Cryptocurrency exchange platforms are trendy due to the growing interest in Bitcoin and its competitors and the lucrative return they bring. They are the safest modes for investing in any digital asset in exchange for your fiat currency. However, as more and more digital currency exchanges are set up worldwide, one must know about the type of crypto exchange they choose to invest their money in.
|Headquarters||Utah, United States|
|Supported Fiat Currencies||USD, EUR, CAD, GBP, AUD and CNY|
|Supported Countries||US, AUS, Canada, and more|
|Deposit Fees||Depends on the Payment Method|
|Transaction Fees||Maker-> 0.18 – 0.36%
Taker-> 0.22% – 0.44%
|Withdrawal Fees||Depends on the Payment Method|
|Customer Support||Guide, FAQs, and Submit Ticket Support|
Recently, one such cryptocurrency exchange named CoinZoom has made the headlines. Based in Salt Lake City in Utah, USA, this digital currency exchange has gained attention for its exceptional amenities, like offering their ZOOM token for crypto exchange and debit cards for the transaction. After careful research on the platform, we have brought you this CoinZoom review. It will help elucidate the salient features of CoinZoom exchange and help newly initiated users navigate the CoinZoom platform more easily.
What Is CoinZoom?
Established in 2018, CoinZoom first started its online trading in March 2020. Its customers can transact in digital assets, and it has facilities for trading in a wide variety of digital currencies. This exchange platform is run by a team, each member of which holds expertise in this field.
Among their unique benefits, investors can avail of the platform’s visa card, namely the CoinZoom Visa card, real-time trade analysis, and strategies powered by their specialized algorithm, which are premier grade. Not just that, investors can make peer-to-peer transactions using the ZoomMe remittance service.
At present, the CEO of CoinZoom is Todd Crossland, who also spearheaded the premier institution of Interbank FX. It is an entirely legal institution sanctioned by the Financial Crimes Enforcement Network as a “registered money services business.” Hence, investors can safely put their money on this platform.
At the time of writing this article, CoinZoom Price was capped at 0.05798 USD.
How Does CoinZoom Work?
The entire procedure and operations of CoinZoom trading are very transparent. The user interface is pretty much navigable, hence attracting more traction. One will find an introductory view like the one given below:-
- At first, there will be declarations on the website that it is secure for all users and responsible for their funds. They do not have to worry about any regulation or legal hassle, for this is a registered money services business that works full-time in regulatory compliance. They also list their great features on this panel, like the ZoomMe or CoinZoom Visa Card.
- Cryptocurrency users can view the price chart of different digital currencies that are exchanged on this trading platform. The prices are given following the US market price, and one can view the current price. Down the panel is the menu for buying and selling, where one can bid for any cryptocurrency they wish to purchase. The buy-sell window will also show you your order history on this very cryptocurrency. Here is the buy-sell view:
- Although this is the default trading view of the CoinZoom website, users can also change the settings of the view and customise it according to their preferred requirements.
Is CoinZoom Regulated?
The right kind of cryptocurrency exchange will be extremely transparent in terms of its regulations, deposit methods, and the amount of trading fee they charge, not to mention the withdrawal fees. CoinZoom is also regulated in the USA by FinCen.
CoinZoom Exchange Features
- Highly secure wallets requiring multiple signatures.
- Multi-factor authentication required.
- Deep liquidity.
- ZoomMe for instant payments.
- Expert custodian of assets insured them for more than a hundred million.
Products and Services of CoinZoom Exchange
According to their official website, CoinZoom offers the following products and services to its users:-
Buying and Selling
Users can exchange; that is, they have the opportunity to trade in cryptocurrencies like Bitcoin, Ethereum, Ripple, ZCash, and many such top-rated cryptocurrencies instead of fiat currency.
Crypto Debit Card
Also known as the CoinZoom Visa card, this card helps users withdraw the crypto amount in their accounts from across more than 53 locations which support Visa cards. There are five versions of CoinZoom Visa Card to increase their withdrawal capacity from minimum to maximum: Select, Preferred, Gold, Platinum, Black. However, CoinZoom accounts do not come with a visa card for free. Instead, the user has to earn a specific target of ZOOM tokens (explained below), fulfilling which they will request a CoinZoom Visa card.
