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What is CoinZoom
CoinZoom is a cryptocurrency exchange and digital wallet platform that allows users to buy, sell, and store various cryptocurrencies, including Ethereum, Ripple, Litecoin, and others. It was founded in 2018 and is based in the United States.
The history of CoinZoom
CoinZoom is a relatively new player in the cryptocurrency exchange market, having been founded in 2018. However, in just a few short years, the company has grown significantly and established itself as a reputable and reliable platform for buying, selling, and storing cryptocurrencies.
Here’s a brief history of CoinZoom:
- 2018: CoinZoom is founded by Todd Crosland, a veteran entrepreneur who previously founded several successful companies in the financial services industry.
- 2019: CoinZoom launches its platform, which initially supports trading in Bitcoin, Ethereum, and Litecoin. The company also introduces its prepaid Visa debit card, which allows users to spend their cryptocurrency holdings at any merchant that accepts Visa.
- 2020: CoinZoom expands its offerings to include several additional cryptocurrencies. The company also partners with several major payment processors to enable faster and more convenient transactions for its users.
- 2021: CoinZoom continues to grow and expand its services, launching a new mobile app for iOS and Android devices and adding support for several new cryptocurrencies, including Dogecoin (DOGE), Chainlink (LINK), and Cardano (ADA). The company also receives regulatory approval to operate in several additional states in the United States.
Today, CoinZoom is a well-established platform with a growing user base and a reputation for reliability and security. The company continues to innovate and expand its offerings, positioning itself as a leading player in the rapidly-evolving world of cryptocurrency.
How CoinZoom works
CoinZoom operates as a centralized cryptocurrency exchange, meaning that it maintains control of the trading platform and user funds. Here’s a high-level overview of how CoinZoom works:
- Registration: To use CoinZoom, users must first create an account. This involves providing personal information and documentation to comply with regulatory requirements.
- Deposits: Once registered, users can deposit funds into their CoinZoom account using a variety of payment methods.
- Trading: With funds in their account, users can then buy and sell cryptocurrencies on the CoinZoom platform. The trading algorithm used by CoinZoom is not publicly disclosed, but it likely involves matching buy and sell orders from different users based on a number of factors, including price, volume, and order size.
- Withdrawals: Users can withdraw their cryptocurrency holdings from CoinZoom to an external wallet, or they can use CoinZoom’s prepaid Visa debit card to spend their cryptocurrency at any merchant that accepts Visa.
- Security: To ensure the security of user funds, CoinZoom employs several measures, including two-factor authentication, cold storage for the majority of user funds, and regular security audits and vulnerability testing.
Overall, CoinZoom operates as a straightforward cryptocurrency exchange, providing users with a simple and secure way to buy, sell, and store a variety of cryptocurrencies.
Does CoinZoom charge a fee
Yes, CoinZoom charges various fees for its services, including trading fees, deposit and withdrawal fees, and other fees related to the use of its platform.
Here’s a breakdown of some of the fees charged by CoinZoom:
- Trading fees: CoinZoom charges a trading fee of 0.20% per transaction for both buy and sell orders.
- Deposit and withdrawal: The fees vary depending on the payment method used.
- Visa debit card fees: CoinZoom’s prepaid Visa debit card has several fees associated with it, including an annual fee of $50 and various transaction fees for using the card at ATMs and merchants.
- Inactivity fees: CoinZoom charges an inactivity fee of $5 per month for accounts that have been inactive for 12 months or more.
It’s worth noting that CoinZoom’s fee structure is competitive compared to other cryptocurrency exchanges, with trading fees that are generally lower than industry averages.
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