With several cryptocurrency exchanges and trading platforms on the market, it can be challenging to find a reputable service provider. Users need to consider multiple aspects, including regulation, supported payment methods, security standards, ease-of-use, and trading fees.
A new USA crypto exchange that has gained a lot of attention is CoinZoom, a platform known for its variety of services catering to the needs of a broad range of cryptocurrency enthusiasts.
In this CoinZoom review, we will provide you with the necessary information to make a well-informed decision on using the platform. Always keep an eye on the CoinZoom website regarding any changes or upcoming developments.
Ease of use
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Before getting started, it is recommended to find a proper hardware wallet solution before exploring any exchange or trading platform. Hardware wallets, such as the Ledger Nano X is one of the best choices for storing crypto-assets.
What Is CoinZoom?
CoinZoom is a cryptocurrency trading platform with a strong focus on B2B and B2C brokerage. Founded in 2018, the company launched an online exchange in March of 2020 to enable its customers to buy and sell digital assets and to be at the forefront of improving wide scale adoption of cryptocurrencies. CoinZoom's primary service offering includes institutional-grade trading, the CoinZoom Visa card, and its peer-to-peer remittance service known as 'ZoomMe'.
CoinZoom is spearheaded by CEO Todd Crosland, the founder and former CEO of Interbank FX, LLC. CoinZoom is supported by a team that has a broad range of experience in traditional finance, global exchange, trading operations and operating global financial services companies.
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, USDT, TUSD, USDC, PAX & 11 more
Bank transfer, ACH, credit & debit cards & wire transfer
0.20% / 0.26%
2.99% for credit card
Security, ease of use, accessibility, regulatory compliance and a mobile trading app are some of the best features with CoinZoom. Here are a few examples of exchanges like CoinZoom that offer a similar range of features and services.
10% off trading fees
0.5% - 3.99%
$5 BTC bonus (USA only)
0.02% / 0.07%
5% off trading fees
For USA, visit FTX.US
Is CoinZoom Safe?
CoinZoom appears to be a safe and secure exchange that features multiple security measures such as Two Factor Authentication (2FA) and multi-signature wallets to ensure customer funds and personal information are kept safe.
CoinZoom has partnered with BitGo Trust Company, as the qualified institutional custodian and digital wallet security provider. Fiat currencies deposited to the exchange are stored in a custodial bank account. This means the cash balance is not held by the company, and CoinZoom or its creditors cannot claim the funds held in the custodial accounts.
Has CoinZoom Been Hacked?
Since the launch of CoinZoom's exchange service in March 2020, the platform has never been hacked or compromised according to our research. For this reason, CoinZoom can be considered a safe environment to buy, sell, and trade the supported digital assets. All users are advised to store funds safely in a hardware wallet, such as the Ledger Nano S or X models to maintain the highest level of protection when not trading.
Features & Benefits
CoinZoom offers institutional-grade trading to both institutional and regular users who can benefit from multiple trading tools, including algorithmic trading, advanced charting software and live order flow information. Providing services to both consumers and institutional customers lets CoinZoom explore new opportunities and services across different markets.
CoinZoom AI Trade Alerts
CoinZoom provides an intuitive and easy-to-navigate user interface with over 100 charting tools to plot trading strategies and perform technical analysis. A unique feature of CoinZoom is a pattern recognition algorithm to trigger alerts based on popular technical chart patterns.
Convert Cash To Cryptocurrency
CoinZoom provides an option for its users to convert cash into crypto. Users can purchase Bitcoin, USDT, Ethereum, and other assets on this exchange to fund their trading wallets. Coinzoom also supports multiple fiat currencies such as USD, EUR, CAD, GBP, AUD and CNY. To purchase crypto with fiat, there are multiple payment methods like bank transfer, credit/debit cards, ACH transfers and a wire transfers. Available options will differ from region to region.
CoinZoom Global Debit Cards
Individuals that want to spend fiat and crypto can acquire a CoinZoom global debit cards which is powered by the VISA network. The crypto debit card can be used to spend crypto at over 53 million merchants in-store or online merchants. There are several types of debit cards on offer with increasing daily limit, rewards, referral limits and trading fee discounts.
