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ZBX is a regulated cryptocurrency exchange that allows its users to buy or trade top cryptocurrencies. The exchange is owned by Zillion Bits Limited, which is registered as a private limited liability company in Malta under the company ID C88757. Even though the ZBX exchange was launched towards the end of 2018, it has already seized the attention of a lot of crypto investors. Nevertheless, since it is a newly launched exchange, it lists slightly more than 10 cryptocurrencies on its platform.
ZBX is a cryptocurrency exchange which is operating in a regulated environment in Malta and targets the European market.
Constructed with and powered by the technical solutions from Zillion Bits AG – a Swiss-based world leading exchange solution provider, Zillion Bits’ fundamental solution has already been commercially used on several high-ranking exchanges, most notably ZB.com. The brains behind ZBX comprise of a dedicated team of experts with a broad understanding of traditional financial services and extensive experience within said industry. Moreover, there are also expertise from team members who are veterans within IT and cryptocurrency sectors.
The main objective of ZBX exchange is to provide a secure as well as regulated environment for the investors to trade and buy digital assets. Additionally, the exchange is also planning to apply for a license from the Malta Financial Services Authority so that it can list security tokens on its platform. Unlike some exchanges which accept users only from selected countries, ZBX aims to bring deep liquidity to Europe, Asia, and other western countries.
The following review analyses several aspects of ZBX, whilst providing you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on regular basis, we strongly recommend that you to visit https://www.zbx.com for any important updates which might occur after this review is published.
Currently, ZBX allows users to buy cryptos with FIAT through a bank transfer and then exchanging it to USDT for trading. It is planning to add more trading pairs soon. Using the exchange is relatively easy and liquidity is constantly improving as more users join the platform on daily basis.
ZBX provides a wallet for its users to store their digital assets. However, there is no detailed information available on the website about the type of wallet and security measures taken to protect the user’s funds.
To create a new account or profile on the ZBX exchange, you need to provide and verify your email address and phone number.
By following the below steps, you can easily sign up on ZBX exchange:
Congratulations! You have successfully created your account on the ZBX exchange.
Follow the below steps to log in to your ZBX account:
If you forget your password, then you can reset it by clicking the Forgot Password option.
Since ZBX is a regulated exchange, it gives a lot of importance to the security of customers’ assets and the privacy of personal information. Therefore, it follows a strict verification procedure before allowing an individual to start trading on the exchange. In addition to verifying your email address and mobile number, you need to upload the following:
Once you upload the above verification images, the account will be verified within 1 to 3 working days. If needed, the support team might ask you for extra documents to verify the account. Unlike other exchanges, like Indacoin, ZBX doesn’t allow users to deposit, buy or trade cryptocurrencies before the account is fully verified.
In order to deposit coins on the ZBX Exchange, you must verify your account by uploading the relevant documents. Once the verification is complete, follow the below steps to deposit cryptos:
Once the transaction is complete, the coins will be instantly credited in your wallet.
In order to buy & trade digital currency on ZBX, you should have verified your account by uploading all the relevant documents. Since the trading market is listed for only against USDT pairs, both fiat and cryptocurrency must be exchanged against USDT to initiate trading. ZBX is planning to gradually add new trading markets like BTC and ETH.
ZBX Quick Buy Feature
By using the Quick Buy option, users can buy cryptocurrencies using traditional fiat payment methods. At the time of writing, ZBX supports buying BTC and ETH with fiat currency via bank transfer.
ZBX supports trading against only one asset (USDT), you can buy BTC by exchanging USDT. For this example, it is assumed that you would have already deposited USDT on ZBX:
Congratulations! You have successfully placed your order for Bitcoin (BTC) on ZBX. Once the transaction gets completed, you will receive BTC on your wallet.
Follow the below steps to buy ETH on ZBX exchange:
Congratulations! You have successfully placed your order for Ethereum (ETH) on ZBX. Once the transaction gets completed, you will receive ETH on your wallet.
This feature is not available yet. However, you can buy ETC from other trusted exchanges like Binance.
Follow the below steps to buy LTC on ZBX exchange:
Congratulations! You have successfully placed your order for Litecoin (LTC) on ZBX. Once the transaction gets completed, you will receive LTC on your wallet.How to Buy Bitcoin Cash (BCH) on ZBX
This feature is not available on ZBX. However, you can buy Bitcoin Cash from other trusted exchanges like Coinbase.How to Cash Out on ZBX
At the time of writing, only cryptocurrency-based withdrawal was available. However, ZBX Exchange is planning to add a fiat-based withdrawal option soon.
Once the transaction gets completed, the coins will be transferred to your wallet. To ensure safe withdrawals, it is highly recommended to enable the 2FA protection for your account.
As ZBX is a newly-launched exchange, it supports a limited number of cryptocurrencies which are given below:
Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Cardano (ADA), Litecoin (LTC), Ripple (XRP), Tether (USDT), EOS (EOS), ZBX (ZBX), Diode (DIO), ZBX (ZBX), Qtum (QTUM), ZB (ZB), Aeternity (AE), Diode (DIO).
ZBX Exchange accepts members from virtually all countries in the world to deposit in cryptocurrency, however, their Quick Buy feature is restricted.
