CoinZoom is a cryptocurrency exchange and wallet found online at CoinZoom.com.
The crypto exchange lets you buy and sell over a dozen cryptocurrencies and fiat currencies. You can also use CoinZoom debit cards to spend your crypto anywhere in the world Visa is accepted. The exchange also has its own native token called ZOOM.
Is CoinZoom a legitimate cryptocurrency exchange? Is it safe to deposit money into CoinZoom? How does CoinZoom work? Find out everything you need to know about the CoinZoom cryptocurrency exchange today in our review.
- 1 What is CoinZoom?
- 2 How Does CoinZoom Work?
- 3 CoinZoom Features & Benefits
- 4 CoinZoom VIP Membership Program
- 5 ZOOM Tokens
- 6 CoinZoom AI
- 7 CoinZoom Fees
- 8 Is CoinZoom Legit or a Scam?
- 9 About CoinZoom and Well Beyond
- 10 The Bottom Line About CoinZoom Crypto Exchange
What is CoinZoom?
CoinZoom is a cryptocurrency exchange found online at CoinZoom.com. The exchange works similar to most other exchanges: you can buy or sell cryptocurrency, trade bitcoin and altcoins, and deposit or withdraw funds.
There are several features that make CoinZoom unique, however.
First, the exchange offers debit cards. Users can order a Visa debit card to spend their crypto in the ‘real world’. These Visa debit cards work just like any Visa card. You can spend funds at 50+ million merchants worldwide.
Second, CoinZoom is used as a cryptopayment system and wallet to a direct sales company called Beyond / Well Beyond. That Salt Lake City, Utah-based company offers a range of supplements, products, and services – including the CoinZoom crypto exchange.
You can access CoinZoom through CoinZoom.com. Or, you can download the app for iOS. An Android app is scheduled to be released soon.
CoinZoom also offers its own native token called ZOOM. You can buy or sell ZOOM through CoinZoom. To qualify for certain membership levels, you must have a minimum amount of ZOOM in your account.
How Does CoinZoom Work?
CoinZoom has a similar three step signup process as other exchanges:
- Step 1) Create an account at CoinZoom.com
- Step 2) Fund your account using crypto, a wire transfer, or other options
- Step 3) Start trading
Users must complete KYC/AML verification before trading on the platform. However, CoinZoom still claims to be the fastest way to buy, sell, and spend cryptocurrency.
CoinZoom lists around 40 cryptocurrencies. You can trade major cryptocurrencies like bitcoin, Ethereum, XRP, EOS, Litecoin, Bitcoin Cash, NEO, and ZCash. You can also trade lesser-known cryptocurrencies like NPXS, GUSD, ALGO, and Ravencoin.
CoinZoom has partnered with BitGo for its digital wallet. That means customer crypto funds are stored with BitGo, one of the most trusted names in the crypto space. All digital currency hold online by CoinZoom is also fully insured. If CoinZoom suffers a breach, then the insurance policy covers all customer funds lost.
Oddly, CoinZoom claims that the insurance policy only covers funds stored online. It’s unclear if any offline funds are covered. Typically, exchanges keep fewer than 2% of funds online, with other funds kept in cold storage. Cold storage is safer, but cold storage funds can still be stolen.
CoinZoom aims to bridge the gap between traditional finance and crypto. That’s why CoinZoom offers debit cards and peer-to-peer money transfer services. The exchange makes it easier to transfer funds between fiat and crypto, using both wherever you like:
Card to Crypto: You can use debit cards to buy crypto through the CoinZoom platform. Sign up, then deposit money into the exchange using any normal debit card (the exchange accepts American or international cards).
Crypto to Card: CoinZoom lets you add cryptocurrency to your Visa debit card, letting you spend your crypto in the real world. You can deposit crypto into CoinZoom, for example, then spend that crypto using your Visa debit card. CoinZoom’s Visa debit cards are ordinary Visa cards, and they work anywhere in the world where Visa is accepted.
Peer to Peer: CoinZoom offers ZoomMe, a peer-to-peer fiat or crypto money transfer service. This service is free for members, with limits of $2,500 to $10,000 per day depending on your account level.