The peer-to-peer fiat and cryptocurrency remittance system by CoinZoom lets customers send USD or crypto internationally with 0% fees. It operates in a similar fashion to Venmo, but is focussed on digital assets' use and adoption. The crypto payment system holds financial licenses across the USA, Australia and will soon obtain an E-Money license in the EU region.
To begin buying, selling, and trading cryptocurrencies using CoinZoom, users must create an account and be at least 18 years or older. Creating or maintaining a CoinZoom account does not incur any fees. All users will need to provide basic personal information such as name, date of birth, address and a mobile phone number to open a new account.
Verification & Limits
All CoinZoom accounts must be verified to trade crypto or deposit fiat currency to be compliant with International KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. The ID verification procedure for CoinZoom usually takes less than 24 hours to complete once all the necessary information has been provided. A submission may be rejected, but that is common among all fiat-to-crypto exchanges and trading platforms.
Users can quickly and easily transfer fiat currency or crypto to CoinZoom once the account is verified. The funds are safely stored in a CoinZoom wallet which can be used to trade digital assets. The available options to fund a trading account are:
- Transfer cryptocurrency from an external wallet
- Buy crypto with fiat currency using a debit card
- Perform a bank transfer (ACH) or international wire transfer
For large investments, using a wire transfer is the best way to buy cryptocurrencies which can take between 1 to 3 days to process depending on the bank. Users that are looking to make a smaller and instant purchase and prefer the convivence can use a debit card however is limited to $500 per 24 hours.
The best and cheapest deposit method is transferring digital assets from a hardware wallet. CoinZoom account holders can deposit funds by scanning a QR code or copying the unique wallet address. Transferring digital assets will require multiple network confirmations. Depending on which asset is transferred, the average speed to transfer crypto can range from a few minutes to an hour or longer.
CoinZoom users can speculate on the fluctuating value of more than 23 cryptocurrency assets on the exchange which is paired against USD, BTC and Tether. The user interface is simple to use and closely resembles the appearance of the advanced trading platform, Kraken.
In our opinion, the user interface appears a little dated compared to other spot exchanges that we have reviewed, however, CoinZoom does offer dozens of charting tools and indicators to overlay on the charts to quickly perform technical analysis. Traders that are familiar with using Tradingview charts and features will not find it on CoinZoom.
Traders can experiment with market positions using multiple order types such as limit, market, and stop-limit. All of these basic order types will help newcomers take their first steps in the crypto trading world. Overall, the design of CoinZoom's trading exchange is more suited to beginners who are looking to swap crypto to crypto or speculate against USD/USDT trading pairs.
Volume & Liquidity
CoinZoom is currently ranked #80 in the world in terms of its traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. The 24-hour volume for Bitcoin at the time of writing is approximately 8 million against the Dollar. Furthermore, based on the data reported from Coinmarketcap, the trading volumes and liquidity across the altcoin pairs is very low. For example, the coin Uniswap had a 24-hour volume of just $15,000.
This means traders are likely to incur slippage costs as they will not be able to execute at the desired price using a limit order. Due to the lack of liquidity in the order book, CoinZoom may not be suitable for institutional-grade investors and high net-worth retail traders. These individuals should use the larger crypto exchanges available in the USA such as Coinbase, Kraken and Gemini. when trading altcoin pairs to reduce unexpected transaction costs.
What Is ZOOM Token?
The ZOOM token is the native currency of CoinZoom's ecosystem. It exists on the Ethereum blockchain network and adheres to the ERC-20 token protocol standard. ZOOM provides multiple benefits to holders of the token in return for supporting the growth of the company which includes:
- Trading fee discount of up to 50%
- Staking bonuses
- ZoomMe Global access
- Eligibility for future airdrops
- VIP-level enhancements for the CoinZoom Visa Card
- A bonus of up to 5% on all CoinZoom Visa Card purchases
CoinZoom's trading fee is based on a maker-and-taker fee structure of 0.20% for makers and 0.26% for takers. The fees are competitive, however is not the cheapest crypto exchange in the US. By comparison, Kraken charges a trading fee that starts from 0.2% and reduces with trading volume.
