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Mr A

Ziglu Review: The UK-based Cryptocurrency Wallet and Trading Platform

Overview of Ziglu

Ziglu is a UK-based cryptocurrency wallet and trading platform that aims to provide a seamless and user-friendly experience for buying, selling, and managing digital assets. Launched in June 2020 by former Starling Bank CTO, Mark Hipperson, Ziglu has quickly become a popular choice among crypto enthusiasts in the UK. This article will provide an in-depth review of Ziglu, its features, services, fees, security measures, and ultimately, evaluate its overall appeal to both newcomers and experienced traders in the world of cryptocurrency.

Easy sign-up and verification process

One of Ziglu's strengths is the straightforward registration and verification process. To open an account, users need to download the Ziglu app, available on both iOS and Android devices, and follow these steps:

  • Enter your mobile number to receive a verification code
  • Set up a unique, six-digit passcode
  • Submit your personal information, including name, address, and date of birth
  • Upload a government-issued photo ID, like a passport or driving license
  • Face biometric authentication is performed to confirm your identity

The verification process typically takes less than 10 minutes. Once approved, users can start using the platform to buy and sell cryptocurrencies.

Supported cryptocurrencies and fiat currencies

Ziglu offers support for various popular cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Algorand (ALGO)
  • Yearn.Finance (YFI)
  • Compound (COMP)
  • Basic Attention Token (BAT)

Ziglu is planning to add more cryptocurrencies soon to cater to the growing market. Additionally, the platform supports fiat currency – British Pound Sterling (GBP) – allowing UK users to buy digital assets with their local currency easily.

Trading on Ziglu

Buying/Selling Cryptocurrencies: Ziglu has designed its platform to cater to users with varying levels of experience. Buying and selling cryptos are quite simple:

  • Navigate to the "Buy & Sell" tab on the app
  • Select the cryptocurrency you wish to buy or sell
  • Enter the GBP amount you want to spend
  • Confirm your order by clicking "Buy" or "Sell"

Instant Exchange: Ziglu offers an instant exchange feature that allows users to swap one cryptocurrency for another. To use this feature:

  • Go to the "Exchange" tab in the app
  • Select the cryptocurrency you want to exchange and the one you want to receive
  • Review the exchange rate and fees before clicking "Exchange"

Ziglu Fees

Ziglu prides itself on its transparent fee structure, which is based on a spread or a margin added on top of the market exchange rate.
The fee varies depending on the specific cryptocurrency transaction, but it generally falls within the range of 1.25% to 1.75%. Ziglu does not charge any additional fees for depositing, withdrawing or exchanging cryptocurrencies within the platform.

Deposit and withdrawal options

Depositing GBP on Ziglu is simple and swift, as it supports both Faster Payments (FPS) and CHAPS. Users can transfer funds, up to their chosen limit, from their UK bank account directly to their Ziglu account.

As for withdrawing funds, Ziglu allows users to send GBP back to their bank account using FPS or CHAPS. The platform also enables users to send cryptocurrencies directly to external wallets, making it easy to move digital assets.

Ziglu's Security Measures

Security is paramount for any financial institution, so it's important to assess Ziglu's measures to protect user assets and data. Here's an overview of Ziglu's security practices:

Cold Storage: To safeguard users' cryptocurrencies, the majority of the assets are held offline in cold storage, with robust physical and technical security measures.

Digital Identity and KYC: Users' identity is verified through multiple layers of security, using government-issued photo IDs and biometric facial recognition.

Encryption: Ziglu employs end-to-end encryption to protect user data and communications at all times during transactions.

2-Factor Authentication (2FA): A six-digit access code is required to log in, and users can enable a fingerprint or Face ID on their device for added security.

Insurance: In the rare event of loss or theft, Ziglu offers up to £50,000 insurance cover on customers' cryptocurrencies.

Customer Support

Ziglu offers in-app customer support to its users. Users can visit the Help Center for frequently asked questions and support articles, or they can contact the customer support team through in-app chat.

Pros and Cons of Ziglu

  • User-friendly app for buying, selling, and managing cryptocurrencies
  • Competitive fees and transparent pricing structure
  • FCA regulated and insured, offering added peace of mind
  • UK-based fiat deposit and withdrawals using Faster Payments and CHAPS
  • Strong security measures and cold storage for digital assets

  • Limited number of cryptocurrencies supported, compared to some competitors
  • Currently available only in the UK
  • No support for advanced trading features, such as margin/leveraged trading or futures
  • Lacks desktop or browser-based trading

Final Thoughts

Ziglu is an attractive option for UK-based cryptocurrency users seeking a transparent, secure, and user-friendly platform. With competitive fees and the backing of experienced founders, Ziglu has established itself as one of the top cryptocurrency wallets and trading platforms in the UK. Although its current offerings may not please more advanced traders, it serves as an excellent starting point for those looking to enter the world of cryptocurrency trading with ease and confidence.

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