Zoomex Review 2024– Pros & Cons Revealed

Zoomex is a popular trading platform supporting hundreds of spot trading and perpetual futures markets. It boasts over 2 million registered traders from more than 30 countries.

Not to mention high leverage limits, lightning execution speeds, and a choice between centralized and decentralized trading. Read on for our impartial Zoomex review – we cover supported markets, key features, trading tools, safety, and other important factors.

Zoomex review: Key points to know

Let’s start with a quick summary of our Zoomex review:

• Zoomex is a hybrid exchange supporting centralized and decentralized trading, covering both spot markets and perpetual futures.
• Hundreds of cryptocurrency markets are supported, covering everything from Bitcoin and dogwifhat to Ethereum, Pepe, and Litecoin.
• Not only can traders can go long or short but also apply leverage to their positions. The maximum leverage offered by Zoomex is 100x, meaning a margin requirement of just 1%.
• Zoomex also supports fiat purchases, allowing investors to buy cryptocurrencies with debit/credit cards, e-wallets, and other popular payment methods.
• Zoomex uses a maker/taker system when charging commissions. Traders pay 0.02% and 0.06% per slide, respectively.

What are the pros and cons of Zoomex?

Like all cryptocurrency exchanges, Zoomex comes with various benefits and drawbacks.

Some of the main advantages are competitive trading commissions, support for a wide range of cryptocurrency markets, and the ability to trade with 100x leverage. In addition, Zoomex offers 24/7 customer support and robust security features.

One of the key drawbacks is that US clients are prohibited from joining. What’s more, Zoomex was only launched in 2021, meaning it’s not as established as other exchanges.

Here’s a summary of Zoomex’s pros and cons:

An overview of the Zoomex exchange?

At its core, Zoomex is an online exchange that enables traders to buy and sell cryptocurrencies. However, the exchange can be split into various categories. First, traders must choose between spot markets and perpetual futures. Spot markets represent traditional trading, where users own the underlying cryptocurrencies they buy.

Perpetual futures allow users to speculate on cryptocurrency prices without taking ownership. They support long and short trading, not to mention leverage of up to 100x. This means a $100 balance can be amplified to $10,000 in trading capital. Both trading mechanisms support a wide selection of pairs.

This includes some of the best meme coins like Pepe, Shiba Inu, dogwifhat, and Dogecoin. Other popular markets include Bitcoin, Solana, Ethereum, and XRP. Another aspect of Zoomex is it supports centralized and decentralized trading. The latter enables traders to buy and sell cryptocurrencies via smart contracts.

The decentralized platform also supports anonymous accounts – simply connect a wallet to begin trading. It also offers increased leverage limits of 150x. Zoomex also enables users to buy cryptocurrencies with fiat money. Popular payment methods include Visa, MasterCard, American Express, and bank wires.

That said, Zoomex was launched in 2021 – making it one of the newest exchanges in the market. Even so, Zoomex already boasts over 2 million active clients from over 30 countries. Moreover, it holds a Canada MSB license and is certified by the reputable blockchain auditor, Hacken.

Our Zoomex review: Methodology and research principles

We pride ourselves on providing accurate and impartial reviews. This means presenting the facts and allowing readers to make an informed decision. Our methodology initially created a shortlist of review metrics. This included supported markets, fees and commissions, accepted payment types, and security features.

We then examined each metric directly on the Zoomex website. No secondary sources were used when compiling data. The next step required us to personally test the user experience. This meant opening an account, depositing funds, and searching for cryptocurrency markets.

These steps were repeated on multiple device types, including web/mobile browsers and the Zoomex app for iOS and Android. The final review process saw us compare the results with other cryptocurrency exchanges. This enabled us to determine whether or not Zoomex is an exchange worth using.

Zoomex supported markets and trading instruments

In this section of our Zoomex review, we reveal what cryptocurrency markets and trading instruments are supported.

