Coinzoom.com Review 2023
- Easy to use
- Highly trusted
- $1 minimum deposit
- 40+ altcoins
- Coinzoom Commerce (crypto payment service)
- Margin trading soon (only outside US)
- Relatively high trading fees
- High fees for debit card deposits
- No leverage
CoinZoom was established as recently as 2020 by Todd Crosland (LinkedIn profile) and his son Benjamin Crosland. The licensed exchange is headquartered in Salt Lake City. It follows anti-money laundering requirements and Know Your Customer rules by FinCEN.
The exchange is available to users all over the world with few exceptions, like users on sanction lists. Residents of most US states are accepted.
What makes the platform unique?
CoinZoom is unique in that in addition to a crypto exchange, it offers a number of innovative products, which are described in detail in the “Products” section.
CoinZoom has a centralized cryptocurrency exchange to trade, sell, and buy cryptocurrency. It offers a product called “CoinZoom Earn,” with which people can generate interest on some digital assets.
The exchange currently supports over 40 cryptocurrencies, which is not much compared to many other exchanges, but they are adding more all the time.
This platform lets users buy crypto with US dollars. It allows users to exchange crypto, supports crypto-to-crypto trading, and offers institutional traders a full-service trading desk with access to OTC trades for bigger purchases and regular trading.
CoinZoom gives its customers access to novel trading, selling, and buying features for both novices and seasoned traders. This review will outline who it’s best-suited to.
Among their other offerings, they have a debit card issued by Visa, which lets you spend crypto all over the world.
What can be traded on the platform?
CoinZoom offers the following cryptos, among others:
- Bitcoin (BTC)
- Aave (AAVE)
- Chainlink (LINK)
- Ethereum (ETH)
- DogeCoin (DOGE)
The full list is available below. Before we get to that, here’s a look at their other products.
CoinZoom Cash
With this feature, you can pay for cryptocurrencies with cash and receive them in your account in a few seconds. You can load your account with up to $999 in cash through InComm’s VanillaDirect™, a platform available at a myriad of participating retail locations. Then, you can buy crypto on the exchange’s app with low fees.
To take advantage of this feature, sign in to your CoinZoom account, click on Deposit in your wallet, then go to CoinZoom Cash. Choose a conveniently located retailer on the map and generate a barcode.
Then, head down to the retailer and let the cashier scan your barcode to activate it. Give them however much cash you want them to deposit. The funds will be credited to your account at once.
Crypto debit card
CoinZoom has made spending crypto easy by launching a range of cryptocurrency debit cards. They let holders spend tens of the top cryptocurrencies at merchants across the globe.
The debit card works just like a regular one. Choose the cryptocurrency you want to spend on their app and swipe. The POS will convert your crypto to USD at once. You can choose from various cards, such as gold, select, preferred, platinum, or black. You’ll earn from 1% to 5% back in crypto on every purchase you make. As you move up levels, Maker and Taker trading fees drop.
CoinZoom Earn
This program lets you invest and earn crypto. More specifically, you get an annual return of up to 10% on your digital asset holdings. You can earn interest on all the coins available on the exchange. In addition, VIP customers of CoinZoom can get up to 20% in bonus interest, which varies depending on the coin.
You’re not tied to a long-term commitment with this program. You can redeem your crypto from your wallet at any time. Your account gets the daily accrued interest on the seventh day of each month. You can spend this amount on your Visa card or reinvest any interest you receive.
CoinZoom Commerce
This program involves merchant services to accept crypto from clients all over the world. It eliminates ID theft and the risk of chargebacks. It is a worldwide accessible pay-in, pay-out solution for international companies. You can pay your distributors, staff, clients, and suppliers instantly in fiat money or crypto for free. You can pay in USD, Bitcoin, and any other cryptocurrency available on CoinZoom.
Commerce has the following additional features:
- Staking
- Send USD or Crypto
- Bulk Payout Features
- Bulk Payout to ZoomMe Handles
- Manage Recurring Payments
- Bulk Payouts to External Crypto Wallets
- Free Transfers
- liquidity
Customers receive the following benefits:
- CoinZoom Visa Card – Spend USD & crypto at over 53M merchants globally.
- New customers receive $10 in crypto
- Earn up to 5% in crypto on purchases
- Earn up to 7.5% APY on fiat and crypto deposits
- Receive instant, free commissions payouts via ZoomMe
- No cost product spend-back
- Compliance
- CZ-Prime FIX integration
The last feature allows institutions to take advantage of a secure connection, minimal latency, and full-time, 24/7 access. Institutions will have access to trading and market rates from the exchange with full order books and more than 120 markets. They will also be able to access the most popular order execution types.
