (USDC) | 3% | 3.75% | 4% | 4.5% | 5% |
| Gold (GOLD) | 3% | 3.75% | 4% | 4.5% | 5% |
| Bitcoin (BTC) | 2% | 2.75% | 3% | 3.5% | 4% |
| Litecoin (LTC) | 2% | 2.75% | 3% | 3.5% | 4% |
| Ethereum (ETH) | 2% | 2.75% | 3% | 3.5% | 4% |
| Tether (USDT) | 2% | 2.75% | 3% | 3.5% | 4% |
APY with ZipLock
Here's the overview of the APY you'll earn for different digital currencies based on your ZipLock membership tiers, as of 17 November 2021:
| Digital currency | VIP | VIP 1 | VIP 2 | VIP 3 | VIP 4 |
|---|---|---|---|---|---|
| Zipmex token (ZMT) | 12% | 12.75% | 13% | 13.5% | 14% |
| USD Coin (USDC) | 9% | 9.75% | 10% | 10.5% | 11% |
| Bitcoin (BTC) | 4% | 4.75% | 5% | 5.5% | 6% |
| Ethereum (ETH) | 4% | 4.75% | 5% | 5.5% | 6% |
| Tether (USDT) | 4% | 4.75% | 5% | 5.5% | 6% |
| Litecoin (LTC) | 3% | 3.75% | 4% | 4.5% | 5% |
*Note: There'll be a minimum lock-up period of 45 days for each digital asset.
Verification tiers
In order to start trading and enjoy higher limits with Zipmex, you'd need to undergo KYC verification:
- Registered. All new users will start off with this default tier after account registration and email confirmation.
- Basic KYC. To deposit, withdraw and trade in digital currency, you'll need to upgrade your verification tier to 'Basic KYC', which will require the submission of an updated selfie, as well as identification documents (e.g. valid government-issued ID, driver's license or passport).
- Enhanced KYC. To enjoy higher deposit and withdrawal limits, you can obtain the 'Enhanced KYC' status by submitting the following documents:
- Bank statements from the past three months
- Proof of residential address (e.g. credit card statements, telco/utility bills, tax invoice, letters from government bodies etc)
Fees and limits
The fees below are accurate as of 17 November 2021.
Platform trading fees
| Membership tier | Criteria | Discount | Maker fees | Taker fees |
|---|---|---|---|---|
| VIP | - | 0% | 0.2% | 0.2% |
| VIP 1 | Buy and lock 100 ZMT | 10% | 0.18% | 0.18% |
| VIP 2 | Buy and lock 1,000 ZMT | 20% | 0.16% | 0.16% |
| VIP 3 | Buy and lock 5,000 ZMT | 35% | 0.13% | 0.13% |
| VIP 4 | Buy and lock 20,000 ZMT | 50% | 0.10% | 0.10% |
Deposit and withdrawal fees
Deposit fees
| Currency | Deposit fee |
|---|---|
| Cryptocurrency | Free |
| SGD | 0.3% |
| USD | 25 USD |
Withdrawal fees
| Fiat currency | Withdrawal fee |
|---|---|
| SGD | 0.3%, 10 SGD minimum |
| USD | 25 USD, 30 USD minimum |
Deposit and withdrawal limits
| Verification tier | Daily deposit limit | Daily withdrawal limit |
|---|---|---|
| Registered |
|
|
| KYC |
|
|
| Enhanced KYC |
|
|
How fast will my funds be available?
Deposits
Varies
Fiat deposit times will vary depending on the currency and your bank.
Cryptocurrency deposits can take a few minutes, depending on the cryptocurrency.
Withdrawals
Varies
Fiat currency withdrawal times vary depending on the bank and currency.
Cryptocurrency withdrawals can take a few minutes, depending on the cryptocurrency.
Is Zipmex safe to use?
- Regulation. Zipmex is registered with AUSTRAC and complies with AML/KYC requirements. Its partners include established financial services such as AEC Securities.
- Verification process. Zipmex requires user identity verification for fiat currency deposits, withdrawals and trading. Crypto-to-crypto deposits, withdrawals and trading are available with email confirmation only.
- Security features. Zipmex recommends 2-factor authentication for your Zipmex account as well as the email address you've used to register your account. Zipmex says it uses an "overlapping security structure". There are no known instances of Zipmex being hacked.
Customer support
Zipmex has a comprehensive support centre that covers most of the common FAQs regarding its fees and services.
If you have any other enquiries, you may also contact the support team through:
- Live chat. Available 24/7 on Zipmex's website
- Contact form. You may send your enquiry through Zipmex's online form or drop an email at support@zipmex.com
How do I create an account at Zipmex?
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Andrew Finder
Editor
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