The benefits of holding a CoinZoom Visa card are many, notable of them being the trading fee discount and additional cashback. For example, one can get 50 percent trading fee discounts and 5 percent cash back if one possesses a Black card.
The entire transfer of Bitcoins and fiat currencies takes place through ZoomMe, CoinZoom’s own peer-to-peer transfer and remittance service, which can be used for free by the user. One can use it to send money and bitcoin to friends and merchants internationally too. Up to 10,000 dollars per day can one spent using this service.
According to CoinZoom’s website, they comprise a massive interconnected web of Market policy strategists who provide:-
- Investment advice.
- Trading desks that deal in over-the-counter transactions.
- Firms trading pairs in proprietary stocks.
Irrespective of whether one’s business is retail or institutional, CoinZoom caters to all.
CoinZoom provides a sort of utility token to its users so that they can reap profits in the form of passive income without encashing the digital asset or funds in their wallet. Using the DASH and ALGORAND tokens, one can gain monetary rewards and bonus funds by simply staking their capital in the exchange. One can thus get 7 to 13% staking bonuses in this manner.
Staking or depositing is necessary to ensure the smooth functioning of the Proof-of-Stake networks. The more the staker contributes to the stability of the business, the more is the reward they receive.
To help clients make a more informed decision about staking their assets to get maximum profits and get a better idea of the crypto market, CoinZoom has brought advanced analytics to perform a technical analysis of crypto trends. In addition, they will make a chart-like presentation of the market trends to make them easier to comprehend.
The security level of CoinZoom is exceptionally high due to its use of state-of-the-art technology in guarding the interests of their customers. Furthermore, the customer can also develop some of their personalized security features to safeguard their crypto assets.
Not only will one get security protection on multi-levels, but also amenities in other forms like multi-signature wallets and two or multiple-factor authentication. In addition, consumers will be informed at every step of their account proceedings, especially about the logging in and logging out notifications.
CoinZoom Review: Pros and Cons
One will benefit from the various tools such as algorithmic trading pairs and the flow of information from live orders. Since CoinZoom caters to institutional and retail clients worldwide regarding financial services, they can offer immensely diverse opportunities to various countries.
Trading with AI
The highly efficient Artificial Intelligence makes the user interface very simple and easy to navigate. One will find over a hundred tools for charting the network trends and planning strategies for navigating the crypto market and performing technical analysis. Their algorithm that recognizes technical chart patterns will instantly alert for any setup that is yet to be done.
Options for Easy Conversion of Fiat Currency into Cryptocurrency
CoinZoom supports multiple digital asset class that can be bought using fiat currency deposits that one can store in their best crypto wallet. Furthermore, one can choose from a broad range of fiat currencies deposited in the exchange, like US dollars, euro, Australian dollar, and the Canadian dollar, to name a few.
- The mobile apps cannot be updated from the associated play store despite frequent prompts for updates.
- The trading fees of 0.30 dollars are charged every time one uses the black CoinZoom card token.
- Some of the other exchanges’ crypto and other digital assets are more diverse than the CoinZoom exchange.
CoinZoom Exchange Registration Process
To create an account, one has to follow some simple steps. In both the desktop version and the mobile apps, one will find a tab with “Get Started” written on it. Consumers can get themselves registered there to initiate cryptocurrency trading. They have to enter their email id and a password of their choice, confirm the password and sign up. If they have a referral token suggested by any other user, they will be eligible for rewards once they register.
CoinZoom Exchange Fees
CoinZoom takes trading fees for several operations from the customer’s funds. The first one is the trading fee, which is charged based on a maker and taker division of the sanctioned order. They usually charge 20 percent as trading fees from the maker and 26 percent as trading fee discount from the taker. These are, however, the initial rates till one receives ZOOM rewards.
The second type of fee charged by CoinZoom is the deposit trading fees. However, investors who fund their accounts using wire transfer, or any crypto-asset, do not have to pay deposit trading fees. Only those CoinZoom users who deposit money in their account using debit or credit cards are charged 2.99 percent of the amount they deposit.
CoinZoom also charges withdrawal trading fees. The amount of the withdrawal trading fees will be charged based on the type of digital asset being transferred. For example, they charge 25 dollars for funds withdrawn via wire transfer, but there is no withdrawal fee for ACH transfer of crypto assets.
However, check this link to know full details of CoinZoom fee schedule.
