The Ultimate Zipmex Singapore Review 2023: Fees & Features
Zipmex Singapore Review: Our Opinion
Zipmex Singapore is an easy-to-use crypto exchange that allows you to buy, sell, and stake digital assets. That said, Zipmex isn’t regulated in Singapore but their application to the Monetary Authority of Singapore is in view. This may put off some investors who feel this puts their funds at risk.
However, the platform’s security is great as it allows you to set 2 Factor Authentication to secure your account. It also offers a BitGo insurance policy and KYC verification.
In this Zipmex review, we will cover everything you need to know about the platform to buy and sell digital assets.
Our review is built on a hands-on experience of the platform, user reviews, and the competition.
An Overview of Zipmex
Founded in 2018, Zipmex Singapore is a cryptocurrency exchange operating under license exemption that offers high liquidity, quick trades, and a selection of digital assets that you can trade at any time.
Beyond its charting tools and trading platform, Zipmex users can trade with local fiat currency instantly and earn interest on a chosen crypto at up to 10% APY.
The exchange currently operates in Thailand, Indonesia, and Australia but is headquartered in Singapore.
Key Features of Zipmex
Zipmex allows you to get daily rewards (up to 10%) without a lock-in period. The bonus and rewards are calculated and compounded every day.
You can also deposit and withdraw whenever you choose. This gives you the flexibility to balance saving and trading. The daily rewards are paid in crypto.
You do not require a minimum or maximum deposit amount to use this feature. The assets available in this program for daily rewards include:
- ZMT at 5% APY
- ETH at 2% APY
- BTC at 2% APY
- USDT at 3% APY
- USDC at 6% APY
- LTV at 0.5% APY
Also, if you hold your cryptocurrency in an open order (to sell) you won’t receive a bonus. Only orders that you hold in “Z-Wallet” are eligible for ZipUp earnings.
To get started with ZipUp follow the below steps:
- Sign up for an account with Zipmex and then verify it.
- Send or buy crypto assets like ETH, BTC, and USDC.
- Visit the wallet page. Hit ” Sign up to ZipUp”. Agree to their terms and conditions.
- You’ll start getting rewards on your crypto.
If you already have an account there’d be no need to sign up and verify again.
While other crypto exchanges offer staking rewards, Zipmex stands out because it does not require a lock-in. So you get to make profits while still having full access to your crypto.
ZMT is an ERC-20 digital token native to Zipmex. It offers numerous benefits and use-cases for holders like discounts, higher bonus rates on ZipUp+, and much more.
To become a ZipCrew member you just need to buy up to 20,000 ZMT and lock it in.
Here are a couple of ways holders can benefit from ZMT:
- Token Purchase: You can use ZMT to purchase other tokens directly on the platform.
- Higher Rewards: You’ll get higher rewards on ZipUp+ if you hold ZMT.
- Discounts for Low Trading Fees: ZMT holders can get up to a 50% discount on trading fees.
- Payment Cashback: If you use the ZMT to make payments to the exchange’s partner merchants you’ll receive higher cashback in staking (up to 5%) for every purchase.
- Priority Access: You’ll get priority access to future projects and launches like ZipPay and Zipmex NFTs.
Cryptocurrencies Available on Zipmex
Zipmex supports more than 40 digital assets:
- Tether (USDT)
- Bitcoin (BTC)
- Ethereum (ETH)
- The Sandbox (SAND)
- Polygon (MATIC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- USD COIN (USDC)
- Chainlink (LINK)
- Enjin (ENJ)
- Yearn.finance (YFI)
- Maker (MKR)
- Compound (COMP)
- FTX (FTT)
- Uniswap (UNI)
- Aave (AAVE)
- 0x (ZRX)
- Curve DAO Token (CRV)
- SushiSwap (SUSHI)
- The Graph (GRT)
Zipmex trading fees depend on the number of ZMTs you lock on the cryptocurrency exchange. You can enjoy up to 50% discounts based on your holding tier.
- Standard Member: Users that do not buy ZMT tokens are regular members. At this level, you don’t have any discount and operate the exchange’s normal 0.20% maker and taker fee.
- VIP 1 Member Level: If you buy and lock 100 ZMT you’ll be on this level. You’ll have a 10% discount, and a 0.18% maker and taker fee.
- VIP 2 Member Level: To become a VIP 2 member you must buy and lock 1,000 ZMT. This will get you a 20% discount on trading fees and 0.16% on taker and maker fees.
- VIP 3 Member Level: To unlock this membership level you must buy and lock 5,000 ZMT. You’ll then be eligible for a 35% discount on trading fees and 0.13% Maker and Taker fees.
- VIP 4 Member Level: This is the highest membership level. To get to this level you’ll have to buy and lock 20,000 ZMT. At this tier, you’ll get a 50% discount and a 0.10% maker and taker fee.
Deposit and Withdrawal Fees
It’s important to state that all withdrawal and deposit fees on Zipmex are frequently reviewed and can be adjusted on the first working day of every week.