Spot trading markets

Zoomex supports 64 spot trading markets – all traded against USDT. This includes some of the best cryptocurrencies to buy, such as Bitcoin, Ethereum, Solana, XRP, BNB, Chainlink, and Polygon. A wide selection of meme coins are supported too. This includes Brett, Pepe, Dogecoin, and dogwifhat.

Spot trading at Zoomex simply means you’re buying the underlying coin. So, suppose your account is funded in USDT. You want to buy Solana. At Zoomex, you’re simply swapping USDT for Solana. This means you can then withdraw Solana to a private wallet.

Perpetual futures markets

In addition to spot trading, Zoomex also offers perpetual futures markets. Perpetuals are similar to traditional futures – they enable traders to go long or short. This is ideal for short-term traders who want to profit from rising and falling cycles. However, perpetuals never expire. This means Zoomex won’t force you to close a position – unless you’re liquidated (more on this later).

Zoomex offers a much larger range of perpetual futures when compared to spot trading. Over 300 markets are available, including some of the best new cryptocurrencies. Zoomex perpetuals are also ideal for leverage trading. It offers up to 100x when using the centralized exchange. This means a margin requirement of just 1%.

Decentralized exchange

The spot markets and perpetual futures discussed above are offered by Zoomex’s centralized exchange. This means traders use traditional order books. Meaning – trades are only executed when there’s sufficient volume and bid/ask prices align.

That said, Zoomex also offers a decentralized exchange (DEX). This offers several benefits that aren’t available on the centralized platform. For a start, the Zoomex DEX doesn’t require an active account. Just connect a self-custody wallet like Best Wallet, MetaMask, or Trust Wallet. Moreover, trades are facilitated by liquidity pools.

This means you don’t need another market participant to buy and sell cryptocurrencies. The Zoomex DEX also comes with higher leverage limits of 150x. This reduces the minimum margin requirements to just 0.67%. However, there are much fewer markets when compared to other DEXs, such as Uniswap and Pancakeswap. Especially new and micro-cap tokens.

Key features offered by Zoomex

This section takes a much closer look at Zoomex’s key features. This will help you assess whether Zoomex is the right exchange for you.

Leverage

One of Zoomex’s standout features is leverage. In a nutshell, this enables traders to increase their position sizes. The leverage feature is only available when trading perpetual futures. This means you won’t own the underlying coins.

That said, leverage is available when going long or short, ensuring flexible trading conditions. The maximum leverage limit when trading on the centralized exchange is 100x. This increases to 150x when using the decentralized platform.

Here’s a quick example of how leverage works on Zoomex:

• You have $500 in your Zoomex account.
• You’re bullish on Bitcoin, so decide to apply 50x leverage.
• This means your $500 balance has been amplified to $25,000.
• The Bitcoin price has increased by 4%. Without leverage, your $500 stake would have made $20.
• With 50x leverage, that $20 profit is amplified to $1,000 (50 x $20).

Like all leverage platforms, Zoomex can liquidate your position. This will happen when the position declines by a certain percentage. The specific percentage will depend on how much leverage you’ve applied.

For example, we mentioned that a $500 trade at 50x leverage increases the position to $25,000. This means you’ve put up a 2% margin ($500 of $25,000). As such, should the trade decline by approximately 2%, the position will be liquidated. This means Zoomex keeps the $500 stake.

Anonymous and decentralized trading

Some traders prefer the Zoomex DEX. It doesn’t require a registration process, as traders simply need to connect a wallet. This also removes the need to make a deposit. This is because DEX trades are funded by the wallet balance.

Another benefit is that Zoomex doesn’t implement KYC checks on the DEX. This means users can buy and sell cryptocurrencies anonymously.

What’s more, purchased cryptocurrencies are instantly transferred to the connected wallet. The wallet can then be disconnected, ensuring self-custody storage. Put otherwise, Zoomex never touches client-owned funds when trading on its DEX.

Copy trading

Zoomex offers one of the best copy trading platforms for cryptocurrency investors. Especially if you’ve got limited experience. In simple terms, you can pick an experienced cryptocurrency trader and copy them like-for-like. This means you can buy and sell cryptocurrencies passively.

