CoinZoom Review – How Does This Exchange Measure Up?

The cryptocurrency industry has grown extensively in recent years, with a boom of new crypto exchanges and other companies competing with the market trends to offer financial services within the crypto sector. If you’re looking for a comprehensive one-stop shop for all of your crypto and digital asset needs, the CoinZoom exchange may be a great solution. CoinZoom not only offers cryptocurrency trading with deep liquidity within its user interface but also has a CoinZoom Visa card and other financial services to help suit any financial need you may have. 

As this CoinZoom review is for informational purposes only, the contents within this CoinZoom review do not constitute investment advice or independent financial advice of any kind. Rather, this will be a comprehensive overview of the financial services offered by the CoinZoom platform, including:

• Background of the company 
• CoinZoom trading platform features
• CoinZoom global debit cards 
• CoinZoom money transmitter services
• Trading fees and other associated fees
• CoinZoom security features
• Creating and managing CoinZoom accounts

CoinZoom Exchange Background

The CoinZoom exchange was founded in 2018, and holds its offices in Salt Lake City, Utah, in the United States. Todd Crosland, formerly of Interbank FX, has taken his experience at Interbank FX and helped to forge CoinZoom into a major money services business competitor within the cryptocurrency space. The CoinZoom exchange has gone on to become a 2021 Finalist for Ernst & Young’s Entrepreneur of the Year award, as well as a placement in the top 50 fastest growing companies in the state of Utah during 2021. 

Is CoinZoom Regulated?

CoinZoom is a fully regulated exchange, having an e-money license, and is a U.S. Registered Money Services Business through FinCen (Financial Crimes Enforcement Network). This allows CoinZoom to provide services to all 50 states of the United States. CoinZoom is also a registered digital currency exchange in Australia. Currently, over 190 different countries can use CoinZoom’s services. 

Are U.S. Traders Allowed to use CoinZoom?

Because the CoinZoom exchange platform holds licenses for each of the 50 states within the U.S. and is a Registered Money Services Business through the Financial Crimes Enforcement Network, all U.S. citizens are able to use the CoinZoom platform.

CoinZoom Trading Platform

The CoinZoom trading platform operates as a standard Spot crypto market, allowing CoinZoom users to trade at a 1:1 ratio within the crypto exchange. The user interface for the cryptocurrency trading platform is simply and attractively designed, making the entire process easy. If you’re interested in algorithmic trading, CoinZoom has an API for use with an algorithmic trading bot. 

As of this writing, there are over 40 different types of cryptocurrency available on the CoinZoom cryptocurrency exchange. CoinZoom trading pairs have a base currency of USD, BTC, and USDT. Users can opt to save on their trading fee by using the ZOOM token, which is CoinZoom’s utility token. Some of the cryptocurrencies available for CoinZoom trading include:

• Bitcoin
• Bitcoin Cash
• Ethereum
• Basic Attention Token
• DOGE
• Litecoin 
• MATIC

Currently, CoinZoom offers trading services in a number of different interfaces, depending upon your needs. A simple Buy/Sell interface is available for convenient trading made easy. Users can make one-time or recurring orders on crypto coins based upon the current price chart for the present moment. 

If you’re looking to place orders beyond what the current price of a digital asset may be, the Advanced Trader interface (found on the CoinZoom website by clicking “Exchange”) is more in-depth, featuring a price chart with technical analysis tools. Despite having a name like “Advanced Trader,” the user interface is relatively easy to understand and use. 

CoinZoom Exchange Token (ZOOM)

CoinZoom does have its own utility token, called ZOOM, which is an ERC-20 token on the Ethereum blockchain network. Users that hold the coin ZOOM in their accounts can receive benefits such as discounts on their trading fees as well as extra earned interest in the Earn service. 

CoinZoom Earn

If you’re looking for a way to earn passive income on the digital assets that you already own, CoinZoom Earn allows you to receive a return of interest on your holdings. Users can earn up to 10% APY for their holdings by simply depositing their funds into CoinZoom’s Earn custodial accounts. Not only is this available for digital assets, but it supports fiat currencies as well. 

Those that qualify for a CoinZoom VIP membership can earn an additional 20% APY on the digital assets and fiat currencies deposited, which is paid out in ZOOM token. Interest that is paid out can either be re-invested into the user’s account, or is spendable using the CoinZoom Visa Card debit card. 

CoinZoom Commerce Money Services Business

If you are a business owner looking for a payment processor, CoinZoom has you covered. An incredible feature found in CoinZoom’s offerings is the CoinZoom Commerce service, which effectively allows businesses to accept cryptocurrencies and digital assets for their services. With this service, you can not only receive a broad range of over 40 crypto assets (as well as fiat currency) for services, but you can also pay your employees in crypto assets as well. 

CoinZoom ZoomMe

Another feature offered with CoinZoom is the ZoomMe service. ZoomMe is a service that allows you to send crypto assets and fiat currency to your friends. This service supports international transfers with no associated fee. ZoomMe works similarly to other services, such as seen with CashApp, Venmo, and other money-sending services. 

