UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of CoinZest consists of four parts: general information, fees, deposit methods and security.
CoinZest is an exchange registered in South Korea that launched in June 2018. Accordingly, the exchange recently celebreated its 1 year-anniversary.
South Korea is – together with Hong Kong, USA and the United Kingdom – one of the bigger country players in the world of cryptocurrency. It is the home of 15 exchanges listed in our Cryptocurrency Exchange List: this one (CoinZest), Cashierest, Coinbit, Coineal, Allbit, Bithumb, Coinone, Korbit, GDAC, Gopax and Upbit.
The exchange provides information on its parent company (Zest C&T Co., Ltd) and its CEO (Jeon Jonghee, Kim Seungyong) on its website. This is not in itself an indicator of quality, but an exchange that tried to scam people would probably not provide this information at all. So it is slightly comforting at least.
CoinZest does not list USA as a “prohibited country” or anything similar. So our belief is that US-investors may trade at this exchange. In any event, US-investors should always do themselves the favour of forming their own opinion on any issues arising from their residency or citizenship.
CoinZest Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at CoinZest:
CoinZest Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value.
0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
CoinZest Withdrawal fees
CoinZest's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
To our understanding, you can actually deposit fiat currencies here. However, you can only do so via wire transfer and not via credit card deposits. By at all enabling fiat currency deposits, this exchange qualifies as a so called “entry-level exchange”. This means that new cryptocurrency traders can start off their trading career on the CoinZest trading platform.
CoinZest seems to focus a lot on its security offering. Some of the security highlights are set out in this picture from the exchange’s website: