Zoomex Review: Uncover the Truth About Its Security and Legitimacy
![zoomex-review:-uncover-the-truth-about-its-security-and-legitimacy](https://manageurcash.com/wp-content/uploads/2024/07/3512-zoomex-review-uncover-the-truth-about-its-security-and-legitimacy.jpg)
Zoomex, a hybrid cryptocurrency exchange, has positioned itself as the House of Trading after it was established in 2021. As a hybrid platform, the novel crypto exchange offers both centralized and decentralized services to crypto traders, depending on users’ preferences. In this post, we will review Zoomex, analyzing its features and services while providing an unbiased assessment of the pros and cons of trading on the crypto exchange.
For context, Zoomex is a relatively new crypto exchange, compared with other top crypto exchanges, most of which have existed for a few more years. Being a recent creation allows Zoomex to adopt more improved technologies from the onset. That is because its creators may have expectedly observed the limitations of the older platforms and worked towards overcoming or managing such potential setbacks.
Hence, in this review, we would begin by reviewing Zoomex’s features, noting areas where they may have improved on what was obtainable with older trading platforms. By the way, the number of users on Zoomex has crossed two million, located across over 30 countries across the globe.
Zoomex Features
No KYC Required
Zoomex does not compel users to provide their private information before accessing the platform’s services. The platform prioritizes users’ privacy and does not demand any form of Know Your Customer (KYC) verification. According to the trading platform, it commits to user anonymity, ensuring that customers’ data is private and secure.
This differs from what is obtained on most centralized exchanges (CEXs), where users submit their private information during verification. The aim of implementing KYC on CEXs is to check users from using the platforms to facilitate financial crimes like money laundering, tax dodging, or other illegal financial activities.
Zoomex’s no KYC feature aligns with the philosophy of most crypto enthusiasts who believe introducing KYC goes against the fundamentals of the crypto world in decentralization and anonymity. However, it is crucial to note that there is a limit to Zoomex’s non-KYC implementation. Users without KYC verification can only withdraw a maximum of 100 BTC or its equivalent per day from Zoomex. To increase the limit to 200 BTC, a user must pass the basic level KYC by providing a photo of their ID, passport, or driver’s license.
Security and Compliance
It is common to find crypto community members who assume that a trading platform is unsafe if it does not require mandatory KYC verification. That is not correct, even though it can enable the platform or regulatory authorities to trace users’ activities when necessary. Hence, despite its no-KYC verification system, Zoomex claims to uphold stringent security measures and regulatory standards. The trading platform also boasts of ensuring a secure trading environment for its users.
Zoomex based its platform security on implementing a multi-signature cold and hot wallet system. Thus, it uses an offline storage system to protect a significant portion of users’ funds from the potential prying eyes of hackers. Additionally, using a multi-signature wallet does not allow a single individual within the company to move funds. Hence, multiple approvals are required for any transaction, reducing the risk of internal fraud.
Zoomex mandates users on its platform to activate email verification and Google Authentication (2FA) for withdrawals. The aim is to add an extra layer of protection, making it difficult for unauthorized third parties to access or withdraw funds from users’ accounts.
For compliance, Zoomex holds the Money Services Business (MSB) license in Canada and is recognized as a financial services institution. The license certifies that the company is committed to regulatory compliance and intends to operate within the jurisdictional legal frameworks. Zoomex claims to be actively applying for other licenses across several countries, suggesting its willingness to expand its regulatory compliance globally.
It is worth noting that despite having a presence in over 30 countries, Zoomex does not provide services to users resident in certain jurisdictions, including the United States, mainland China, the Republic of Seychelles, Quebec (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, and Sudan.
Liquidity
Zoomex relies on an internal team of experts to provide what it describes as robust market-making (MM) capabilities. The exchange also guarantees maintaining a sufficient amount of reserves to cover user transactions, ensuring liquidity and reliability. Zoomex documents its funds and reserves meticulously, providing transparency and building trust with users. It further claims to offer top-tier liquidity, ensuring smooth and efficient trading experiences.
Meanwhile, Zoomex trading features cover various angles, including fiat purchases, spot assets trading, derivatives trading, and copy trading. Derivatives trading is the platform’s flagship product, with the exchange supporting up to 150x leverage. Users can trade derivatives on the exchange via two different angles, comprising USDT perpetual contracts and Inverse perpetual contracts. The differentiating factor between both products is that the former is settled in USDT while the latter is settled in the original coin.
Overall, there are over 300 perpetual contracts on Zoomex, but only four of them are Inverse contracts, comprising BTC/USD, ETH/USD, XRP/USD, and EOS/USD. Even among the Inverse perpetual contracts, there is a two-way separation. The BTC/USD and ETH/USD perpetual contracts allow a 100x maximum leverage, while XRP/USD and EOS/USD perpetual contracts allow up to 50x leverage.
Diverse Rewards Earning Opportunities
There are several alternative ways to earn rewards on the Zoomex trading platform. Such earning avenues make trading on the platform fun, exciting, and enjoyable. Welcome bonuses, trading challenges, and global competitions among community members are some ways users on Zoomex can earn rewards aside from their primary trading endeavors.
During the recently concluded Euro 2024 football tournament, Zoomex ran a “Euro 2024 Guess” promotion that required participants to predict the outcome of football matches for potential rewards. Every user who made accurate predictions during the tournament earned points.
Other points-earning avenues during the tournament include deposit and trading activities, where points earned can be redeemed for USDT bonuses, exclusive jerseys, and signed merchandise. Also, for the promotion, everyone wins, such that for just participating, users were rewarded with eligibility for a CHZ token airdrop.
Zoomex also features a Games Center that hosts three unique games, To The Moon, 1 USDT Treasure Hunt, and Lucky Draw. The earning potential doesn’t stop there, as the trading platform offers a referral program where existing users can earn USDT coupons, otherwise referred to as U bonuses, by inviting other users to join the platform.
U bonuses become effective as soon as the referred user begins to trade actively on the platform. Zoomex users can consume their U bonus in unique ways, including a margin for trades, covering trade losses, or reducing derivatives trading fees.
(Screenshot with the Reward HUB for the new signups)
VIP Status and Benefits
Zoomex has an exclusive provision for high-volume traders, which attracts mouth-watering benefits. Traders who qualify for this position are regarded as belonging to the Zoomex VIP club. The club has five different categories, beginning with users that trade a cumulative volume of $5 million within 30 days.
The levels go from VIP 1 to VIP 5, with VIP 5 requiring the trader to accumulate up to $100 million in trading volume in 30 days. It is worth noting that the Zoomex VIP club status is flexible, as users who are VIPs on another exchange can transfer their status by simply providing proof, such as screenshots of their VIP level or recent trading volume.
In terms of benefits, VIP traders enjoy trading discounts of between 50-90% on maker fees and between 40-60% on taker fees. There are also exclusive bonus rewards and wealth management returns that come with the Zoomex VIP status. A VIP trader could earn up to $1,500 in bonus rewards and up to $2,000 in interest in management returns.
Furthermore, the VIP referral bonus is also exclusive with the potential of earning a 1,000 USDT bonus when a referred member meets a $10 million trading volume target within 30 days.
Response to User Feedback
Responding to users and offering feedback on their requests is one of the standout points on Zoomex. The exchange prioritizes its customers and is constantly working to improve its consumer feedback mechanism. One aspect that Zoomex gives significant focus is in surveys and reports, working hard to stand out among competitors in the industry.
Zoomex Token Initiative
Zoomex is strategic with its token launch, it has chosen to introduce the CHZ platform token in 2024, three years after launching the exchange. Such is a departure from the trend, where most crypto exchanges introduce their tokens before launching or almost at the same time.
According to Zoomex, its style is strategic and such is easy to comprehend, knowing that the platform is already running with proven capacity and has built a community of users and followers. Hence, the tokens will directly go into purposeful functionality, instead of lying dormant in the hands of users after an airdrop.
Assumed Setback for Zoomex (Cons)
One notable setback for Zoomex, even though it might not be a setback for some users, is its huge focus on leveraged derivatives trading. That could present a risky trading environment, especially for new and inexperienced traders. However, it is crucial to note that high risk comes with high potential. Hence, while trading on Zoomex could seem dangerous for some, others may see it as the most suitable opportunity to make wealth.