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Review of CoinZoom


Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Pros Explained

  • Wide range of financial products: CoinZoom offers a comprehensive range of financial products ranging from the CoinZoom Visa, CoinZoom Earn, and ZoomMe, which lets users transfer funds to friends and family.
  • Ability to earn crypto: Users with the CoinZoom Visa can earn crypto rewards when making qualifying purchases.
  • Regulated exchange: CoinZoom is a U.S.-registered money services business through the U.S. Financial Crimes Enforcement Network (FinCEN) and is subject to financial industry regulation. 

Cons Explained

  • Amount of products could be overwhelming: It can be challenging to navigate through all of the product offerings available on the platform.
  • Limited educational tools: For customers 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 X (formerly Twitter) account or via an embedded contact form that's difficult to find. 

Introduction

In addition to its crypto exchange, CoinZoom offers several products, making it somewhat unique among its competitors. These products include a Visa debit card that lets you use your crypto to make purchases with millions of merchants and the option to send and receive crypto or fiat transfers from friends and family. 

For cryptocurrency enthusiasts seeking a platform that provides a broad range of financial products, CoinZoom may be a great fit. 

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies, nor can the accuracy or timeliness of the information be guaranteed.

Cryptocurrencies Available on CoinZoom

CoinZoom currently offers more than 40 digital currencies for users to buy, sell, and trade on its platform. Some available cryptocurrencies include:

  • Aave (AAVE)
  • Bitcoin (BTC)
  • Chainlink (LINK)
  • DogeCoin (DOGE)
  • Ethereum (ETH) 

Trade Experience

CoinZoom customers can make trades via desktop or CoinZoom’s iOS and Android mobile apps. Its desktop and mobile platforms offer a similar user experience. Customers can access multiple chart views, real-time pricing info, and the platform’s trade history and order book. Those interested in multiple order types can place market, limit, and stop orders on CoinZoom.

Overall, CoinZoom’s trading platform is fairly intuitive, though it may be confusing if you’re new to crypto trading and investing.  

Fees 

CoinZoom uses a maker/taker fee model. For maker orders, you can expect to pay between 0.18%-0.36% per executed transaction. Taker fees range from 0.22% to 0.44%. These fees are 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) 

Security 

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 offline cold storage facilities, which helps reduce the risk of theft. Users are also encouraged to set up two-factor authentication to further secure their accounts and personal holdings. 

Opening Up a CoinZoom Account 

Before you begin the account creation process, there is an important detail to consider: The email address you initially use to create your CoinZoom account cannot be changed. It’s also a good idea to have your phone and government-issued photo ID on hand when you're opening an account. 

To start, you’ll provide your email address, a password, and some basic personal info to CoinZoom. After that, you’ll need to verify your email address by clicking the link CoinZoom sends to your email. The next step will require submitting some additional personal info in order to complete your user profile. 

CoinZoom also follows know-your-client (KYC) standards to help prevent fraud on its platform. You’ll be required to verify your identity to start using this service.  

Customer Service

Users can connect with CoinZoom customer support via its mobile apps or submit a support ticket through a contact form on its online platform. No chat feature is available, and this exchange does not offer direct email or phone support. 

CoinZoom does provide a support center that answers common user questions, as well as some educational videos walking customers through its different products. However, these videos aren’t easy to find on the platform. 

Customer Satisfaction 

Customer feedback about CoinZoom is mixed. On Trustpilot, this company has an average rating of 2.2 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.

Account Management

CoinZoom users can manage their accounts via a mobile app available on both IOS and Android devices. Users can also access their accounts via an online portal on their desktop or laptop computer. While Coinbase’s desktop and mobile platforms are fairly intuitive, customer service is limited. 

How CoinZoom Compares to Other Cryptocurrency Companies

CoinZoom is a regulated exchange in the U.S., offering 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.

Final Verdict

In addition to its crypto exchange, CoinZoom offers several products, which could be helpful 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.

Methodology 

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.

Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.

Sources


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