Analyzing The Controversial Crypto Exchange

Zoomex is a crypto exchange established in 2021. It allows users to choose between a decentralized and centralized exchange, providing a platform for trading over 100 crypto assets, including inverse perpetual and USDT perpetual derivatives.

Some reviews suggest the platform was founded by Otochain Fintech Limited from Singapore but the website claims Hong Kong laws govern legal agreements. 

Over the past year, the exchange was at the center of controversy due to many complaints, which put its reputation in jeopardy. If you want to learn whether this is a reliable platform, we recommend you read our unbiased and truthful Zoomex Review.  

Legal Info: Is Zoomex Regulated?

Zoomex does not exist as a legal entity in Singaporean and Hong Kong registers. As for Otochain Fintech Limited, this firm can only be found on warning lists. On February 13, 2023, the Spanish CNMV flagged the exchange as unauthorized. The Belgian FSMA also issued a warning against the platform.

Both Spain and Belgium are part of the European Economic Area (EEA). Reputable jurisdictions such as the EEA are protected by firm regulations, enforced by the European Securities and Markets Authority (ESMA).

ESMA issues MiFID passports to authorized entities, enabling them to conduct business across Europe and offer compensation contracts of up to 20,000 EUR in case of insolvency or suspicious losses. You cannot count on regulatory aid if your provider is unlicensed.

Therefore, we recommend you trust firms that are licensed by esteemed financial market authorities such as the FCA (UK), ESMA, SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

Trader Reviews – Sharing Experiences

We searched trustpilot.com for Zoomex reviews and got alarming results. Namely, Trustpilot warned us about removing several fake reviews for this company. It seems the exchange tried to cheat. Judging by the remaining feedback, users experienced withdrawal issues and did not get the bonuses they were promised. 

“Next, they claim they’re from Singapore, but their telegram removes your message instantly when you ask for info, their live chat is never live (you can try anytime, you won’t ever get a human), and their social media doesn’t allow for dm or replies. They also don’t respond to emails asking for info on their company,”

one trader stressed.

More exposure comes from this Reddit thread. Crypto thieves usually lure potential victims into their traps via private Telegram channels and WhatsApp chats so be careful. Read our Cosetek review for more info. 

Who Are Zoomex’s Targets?

According to godaddy.com/whois, the Zoomex.com website domain was created way back in June 1999, but updated on December 15, 2022. For some time now, the crypto fraud mainly targeted unsuspecting traders who reside in the following countries:

• United States;
• Japan;
• South Korea;
• Mexico;
• Spain.

All of the countries on the list have strict market authorities that enforce heavy regulations. One common rule stipulates that each market participant (broker/exchange) must obtain a license to operate. 

To reiterate, the CNMV and FSMA’s warnings clearly state that the dubious exchange is not authorized to accept clients from any of the listed areas.

Which Trading Platform Is Available?

The Zoomex trading platform is a relatively simple and user-friendly web terminal that features popular coins such as Bitcoin, Ethereum, Ripple, Cardano, Litecoin, etc. Unfortunately, spot trading is not supported, which is a disadvantage.

Users have the flexibility to choose between a centralized or decentralized version of the platform. The Centralized Exchange (CEX) functions as a conventional crypto exchange under Zoomex’s operation, whereas the Decentralized Exchange (DEX) ensures enhanced privacy by connecting to an external wallet while maintaining access to substantial liquidity.

While the platform ensures users have access to basic elements such as graphs and indicators, it lacks advanced tools, making it ineffective in the long run. 

We thus recommend avoiding unreliable platforms and sticking to licensed providers that support recognized third-party software like MetaTrader 4, MetaTrader 5, or cTrader. MT platforms offer an array of cutting-edge tools, including automated trading, live market reports, advanced charting capabilities, a user-friendly interface, and instant order execution.

Fee Structure

Zoomex fees for depositing crypto are zero but if users intend to purchase Bitcoin or Tether using fiat, transaction fees determined by the chosen third-party merchant apply. 

Trading fees for both USDT and inverse perpetual contracts are consistent, with makers incurring a 0.02% fee and takers facing a 0.06% fee. 

While fiat withdrawals are not supported, crypto withdrawal fees vary by coin, such as a 0.0005 BTC fee for Bitcoin withdrawals and a 0.005 ETH fee for Ethereum withdrawals.

Funding Options

Zoomex provides users with diverse options for depositing funds, accepting both cryptocurrencies like BTC, ETH, USDT, XRP, and fiat currencies such as USD, EUR, GBP, and CAD. 

Deposits can be made through various methods, including bank transfers, credit cards, debit cards, and e-wallets, with no fees for cryptocurrency deposits. However, Zoomex exclusively supports the withdrawal of cryptocurrencies but does not facilitate the withdrawal of fiat currencies.

Reversing such transactions requires sophisticated tracing software like CipherTrace to overcome the complex blockchain challenges and increase the chances of recovering lost assets. Fortunately for you, our team is skilled at assisting people in the recovery process.

Key Information To Consider About Zoomex

To summarize our analysis, we give a verdict on the platform – Zoomex is a cutthroat crypto scheme designed to deceive honest traders and investors. The platform is not regulated or approved by any financial authority.  

We do not recommend the exchange because it is nothing but a hoax promoted by fake reviews, just like Bitlirex. Many traders expressed their dissatisfaction and explained how they got scammed.

If you have fallen victim to Zoomex and cannot withdraw your funds, we offer professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and start the chargeback process.

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