Zoomex Review

What is Zoomex?

Zoomex is a cryptocurrency exchange founded in 2021, positioning itself as a customer-centric platform that evolves continuously based on user feedback. Ensuring user satisfaction is the primary goal for the company, as evidenced by its commitment to incorporating suggestions from user Zoomex reviews into its development process.

As mentioned before, Zoomex offers both centralized (CEX) and decentralized (DEX) trading services, catering to a broad range of trading preferences. While the platform primarily focuses on derivatives trading, it also offers additional features to enhance the trading experience.

Currently, Zoomex serves over 2 million users across more than 30 countries, demonstrating its rapid growth and widespread acceptance within the crypto community.

One of Zoomex's most exciting developments is the upcoming launch of its native token (it should be launched by the end of 2024). Note that Zoomex users will get exclusive early access to information about the token launch and its potential use cases.

That said, let's explore what makes Zoomex stand out among other crypto exchanges and why it might be a good fit for your trading endeavors.

Zoomex Review: PROS

I’ll cover both the pros and the cons in this Zoomex review. To begin on the positive side, though, let’s talk about all the things that make users choose this platform.

No Mandatory KYC

As I’ve mentioned a couple of times already at the beginning of this Zoomex review, one of its standout aspects is that it doesn’t require users to pass the KYC process.

KYC stands for “know your customer”. It’s an identification process in which users need to provide some personal information about themselves (name, surname, address, etc.) and confirm it (with an ID, proof of address, or other documents) before being able to access the platform’s features.

It’s a legal requirement that most centralized crypto exchanges apply. It helps to ensure no users are involved in money laundering, tax dodging or other illegal financial activities. So, naturally, KYC is an additional security layer that enhances customer protection^[1].

However, the process originated from traditional financial institutions, and some traders believe that KYC goes against the two fundamentals of the crypto world – decentralization and anonymity. Sure, traders who seek true anonymity can always turn to decentralized exchanges, but many simply prefer the benefits that come with centralized ones.

Thus, if you’re a trader who is searching for an exchange that does not require passing KYC, you’re in luck, because Zoomex fits into this category. The company guarantees user anonymity, no matter which type of trading services you’re using.

There is a daily withdrawal limit for non-verified users, though, which is 100 BTC (or the equivalent in other currencies). If you want to increase the limit to 200 BTC, you will have to pass the basic level KYC (by providing a photo of your ID, passport, or driver’s license).

Now, while the platform's “no mandatory KYC” aspect is a huge pro for anonymity-focused traders, it might make others question is Zoomex legit and safe.

Secure and Compliant

Let’s get one thing straight: the fact that an exchange doesn’t require KYC doesn’t mean that it’s not safe. Zoomex claims to uphold stringent security measures and regulatory standards, ensuring a secure trading environment for its users. 

Zoomex prioritizes the safety of users’ funds through the implementation of a multi-signature cold and hot wallet system. This means that a significant portion of users' funds is stored securely in offline storage, which is less vulnerable to hacking attempts.

Additionally, the use of multi-signature technology ensures that no single person within the company can unilaterally move funds, requiring multiple approvals for any transaction. This significantly reduces the risk of internal fraud.

The exchange also guarantees that it maintains a sufficient amount of reserves to cover user transactions, ensuring liquidity and reliability. Both funds and reserves are meticulously documented, providing transparency and building trust with users. This practice reassures users that their assets are safe and that the platform can meet withdrawal requests without delays.

For added security, Zoomex requires users to confirm withdrawals through email verification and Google Authentication (2FA). This two-step authentication process adds an extra layer of protection, making it significantly harder for unauthorized individuals to access or withdraw funds from user accounts.

Furthermore, Zoomex is recognized as a digital financial services institution and has obtained a Money Services Business (MSB) license in Canada. This licensing shows the platform's commitment to regulatory compliance and its intent to operate within legal frameworks. The company is also actively applying for additional licenses in other countries, which means it’s dedicated to expanding its regulatory compliance globally.

It’s important to note, though, that Zoomex does not provide services to residents of certain jurisdictions, including the United States, mainland China, the Republic of Seychelles, Quebec (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, and Sudan.

Overall, for those wondering is Zoomex legit, the platform’s clean security record (as of July 2024), its compliance efforts, and its commitment to providing a smooth user experience suggest that it is a trustworthy exchange.

