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ZBG Crypto Exchange Review: High Risk, Low Transparency

ZBG Crypto Exchange Review: High Risk, Low Transparency

Michael James 8 January 2026 18 Comments

When you see a crypto exchange promising hundreds of coins, low fees, and fast listings, it’s easy to get excited. But if you’re considering ZBG, you need to pause - because what looks like opportunity might be a trap.

What Is ZBG, Really?

ZBG, or ZBG Exchange, is a Hong Kong-based platform launched in July 2018 as a side project of ZB.COM. It was designed to list new, low-volume tokens that didn’t qualify for the main ZB exchange. In theory, this made it a testing ground for emerging projects. But over time, it stopped being a launchpad and became a dumping ground.

By 2021, ZBG claimed to hit $8.8 billion in daily trading volume - a number that briefly put it near the top 10 exchanges globally. But here’s the catch: CoinMarketCap stopped tracking ZBG’s volume in 2023. Now, it’s labeled as an “Untracked Listing.” That means no independent source verifies its numbers. And in crypto, unverified volume almost always means manipulated volume.

Volume Claims? Probably Fake

Chainalysis data from June 2025 shows that exchanges with untracked volume like ZBG now account for just 0.3% of global crypto trading - down from 2.7% in late 2023. Why? Because institutions and serious traders have walked away. They don’t trust numbers that can’t be verified.

CryptoQuant’s May 2025 analysis found that out of ZBG’s 200+ listed trading pairs, only 27 showed real trading activity. The rest? Classic wash trading patterns. That’s when bots buy and sell the same asset among themselves to fake volume. It’s not just misleading - it’s illegal on regulated exchanges.

And ZBG isn’t alone. CoinDesk reported in February 2025 that 68% of exchanges claiming top 50 volume rankings were manipulating their numbers. ZBG fits that profile perfectly.

Hidden Fees and Surprises

ZBG says it offers low fees. But Traders Union’s May 2025 review warns traders: “After signing up, many discover hidden fees and charges.” There’s no clear fee schedule on their site. No breakdown of maker/taker rates. No mention of withdrawal fees.

Compare that to Coinbase, which publishes its full fee structure online: 0.05% to 0.60% depending on trade size. Or Kraken, which lists all fees in plain English. ZBG doesn’t. That lack of transparency is a red flag. If they’re hiding fees, what else are they hiding?

Security? Unverified

ZBG claims to use two-factor authentication and cold storage. So do thousands of exchanges. But claims aren’t proof.

Platforms like Kraken and Coinbase publish quarterly proof-of-reserves reports audited by third-party accounting firms. ZBG? Nothing. No audit. No transparency. No way to know if your Bitcoin is actually stored safely - or if it’s sitting in a hot wallet getting drained.

And here’s the worst part: there are at least eight scam websites using “zbg” in their domain names - h5.zbgtrades.com, zbgour.com, www.zbgapp.net, zbgmax.com, and others. These sites look identical to the real ZBG. They’re phishing traps designed to steal login details and private keys. If you’re not careful, you could think you’re on the real site - and lose everything.

Traders exchange coins safely under cherry blossoms while a crumbling ZBG building fades into darkness.

Regulatory Nightmare

Hong Kong introduced strict crypto exchange licensing rules in March 2023. To operate legally, exchanges must apply for a license from the Securities and Futures Commission (SFC). OSL became the first licensed exchange in Hong Kong in December 2020. ZBG? No license. No public application. No disclosure.

The Hong Kong Monetary Authority warned in October 2024: “Unlicensed virtual asset trading platform operators are subject to enforcement action, and investors using such platforms do so at their own risk.” That’s not a suggestion. It’s a legal notice. If ZBG gets shut down tomorrow, you won’t get your money back.

Customer Support? Silent

User reviews are scarce - but when they exist, they’re bad. CryptoSlate forums have a user report from March 2025: they tried to withdraw 2.5 BTC. The transaction stayed in “processing” for 17 days. Then they got an email that said “system maintenance.” No explanation. No timeline. No resolution.

That’s not a glitch. That’s a pattern. When exchanges don’t answer calls or emails, it’s often because they’re running out of funds - or they never had them to begin with.