CoinZoom does not offer fee discounts for generating higher trading volume, however, users can reduce the trading fees depending on the number of ZOOM tokens held within the wallet. Token holders can obtain a trading fee reduction of up to 50%, which reduces the fees down to 0.10% and 0.13% for limit and market orders respectively. This is very competitive and comparable to larger exchanges such as Binance and Bittrex.
CoinZoom cryptocurrency exchange has zero deposit fees for crypto assets, ACH, and wire transfers. Users that fund an account with a debit or credit card are subject to a 2.99% fee based on the transaction amount.
Depending on which digital asset one transfers out of CoinZoom, different fees will apply, yet they are all competitive with other platforms. Withdrawing cash via ACH transfers is free, whereas wire transfers are subject to a flat fee of $25.
CoinZoom Mobile App
The mobile application provided by CoinZoom is intuitive and responsible, giving users access to trade the crypto market. The app is available for both iOS and Android devices and includes most features found on the desktop version of the site. At the time of writing, the CoinZoom app has only been downloaded 1,500 times on the Google Playstore, which is a small sample size to make a conclusion on its use based on the user review comments and 3.7/5 star rating.
Protecting customer funds requires introducing various security features and safeguards. CoinZoom prioritizes the security aspect of running a cryptocurrency exchange through its strict controls governing the infrastructure. All accounts can be protected by Two-Factor Authentication (2FA) to provide clients with peace of mind.
Similar to other top crypto exchanges, CoinZoom keeps up to 98% of customer funds in cold storage and multi-signature wallets. Multiple trusted staff members are required to sign off on transactions before they can be withdrawn from an account. This process ensures stored funds remain accessible by the rightful owner but cannot fall into the wrong hands. Combined with the BitGo infrastructure, there is insurance for up to $100 million for custodial assets.
Frequently Asked Questions
Is CoinZoom Regulated?
CoinZoom is a regulated exchange that has obtained a U.S. Registered Money Services Business with FinCen in all 50 states and territories. MSB Registration Number: 31000160686786. CoinZoom and its wholly-owned subsidiaries have specific licenses such as CoinZoom Australia PTY LTD, making it a licensed and AUSTRAC regulated Australian crypto exchange.
Which Countries Are Supported?
CoinZoom is a company that aims to provide cryptocurrency trading and other related services to the entire world. According to the website, there is no list of restricted countries for using CoinZoom, although the team is still in the process of obtaining the necessary licenses for Europe and the BitLicense in New York.
Are US Traders Allowed To Use CoinZoom?
Cryptocurrency traders across all US states - except New York - can access the CoinZoom platform and its services. The company is registered as a cryptocurrency exchange in the US and holds Money Services Business licenses in all 50 states and territories. CoinZoom is registered as a Money Transmitter in 48 states, excluding New York and Hawaii.
Can You Demo Trade With CoinZoom?
The CoinZoom exchange does not provide a way for traders to use a practice mode to trade cryptocurrencies. Users will need to fund their accounts through the supported payment methods to place orders and start trading.
To conclude our CoinZoom review, the platform has all of the necessary tools to become one of the best USA trading exchanges. Its wide range of services provides numerous reasons for people to get involved with cryptocurrencies. Setting up an account is a quick process, and there are many options to purchase cryptocurrencies with fiat currency.
Overall, CoinZoom is a suitable cryptocurrency trading platform for traders with or without experience. Its trading fees are competitive and can be lowered further by holding the native ZOOM token. The exchange provides many charting tools and patterns for traders to analyze markets and build their trading strategies.
- Regulated exchange for US customers
- Multiple deposit methods to fund an account
- Reliable and stable trading platform
- Trading algorithms to alert technical chart patterns
- Competitive trading fees
- Low trading volume and liquidity
- No TradingView charts and features
- Limited number of trading pairs