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Smooth and Efficient Trading

Time to talk about one of the platform's most important pros, which must be mentioned in any Zoomex review – its trading features.

Zoomex claims to provide reliable and robust market-making capabilities and top-tier liquidity, ensuring a smooth and efficient trading experience. The platform offers several trading features, including crypto purchasing with fiat, spot, derivatives, and copy trading.

Derivatives trading is the key product of Zoomex, so let’s start with that. The exchange supports up to 150x leverage, and there are two types of derivative products you can trade – USDT perpetual contracts and inverse perpetual contracts. The key difference is that the former contract collateral is settled in USDT, while the latter – in the coin itself.

Overall, you can trade over 300 perpetual contracts on Zoomex. However, when it comes to inverse perpetual contracts, as of writing, the exchange only supports BTC/USD, ETH/USD, XRP/USD, and EOS/USD.

By the way, inverse perpetual contracts support different maximum leverages. BTC/USD and ETH/USD contracts support up to 100x leverage, while XRP/USD and EOS/USD contracts support up to 50x leverage.

Keep in mind that inverse perpetual contracts are more risky than USDT perpetual contracts^[2]. This is the case because they expose traders to the volatility of the underlying asset for margin and settlement, increasing liquidation risks and margin requirements. USDT perpetual contracts, on the other hand, offer a more stable trading experience, with margin and profits / losses managed in a stablecoin that is less susceptible to market fluctuations.

If you’re not really sure how to trade derivatives, you can use Zoomex’s copy trading feature. Here, you can simply copy the trading strategies of other traders (only those that involve USDT perpetual contracts, though). You can see their last 7-day profit, win rate, and the number of followers, which might help you decide who to follow.

Just note that you can only follow one trader at a time, and you will have to share 10% of your profits with the trader you follow. Of course, if you are an experienced trader, you can also become the Master trader, allowing others to follow you and, hence, earn additional profit.

Now, in addition to derivatives trading, Zoomex also provides users with spot trading. Spot trading refers to the buying and selling of cryptocurrencies for immediate delivery. Unlike derivatives trading, which involves contracts based on the future price movements of assets, spot trading deals directly with the cryptocurrencies themselves.

The number of supported spot trading pairs on Zoomex is a bit lower, though; you can choose from a little over 60.

Moreover, Zoomex offers a quick way to buy crypto using fiat via its Express Buy feature. It supports a decent number of fiat currencies, including USD, EUR, GBP, JPY, and others. As for supported crypto, the variety is a bit smaller – you can only buy USDT, BTC, and ETH.

The purchasing is facilitated via third-party payment providers, which will allow you to pay via a credit / debit card, bank transfer, or Apple / Google Pay. However, the providers will differ based on the fiat currency you choose.

Lastly, it’s worth noting the Slash Deposit feature, which allows you to buy USDT quickly and with low gas fees using cryptocurrencies from your Zoomex wallet. The purchasing is facilitated via Slash.

That’s pretty much it when it comes to Zoomex exchange’s trading features.

Plenty of Ways to Earn Rewards

Who doesn’t love rewards? I know I do! Luckily, Zoomex is here to offer a variety of ways to earn exciting rewards that can make your trading experience even more enjoyable.

For starters, Zoomex hosts a range of engaging campaigns and events throughout the year. These events include welcome bonuses, trading challenges, and global competitions that bring the community together.

For example, one of the current highlights as of writing is the “Euro 2024 Guess” promotion, during which participants can earn points by predicting the outcomes of Euro 2024 soccer matches.

Along with making predictions, participants can also earn points through deposits and trading activities. These points can be redeemed for nice rewards like USDT bonuses, exclusive jerseys, and signed merchandise. What’s more, everyone who takes part in the predictions also becomes eligible for a CHZ token airdrop, adding an extra layer of excitement to the promotion.

But the fun doesn’t stop there. Zoomex also features a Game Center that many users have praised in their Zoomex reviews.

As of writing, this Game Center is packed with three unique games designed to entertain and reward players: To The Moon, 1 USDT Treasure Hunt, and Lucky Draw.

In addition to these exciting features, Zoomex offers a rewarding referral program that lets you earn USDT coupons, also known as U bonuses, simply by inviting your friends to join the platform.

When your referrals become active traders, you can earn these bonuses, which can be used in several beneficial ways. For instance, you can use the U bonuses as margin for your trades, to cover any trading losses, or to reduce your derivatives trading fees.

Overall, Zoomex offers a wealth of opportunities for earning rewards. Whether you’re participating in their latest promotions, playing engaging games, or taking advantage of the referral program, there’s always something exciting happening on the platform.

VIP Club

Zoomex’s VIP Club is another feature that deserves a spot in the pros section of any Zoomex review. It offers a range of exclusive benefits to high-volume traders.

How to become a part of this club? Well, you simply have to increase your 30-day trading volume. Once you reach over $5 million, you gain the VIP 1 status. The levels go up to VIP 5, which you gain once you reach over $100 million in trading volume.

That’s not the only way, though. If you’re already a VIP at another exchange, you can easily transfer your status to Zoomex by providing proof (such as screenshots of your VIP level or recent trading volume). That’s quite a unique feature, indeed.

Now, why would you want to be a part of this VIP Club?

One of the primary benefits of the Zoomex VIP Program is trading fee discounts. Depending on your VIP level, you can get a 50-90% discount on maker fees and a 40-60% discount on taker fees.

Exclusive bonus rewards and wealth management returns are other significant benefits of the Zoomex VIP Program. The former provides VIPs with up to $1,500 in bonuses, while the latter allows them to earn up to $2,000 in interest.

You might think this is it when it comes to VIP Club perks, but it’s not. Zoomex VIP members also get higher withdrawal limits, 24/7 customer service with a dedicated VIP ambassador, custom gifts, invitations to industry events, and much more.

Additionally, the program includes a referral perk, where inviting friends to join can earn you a 1,000 USDT bonus if they meet the trading volume requirement of $10 million within 30 days.

All in all, the Zoomex VIP Club is designed to provide significant incentives for high-volume traders, enhancing their trading efficiency and profitability.

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Zoomex Review: CONS

Now that we’ve covered all the pros, let’s talk about the cons. Based on my experience using this platform and other user Zoomex reviews, I can distinguish one main drawback of Zoomex – the fact that it’s mostly focused on derivatives trading.

Focus on Derivatives Trading

Obviously, it’s not a con for everyone. Zoomex will be a good fit for those who are looking for a decent derivatives trading exchange. It supports high leverage, offers various derivatives products, and there’s no mandatory Zoomex KYC verification. All these aspects make it an attractive option for those who value privacy and high-risk trading opportunities.

However, if you’re looking for an all-in-one crypto trading hub, Zoomex might seem somewhat limited. It doesn’t have that many options for purchasing crypto with fiat, and the selection of trading pairs in the spot market is not as extensive as some other exchanges offer.

Also, Zoomex does not currently offer advanced features like trading bots, NFT trading capabilities, or integrated staking and mining interfaces.

So, while Zoomex seems to be a great derivatives trading exchange, it may fall short for users seeking a more versatile and feature-rich crypto ecosystem.

Zoomex Fees

Now, fees can definitely determine whether an exchange is suitable for you. That said, what’s the case with Zoomex fees? Well, I can immediately tell you that the platform offers pretty low fees, even more so if you consider the VIP Club discounts I’ve discussed before in this Zoomex review.

When it comes to Zoomex fees for derivatives trading, the exchange charges a 0.02% fee for makers and a 0.06% fee for takers. This applies to both USDT perpetual and inverse perpetual contracts, as well as when participating in copy trading.

Spot trading Zoomex fees are also pretty low – 0.1 % for makers and takers. Overall, both derivatives and spot trading fees charged by the Zoomex exchange meet the industry standard.

As for crypto deposits and withdrawals, there are no deposit fees, while withdrawal fees depend on the asset in question. For example, if you want to withdraw BTC, you’ll have to pay a 0.0005 BTC fee, while ETH withdrawals cost 0.005 ETH.

That’s it when it comes to fees. Here’s a little tip, though: always keep your eyes peeled for Zoomex events. Some events might offer substantial fee discounts in addition to other exciting rewards.

How to Use Zoomex?

So, you’ve read my Zoomex review and decided you want to try out the platform? That’s great; let’s get a bit more practical!

