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CoinZoom Review – Is CoinZoom Scam or Legit?

CoinZoom Exchange Rating
Conclusion
Read our CoinZoom review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this CoinZoom review before you sign up with the exchange.
Account Types
9.3
Trading Speed
8.9
Customer Service
9.1
Safety
9.2
9.1

CoinZoom Review

CoinZoom logo

Investors and traders in the cryptocurrency market have numerous alternatives when it comes to choosing an exchange platform such as the CoinZoom exchange. And regulations coming to be more stringent and solidified, more investors are now inclined to register and sign up with a regulated exchange platform. This is why CoinZoom has become an excellent option for many investors.

We’ll be putting together the CoinZoom review and in this review, we’ll be discussing the entire operations, features, services, and benefits of the exchange platform.

As a new investor breaking into the crypto market, you must realize how important it is to choose a decent and credible exchange platform. This is because the exchange platform you choose is a primary determinant of your financial success in the crypto market. Therefore, carelessly choosing a crypto exchange platform without adequate examination of the benefits and features of such an exchange is dangerous on so many levels.

The crypto market is filled with mediocre and scam exchanges looking to prey on new and unsuspecting investors and to be able to detect and avoid their tricks, the evaluation of the trading features and overall benefits of exchanges becomes important.

However, to save investors from the pressure of having to search for a credible and decent exchange platform, we’ll be discussing the features of one of the top exchange platforms and the choices of so many investors in the market. This is the CoinZoom exchange platform and for this guide, we’ll delve deep into the overall workings, product, and services offered by the exchange.

Exchange PlatformCoinZoom
Websitehttps://www.coinzoom.com
Trading Fee0.20% – 0.25%
Trading platformWeb-based platform and mobile app
Payment methodDebit card, wire transfer, and cryptocurrency
Trading assetsBitcoin, Litecoin, Ethereum, and Ripple
SecurityTwo-Factor Authentication, Bank-Level Security, and Multi-signature Cold wallet.

The CoinZoom exchange platform is a relatively new trading platform that aims to offer an incredible trading experience to both institutional and retail clients. The exchange platform incorporates a high level of security measures coupled with a variety of trading features to enable traders to trade safely and easily.

CoinZoom website

CoinZoom allows its clients across the globe to sell, buy, trade, and store a broad range of digital coins such as Ethereum (ETH), Bitcoin (BTC), Ripple (XRP), and Litecoin (LTC). The exchange platform lists about 30 various cryptocurrencies on its trading platform while also facilitating fiat to crypto exchanges. CoinZoom also supports fiat withdrawals and deposits using a credit card and bank transfers.

The team responsible for the building and creation of the CoinZoom exchange platform has profound knowledge and experience in managing companies offering global financial services. Presently, the team is more focused on expanding the services and overseeing the regulatory compliance of the CoinZoom exchange.

The CoinZoom exchange platform is registered and legislated under the authority of AUSTRAC; the governing regulator in Australia, which offers the Digital Currency Exchange License to financial exchanges. Furthermore, the CoinZoom exchange platform is registered in the United States as a Money Services Business (MSB) in about 50 states and is also registered as a Money Transmitter in more than 45 States.

The exchange platform also continues to grow and expand into Europe establishing an associate company known as  CoinZoom Europe Limited which is registered and has its base in Ireland. Lastly, a solid relationship with several banks within the United States allows the exchange’s funds to be insured offering a safety net to its clients.

Now, let’s have a much closer look at the primary features offered by the CoinZoom exchange. We’ll be discussing in detail, the digital assets listed on the trading platform, the security measures, the trading platform, the CoinZoom Visa card including so many other features and services.

 Security Protocol

CoinZoom considers the security of its clients’ funds as the topmost priority and as a result, all the digital assets held by the CoinZoom exchange platform are well insured. In a situation where the exchange platform was to experience a breach, the insurance is designed to cover all funds lost by clients as a result of the breach.

However, it is important to note that the insurance coverage only covers losses as a result of a breach in the CoinZoom security system or by theft from employees. This implies that losses as a result of the client’s carelessness will not be covered by the exchange platform. Hence, clients have to be responsible enough to use a solid password and safeguard their login details

Also, the insurance coverage only applies to fiat currencies deposited on the exchange platform and does not include any digital currencies. This is because cryptocurrencies are not backed by the government, hence digital coins are not insured by the Securities Investor Protection Corporation protection or Federal Deposit Insurance Corporation.

For clients based in the United States, CoinZoom stores their entire fiat currency in various custodial bank accounts, and the Dollar wallet offered by the exchange platform is insured up to $250,000 by FDIC insurance. However, for clients based outside the United States, their fiat currency is stored and kept secures in segregated bank accounts.

Lastly, client’s cash balances stored in CoinZoom accounts belong to clients. This implies that in the situation where CoinZoom declares bankruptcy, the funds stored in the custodial accounts are returned to clients and cannot be claimed by the creditors of CoinZoom.

Asides from the insurance coverage made available to investors and traders, CoinZoom integrates various security measures to protect clients’ data, investment funds, and the exchange itself. These measures include;

  • Two-Factor Authentication
  • Bank-Level Security
  • Multi-signature Cold wallet which stores and secure 98% of client’s digital assets
  • Secure Socket Layer (SSL) encryption technology

Supported Cryptocurrency

Like many exchanges, the CoinZoom exchange platform offers a wide range of digital assets on its trading platform which gives enough flexibility for the diversification of portfolios to most investors.

