According to the company’s presentation, this firm operates as CoinZoom Inc in the US and CoinZoom Australia Pty Ltd in Australia. With all their licenses, traders shouldn’t have any issues with them. Yet, they do for some reason.
To learn all the details, read this honest CoinZoom review.
| Regulated By: | AUSTRAC – Australia; CFI – Puerto Rico |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings From: | N/A |
| Registered In: | US |
| Operating Since: | 2018 |
| Trading Platforms: | Proprietary apps; WebTrader |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Not available |
| Trading Assets: | Cryptos |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | As can be seen from numerous negative reviews, there could be potential issues when trading with this exchange. With this in mind, if you experience any of those, let our refund specialists know more about the details. After all, if you need recovery advice, they will be there to assist you. |
Legal Info: Is CoinZoom Legit?
Since the company started in 2018, it has obtained all the necessary DASP/VASP licenses for its operations, primarily in the US and Australia. With highly popular cryptos, these licenses mean the world to some traders.
Thus, even with those, as can be seen, there could be problems. That’s why traders don’t trust anyone nowadays.
Who Are CoinZoom’s Clients?
When it comes to the Australian entity, it’s logical that they are mainly focusing on Australia. However, the US entity is also offering services to traders from:
- United States
- United Kingdom
- Canada
Thus, for activities in the other two countries, the company should obtain other licenses as well, which they don’t have. All in all, there are too many irregularities for a licensed company. But wait to see CoinZoom reviews. Once you read those, our refund team will be at your disposal. Just send us a message.
Traders Reviews
Currently, CoinZoom reviews on Trustpilot have a total of 43 comments. Believe it or not, 90% of those are negative. Having money on hold, losing funds, and having poor customer support experience are just some of the problems.
Therefore, we invite you to share your experience in our comments section as well. Ultimately, when we know if there are problems, we can act accordingly and present you solutions. Same as we do for our traders who read our Kuisk review.
Leverage, Commissions, Spreads, Fees and Taxes
CoinZoom exchange has quite expensive fees for a company with low credibility. Maker fees start at 0.36%, while taker fees are a bit higher at 0.44%. The only way to get a discount on those is by holding proprietary ZOOM tokens and using them to pay for those fees.
The company also charges up to $100 in deposit options fees and $50 in withdrawals via wire transfer. In addition, there are Visa card fees, such as 200 ZOOM coins for issuing the card, $0.3 in transaction fees, and 0.26% crypto liquidation fees. Fairly, these are too many fees for such an untrusted firm.
Bonuses
Even though we might expect incentives because of the ZOOM coin, bonus offers are not on the table here. That’s, in the end, a positive thing, knowing how tricky bonuses can be.
To explore other investment options and get more advice, read our GoDoCM review as well.
CoinZoom Trading Features
Some of the interesting features of this exchange are the VISA card and cashback options. Depending on the card traders use for deposits, they can get up to 5% of cashback in crypto. Thus, with all the irregularities with deliveries and ACH payments traders reported, you should be ready for surprises.
Trading Platforms Available
As can be seen, the CoinZoom app and WebTrader include all traders need for crypto trading. With a wide range of customization features and charting options, it’s quite easy to navigate through the platform.
On the other hand, if you are into more advanced features like copy trading, you’ll have to look elsewhere.
Available Trading Assets
One of the big disadvantages is that after completing the CoinZoom login process, you will have access to a limited number of cryptos. Compared to far more popular exchanges, the amount of assets is fairly incomparable.
At least, you will have most of the popular options besides proprietary ZOOM tokens:
- BTC
- ETH
- SHIBA
- DOGE
- LTC
- XRP and a few more.
Account Types
Generally, the CoinZoom crypto exchange will try to promote proprietary tokens as much as possible. That’s why you’ll need to hold a certain amount of ZOOM coins to get those if you want lower fees. All options are:
- Preferred – 37.500 ZOOM coins / 10% discount on trading fees
- Gold – 75.000 ZOOM coins / 20% discount
- Platinum – 150.000 ZOOM coins / 35% discount
- Black – 300.000 ZOOM coins / 50% discount
The problem is that even with a 50% discount, these fees are higher than other exchanges.
Mobile Trading App
When it comes to crypto investments, secured and protected apps make a big difference when choosing a company.
On the positive side, the CoinZoom app for iOS and Android devices is available in trusted stores. Thus, with a low download rate, it shows you approximately how many traders use it.
Demo Account
Since the company doesn’t offer extraordinary trading options, the need for a demo account is not that big. Still, having transparent platform access is a plus for this exchange. Thus, the platform goes in the second plan with its insanely high fees.
Education
Surprisingly, this crypto exchange doesn’t offer proper crypto education for investors. It’s quite disappointing since they have been regulated by tier-1 authorities.
CoinZoom Withdrawal
With a wide range of deposit options, such as CoinZoom debit card payments, cash deposits, and wire transfers, all these should be available for withdrawals.
Instead, for withdrawal options, they only offer CoinZoom, wire transfers with a minimum requirement of $10k, and cryptos. E-payment options are processed immediately, while wire transfers should be done within two business days.
Of course, all transfers include fees, starting with a 1.5% fee for CoinZoom wallet transfers, variable external wallet fees, and up to $50 for wire transfers.
Customer Support
When it comes to contact options, the company only offers e-mail for general inquiries and live chat for quick feedback. However, many traders complained about those services. So, be prepared for anything.
Key Information To Consider About CoinZoom
The most disturbing detail about this company is that there are too many negative reviews and potential problems. Instead, traders can simply opt for more trusted exchanges.
But if any exchange holds your money for an unknown reason, reach out to our refund experts for advice. After all, the first meeting is free, and you have nothing to lose! Book yours today.
FAQ Section
What is CoinZoom?
CoinZoom is a crypto exchange registered in the US that has been offering crypto exchange services since 2018.
Is CoinZoom Legit?
Indeed, yes. With all the necessary licenses, the company should operate legitimately. However, numerous traders reported issues with this firm which is not standard for licensed ones.
What is CipherTrace?
CipherTrace tool helps our specialists track crypto transfers and recover funds traders lose in investment scams. For more details and guidance, get in touch today.
Source:
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