The following entities can use the integration, among others:
- Brokers & Corporations
- High Net Worth Individuals
- Private Wealth Managers
- Asset Managers
- Hedge Funds
- Private Traders
- Endowments
- Family Offices
- VCs
Altcoins
The full list of altcoins available on CoinZoom:
- ApeCoin
- Avalanche
- Balancer
- Aave
- Algorand
- Amp
- Bancor
- Basic Attention Token
- UNI
- Cardano
- Chainlink
- Chiliz
- Bitcoin
- Bitcoin Cash
- Bitcoin SV
- Compound
- Curve Token
- Dai
- Enjin
- Eos
- Ethereum
- DASH
- Decentraland
- Dogecoin
- Ethereum Classic
- Gemini Dollar
- Graph Token
- Maker
- Nem
- Orchid
- Helium
- Keep Network
- Litecoin
- PancakeSwap
- PAX Gold
- PAXOS
- Ripple
- Shiba INU
- Solana
- Polkadot
- Polygon
- REN
- Stellar Lumens
- Storj
- Sushi
- Tezos
- TRON
- Trust Token
- Synthetix Network
- Tether (ERC20)
- Tether (TRC20)
- USD Coin
- Zcash
- ZOOM
- UMA
- Uniswap
- US Gold
You can buy, sell and trade these, presumably also short them. Unfortunately, the platform doesn’t offer margin or futures trading.
Payment Methods
After your account is verified, you can link a bank account via ACH or wire or debit card to buy crypto. CoinZoom does not offer a demo account.
There is no shortage of ways to fund your account. You can make a deposit in any one of the following ways:
- Fiat currency from a debit or credit card
- Cryptocurrency from an external wallet
- Fiat currency from a wire transfer or ACH
- Fiat currency from CoinZoom Cash
- Fiat currency from Zelle
- Fiat currency with direct deposit
- Fiat or cryptocurrency from ZoomMe
Customers can use a CoinZoom wallet by providing the relevant wallet addresses to someone directly or by receiving supported digital currencies. The latter requires publicly displaying a wallet address.
Choose your method and click the “Submit” button. Make sure you’re truly committed to using CoinZoom because there is no option to reverse or undo the transaction after you press that button. If you are sending Bitcoin, make sure you use the Bitcoin address.
How to Find a Wallet Address
To find a wallet address or QR code, start by logging in and clicking on “Portfolio.” Find the list of cryptos available and click on the “Receive” button to the right of the one you want. You can take a photo of the QR code and send it to the crypto sender or click on the clipboard icon and provide it to the sender.
To find an address or QR code using the CoinZoom Pro app, log in on your mobile device and tap the menu icon in the app’s upper left-hand corner. Go to “Portfolio,” which will take you to the list of cryptos. Press “Receive,” then “Share.” You can share the code or address by email or SMS.
You can also let the sender photograph the QR code with their mobile device. Again, there’s no option to undo the transaction once you click on the “Submit” button.
Deposit Fiat Via Debit or Credit Card
The maximum number of credit or debit cards you can associate with your CoinZoom account is two. You can’t link a card to any other account with CoinZoom once that card has been linked with the first one. However, one person can have more than one account with CoinZoom provided all their accounts are legitimate.
When you deposit funds from your card, the exchange will lock them in your account for up to three months. This depends on your bank’s policies. These funds can be used to buy cryptocurrencies. However, the funds can’t be transferred in that three-month period, be they in fiat or crypto. The platform accepts most Visa and MasterCard debit and credit cards.
The maximum deposit per card per 24 hours is $500.
Funding an account at a convenience store
Interestingly, you can fund an account at some stores in the US using CoinZoom Cash. The minimum deposit is $20. You can deposit up to $10,000 a month, $2,500 per day, or $999 per transaction depending on the store. The limit is between $300 and $500. The fee is the greater amount of $6 or 5% of the transaction amount and is deducted from your deposit.
You need to wait around 3 working days for an ACH deposit to be posted to your account. The funds can be used for trading on the day of deposit, but you can’t withdraw them for up to three weeks. Your staking VIP level determines the maximum transaction amount. It is between $500 and $10,000/day.
Signing up
You must provide an email and password to sign up for a CoinZoom account. The next step is email address verification. You can use Google Authenticator to secure your account with two-factor authentication.
