Cryptocurrency Trading with Zumo
Zumo is the best app to get started with crypto. You can buy and sell cryptocurrencies in minutes at a competitive rate and spend normally with the card.
It feels very much like a sleek banking app but with the big difference that Zumo is not a bank. Zumo uses the blockchain to determine transactions and it’s super secure.Iits difference lies in its powerful technology that soon makes you feel comfortable with everyday transactions whether that’s with crypto or traditional money.
It is a huge independent vault where your money can only be touched by you. You can choose between three accounts.
- Free basic account.
- The Zumo virtual card.
- The convertible debit card
The Zumo app and card allows you to convert your crypto into Sterling and then buy anything as normal. After you’ve chosen your account all you have to do is deposit some money into your Zumo wallet and you’re ready to start with crypto.
If someone lost his password then Zumo will give a backup phrase otherwise known as Private Keys to keep your wallet and crypto fund secure. Nobody else will have access to that backup phrase apart from that person. Even the Zumo team won’t have access to backup phrase. As it is very important, it should be in a safe place.
Zumo app makes buy, sell, and exchange cryptocurrencies very simple. With Zumo you get access to cryptocurrencies and traditional currencies. In Zumo card you can spend your money anywhere that accepts visa card payments. The Zumo app and card allows you to convert your crypto holdings into Sterling and then buy anything as you would with a normal money app.
In Zumo, the fees are super competitive and transparent. In every transaction Zumo will show you a full fee breakdown which will include the network fee and the exchange fee. The exchange fee is Zumo’s fee and it’s super competitive at only 0.5%.
You can withdraw your cryptocurrencies as pound sterling with just a few clicks on the Zumo app and send it back to your bank instantly. if you choose the account with a card you can just spend your money directly from Zumo. Zumo also lets you find and connect with friends so that you can easily transfer funds to them at the click of a button making the whole experience very straightforward.
Basically, with Zumo you can get comfortable with Crypto in no time.
How to Register with Zumo
The very first thing to do is go to App Store and download the Zumo app. Now open the Zumo app and click I am New Here. Now read the T&C carefully and when you are done click on Agree and Confirm.
Provide your desired user name and your email address. Zumo will send you a verification email. Head over to your email id and click on the mail that Zumo sent. Now click on the magic link and you are good to go. Now you can use Zumo.
How to Verify Identity on Zumo
Once you written down your backup phrase, you will be asked to set your password. You will need this password to login in the app each time. After choosing password, you need to verify your identity. It’s the same when you open a bank account like entering your name, date of birth, and address.
Take a picture either of your passport, driving license, or national id card. Now take a selfie. It’s super quick. But sometimes, the app can asked for more information.
How Many Wallets Are There in Zumo
The benefit of having an easy-to-use digital wallet is that it can also be organized so that you don’t have to be and The Zumo wallet gives you three.
- A Bitcoin Wallet.
- An Ethereum Wallet.
- A GBP Wallet.
By keeping your wallet separate you can easily track transactions and can manage your balances. With the help of the Zumo smartfolio, this becomes even easier.
How to Buy Cryptocurrencies with Zumo
Once your GBP account is activated, you can transfer funds from your linked bank account and purchase Bitcoin and Ether through the Zumo exchange quickly and easily. Go to the exchange screen by tapping Exchange on the bottom menu of the app and choose which cryptocurrency you’d like to buy.
For example, Let’s go with BTC. Tap on the top option BTC/GBP and take a look at the trading window showing the historical prices of bitcoin. We can easily switch between the one hour, one day, one week, one month, three months, and one year price charts. If you’re happy with the current price tap on the button that says Buy/Sell Bitcoin. Choose the amount of GBP you want to exchange into bitcoin.
There is usually a minimum amount you can buy and Zuma will tell you what the minimum is. Enter the amount you’d like to buy and then tap on the Next button. You’ll be shown a full fee breakdown detailing exactly how much bitcoin you’re getting in your trade.
Accept the fees by clicking Buy again and within seconds the transaction will hit the network. To check the status of the transaction, visit the bitcoin wallet and you will see the transaction in the feed. The time the transaction takes to complete depends largely on network traffic for bitcoin transactions.
How to Sell Cryptocurrencies With Zumo
You can sell your cryptocurrencies easily on the Zumo app. First tap exchange on the bottom menu. Select the top option BTC/GBP. This will to the bitcoin price charts. Click on the Buy/Sell bitcoin button.
Next tap on the small blue circle with white arrows between the GPB and BTC icons. Swap the top line from GBP to BTC. There is usually a minimum amount you can sell and Zumo will tell you what the minimum is. Now enter the exact amount of bitcoin that you would like to sell and then tap the Buy button to confirm.
After selling the bitcoin and the transaction will be pending. In the meantime, you will be able to monitor its progress by tapping on the transaction in your bitcoin wallets activity feed. You will receive a notification when the process is complete.
How to send cryptocurrencies with Zumo?
Sending Bitcoin or Ether to someone in your contact list is super easy. Just find your contact’s name in your contact list. Tap on their name to select their account and then tap send to access the transaction screen.
Now enter the amount of bitcoin you’re sending and select your transaction speed. You’ll then be shown the network fee. Tap the next button and on the next screen you can double check the transaction before tapping send to confirm.
How to exchange cryptocurrencies with Zumo
Let’s say, you wanted to trade your bitcoin for Ether. To do this you’ll need to go to the exchange screen. Tap exchange on the bottom menu here you see all the different possible exchanges you can make.
To exchange your Bitcoin for Ether you need to select BTC/ETH. Here you can see the graph showing the historical price of Ether worth in Bitcoin. You can view the price in the last one hour, one day, one week, one month, three months, and one year. If you’re happy with the current price tap on the exchange button.
Next you’ll need to choose the amount of Bitcoin you want to exchange into Ether. Enter the amount and tap on the next button. There is usually a minimum amount you can exchange and Zumo will tell you what the minimum is. The minimum exchange amount varies day-to-day and is dependent on the network not Zumo themselves.
You’ll then be shown a full fee breakdown detailing exactly how much Ether you’re getting in your trade. Accept the fees by clicking Buy and you’re done.
How to send and receive traditional money with Zumo
Sending money to someone in your contact list is super easy. Just find your contact’s name in your contact list. Tap on their name to select their account and then tap send to access the transaction screen. You can use the drop down arrow to select the currency you wish to send.
For example, you select GBP. Now enter the amount you’d like to send and tap send to confirm. Sending money to your friends in Zumo is instant, easy, and completely free.