The exchange platform lists major crypto assets such as Bitcoin, Litecoin, Ethereum, and Ripple, as well as DeFi favorites such as Maker and Yearn Finance. Minor altcoins are also not excluded from the exchange platform. Presently, the exchange platform lists about 80 crypto trading pairs on its trading platform including trading pairs dominated in USDT and BTC.

The crypto assets listed on the CoinZoom exchange offer quiet competition against other top exchanges based in the United States like Kraken and Coinbase. Some of the crypto assets listed on the CoinZoom exchange include Bitcoin, Ripple, Yearn Finance, Ethereum, Zcash, Dash, Uniswap, Basic Attention Token, Maker, and lots more.

Product and Services offered by CoinZoom

  • CoinZoom Visa card

CoinZoom developed a specialized cryptocurrency debit card that makes use of the Visa payment network which allows its clients to pay for purchases and services using their digital coins. When clients of the CoinZoom exchange platform make use of the CoinZoom Visa card, their cryptocurrency balances are converted to fiat currency and transferred to the vendor.

To become eligible to request a CoinZoom Visa card, clients have to purchase a specific amount of Zoom tokens which is dependent on the card type clients prefer to own.  The CoinZoom Visa card offered is of five different types; Select, Preferred, Gold, Platinum, and Black.

The CoinZoom Visa card that offers the highest advantages is the Black Visa card which offers a trading fee discount of 50% and a cashback of 5% on all spending. The CoinZoim exchange platform also offers promotional airdrops of various digital coins to holders of the Black Visa card. Presently, the CoinZoom Visa cards are only accessible to clients of the CoinZoom exchange who reside in the United States. 

  • The ZOOM token

Similar to many exchange platforms in the crypto market today, the CoinZoom exchange platform developed its utility token known as ZOOM. The ZOOM token is an ERC-20 standard token that was established in the Ethereum blockchain network.

With the ZOOM utility token, clients can pay for various commissions and fees on the exchange platform while also receiving a discount. Furthermore, holding the ZOOM token offers additional benefits to clients which include; access to ZoomMe payments, staking bonuses including raindrop qualification.

  • ZoomMe

One of the extraordinary services provided by the CoinZoom exchange platform is ZoomMe. ZoomMe is a remittance service offered by CoinZoom that enables its clients to transfer both fiat currencies and cryptocurrencies to one another in a peer-to-peer model

The remittance service is available for free and can be accessed anywhere across the globe. This gives its clients more flexibility and allows the CoinZoom exchange to provide more services than just being a crypto trading platform

The CoinZoom exchange platform offers staking for two primary digital coins; Algorand and Dash. The staking service is available to clients who have the VIP status and above on the CoinZoom platform. These clients get to receive passive income on their

ALGO and DASH holdings just by depositing their funds to CoinZoom. The yield on each stake is dependent on the digital asset and its network situations, however, CoinZoom guarantees a yield of 13% and 7% on AlGO and DASH respectively.

  • Trading Platform

The CoinZoom exchange platform offers an intuitive and very simple trading platform to its clients to facilitate an overall incredible trading experience. The exchange platform offers both the web-based platform and the mobile app to its clients so they can have the luxury of choosing one that best suits their circumstances.

For the web-based platform, the user interface is very straightforward and simple making it easy for investors (most especially newbies) to navigate the platform with ease. Having designed a very simple interface, clients can locate the important sections and aspects of the trading platform.

Looking at the trading platform at first glance, the trading view is quite impressive featuring various price chats, the order book, order history, sell and buy-boxes among many other things. For the chosen trading pair, the price chart is displayed at the center of the interface, while access to other components of the trading platform can be accessed via the navigation bar

Furthermore, an incredible feature of the trading platform is the wide variety of trading indicators and tools it integrates which assists investors in market analysis. To access these tools and indicators the “Add study” option above the price chart is clicked.

To execute any trade on the CoinZoom trading platform, clients are given 3 types of order options which include the market order, stop order and limit order. Also for every trade executed on the trading platform, clients can choose to pay their fees using the ZOOM token to enjoy a considerable discount on their trading fees.

Not to forget, the mobile app offered by the CoinZoom exchange platform provides similar services as that of the web-based platform. However, the mobile app gives an extra advantage as it allows clients to monitor and oversee their trading activities on the go without the stress of multiple logins.

CoinZoom names its mobile app CoinZoom Pro and is supported by both Android OS and IOS and can be downloaded on Google Play Store and Apple store.

  • Payment options and Trading fees

The CoinZoom exchange platform offers a variety of payment method options for both withdrawals and deposits of funds. The exchange platform supports both fiat currencies and cryptocurrencies. For clients who prefer to deposit or withdraw fiat currencies from the exchange platform, they can make use of ACH or wire transfer, and debit cards.

Fot its trading fees, the exchange platform charged a makers fee of 0.20% and a takers fee of 0.26%. This trading fee charged is in line with the industry’s average trading fee which is approximately 0.20% – 0.25%. The withdrawal fee charged on the exchange platform is dependent on the digital coin you to be withdrawn but generally the withdrawal fees are low.

Final Thought

The CoinZoom exchange platform has a lot of unique services for its clients and intending investors. Its wide range of crypto assets, coupled with flexible payment method options makes it one of the best exchanges for newbie investors.

Its remittance service, low fees and commissions, and Visa card offerings give the CoinZoom exchange platform competitive advantages over other exchanges in the crypto market. In summary, the exchange platform is ideal for all types of investors and it is one of the best options newbie investors have in the market.

CoinZoom Exchange Rating
Conclusion
Read our CoinZoom review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this CoinZoom review before you sign up with the exchange.
Account Types
9.3
Trading Speed
8.9
Customer Service
9.1
Safety
9.2
9.1

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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