At launch CoinZoom supports 40+ cryptocurrencies, and the exchange lists 110 trading pairs.
CoinZoom Features & Benefits
CoinZoom advertises all of the following features and benefits:
- Institutional grade platform
- Deep liquidity with network of market makers, OTC desks, and trading pools
- Crypto deposits secured and insured with registered custodians
- Regulated and complaint platform
- Automatic AI-based trading system
- CoinZoom Visa debit card
- Instant, free peer-to-peer transfers via ZoomMe Global
- Multiple deposit methods, including debit card, crypto, and wire transfer
- Supports multiple fiat currencies, including USD, EUR, CNY, GBP, CAD, AUD, and more
Although the exchange claims to support multiple fiat currencies, it seems CoinZoom only supports USD fiat deposits (and crypto deposits) at launch.
CoinZoom VIP Membership Program
CoinZoom has a VIP membership program. As a VIP member, you receive certain discounts, expanded trading limits, and other benefits.
To qualify as a VIP CoinZoom member, you must buy a qualifying Visa debit card. There’s a Preferred, Gold, Platinum, or Black Visa debit card, depending on your desired membership level.
To maintain your VIP membership status, you must also hold a certain minimum number of ZOOM tokens. You must hold 10,000 to 100,000 ZOOM tokens, depending on your membership level. It appears you must hold these tokens in your account to remain active.
Here’s how the different membership levels break down:
- 10% discount on trading fees
- $1,000 per day limit for ZoomMe Global
- Staking rewards
- $2,500 referral reward limit
- Minimum 10,000 ZOOM tokens required
- 20% discount on trading fees
- 0.50% bonus interest on holdings
- $2,500 per day limit for ZoomMe Global
- Staking rewards of 0.25%
- $5,000 referral reward limit
- Eligible for token air drops
- Minimum 25,000 ZOOM tokens required
- 35% discount on trading fees
- 1.00% bonus interest on holdings
- $5,000 per day limit for ZoomMe Global
- Staking rewards of 0.50%
- $20,000 referral reward limit
- Eligible for token air drops
- Free wire transfers
- Minimum 50,000 ZOOM tokens required
- 50% discount on trading fees
- 2.00% bonus interest on holdings
- $10,000 per day limit for ZoomMe Global
- Staking rewards of 0.75%
- $50,000 referral reward limit
- Eligible for token air drops
- Free wire transfers
- Minimum 100,000 ZOOM tokens required
ZOOM is a proof of stake currency. You can earn staking rewards by staking your ZOOM tokens through the platform.
You can also earn CoinZoom staking rewards with DASH, ALGO, and other staking currencies. Just stake your coins through your CoinZoom account.
There’s a coin called Zoom (ZOOM) listed on CoinMarketCap, although it’s different from the CoinZoom token. The ZOOM on CoinMarketCap launched in 2015 and quickly disappeared.
There are limited details about ZOOM available online. It appears you can only buy the ZOOM token through CoinZoom.
As of June 2020, the trading page for ZOOM/USD on CoinZoom shows just 1 or 2 ZOOM trades over the last 6 weeks, with around $2,000 in total volume. However, there’s limited volume in all other CoinZoom pairs, so it appears the exchange is still in the early phase of launch.
As of June 5, 2020, each ZOOM token is priced between $1.50 and $1.60.
CoinZoom also has an automated artificial intelligence (AI) trading system that performs technical analysis. It works similar to other crypto chart analysis tools, alerting you when certain technical patterns form.
Here’s how the official website explains it:
“CoinZoom “AI” is a pattern recognition system that alerts traders of any pending setups on a variety of technical patterns, such as Head and Shoulders, Triple Bottom/Top, Double Bottom/Top, Downward and Upward Channels, amongst others.”
CoinZoom claims the AI helps you make smarter trading decisions. Based on the AI’s analysis, it might recommend an entry point for a specific cryptocurrency. It might recommend buying bitcoin any time it drops below $9,000, for example, or selling it any time above $20,000.
