CoinZoom Review 2023
CoinZoom Review: Our rating for CoinZoom exchange is 3/5.
CoinZoom is a crypto exchange with a range of financial products and over 40 available cryptocurrencies. For those looking for several products and features in one platform, CoinZoom could be a good choice.
What is CoinZoom?
For cryptocurrency enthusiasts seeking a platform that provides a broad range of financial products, CoinZoom may be a great fit.
CoinZoom was founded in 2018 by Todd Crosland and is headquartered in Salt Lake City, Utah. Since its founding, the company has continued its growth as a cryptocurrency exchange and expanded its product offerings. CoinZoom now serves users in over 192 countries and provides access to different financial products dependent on the customer’s home country.
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.
In addition to its product offerings, CoinZoom has also launched its own token, the Zoom Token. Users who hold the Zoom Token can get additional benefits such as fee discounts and access to VIP programs.
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.
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CoinZoom Review – Pros & Cons
Pros
- Wide range of products
- Ability to earn crypto
- Regulated exchange
Cons
- Amount of products could be overwhelming
- Limited educational tools
- Limited customer support
CoinZoom Review: What Services Does CoinZoom Offer?
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.
ZoomMe
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.
Deep Liquidity
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 Staking
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.
Advanced Analytics
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.
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Cryptos Available on CoinZoom
CoinZoom currently offers more than 40 digital currencies for users to buy, sell, and trade on its platform. Available cryptocurrencies include:
- Aave (AAVE)
- Bitcoin (BTC)
- Chainlink (LINK)
- DogeCoin (DOGE)
- Ethereum (ETH)
For a full list of the cryptocurrencies available on CoinZoom, see the company’s markets page.
CoinZoom Fees
CoinZoom uses a maker/taker fee model. For maker orders, can expect to pay between 0.18%-0.36% per executed transaction. Taker fees range from 0.22% to 0.44%. While these fees might be higher than what you’d see with certain exchanges, they’re somewhat comparable to fees on several major exchanges.
In addition to maker/taker fees, CoinZoom users can also expect the following:
| Action | Fee |
| Bank Deposit | Free |
| Debit Card Deposit | 2.99% |
| Withdrawal | $0 (ACH transfer)$25 (wire transfer) |
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CoinZoom Review: Is CoinZoom Safe?
One of the most important questions that traders want to know about a crypto exchange is whether it is safe. We know all too well the consequences of using an untrustworthy or insecure exchange.
CoinZoom is a U.S.-based, regulated cryptocurrency exchange. It’s registered as a money services business through FinCEN, and is subject to U.S. financial regulations.
For users based in the U.S., CoinZoom offers Federal Deposit Insurance Corporation (FDIC) insurance for U.S. dollar amounts. The FDIC currently covers up to $250,000 in deposits. CoinZoom also offers digital asset insurance that helps protect customers if the platform is hacked.
CoinZoom’s user assets are primarily housed in cold storage facilities that are offline, which helps reduce the risk of theft. Users are also encouraged to set up two-factor authentication in order to further secure their accounts and personal holdings.
What are the User Reviews on CoinZoom?
Customer feedback about CoinZoom is mixed. On Trustpilot, this company has an average rating of 2.9 out of five stars.
Customers voiced concerns about the platform’s complex layout and a lack of clarity around platform fees. Positive reviews mention the CoinZoom Visa Debit Card, and users also appreciated the option to earn crypto rewards from CoinZoom.
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CoinZoom Review: How CoinZoom Compares to Other Crypto Exchanges
CoinZoom is a regulated exchange in the U.S., and it offers around 40 digital assets to buy, sell, and trade. Users also get access to a wide range of products, which helps to set CoinZoom apart from other crypto exchanges.
CoinZoom vs BlockFi
CoinZoom and BlockFi are cryptocurrency exchanges that might be worth considering. Both offer products beyond their exchanges, which could be useful for those looking to do more with their crypto. Here’s a look at how these two platforms compare:
- CoinZoom offers a crypto rewards debit card, while BlockFi offers a crypto rewards credit card.
- BlockFi has a crypto-backed loan product that enables users to take out loans and use their cryptocurrency as collateral. CoinZoom doesn’t offer a loan product at this time.
- CoinZoom offers a more straightforward fee structure than BlockFi. Users will pay maker/taker fees for trades executed on CoinZoom. BlockFi’s fees are slightly more complicated, and users can expect withdrawal and spread fees.
- Multiple order types are available on CoinZoom, including market, limit, and stop orders. BlockFi only supports market orders.
CoinZoom Review: What Could Be Improved?
Of course, no review would be complete without taking a look at some of the biggest drawbacks that we could identify on the CoinZoom exchange.
Amount of products could be overwhelming: It can be difficult to navigate through all of the product offerings available on the platform.
Limited educational tools: For customers who are new to cryptocurrency, the platform has a limited amount of educational tools available.
Limited customer support: Users can contact CoinZoom customer support through the company’s Twitter account or via an embedded contact form that’s difficult to find.
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Alternatives to Consider
If you want to trade on exchange with large crypto selection and more advanced features: BTCC has a decent selection of crypto as well as futures trading with high leverage up to 100x for perpetual futures. BTCC is also a good choice if you want to diversify your investments to include stocks, commodities, and crypto.
Founded in 2011, BTCC is one of the world’s longest-running and best known exchanges with over 12 years of stable and secure operating history focused on the Bitcoin and Ethereum trading. BTCC offers trading service in US, Canada, and many other countries in Europe.
Sometimes, users feel more comfortable working with an exchange if they know that the exchange has a footprint in the industry. BTCC has over 1 million registered users, and it has a trade volume (24H) of $15.55 billion.
Here are some key reasons why BTCC is also a good choice for you:
- Safe & Secure
BTCC places strong emphasis on security, offering multiple strict measures to ensure the safety of user assets, with no reported hacks or security breaches to date.
- High Liquidity & Volume
One of the largest crypto futures exchange by volume and open interest, dominating the derivatives sector with huge market share.
- High Leverage for Crypto Futures Trading
BTCC offers a wide range of popular trading pairs such as BTC/USDT, ETH/USDT, ADA/USDT with high leverage up to 100x.
- User-Friendly
Simple user-friendly interface and intuitive trading platform, ideal for both beginners and advanced users. It also offers a range of educational resources and market updates to help users expand their understanding of the crypto and trade more easily.
- One-Stop Trading Platform
Apart from large crypto selection, BTCC also supports tokenized futures, allowing users to trade stocks and commodities futures with USDT. With the integration of spot and futures markets, BTCC offers a complete ecosystem to fully utilize crypto/stock/commodity assets and manage portfolio risks.
If you want low fees: Binance.US is great for keeping your crypto costs to a minimum. Its trading fees are low and get lower based on your 30-day trading volume or if you pay fees in its BNB (BNB) cryptocurrency.
If you want a secure crypto storage option: Coinbase has excellent security and keeps over 98% of its clients’ crypto offline in cold storage. Those who want even more protection can use the exchange’s vault service, which is available to clients free of charge.
CoinZoom Review: Final Verdict
In addition to its crypto exchange, CoinZoom offers several products, which could be useful for those experienced with crypto but overwhelming for those who aren’t. In addition to its multiple products, users can expect an intuitive trading experience and robust security measures on this platform. Overall, it could be a great option for users seeking one platform versus many to meet their crypto needs.
FAQs
Is CoinZoom legit?
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.
Is CoinZoom available in the United States?
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 earn 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 profitable price than the price the customers are willing to sell at.
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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