What is CoinZoom?
CoinZoom is another exchange from the United States (more specifically Salt Lake City in the state of Utah, USA). It has been operational since 1 March 2020.
CoinZoom is registered with with the Financial Crimes Enforcement Network as a "money services business". This enables them to accept US-investors from all 50 states and territories.
As main advantages with the platform, CoinZoom declares on its website that it, inter alia, is secure, is regulated and compliant and offers deep liquidity. All of these factors are of course important to any prospective trader at the platform.
CoinZoom Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at CoinZoom:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
CoinZoom Trading fees
Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”. CoinZoom do make a distinction and charges 0.44% for takers and 0.36% for makers.
According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.221% and the average spot trading maker fee is currently 0.178%.
Compared to those average trading fees, CoinZoom's taker fees and maker fees is way above.
CoinZoom Withdrawal fees
CoinZoom charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. The current global industry average is 0.00053 BTC per BTC-withdrawal according to this report, which is the latest such report prepared on the subject to our knowledge. Accordingly, the withdrawal fees charged by this platform are competitive.
CoinZoom lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and also by just depositing existing cryptocurrency assets.
Seeing as fiat currency deposits are possible at this trading platform, CoinZoom qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.