You need to have your ID verified before you can buy or sell crypto on CoinZoom. The exchange will ask to verify your location via utility bill or another document and ask for a picture of a government-issued photo ID. Email addresses are verified by clicking a link, which CoinZoom sends to your email. They will then ask for additional personal info. The exchange follows strict KYC standards to help protect its clients from fraud.
There have been some issues with verification, with some users complaining about KYC irregularities on Trustpilot.
In line with the above info, it’s reasonable to expect that an anonymous account is not possible. (interesting for many BTC owners) no
Fees
The exchange applies a maker/taker fee model. The fee for maker orders is from 0.18% to 0.36% per executed transaction. The fee for taker orders is from 0.22% to 0.44%. These fees are above average, relatively speaking.
CoinZoom users also pay deposit and withdrawal fees. The fee is just below 3% on debit card deposits. There is no fee on bank ones. If you choose wire transfer as your withdrawal method, there is a flat fee of $25. ACH transfer is free.
Dashboard walk-through
CoinZoom users can trade via desktop or CoinZoom’s mobile app, available on iOS and Android. The user experience on the desktop and mobile platforms is similar.
Chart
The chart is advanced. Users can access the platform’s order book and trade history, real time pricing info, and multiple chart views. They can place market, limit, and stop orders on CoinZoom.
If you have some trading experience, you’ll find the trading platform relatively intuitive. Newbies to crypto investing and trading will find it confusing.
The platform doesn’t have SMS or email trade alerts. USD is available as fiat to trade against.
Mobile app details
You can manage your account via the mobile app or use your desktop or laptop computer to access the online platform.
It’s free to send fiat and crypto to your friends and family on the app. This is possible anywhere in the world. The app also offers one-click access to the Earn program, making crypto investments simple anywhere.
Security measures
CoinZoom is based in the US and subject to US financial regulations. US-based users have protection from the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000. If CoinZoom is hacked, you can benefit from digital asset insurance from the platform itself.
CoinZoom holds most user assets in offline, cold storage facilities. This helps reduce the risk of loss. For additional security, you can set up two-factor authentication.
Safety features for CoinZoom Commerce include the following:
- Multi-Factor authentication and authorization
- Multi-layer security protections
- Account level security controls and notification
- Institutional Qualified Custodians hold assets offline
- Assets worth over $100 million in multi-sig wallets
Customer Support
Customers can contact CoinZoom support via mobile apps or use the contact form on the site to submit a support ticket. Sadly, there is no live chat, phone support, or email support. This is an area in which CoinZoom is distinctly lacking.
If you’re struggling, you might find some solutions in the support center, which has answers to frequently asked user questions and some tutorials on the different products offered by the exchange. These tutorials aren’t easy to find.
Customer Satisfaction
There has been mixed customer feedback on CoinZoom. The company’s average rating on Trustpilot is not very impressive: 2.9/5 stars.
Customers have complained about excessive fees, about which there’s no warning, and the platform’s complex layout. Positive reviews relate to the platform’s Visa debit card. Users also commend the possibility to earn crypto rewards.
Any past hacks?
On March 1, the website HackNotice wrote that its security research team had detected a data leak file linked to CoinZoom’s domain. This indicates the exchange was hacked. This hack is implied as there has been no official report of a breach and the hack notice wasn’t corroborated by other sources.
Coinzoom Reviews – Pros & Cons
Coinzoom is a relatively new cryptocurrency exchange and has received mixed reviews from users. Some traders have reported positive experiences with the platform, praising its user-friendly interface and wide range of supported cryptocurrencies. Others have reported issues with customer support response times and limited payment options.
In summary, the overall perception of Coinzoom as a cryptocurrency exchange seems to be positive among some users, while others have reported negative experiences. As with any platform, it’s important to carefully consider the strengths and weaknesses and do your own research before deciding to use it.
Pros
- Simple user interface for buying crypto
- Send and receive crypto using ZoomMe
- Ability to earn up to 10% interest on crypto holdings
- Commerce platform for businesses to accept crypto payments
Cons
- Limited selection of crypto (just over 40)
- Margin or futures trading not yet launched
- High fees for debit card deposits
Conclusion
CoinZoom can be useful for experienced traders, but overwhelming to novices. The platform has solid security, a user-friendly trading experience, and no shortage of investment products. It could be an excellent option for someone who wants to do all their trading on a single platform.
On the other hand, people criticize the high fees and report KYC tech issues as well as issues with mistaken addresses when sending funds.