For example, if your chosen trader goes short on Bitcoin Cash, the same position is replicated in your Zoomex account. Zoomex provides access to over 700 traders. You can assess each trader’s statistics to make an informed decision. This includes the cumulative gain, win rate, number of followers, and historical trading orders.

Zoomex copy trading statistics are also displayed in easy-to-understand charts and graphs. Do note that traders charge up to 10% in profit-sharing fees. This ensures traders are motivated to maximize profits for their followers. It also ensures you only pay fees when traders make money.

Game with 5000x payouts

Zoomex also offers a decentralized gambling game called To The Moon. The game follows the same form as ‘crypto crash’. This means an on-screen multiplier increases until the game randomly stops. Players can collect the multiplier at any time.

It’s then multiplied by the stake. However, players lose their stake if the game ends before they collect a multiplier. The maximum payout is 5000x and stakes are funded from the Zoomex account balance.

Trading competitions

Zoomex also runs trading competitions. Currently, there’s a competition that rewards futures traders.

The prize pool is 20,000 USDT and winners are determined by trading volume. There are no Zoomex fees to enter.

Charting and analysis tools

Zoomex offers comprehensive charting tools that appeal to analytical traders. The charting screen is fully customizable. Time frames range from 1 minute to 1 month. Dozens of in-built technical indicators are available, including Bollinger Bands, MACD, On Balance Volume, and the RSI.

The Zoomex crypto trading dashboard also comes with a market depth too. This allows traders to see where the big money is going. Zoomex also offers order book data and a range of custom order types. However, a drawback is that Zoomex doesn’t support TradingView integration.

What fees does Zoomex charge?

Zoomex charges a range of fees, including commissions, leverage funding, and fiat deposits.

This section of our Zoomex review explains what fees users should expect.

Trading commissions

Even the best cryptocurrency margin trading exchanges charge commissions. This is Zoomex’s main revenue driver. That said, Zoomex commissions are very competitive. It uses a maker/taker system, which determines how much you pay.

Market Makers

You’ll be classed as a market maker when placing limit orders. This is because you’re providing the Zoomex exchange with liquidity. Limit orders allow you to set your entry price.

• For example, suppose BTC/USDT trades at $54,000.
• You might want to buy BTC/USDT when the price declines to $53,500.
• Simply state $53,500 when setting up the limit order.
• The order will only be executed if/when BTC/USDT hits $53,500.

Market makers pay just 0.02% per slide at Zoomex. This amounts to just $2 for every $10,000 traded. The commission is paid when entering and exiting positions.

Market Takers

In contrast, market takers don’t provide liquidity to Zoomex. Instead, they use the liquidity that’s already available via limit orders. As a market taker, you’ll place a market order. This means you get the next best available price. This can result in slippage when trading pairs with less liquidity.

• For example, suppose FON/USDT currently trades at $0.35.
• You place a market order, and it’s executed a few seconds later.
• The market order is placed at $0.36.
• This means you’ve experienced slippage of $0.01 for every FON/USDT traded.

What’s more, market takers pay a higher commission of 0.06% per slide. This increases the commission to $6 for every $10,000 traded. Nonetheless, this is still cheaper than most cryptocurrency exchanges. For example, Binance and OKX charge market takers an entry-level commission of 0.1%.

Leverage funding

Traders can also be charged funding fees at Zoomex. However, this is only the case when trading leveraged perpetual futures. Funding rates vary depending on the pair and market conditions. Nonetheless, fees are displayed when setting up the order, ensuring full transparency.

Funding fees are charged every 8 hours at 16:00, 00:00 and 08:00 (UTC). Whether or not you’re charged depends on your position. For instance, during the next 8-hour cycle, long positions might pay funding fees. These are transferred directly to short positions, meaning they receive a rebate. Conversely, when short positions are charged, the funding fees go to long positions.