Fiat Withdrawal Fees
Zipmex offers 2 fiat currencies: the United States dollar and the Singapore dollar. The cryptocurrency exchange charges users who deposit USD 25 USD and 25 USD for withdrawals in the same currency. You also have a minimum withdrawal of 30 USD if you intend to withdraw in the same currency.
For users of Zipmex Singapore, you can deposit and withdraw in SGD. There is no deposit fee if you use SGD. But there’s a 0.3% fee for withdrawals.
If you’re making crypto deposits Zipmex allows you to do so for free.
Cryptocurrency Withdrawal Fees
Zipmex charges users a flat fee for every cryptocurrency withdrawal. Your withdrawal amount must also be greater than the withdrawal charge.
Here is a list of the current crypto withdrawal fees:
- BTC Bitcoin: 0.0002 BTC
- ETH Ethereum: 0.0016 ETH
- LTC Litecoin: 0.025 LTC
- XRP Ripple: 0.5 XRP
- BCH Bitcoin Cash: 0.005 BCH
- USDT Tether: 10 USDT
- USDC USD Coin: 10 USDC
- LINK Chainlink: 0.5 LINK
- C8P C8 Plus: 15 C8P
- ENJ Enjin: 20 ENJ
- OMG OMG Network: 3 OMG
- YFI yearn.finance: 0.00045 YFI
- MKR Maker: 0.007 MKR
- SXP Swipe: 7 SXP
- ZMT Zipmex Token: 15 ZMT
- Compound: 0.062 COMP
- SAND The Sandbox: 15 SAND
- XLM Stellar Lumens: 0.02 XLM
- AXS Axie Infinity: 0.82 AXS
- TOK Tokenplace: 150 TOK
- MATIC Polygon: 0.1 MATIC
- AAVE Aave: 0.13 AAVE
- HOT Holo Token: 2128 HOT
Zipmex Payment Methods
Zipmex offers 3 deposit methods:
Ewallets like OVO, DANA, and ShopeePay
The most preferred deposit method for fiat currency is bank transfer. Here’s how to do so.
How to Deposit Fiat Currency via Bank Transfer
You can only use this fiat currency payment method if your account has satisfied the KYC basic verification.
To check if your account is eligible just look for ‘account verification level’ under Settings in your dashboard.
For instant fiat deposits (USD) follow these steps:
- Go to ‘Wallets’ – ‘Deposits’ and then choose USD.
- Type the amount you want to deposit then hit ‘Place deposit ticket’.
- You’ll get a deposit ticket in the email or phone number you’ve registered on the platform.
- Follow the instructions in the deposit ticket to deposit fiat currency to your Zipmex profile from your bank portal.
- Lastly, ensure that you enter the reference code on your deposit ticket and the amount you entered.
For SGD deposits follow these steps:
Navigate to ‘Wallets‘ – ‘Deposit – then choose SGD.
Type your Singapore phone number.
You’ll get an SMS. Enter the received OTP in the form.
Input your bank account number as well as the bank you’re depositing from.
You should see a screen that shows the bank account to deposit into as well as get an email that describes your deposit details.
Go ahead and deposit via your bank account adhering to the instructions on the screen and your email.
Once you’ve deposited, you’ll get an email confirmation.
Deposits take 5 minutes on average to show in your account. But if this is your first deposit, verification will take 48 hours.
It’s important to note that if you deposit multiple times as a first-timer, Zipmex will lock your account on the platform. Also, the bank account name that you’re depositing from must match the name on your account.
Zipmex offers various security measures to secure the platform:
- Strict Verification Procedure
- BitGo insurance policy
Know Your Client – KYC
Zipmex reviews each user that signs up on the cryptocurrency exchange. The process involves users taking a picture of their identity documents and identity verification via facial recognition technology. The process helps certify that Zipmex only has real users on the platform.
Zipmex also provides Global Settings Lock for accounts. This ensures that your data isn’t stolen.
Strict Verification Procedure
Zipmex ensures that users must verify their accounts before being able to deposit or access crypto on the exchange. They also offer Two-factor Authentication for smartphones rather than email and QR code technology.
BitGo Insurance Policy
Zipmex stores the majority of its funds in a cold wallet. But if it is hacked either on the platform or the cold wallet, they have an insurance policy with BitGo. The policy covers Zipmex for up to $100 million. So in the event of security incidents, your digital assets will not be completely lost and you’ll be compensated.
The BitGo policy covers various incidents like third-party hacks, loss of keys, key thefts, etc.
Zipmex Staking Rewards
As already stated in the unique features section, Zipmex offers a staking rewards program called Zip Earn. This program has 2 sub-programs:
The ZipUp+ program enables users to earn interest (up to 10%) on their crypto assets. The program does not require a lock-in period. Rather you have the flexibility to withdraw and deposit at will. The rewards are also collected daily.