Traders pay fees of 0.20% to 0.26% per trade. However, if you’re a member of the VIP Rewards Program, then fees drop as low as 0.10% to 0.125% per trade.
Here’s how fees break down:
You must pay a fee when making or taking (accepting) a trade via CoinZoom, which is standard on all crypto exchanges:
- Standard Fee: 0.20% maker / 0.26% taker
- Preferred VIP Rewards Member Fee: 0.18% maker / 0.225% taker
- Gold VIP Rewards Member: 0.16% maker / 0.20% taker
- Platinum VIP Rewards Member: 0.13% maker /0.1625% taker
- Black VIP Rewards Member: 0.10% maker / 0.125% taker
Most crypto exchanges use a ‘maker’ and ‘taker’ fee structure. The maker is the person who ‘makes’ the trade by posting it to the exchange’s order book. The ‘taker’ is the person who ‘takes’ the trade, accepting the trade on the order book.
Deposit & Withdrawal Fees
Most CoinZoom deposits are free, although you’ll pay a small fee for withdrawals. This is also standard on crypto exchanges:
- ACH: Free deposits and withdrawals
- Wire (USD): Free deposits, $25 per withdrawal
- Debit Card: 2.99% per deposit, 0% fees per withdrawal
- Crypto Deposits: Free
- Crypto Withdrawals: 0.0005 BTC, 0.005 ETH, 0.1 XRP, 0.1 EOS, 0.001 LTC, 0.0001 BCH, 5.0 USDT
Is CoinZoom Legit or a Scam?
CoinZoom appears to be a legitimate cryptocurrency exchange. The exchange has limited volume and is in the early stages of launch. However, the exchange has partnered with liquidity pools, OTC desks, and other providers to ensure any trades get filled. The exchange has also successfully received a money transmitter license in several states.
CoinZoom also does something many scam exchanges do not: it publishes its APIs online. The company is transparent about its API documentation and other elements of the exchange. You can view exchange documentation here: https://api-docs.coinzoom.com/?version=latest
CoinZoom seems like a legitimate cryptocurrency exchange, although there are some unusual things about the exchange.
Some may worry about the connection between CoinZoom and Well Beyond, for example. Well Beyond is a direct selling company, and direct sales businesses have a reputation for being glorified pump and dump schemes with limited transparency and shady marketing tactics.
The ZOOM tokens and VIP Rewards system also seem unusual. You must maintain a certain number of ZOOM tokens to maintain your membership status. It’s not quite a membership fee, although it’s very similar.
CoinZoom also seems to be partnering with dubious ‘crypto influencers’ online. These crypto influencers have published rave reviews about CoinZoom online, despite the fact the exchange has limited volume. In May 2020, for example, CoinZoom paid one influencer $25,000 as part of a ‘sweepstakes’. That’s a lot of money for an exchange that has not yet fully launched.
Overall, however, CoinZoom seems like a legitimate company and a legitimate crypto business. The exchange was recently licensed as a Money Transmitter in Idaho, for example, and it anticipates receiving similar licenses for all 50 states – including New York’s BitLicense, which is required for any crypto exchange operating in the state.
About CoinZoom and Well Beyond
CoinZoom cryptocurrency exchange also has a strategic alliance and partnership with Well Beyond, a direct sales company based on Utah. The direct sales business model uses CoinZoom as a payment system and wallet while offering shakes, supplements, weight loss formulas, and more.
Well Beyond was created in early 2020, with the official launch occurring in June 2020.
Well Beyond is led by founder and CEO Jeremy Reynolds, best-known for writing a book called The Wellness 8.
The Bottom Line About CoinZoom Crypto Exchange
CoinZoom is a cryptocurrency exchange offering free money transfers, easy signups, and trading in 50+ cryptocurrencies.
CoinZoom also offers Visa debit cards, letting you spend your crypto in the real world. You can qualify for the Visa debit cards by holding a certain number of ZOOM tokens in your account.
Overall, CoinZoom aims to bridge the gap between traditional finance and crypto. The exchange is in the early stages of launch, although it clearly has ambitious goals for the future. You can learn more about the exchange today at CoinZoom.com.