Fiat deposits

Fiat deposits are available on Zoomex. But they’re processed by third-party providers. This includes OnRamp, TransG, and Online Pay, among others.

While Zoomex doesn’t charge deposit fees, partnered providers do. The fee will vary depending on the provider, currency, and payment method. You’ll be shown the fee in real-time when completing the deposit.

What is the user experience like on Zoomex?

Our Zoomex review found that the overall user experience is positive. For a start, it took us seconds to get started with an account. New customers simply need to enter an email address or a mobile number, plus a password. The account is opened immediately. Users can find their accounts with ease too.

For example, we were given the option of depositing funds with a debit/credit card or bank wire. Alternatively, we could also deposit cryptocurrencies. Both options offered an instant deposit process, but the first fiat payment required KYC. In terms of trading, users are given various options.

Clicking on the ‘Buy Crypto’ button enables users to instantly invest in their preferred cryptocurrencies. This removes the need to use an advanced exchange, which will appeal to beginners. The other options are the spot trading and perpetual futures exchanges. These come packed with analytical tools, so are best suited for experienced traders.

Another option is to click the ‘DEX’ button. This enables traders to buy and sell cryptocurrencies without using centralized order books. We also found that most account questions – such as commissions and funding rates, are explained in the FAQ section. That said, speaking with a live support agent was also a breeze.

We simply needed to click the ‘Speak With an Agent’ button and we were connected promptly. We also like how trading markets are laid out. For instance, you can view pairs by the biggest gainers and losers over the prior 24 hours. There’s also an option to focus on newly listed pairs.

Does Zoomex have a wallet?

Like most cryptocurrency exchanges, Zoomex users have access to a custodial wallet. This is automatically linked to your Zoomex account. Crucially, only Zoomex controls the wallet’s private keys. This means the coins/tokens could be at risk if Zoomex is hacked.

We would suggest withdrawing large amounts to a non-custodial wallet. This will give you full control and avoid reliance on third-party custodians. We found that Zoomex processes withdrawals swiftly, so they should arrive in your private wallet in minutes.

Zoomex mobile app

Zoomex offers a mobile app for iOS and Android. The app comes with full functionality, meaning users can access their accounts on the move. This includes the spot trading and perpetual futures markets.

Not to mention fiat facilities, copy trading, and charting tools. All features have been independently optimized for iOS/Android devices, ensuring a solid user experience.

It’s always a good idea to download the Zoomex app, even if you prefer trading on desktop devices. For example, you might need to close an open position immediately. Or, invest in a new cryptocurrency market.

Do note that the Zoomex app also comes with an in-built wallet. However, as mentioned, this offers non-custodial storage, which means you don’t control the private keys.

What payment methods does Zoomex accept?

Zoomex supports a wide selection of payment methods. Those without cryptocurrency can use fiat. Payments are processed by partnered on-ramp providers. Most accept debit/credit cards and bank wires.

Do note that the fiat on-ramp provider will need to conduct KYC verification. This will require your name, nationality, and a government-issued ID. What’s more, fees are only shown once you enter your parameters, such as the currency and payment method.

The other option is to deposit cryptocurrencies. You can do this from a private wallet. Zoomex provides a unique deposit address so you can track the transfer on the blockchain. That said, cryptocurrency payments typically arrive in minutes if not seconds.

Here’s a summary of the deposit methods supported by Zoomex:

• Visa
• MasterCard
• American Express
• Bank Wires
• Bitcoin
• Ethereum
• Tether
• XRP
• EOS

Withdrawal time frames

According to existing Zoomex users, cryptocurrency withdrawals are often processed within minutes. This will be the case for the majority of withdrawals.

However, the Zoomex terms and conditions state that withdrawals can take up to 3 days. And, if it’s a large withdrawal, up to 30 days.

Withdrawal limits

Minimums apply when withdrawing cryptocurrencies from Zoomex. This depends on the coin being withdrawn. For example, the minimum Bitcoin withdrawal is 0.001 BTC. This amounts to approximately $55.

