Transparency is very important when your business is online. Otherwise, how can a customer trust you? ZB was hacked in Aug 2022. Following that the company has been silent about its operations. Is this an exit strategy? Was the hack part of the exit scam? Read on to find out
Official Website | https://www.zb.com/en/ |
Founding Year | 2013 |
Head Quarters | Zurich, Switzerland |
Trading Volume | $100K |
Trading Options | Spot & Margin |
Trading fees | 0.20% trading fees, Lesser fees for VIP customers |
Total listed Coins | 200+ |
Trading Pairs | 250+ |
Supported fiat | USD, CNY |
Withdraw options | Supports ERC, TRC, BEP 2, BEP 20 |
Bank withdrawal Supported | Yes |
Withdraw fees | Depends on cryptocurrencies |
Deposit methods | Master Cards (Debit/ credit card), Bank Transfer |
Restricted countries | 7+ |
Native Token | ZB Token (ZB) |
Mobile app | Available on Google & Apple App Store |
Support Channel | https://www.zb.com/en/support |
Coinpedia rating | 6/10 |
Security rating | 6/10 |
User Interface | Easy to use |
Ease to set up | Takes time for beginners |
App store Rating | 1.7 |
Play store Rating | 3.8 |
Security | Had multiple hacks |
Hacking attempts/Hacks | Hacked in 2022 |
KYC verification duration | 5 days |
Regulation & Compliance | Operations are not transparent |
Liquidity | Low liquidity |
Proof Of Reserve | Unavailable |
Zb.com is a digital asset exchange that was founded in 2013 with the name CHBTC. It is owned by ZB group. However, Following the crypto ban, CHBTC ceased its operations in China and moved Overseas with its current name ZB.com. The CEO of the company is Romex Jha.
Zb.com presents itself as the world’s most secure digital asset exchange. However, it was hacked in Aug 2022 with a loss of $4.5 million dollar. It has its own token called ZB Token.
The exchange has more than 10 million users and has offices in Dubai, Malaysia, Singapore, Australia, Russia, South Korea, Hong Kong, Switzerland & U.S.
Timeline
2013 | CHBTC was founded |
2015 | Launched ETH, BTS, EOS, and QTUM trading |
2016 | CCN reported CHBTC as one of China’s largest exchanges |
2017 | Officially Closed Chinese Market operations following the crypto ban and rebranded as ZB.COM to focus on the international market |
2018 | Opened business of margin trading, custodian products, OTC trading, loan, Vote to List, ZB Partner Program, Market Maker Plan |
2019 | Hosted multiple meetups in Brazil, Bangkok, New York, Malta &Singapore |
2020 | ZB exchange token was chosen as one of the top 5 tokens |
2022 | Nearly $5 million was hacked from its hot wallet |
Some of the red flags to consider while opening a ZB account
ZB.com offers more than 200 cryptocurrencies. Some of the Popular cryptocurrencies are
Let us create a new account on ZB
The difference in service limit between verified and unverified accounts
Functions | Unverified account | Verified account |
Deposit | Unlimited | Unlimited |
Withdrawal | Limited $100K in total | Unlimited in total, Single currency limited to $2M/day |
Fiat | Quick deposit only | Unlimited Quick trading and Multiple options trading are available |
You can buy cryptocurrency using debit/ credit cards, fiat currency, or bank transfers. However, the recommended method is using debit/ credit cards.
Let us learn to sell crypto on ZB
Let us learn to deposit cryptocurrency on ZB
Let us learn how to withdraw crypto on ZB
The maker and taker fee for a regular user is 0.20%. However, if you are joining the VIP level program by purchasing ZB Token or holding ZB Token, then your trading fee is considerably reduced. Have a look at the table below to know more about VIP-level trading fees.
VIP Level | Trading Fee | Pay with ZB | Purchase ZB/ 30 day | Lock-up ZB/ 30 day | UP Amount ZB |
1 | 0.18% | 0.09% | 100 | 2500 | 200 |
2 | 0.16% | 0.08% | 500 | 12000 | 500 |
3 | 0.14% | 0.07% | 1000 | 50000 | 1000 |
4 | 0.12% | 0.06% | 5000 | 200000 | 2000 |
5 | 0.10% | 0.05% | 20000 | 800000 | 10000 |
6 | 0.09% | 0.05% | 30000 | 1200000 | 30000 |
7 | 0.08% | 0.04% | 40000 | 1600000 | 45000 |
8 | 0.07% | 0.04% | 50000 | 2000000 | 55000 |
9 | 0.06% | 0.03% | 60000 | 2400000 | 80000 |
There are deposit fees for cryptocurrencies.
There is a minimum withdrawal amount for cryptocurrencies and withdrawal fees vary for each currency.
ZB.com has a referral program where the referee can earn up to 40% of their invitee’s trading fees. For regular users, the trading commission is 10%.
If you are becoming a partner at ZB to increase their trading community then you will get more benefits.
Who can become a partner at ZB?
Partners are categorized into various partner levels depending on their performance and are rewarded respectively.
ZB.com has a help section where you can find general and specific FAQs related to account issues. If you are not happy with the FAQs for your queries you may contact the email support team by emailing them at support@zb.com
We are not happy with customer care as it won’t solve any emergency or urgent queries.
Following the hack in Aug 2022, the deposit and withdrawal function has been halted by ZB. There is no announcement on when the function will be back. Moreover, the official Twitter account has been suspended and there are many mimicking accounts on Twitter posing as the official accounts. There is no significant activity on Facebook since 22 July 2022. The social media activity is less for the past few months. The officials have not responded to anything related to the hack.
These are red flags. Netizens conclude that the hack was a part of an exit scam by ZB. We can only hope for the best.
ZB was one of the cryptocurrency exchanges founded in China. Following the crypto ban in China, it moved overseas to continue its service to international users. It was hacked in Aug 2022 and it lost around $5 million dollars. It suspended withdrawing and depositing cryptocurrency in its exchange following that.
The officials have not yet responded regarding the hack. Their social media handles are not active. The Twitter account has been suspended. There is no proper customer support. These are all red flags to consider while starting an account in ZB. Netizens conclude that the hack was actually an exit scam even though there is no solid evidence for that.
We highly recommend not trading in this exchange as it is not transparent about its operations.
ZB was founded in China in the year 2013. However, following the crypto ban in China, it moved its office to Zurich, Switzerland. Most of its board members are from Dubai. It recently made Dubai its strategic office to support the MENA region
Even though it has offices in the United States, it is not highly adopted by Americans. ZB has a more global presence and especially in the Asia region.
To unlock the full features of ZB you need to complete KYC. There is no need for KYC for deposits but for withdrawals you need KYC verification. Once you have done KYC you are entitled to unlimited withdrawals and deposits.
ZB was hacked in Aug 2022 where it lost almost $4.5 million. It has temporarily stopped deposits and withdrawals following the hack. The officials have not responded after the hack. Moreover, their social media account – Twitter has been suspended and other channels are not so active. The customers are having a high time getting responses from the ZB team.
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