CoinZoom Visa Card

One of the best features offered through CoinZoom is their debit card, which allows CoinZoom users to spend crypto and earn up to 5% cashback (paid in ZOOM token) on their purchases. The debit card works by converting the user’s digital assets into fiat currency at the point of sale. Currently, over 53 million merchants accept the CoinZoom Visa Card for purchases. In a way, this is similar to CashApp’s debit card, with the exception that the CoinZoom Visa Card allows users to spend crypto far beyond just one type of digital asset. Currently, the debit cards are only available for U.S. residents, although support for international residents is coming soon.

CoinZoom App

The CoinZoom exchange platform has two mobile offerings for those looking to use the CoinZoom app on the go, with each one tailored to suit the needs of different traders. If you’re looking for a simpler approach, the Simple CoinZoom App allows you to use the simple Buy/Sell interface to trade the crypto market. The Simple version also allows for portfolio management, including managing deposit methods, using the Earn service, sending money to friends, and managing debit cards.

The CoinZoom Pro app is a little more detailed in its offerings. The features of CoinZoom Pro include all of the features and functionality of the Simple application, with the exception that users trading cryptocurrencies will have access to technical analysis tools, a detailed order book, and multiple order types. The Pro app is similar to the Advanced Trader feature found on the CoinZoom website.

CoinZoom Trading Fees

CoinZoom has a flat rate Maker/Taker fee schedule for trading fees. The trading fees (without trading fee discounts) one can expect to pay are as follows:

• Maker – 0.36%
• Taker – 0.44%

If you hold the ZOOM token in your account and also use it to pay trading fees, you can receive a trading fee discount ranging from 10-50%. The trading fee discounts one may receive greatly depends on the amount of ZOOM held in the trading account, and is as follows:

• 10,000 ZOOM = 10% discount on trading fees
• 25,000 ZOOM = 25% discount on trading fees
• 50,000 ZOOM = 35% discount on trading fees
• 100,000 ZOOM = 50% discount on trading fees

Withdrawal Fees

The CoinZoom cryptocurrency exchange, like so many other crypto exchanges in the industry, does have withdrawal fees for making withdrawals from CoinZoom accounts to an external wallet address. The withdrawal fees for fiat currencies is as follows:

• ACH – Free
• Wire transfer – $25 USD
• Instant withdrawal using debit cards – $1.50

A withdrawal fee is also incurred for withdrawing digital assets to an external wallet. Each cryptocurrency has its own set withdrawal fee. Users should take note that, depending on the current price of the asset being withdrawn, the withdrawal fee may be a little expensive, and users may be able to pay a better withdrawal fee by converting it to a different digital asset that has a lower fee.

Deposit Methods & Fees

The CoinZoom crypto exchange platform has a large number of deposit methods available for funding an account. CoinZoom users can deposit any of the supported digital assets by depositing the funds into the correlating wallet that corresponds with each unique cryptocurrency CoinZoom offers. 

Fiat currency deposits are also available with CoinZoom. Currently, only USD is supported for fiat currency deposits. The following deposit methods and fees for USD is as follows:

• ACH – Free
• Wire transfer – Free
• Debit card deposit – 2.99%

CoinZoom Customer Support

If you should come across any issues using CoinZoom, the crypto exchange does have an FAQ covering basic aspects such as account verification, security and privacy, and account management. The cryptocurrency exchange does provide a contact form, allowing users to submit a support claim ticket, which will allow customer support to give individualized attention to any user’s needs.

Security Features

The CoinZoom digital currency exchange does have a few security features to help maintain user safety, as well as the safety of the exchange. Users can apply Two-Factor Authentication to their account. Two-Factor Authentication should be considered a security standard. Enabling it will mean that users will have to verify actions taken with their account (logins, withdrawals, etc.) by supplying a Two-Factor Authentication key provided by their 3rd party multi-factor authentication application. 

Funds deposited into any of CoinZoom’s services are placed into insured custodial accounts consisting of multi-signature wallets. In addition to these multi-signature wallets, these wallets also have multi-factor authentication. Multi-layer security functions are also in place to help guarantee safety. All deposited USD is held in FDIC insured accounts. 

In the past, there have been instances where users have raised public complaints against CoinZoom, claiming that CoinZoom has stolen from them. These are likely fake reviews, as no company that has been regulated to the degree that CoinZoom is would steal funds from users and still be allowed to operate a business. 

Opening an Account on CoinZoom

Opening an account on CoinZoom is relatively easy and straightforward. To get started, all you need to do is click on the “Get Started” button found on the CoinZoom website. Enter a valid email and password, as well as a referral code if you have one. You will be asked to verify your email. Before you can use CoinZoom’s services, you must provide personal information to comply with AML and KYC laws, as CoinZoom is a fully regulated cryptocurrency exchange. From there, you are free to fund your account via crypto deposits, or fiat deposits (ACH or wire transfer).

CoinZoom Review Conclusion

The crypto market industry has been booming, and CoinZoom seems to be providing services to not only keep up with market trends, but is also providing innovative services to help set market trends. Many people that frequent the crypto market space have been disgruntled with how the traditional legacy banking system works, opting for alternatives. CoinZoom aims to not only be a one-stop-shop for all crypto needs, but looks to establish itself as a banking alternative. With deep liquidity and a broad range of services suitable for many, the CoinZoom crypto exchange has established itself to be a serious contender within the cryptocurrency industry for years to come.