Withdrawal fees also depend on the coin. For example, Bitcoin withdrawals cost 0.0005 BTC or about $27.

Although withdrawal limits apply – they’re significant for the majority of traders. For instance, you can withdraw up to 100 BTC per day without completing KYC. This amounts to approximately $5.5 million.

Zoomex account types

Zoomex offers just one account type. Just an email address or mobile number is needed. No personal information is collected, let alone KYC documents.

As mentioned, accounts without KYC can withdraw up to 100 BTC per day.

Does Zoomex offer bonuses?

Our Zoomex review found that traders can earn a range of bonuses when completing tasks. This is typically based on meeting trading volume targets. For example, new users receive a $ 15 bonus when trading $30,000 or more. Although this might sound high, volumes include leveraged totals.

For instance, suppose you put up a $100 margin and trade with 100x leverage. This means you’ve already traded $10,000. And, suppose you close the trade when it’s valued at $11,000. This means your total volume is $21,000, even though you’ve only executed two positions.

Do note that most bonuses can only be offset against trading commissions. Meaning – they can’t be used solely for trading capital. For example, suppose you receive a $15 bonus. You’re charged $1 to enter a position. But the $1 is canceled out by the bonus. This means your bonus fund is reduced to $14.

No Zoomex promo code is needed when claiming bonuses. Just meet the conditions stated within the bonus terms.

Zoomex: Is it a safe exchange?

Zoomex was only launched in 2021, meaning it has a much shorter trading history than many other platforms.

Read on to determine whether or not we consider Zoomex a safe exchange.

Licensing

Zoomex currently holds just one regulatory license. This is an MSB license with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Zoomex claims to be actively applying for additional licenses from various jurisdictions. This is welcome news, as it highlights Zoomex’s commitment to regulation.

Security

Zoomex offers robust security features to keep client-owned funds safe. The majority of cryptocurrencies are kept in cold storage wallets. These come with multi-signature controls, meaning no single employee can authorize transactions.

Zoomex users can also set up two-factor authentication (2FA). This is highly recommended. This means a unique code is needed whenever you log in or withdraw funds.

Fund Protection

Zoomex doesn’t offer any fund protections. This means there’s no guarantee you’ll receive your cryptocurrencies if the exchange is hacked. This is why it’s best to withdraw large balances to a private wallet.

Alternatively, you might consider using the Zoomex DEX. Trades are executed by connecting a wallet. This means Zommez never touches the funds. Instead, trades are facilitated by decentralized smart contracts.

How to contract Zoomex?

Zoomex offers live chat support 24 hours per day, 7 days per week. First, click on the live chat icon and click the ‘Speak With an Agent’ button.

You should be connected with an agent in under a minute. However, longer waiting times should be expected during busy periods. You can also contact Zoomex via its X and Telegram accounts.

Another option is to send Zoomex an email: [email protected]

Getting started with Zoomex: Step-by-step walkthrough

Here’s a summarized walkthrough on how to get started with Zoomex:

• Step 1: Open a Zoomex account – Unlike Coinbase and other mainstream exchanges, opening an account at Zoomex couldn’t be easier. All you need is an email address or a mobile number. A code will be sent to the respective method. Choose a password and enter the code to open the account.
• Step 2: Deposit funds – You can deposit funds with fiat or cryptocurrencies. The latter includes Bitcoin, Ethereum, Tether, XRP, or EOS. Transfer the coins to the unique deposit address provided by Zoomex. Fiat deposits are processed by third parties. You’ll need to provide a government-issued ID.
• Step 3: Search for a market and trade – Once your Zoomex account is funded you can begin trading. Click the ‘Spot’ or ‘Derivatives’ button depending on what markets interest you. You can then search for a coin to trade.

Conclusion

This Zoomex review has left no stone unturned. Overall, Zoomex is a great option for investing in or trading cryptocurrencies. It offers spot markets and perpetual futures.

Not to mention high leverage limits and short-selling facilities. Hundreds of markets are supported and trading commissions start from just 0.02% per slide.

FAQs