Since it has not restricted any country, it is assumed that cryptocurrency trading on the exchange is available in EU, UK, Australia, US, Canada and most countries around the world.
Due to legal restrictions the ‘Quick Buy’ feature, which allows users to buy crypto with traditional fiat money such as EUR, is supported only in the following countries.
Sweden (SD), United Kingdom (GB), Andorra (AD), Austria (AT), Aland (AX), Belgium (BE), Switzerland (CH), Czechia (CZ), Germany (DE), Denmark (DK), Estonia (EE), Spain (ES), Finland (FI), France (FR), Guernsey (GG), Gibraltar (GI), Greece (GR), Croatia (HR), Hungary (HU), Ireland (IE), Isle of Man (IM), Iceland (IS), Italy (IT), Jersey (JE), Liechtenstein (LI), Lithuania (LT), Luxembourg (LU), Latvia (LV), Monaco (MC), Montenegro (ME), Malta (MT), Netherlands (NL), Norway (NO), Poland (PL), Portugal (PT), Slovenia (SI), Slovakia (SK), San Marino (SM), Canary Islands (IC)
As per information available on the official website and based on the information received from the ZBX support team, the exchange will not provide services to high-risk countries such as Iran and North Korea.
Every cryptocurrency exchange has its own fee structure and limits.
ZBX makes use of the maker/taker model and charges 0.2% as maker and taker fee for every trade. The taker fee is lower than that of CEX (@0.26%) and Kraken (@0.26%) however the maker fee is slightly higher.
ZBX does not charge any fees to deposit cryptocurrencies. However, the withdrawal fees vary based on the type of cryptocurrency and the amount of withdrawal. Official fees regarding FIAT deposits are not yet known and vary on deposit.
ZBX has set limits for every withdrawal based on the cryptocurrency. They also set up a reasonable daily withdrawal limit. On average the withdrawal limit amounts to 10% of the daily withdrawal limit.
To know the exact fees and limits for different cryptocurrencies, scroll down the landing page of their site and click on ‘Fees’ in the Support section found at the bottom.
At the time of writing, ZBX allows users to buy cryptos using both FIAT and crypto. FIAT deposits are supported via bank transfer from European banks only.
Even though ZBX exchange doesn’t provide advanced security options like IP protection, it does provide the basic security features like the 2FA (two-factor authentication) to protect the customer’s account from unauthorized access. Once the 2FA is enabled, you must enter the TOTP (Time-Based One-Time Password) to sign in to their account. ZBX provides two options for the users to receive the authentication code, either via SMS (default) or Google Authenticator.
ZBX also displays the login activity (login time, device, location and IP address) on your dashboard so you can easily detect the login attempt from unrecognized devices. Besides the above security measures, ZBX strongly recommends a complex, unique password for your ZBX account and keep changing them every 3 months or so.
Even though ZBX has social media profiles like Twitter, Facebook and LinkedIn, the best option is to get quick support is by creating a request using the form located in the Support section of their site.
Customer Support takes about 5hrs for a reply and we must admit there’s room for improvement. Some answers lacked detail and guidance. Currently, ZBX does not have a dedicated email or phone number to resolve the issues faced by its customers.
Currently, the ZBX app is not listed on the Google Play Store or iOS AppStore. However, the iOS/Android app can be downloaded from here.
The exchange is adding new trading pairs on a daily basis and plans to launch an STO exchange in late 2019.
Since ZBX is a relatively new exchange, it is somewhat early to make an in-depth comparison of ZBX with other exchanges. Nevertheless, the basic features of ZBX are compared with the following exchanges:
Both ZBX and Coinbase provide a secure platform for users to buy and/or trade cryptocurrencies. Even though both exchanges support only a limited number of cryptocurrencies, ZBX accepts members worldwide, whereas Coinbase is only available in selected countries. Coinbase supports a wide range of fiat-based payment methods at low fees while ZBX accepts cryptocurrency trading as well as bank transfer fiat payment options. Both exchanges use 2FA for their users to prevent unauthorized access.
ZBX is a simple exchange with basic features whereas Bitfinex is considered as an advanced cryptocurrency exchange because it offers a lot of trading tools and techniques. One key difference is that Bitfinex is not registered with any regulatory board, while ZBX is a fully regulated exchange. When compared to Bitfinex, ZBX supports less cryptocurrency pairs. Even though both exchanges are considered secure, Bitfinex has introduced advanced security measures after it fell victim to one of the biggest hacking attacks back in 2016.
Even though both exchanges are headquartered in Malta, Binance does not appear to follow the same KYC regulations as rigorously as ZBX. Binance supports hundreds of cryptocurrencies but it is not built to handle fiat trading pairs like ZBX. Both exchanges take extensive security measures (including 2FA) to protect the customers’ account from unauthorized access. Since ZBX is regulated, users must provide documents to verify their identity before they start their trading journey, whereas Binance requires documentation only to increase the trading limits. Binance has been around for quite a while and since then obtained high liquidity volumes at 0.1% maker/taker fee.
Even though it is too early to come to a well-rounded conclusion about ZBX, the fact that it is trying to become a secure exchange within a fully regulated environment validates it as a worthy competitor to the leading cryptocurrency exchanges.
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