What About the Launchpad and OTC?

ZBG offers a Launchpad for new token sales and OTC trading. Sounds useful, right? But here’s the problem: if the exchange itself is unregulated and untrusted, why trust its token listings? Many tokens on ZBG have no real team, no whitepaper, and no utility. They’re pump-and-dump coins dressed up as “innovation.”

And OTC trading? That’s supposed to be for large trades with better pricing. But without verified liquidity, you’re trading blind. You could agree to a price, send your coins, and never get paid.

A trembling hand holds a flickering wallet, reflected in a mirror showing a masked figure representing fraud.

Why CoinGecko Dropped ZBG

In August 2025, CoinGecko removed ZBG from its listings. Their reason? “Insufficient data transparency and unreliable volume reporting.” That’s the final nail. CoinGecko doesn’t remove exchanges lightly. They have strict criteria. ZBG failed every one.

And it’s not just CoinGecko. CoinMarketCap stopped tracking it. Delphi Digital rated ZBG as “high risk” - the second-worst rating possible. They explicitly advise investors to avoid exchanges like ZBG.

Who Should Avoid ZBG?

If you’re looking for:

Security for your funds
Clear fee structures
Regulatory protection
Reliable customer support
Verified trading volume

Then ZBG is not for you. It’s a high-risk, low-reward platform built on deception. The only people who benefit are the ones running it - not the users.

What to Use Instead

If you want to trade new tokens, go to platforms with real oversight:

Bybit - Licensed in Dubai, transparent volume, strong security
KuCoin - Lists new coins, publishes proof-of-reserves, regulated in Seychelles
Gate.io - Audited, real liquidity, long track record
OKX - Global compliance, clear fees, institutional trust

These exchanges don’t hide their numbers. They don’t have fake websites pretending to be them. And they won’t disappear overnight.

ZBG might look tempting. But in crypto, the cheapest option is rarely the safest. And in this case, it’s the most dangerous.

Is ZBG a scam?

ZBG isn’t officially labeled a scam by law enforcement, but it has all the hallmarks of one: unverified volume, hidden fees, no regulatory license, multiple phishing sites, and zero third-party audits. Traders Union, Delphi Digital, and Chainalysis all classify it as high-risk. Using ZBG is like putting money in a black box - you have no idea what’s inside or if it’s even there.

Why was ZBG removed from CoinGecko?

CoinGecko removed ZBG in August 2025 because it failed their transparency requirements. They now require exchanges to provide verifiable liquidity data, real trading volume, and public documentation. ZBG couldn’t meet any of these standards. Its volume claims were untrustworthy, and its operations lacked openness. Removal was a direct result of its failure to comply with industry standards.

Can I withdraw my funds from ZBG?

Some users have successfully withdrawn, but many report delays of weeks or outright failures. One user on CryptoSlate waited 17 days for a 2.5 BTC withdrawal that eventually got stuck in “system maintenance.” If you deposit funds on ZBG, assume they may not come out when you need them. Treat any deposit as high-risk.

Are there fake ZBG websites?

Yes. At least eight scam domains are impersonating ZBG, including h5.zbgtrades.com, zbgour.com, www.zbgapp.net, zbgmax.com, and zbgopt.com. These sites look identical to the real ZBG but are designed to steal login credentials and private keys. Always double-check the URL - the real ZBG site is zbg.com, and even that has been targeted by phishing campaigns.

Is ZBG regulated?

No. ZBG is based in Hong Kong, but it has never applied for a license under Hong Kong’s Virtual Assets Trading Platform Licensing Framework, which took effect in March 2023. The Hong Kong Monetary Authority warns that using unlicensed exchanges puts your funds at legal and financial risk. There is no regulatory safety net if ZBG collapses or freezes withdrawals.

What should I do if I already have funds on ZBG?

If you have funds on ZBG, move them out as soon as possible - but be cautious. Use a trusted wallet like Ledger or Trezor. Avoid transferring to another unverified exchange. Withdraw to a personal wallet first, then move to a regulated platform like Bybit or KuCoin. Don’t wait for a “better time.” The longer your funds stay on ZBG, the higher the risk they’ll disappear.