Also known as CoinZoom Pro, this is a mobile app version of the CoinZoom site that allows one to spend crypto, buy and invest it in the exchange, and avail all the great features of the desktop site. In addition, the mobile app ensures that users can help with the benefits of CoinZoom visa cards and hold ZOOM tokens anywhere they go without troubling themselves with a computer.
It is available on Android as well as the Apple app store.
CoinZoom platform has its cryptocurrency known as ZOOM Token. The token is based on the Ethereum blockchain network and designed under the ERC-20 protocol of tokens.
With ZOOM tokens, one can avail of multiple amenities, like a bonus on staking, trading fee discounts up to as high as 50 percent. In addition, one will also get an airdropping bonus, and on top of that, a guarantee of 5 percent on all cards.
Is CoinZoom a Safe Exchange to Use?
Absolutely CoinZoom is compliant with the FinCen regulation for money transaction services. Furthermore, one can opt for two-factor authentication of their account, and their wallet will be multi-signature. That is, it will require at least two private keys on one’s device to sanction transactions. Hence rest assured that your funds and all your details are secure with CoinZoom.
Furthermore, the wallet provided by CoinZoom is a secured one, powered by BitGo Company. BitGo has facilities for both custodian and digital wallet security. Once the user has deposited their cash to the exchange, it will get stored in custodial accounts.
How You Should Trade in CoinZoom?
The simple interface of CoinZoom pro makes it popular among traders for trading cryptocurrencies. If one is trading from a desktop version, they would have to switch to the trade web page of the website. From there, they have to choose a type of fiat currency that suits their preferences, be it the US dollar, the Australian dollar, the euro, etc. Then they have to click on either the buy or the sell option. After that, the user has to complete the transaction by selecting from any of the choices available.
Typically CoinZoom provides more flexibility than its competitors to clients in terms of payment options. Next, they have to put the amount, that is how much they want to transact in. There is also an option for the limit order. Finally, one can also “stop price,” that is, end the transaction if they wish.
Following the entry, a verification panel will open, asking the user to confirm whether all the information entered is correct. Then, they can place orders by either clicking on buy or sell.
Supported Cryptocurrencies by CoinZoom Exchange
CoinZoom supports a wide range of currencies. Their official website enables transactions in Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dogecoin, Stellar Lumens, XRP, Ethereum Classic, and all the other crypto assets that come under the protocol of ERC-20.
CoinZoom Customer Support
According to CoinZoom reviews, CoinZoom has been reported to provide its customers with top-notch service. Their site aims to enable their clients to get a better trading experience and lead the crypto market as a leading provider of cryptocurrency trading services.
They have a “Contact us” page, where they provide the clients with Frequently Asked Questions, help videos for solving queries, and informational purposes. For specific requests, they have a support ticket panel.
CoinZoom Review: Our Verdict
CoinZoom’s diverse range of supported fiat currencies and cryptocurrency will generally be helpful for prospective investors. Moreover, it is available in multiple countries globally, and its incredible feature of ZOOM token has already made it a highly sought-after exchange in markets. Hence, we can safely comment that CoinZoom gives a stellar performance as the best cryptocurrency exchange platform. An eminent cryptocurrency exchange primarily based in the US, CoinZoom has carved its niche apart from its competitors quickly.
As per the CoinZoom review, a team of reputed experts has designed the platform, and all of them hold expertise in the independent financial advice and investment banking sector. Moreover, the highly secure staking process and associated multi-signature wallets ensure that there will be no risk involved in depositing money in the exchange.
Is CoinZoom Legal?
Yes, the CoinZoom exchange is legit. They have registered as a money services business under FinCen in all the states and territories that come under US jurisdiction. They also have an e-money license for transmission in the US. In Australia, CoinZoom exchange is certified as a Digital Currency Exchange.
Are US Traders Allowed to Use CoinZoom?
Investors from across all states and cities of the USA can sign up on CoinZoom Exchange except those who reside in New York. However, it has been approved in only 48 states as a capital trading platform, excluding Hawaii and New York.
Can You Make Money on CoinZoom?
CoinZoom allows its interested consumers to make extra gains utilizing passive income. Furthermore, its interface makes it far better than its competitors when trading in crypto coins. They also have multiple sources of liquidity, which means the liquidity amount increases, and investors can make purchases at a more lucrative price than the price the customers are willing to sell at.