ZipCrew works like the regular staking rewards program. To participate in the program you have to buy any amount of ZMT from 100. Then lock up the token for various rewards like discounts on trading fees.
Opening a Zipmex Account
To open an account, make sure that you visit the official site of the exchange. Here it is:
You can open an account right on the home page. To do so, click the sign-up button at the top right of your screen.
You’ll only have to enter your email address and an 8-character password. That said, it’s recommended that you use the long unique password from a password manager.
Next, go through their terms of service, check the box, and click ‘Create my Account‘.
You should receive a confirmation message at the email address you used to register.
Click the ‘Verify Email‘ button.
Log into your account. You’ll be redirected to the verification page automatically.
Follow the instructions for completing your KYC. You would need to upload a copy of a valid ID such as a national ID, passport, or driver’s license. Zipmex can also demand proof of address, phone number verification, and a video selfie.
After this, go to Wallet. Next, choose the currency you want to deposit.
Click the Deposit symbol and make your deposit by following the instructions provided for the payment method.
Once your funds appear in your account you can start trading.
Trading Experience on Zipmex
Zipmex offers users a clean, simple, and easy-to-navigate trading dashboard.
You can trade using a Desktop, Android device, or iOS device.
At the top bar, you’ll see the Bitcoin live price (or any coin you click) BTC/SGD or USD price. You’ll also see the bid and ask BTC price (can be any crypto coin selected) and the 24-hour volume for the crypto.
The menu and chart area to the left of your screen should appear familiar to advanced traders. Their charting interface is implemented by Tradingview.
You can use indicators and other advanced trading tools offered by TradingView to enhance your trade, minimize risks, and maximize profits.
Zipmex charts also provide a broad range of time frames and tools to create trend lines, chart patterns, and add indicators. This allows you to accurately time trade orders using a limit, market, or stop order.
To sell or buy digital assets there are simple order entry forms that provide an estimate of the crypto to SDG or USD price. And what you’ll pay in the exchange.
Zipmex offers traders 2 order types:
That said, Zipmex is lacking a profit and loss calculator that other crypto exchanges offer.
Zipmex Customer Support
Zipmex offers an in-depth support center that covers the following areas and much more:
- General FAQs
- Getting started guide
- Account management
- Fiat transfers
- Digital assets transfers
- Referral Program
- Fee schedule
If the above help sections do not help, you can contact support via email (support@zipmex) or the contact form on the page. They’re available 24/7.
Customer Service is a huge win for Zipmex as the exchange ensures that you have all the required information needed from one location. Most times, you won’t have to contact support as the solutions to common issues are listed out in-depth on the support page.
There are a lot of complaints from Zipmex users about the “draining” KYC process. This is especially due to the video verification. Users complain of having to take a video of themselves repeating particular numbers repeatedly.
Others state that they had to switch cameras for it to work. Also, for some customers, the KYC review can take up to a week. But beyond the KYC process, there are little to no complaints from customers.
Education on Zipmex
Zipmex offers trader education via Zipmex learn.
Zipmex learn is a page on their website that hosts articles on various investment topics.
Here’s a snapshot of what it looks like:
The goal is to help beginners make smarter and informed investment decisions. It covers subject areas u like:
- Digital Assets 101
- Coin News
- Zipmex Guide
Is Zipmex Right For You?
Zipmex Singapore is best for beginner crypto investors in Singapore that need all the help they can get for a smooth trading experience. Advanced traders may find the platform a little too basic.
Zipmex exchange is a leading platform in the asia pacific digital assets industry. The exchange allows users to trade cryptocurrency and stake coins for rewards. It is easy-to-use for beginners but advanced users may find the platform quite basic. The major downside is that Zipmex is not regulated in Singapore. This is a major concern for a lot of users. However, the exchange has over 2 million users and has not yet had any major hacking issues.
Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our Huobi Singapore review as an alternative to Zipmex or you can check out our list of the best exchanges for Singaporeans to see our top picks.
Most frequent questions and answers
No, Zipmex is not regulated in Singapore. They are also mandated to provide a risk warning.
Zipmex is headquartered in Singapore but operates in Thailand, Australia, and Indonesia as well.
Zipmex Token is an ERC-20 token that is governed by Zipmex. The token is built for use primarily within the Zipmex ecosystem.
To cancel your account send a request to email@example.com to disable it. But if you have funds on your account you’ll have to withdraw before canceling your account.
Zipmex currently has more than 2 million users and processes an average of $21.7 million in spot trades in 24 hours.
Zipmex supports the Singapore dollar and United States dollar for users in Singapore. It also supports more than 41 cryptocurrencies.
Zipmex Earn is a program that provides daily rewards on particular digital assets you hold on Zipmex. That said, the Zipmex Earn program isn’t for all digital assets but a select few.
Zipmex is a legit crypto exchange that offers various security measures such as cold wallet storage, 2FA, and BitGo to keep your assets safe. However, no official body in Singapore regulates Zipmex.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.