Fintech

CoinZoom: ZoomMe Remittance Feature for P2P Fiat & Crypto Transfers

ZoomMe can be compared to the likes of PayPal and Venmo. Only, they have made it better by including the option of transferring cryptocurrency with ease.
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International remittance plays a significant role in everyday life. For immigrants, it is an unavoidable means to send money to their loved ones back home.

For freelancers, it is the easiest way to get paid for their work from any part of the world. And hence, it is no surprise to learn that the industry currently dominates the global peer-to-peer money transfer scene – with an estimated market volume of $597 billion expected in 2021.

Considering this demand, competition is fierce among global remittance providers. CoinZoom has since entered the space with its latest product – ZoomMe.

This innovative international remittance and payment transfer platform allows you to send money on a 100% commission-free basis.

Read on to find out more about CoinZoom and its ZoomMe transfer service.

CoinZoom Homepage
Read our full CoinZoom Review

CoinZoom and ZoomMe

CoinZoom is a cryptocurrency trading platform that focuses on providing customer-focused tools and trading technology.

In addition to the trading aspect of the platform, the team at CoinZoom has also been working to provide solutions that promote usage of cryptocurrency in day to day lives.

The platform has partnered with several popular payment firms such as Apple Pay and Samsung Pay with this goal.

Moreover, the platform offers a  CoinZoom Visa debit card that allows you to instantly convert crypto to fiat and use your digital assets to pay for international goods and services.

The latest addition to this array of products is ‘ZoomMe’ – a global payment system that allows you to send and receive cash and cryptocurrencies instantaneously.

In many ways, ZoomMe can be compared to the likes of PayPal and Venmo. Only, they have made it better by including the option of transferring cryptocurrency with unparalleled ease.

And, most importantly, ZoomMe sets itself apart by not charging you any commissions or hidden fees to process these payments.

Fiat & Crypto Options

How ZoomMe Offers Zero-Commission Transactions

As a cryptocurrency trading platform, ZoomMe uses blockchain technology to provide commission-free transactions. Instead of paying fees, what you need is an allocation of ZOOM – the official digital currency of CoinZoom.

The more Zoom you hold, the more money you can send without paying any fees.

Zoom Token

Zoom token is a decentralized digital currency built on top of the Ethereum blockchain. Within the CoinZoom ecosystem, Zoom is used to get you discounts in trading fees, listing fees, and Visa card rewards.

Moreover, the amount of Zoom you hold will also determine how much money you can send using ZoomMe on a daily basis. There are five different tires of CoinZoom accounts based on Zoom holdings:

Select

  • Required ZOOM holdings – 1,000
  • ZoomMe limit per day – $500

Preferred

  • Required ZOOM holdings – 3,000
  • ZoomMe limit per day – $1,000

Gold

  • Required ZOOM holdings – 12,000
  • ZoomMe limit per day – $2,500

Platinum

  • Required ZOOM holdings – 50,000
  • ZoomMe limit per day – $5,000

Black

  • Required ZOOM holdings – 100,000
  • ZoomMe limit per day – $50,000

You can purchase ZOOM directly through CoinZoom. Alternatively, you can also collect ZOOM through referral programs.

CoinZoom Card

At this point, it is worth noting that you stand to benefit the most by combining CoinZoom cards and ZoomMe.

Although you do not need a CoinZoom card to process any ZoomMe payments, if you hold a number of ZOOM tokens in your portfolio – it would be best to take advantage of the perks of the Visa card as well.

The aforementioned tier system also applies to the CoinZoom card – where the quantity of ZOOM in your possession will determine the spending limit and the trading discounts you receive.

The top two tiers, such as Platinum and Black cards, can also get you higher cashback offerings of up to 5 percent – an agreeable feature if you frequently use crypto for your online transactions.

Currently, physical cards are available only in the US. If you reside outside of the US, your access is limited to a virtual card.

CoinZoom Debit Cards

How to Send Money Using ZoomMe

ZoomMe can be used internationally to send and receive both fiat and cryptocurrencies. However, at the moment, the platform supports only USD as fiat currency.

Here is a step-by-step walkthrough of the process.

  • Click on your ‘Portfolio’ to see the list of fiat and cryptocurrencies in your CoinZoom wallet.
  • Select the fiat/crypto you want to send
  • Add the wallet address of your recipient in order to whitelist them.
  • Once your beneficiary is added to your whitelist, you can find them listed in the drop-down menu – ‘Wallet Address.’
  • Select the specific wallet address you want to send money to
  • Enter the amount you want to send.
  • Click submit

Keep in mind that once you tap on the ‘submit’ button, the transaction is finalized. ZoomMe does not ask you to confirm this step again or verify the amount you entered.

As such, it is crucial that you double-check the wallet address and send the amount before you press on submit. If a mistake occurs, you will have to resolve it with the recipient.

You can also click on the barcode icon on your dashboard as a shortcut to go to the ZoomMe sending interface.

How to Receive Money Using ZoomMe

  • Go to your portfolio and select the fiat/cryptocurrency you want to receive.
  • Your ZoomMe handle will appear on the top left corner of your screen.
  • You can copy it to your clipboard to send it through message or share your QR code with the sender.

You can also access your transaction history of your credited and debited payments on ZoomMe.

Behind ZoomMe

If you are considering this fee-free payment system, it is paramount that you know a bit more about CoinZoom.

The trading platform is one of the few regulated cryptocurrency exchanges in the US and is an approved MSB in all states. If compliance is a key priority that you are looking for, then CoinZoom certainly stands out.

The platform can give you access to nearly 25 cryptocurrencies and their respective trading pairs.

There are additional features that pave the way for a smooth and efficient trading experience.

For example, the CoinZoom AI is a dedicated pattern recognition system that alerts traders of support and resistance levels and other technical trends. There are also over 100 built-in technical indicators at your disposal.

In addition, CoinZoom offers the following trading tools that might be of interest to you:

  • Trading on the go with real-time access from multiple devices
  • Algorithmic trading to create a customized strategy for automated trading.
  • Live order flow alerts with regular updates on every market movement and trend
  • Real-time profit and loss information.
  • Depth of Market indicator tells you the number of digital coins that you can buy without leading to a price fluctuation.

As you can see, ZoomMe is only one part of CoinZoom’s functionalities. The platform primarily focuses on cryptocurrency trading – while ZoomMe and the Visa card are ways for CoinZoom to promote the circulation and use of digital coins.

The platform caters to both beginners as well as expert traders, along with institutional customers with their diverse requirements.

The Verdict

ZoomMe is perhaps one of the few global remittance platforms that charge absolutely no fees for transactions. However, the main limitation is that in terms of fiat currencies, only USD transfers are possible at the moment.

With that said, USD is the reserve currency of the world and is often the go-to medium when sending funds to the emerging and third-world regions.

As such, ZoomMe finally paves the way to transfer funds to friends and family back home without having the money eaten away at by expensive fees, commissions, and unfavourable exchange rates.




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Kane Pepi
Author

Based on the Blockchain-Isle of Malta, Kane holds a Bachelor’s Degree in Accounting and Finance, a Master’s Degree in Financial Investigation and he is currently engaged in a Doctorate – researching financial crime in the virtual economy. With a keen passion for research, he currently writes for a variety of publications within the Financial and Cryptocurrency industries. Contact Kane@blockonomi.com

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