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ZB.com Review - is it scam or safe?

ZB.com Review - is zb.com scam or good cryptocurrency exchange?

RATING: 3.5 / 1 REVIEWS ZB.com

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type

Leverage

Trading fee

Withdrawal Fee

Standard

N/A

0% – 0.2%

0.0001 BTC

 

ZB.com is a Chinese cryptocurrency exchange that launched in the aftermath of the ICO ban in in the country. It offers mainly crypto-to-crypto spot trading, but there is also some crypto-to-fiat trading and also. The latter is rather limited in terms of currencies, digital assets and done customer to customer (C2C).

 

ZB.com is currently in the top 20 exchanges, ranked by their trading volume on the CoinMarketCap. The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The website is available in Chinese and English languages.

 

ZB.com Advantages

 

Low-cost trading

The costs of trading at ZB.com are currently ranging from Zero to 0.20% of the total transaction value, depending oх the instrument traded (Some pairs with USDT are free of charge), which is a very good pricing. Besides, deposits are free and withdrawals have relatively small fees: 0.0001 BTC, .005 LTC, 0.01 ETH.

 

Fiat currency available (CNY)

There is only fiat currency accepted at ZB.com and that, of course, is Chinese Yuan (CNY). However, there is little you can do on this exchange with it, probably due to regulatory restrictions. You can find the details in the Disadvantages section below.

 

Over 15 coins available

At the time of writing of this review, there are over 15 different assets traded at ZB.com, which may not seem as an “altcoin heaven” (like Bittrex), however this exchange has been operating for less than two months. At ZB.com trading is mainly done against USDT, and BTC.

 

Advanced trading platform

ZB.com’s web trading platform has two interfaces: simple and advanced one. The latter seems like one of the best ones in the cryptocurrency space, from a trader’s point of view. Charting is great, there are trend lines, a number of technical analysis indicators and more. Here is a snapshot of ZB.com’s advanced platform:

 

 

Mobile apps are also available for iOS and Android devices.

 

ZB.com Disadvantages

 

Limited Fiat-to-crypto offering

Fiat-to-crypto trading and is available to verified users only via C2C mechanism, which is similar to the P2P model. Besides, verified clients of ZB.com re able to buy and sell only USDT (Tether, the cryptocurrency, backed by US dollars) and Q-Cash (or QC, an independent digital currency contracts which based on QTUM blockchain) against Chinese yuan (CNY).

 

So, you cannot buy popular cryptocurrencies like Bitcoin, Ethereum or Litecoin with CNY, nor with open US Dollar. That being said, ZB.com plans to accept US Dollars in the near future.

 

No leverage available

Like most exchanges, ZB.com does not offer trading on margin. Maybe it plans to offer such in the future, though, as there is a section of its website called “margin trade”, which is currently not active.

 

If you need some leverage, some exchanges, like Chinese OKEX, offer such. If you’d rather trade Bitcoin speculatively, some of the forex brokers which provide cryptocurrency leveraged trading, like IG, may be a good option.

 

>>Trading in Bitcoin with leverage<<

 

Registered offshore

The company operating the ZB.com exchange and website, ZB Technology Limited., is registered offshore, in the Independent State of Samoa. While it is understandable that the exchange is not registered in China, offshore destinations do not inspire a lot of trust.

 

Conclusion

 

While China is not strictly against Bitcoin and cryptrocurrencies altogether, the country recently banned ICOs. While Huobi re-registered in the Seychelles and cut a lot of its functionality, and BTCChina exited the Chinese Market due to regulatory pressure there, ZB.com opened on 1st of November, 2017.

 

It offers trading in more than 15 digital currencies, including an option to buy and sell several cryptos against CNY in a decentralized manner. What we like best about ZB.com is the low fees and the advanced trading platform.

 

According to the information on its website, ZB.COM’s headquarters are in in North America (Canada, the United States), and it also has operations in Southeast Asia (Bangkok), West Asia (Dubai), as well as South Korea, and Switzerland. Although it says it plans to obtain licenses in the United States and Thailand, currently ZB.com is does not hold any licenses and is registered offshore, in the Independent State of Samoa.

 

Generally speaking, trading with offshore entities involves certain risks, however the user reviews on ZB.com we came across appear to be mostly positive. Also, a certain level of counterparty risk will always be present in the crypto-space, so if you’d rather trade with a licensed entity you may be better off trading cryptos with a regulated forex broker.

 

>>Regulated forex brokers offering Bitcoin trading<<

 

Pros Cons
Low-cost trading Registered offshore
Over 15 coins available No leverage (currently)
CNY supported, bank wire transfers Limited fiat-to-crypto offering
Advanced trading platform available, mobile apps  

Latest news about ZB.com
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Traders` reviews for ZB.com

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

SCAM! Funds frozen

Be careful, they require verification suddenly and do not accept ID documents which are accepted by all major exchanges. They love to find a reason to freeze your funds. THESE ARE CHINESE SCAMMERS!

RR 04/18/2018
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