How to Sign Up on Zoomex?

Let’s start by looking at the sign up process on the Zoomex exchange.

Step 1: Go to the Zoomex registration page.

Step 2: Choose the method you want to use to sign up and come up with a password. You can register with your email, mobile number, or even your Google or Apple account. I went with the good old email-based sign-up, though.

Step 3: Verify your email or mobile number by filling in the verification code you’ve received.

Step 4: Once you’ve completed the verification, that’s it! You can deposit crypto you own or buy it on Zoomex and start trading.

As I’ve mentioned before in this Zoomex review, there is no mandatory Zoomex KYC process, which is not the case with most other centralized exchanges. You’ll only need to pass it if you want to increase your daily withdrawal limit to 200 BTC.

How to Buy Crypto on Zoomex?

You have an account on the Zoomex exchange, nice! Now, as you already know, you can either deposit crypto into Zoomex or buy some using fiat. In this Zoomex review, I’ll go over the latter.

Step 1: Hover your mouse over the [Buy Crypto] button at the top left corner of the screen and click on [Express].

Step 2: You’ll be taken to the crypto purchasing page. On the left side, pick the fiat currency you want to use, the crypto asset you want to buy, and the amount you want to buy / spend.

Also, choose the payment channel. Note that each fiat currency has different limits and might support different payment channels.

Once you’ve picked everything, make sure to read the disclaimer and then click [Continue].

Step 3: You’ll be taken to another crypto purchasing page where you’ll be able to specify the payment method you want to use. Also, if you’ve picked Onramper as your payment channel, you’ll be able to pick a preferred onramp here, too.

Once you’re happy with your choices, click [Buy X]. The "X" will be the asset you're buying.

Step 4: You’ll be taken to the onramp of your choice, where you have to check everything again and proceed with your payment.

Keep in mind that when it comes to crypto purchasing via the Zoomex Express Buy feature, the exchange doesn’t charge any fees for the process of your purchase, but the onramp itself will charge fees.

After you complete the payment, the crypto assets will appear in your Zoomex wallet. The deposit might take 10-30 minutes, though.

Zoomex CEX VS Zoomex DEX

Up to this point in my Zoomex review, I’ve mostly talked about the centralized services offered by the platform. However, let’s briefly cover the decentralized part of Zoomex, too.

Zoomex DEX was launched as an extension of Zoomex CEX. It’s built on the robust technology and services of the centralized part of Zoomex, providing a seamless transition into decentralized trading.

Users can simply connect their crypto wallets and start trading on Zoomex DEX without the need to sign up or verify themselves. Though, unlike Zoomex CEX, Zoomex DEX only supports USDT perpetual contract trading.

The decentralized nature of Zoomex DEX means it operates on the trading capabilities of Zoomex CEX but removes the need for centralized control. This setup offers a privacy-focused trading environment where transactions and user data are "untraceable".

Zoomex DEX and Zoomex CEX do share central trading and liquidity features, which means it also ensures solid liquidity with minimal transaction slippage. The decentralized platform also offers the same high-leverage trading (up to 150x).

Besides, to ensure that users trade securely even in the decentralized environment, Zoomex claims to integrate advanced privacy technologies into its DEX, too.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

Now that all is said and done, let's conclude this Zoomex review. Overall, Zoomex is a relatively new crypto exchange that distinguishes itself as a derivatives trading platform that does not require KYC from its users.

While Zoomex's emphasis on derivatives trading may not appeal to those seeking a more comprehensive crypto trading platform, it’s a secure and compliant exchange that provides efficient trading options and numerous ways to earn rewards. Besides, it’s worth noting that Zoomex supports high leverage (up to 150x) and offers some of the lowest fees in the industry.

Just keep in mind that apart from Zoomex CEX (the star of this Zoomex review), there is also Zoomex DEX, which is the decentralized counterpart of the exchange. One way or another, if Zoomex has caught your attention, sign up now and explore the platform yourself!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. N. S. Uzougbo, C. G. Ikegwu, A. O. Adewusi: ‘Enhancing Consumer Protection in Cryptocurrency Transactions: Legal Strategies and Policy Recommendations’;

2. J. Hossinzadeh: ‘The Concept, Structure and validity of the Perpetual Futures Contract in the Cryptocurrency Market’.