Ziglu Review (2021)

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Ziglu Review (2021)
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
  • Functionality
3.6

Summary

Ziglu makes it easy to buy, sell, and hold cryptocurrencies like Bitcoin (BTC). It also has competitive fees: they’re just 1.25%.

However, you’re currently locked inside of Ziglu’s platform. You cannot send any cryptocurrency you buy to an external wallet. This really sucks.

Until they’ve added that functionality, I’m not going to be using it. Check out the link below for alternatives that support cryptocurrency deposits and withdrawals.

Ziglu is a UK-based cryptocurrency platform that has just launched in the UK. It allows you to easily buy and sell Bitcoin (BTC) and other cryptocurrencies at competitive rates (1.25%).

That’s great, but there’s one huge downside: you cannot currently withdraw any cryptocurrency you buy on Ziglu. This is essential functionality that is missing from Ziglu’s crypto platform.

Read the full Ziglu review to find out more.

How Does Ziglu Work?

Ziglu is a cryptocurrency platform that launched on 15th June 2020. The company was founded by Mark Hipperson, who was previously a co-founder and CTO at Starling Bank.

To access Ziglu, you’ll need to download the app to your mobile device. It’s available on Apple and Android devices.

Registering an account and getting verified didn’t take long – it took me about 10 minutes. You then just need to deposit GBP into your account with a UK bank transfer. My deposit was credited within an hour.

Once you have GBP in your Ziglu account, it’s quick, easy, and simple to buy Bitcoin (BTC) or other supported cryptocurrencies. It’s probably one of the most user-friendly interfaces that I’ve used to buy Bitcoin (BTC) in the UK.

Supported Cryptocurrencies

You can currently buy, sell, and hold the following cryptocurrencies on Ziglu:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Tezos (XTZ)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Solana (SOLO)
  • Dogecoin (DOGE)
  • Polkadot (DOT)

They’re looking to extend the range of cryptocurrencies they support soon™.

Note: Support for Ripple (XRP) was removed from Ziglu on the 12th January 2021.

Does Ziglu support airdrops?

In short, Ziglu won’t usually claim or distribute any airdrops you might have received if you had held your assets outside of its platform.

You can read more about this in Ziglu’s customer terms.

Does Ziglu support forked cryptocurrencies?

Ziglu’s customer terms state you should “never operate under the assumption that we will support any Fork of an Asset”. Whether or not they decide to support a forked cryptocurrency is entirely at their discretion, and there don’t appear to be any conditions that would force them to support one.

Supported Fiat Currencies

Ziglu currently only supports GBP and EUR.

In an article on CoinDesk, the founder said that they expected to roll out demand for more fiat currencies in the future.

FYI: You cannot send or receive money from outside of Ziglu into your EUR account. See the FAQ at the bottom of this page for more details on that.

Supported Countries

Ziglu is currently only available to residents in the United Kingdom.

Ziglu Fees

Ziglu has competitive fees.

Regardless of what cryptocurrency you’re buying or selling, Ziglu’s fees are just 1.25%. There’s nothing hidden in the exchange rate either – it’s the real market price.

It’s not the absolute cheapest way to buy Bitcoin (BTC) or other cryptocurrencies. However, I REALLY like that they’re transparent about what fee you’re being charged. Numerous alternatives don’t do this – which makes it hard to know if you’re getting a good deal.

Exchange Rate Risk

Ziglu works with cryptocurrency exchanges to find the best deals when you’re looking to buy and sell any supported cryptocurrency. We don’t know what exchanges Ziglu is working with, but we know they’re currently connected to two.

This means that Ziglu isn’t determining the rate. Instead, it’s relying on the live market rate on its partner exchanges. Because of this, there’s a risk the cryptocurrency exchange rate you’re actually charged is higher or lower than the rate you’re shown before you buy or sell a cryptocurrency.

I don’t think this is anything to worry about. You’re still always getting access to the real exchange rate which is available on partner exchanges.

You can find out more in Ziglu’s customer terms.

Cryptocurrency Wallets

Ziglu doesn’t currently support real cryptocurrency wallets.

You cannot:

  • Send your cryptocurrency to an external crypto wallet.
  • Receive any cryptocurrency from an external crypto wallet.
  • Spend your cryptocurrency (it’s currently just a speculation vehicle).

Ziglu has confirmed that they want to eventually roll out this functionality, but there’s no ETA.

Is Ziglu authorised or regulated by the Financial Conduct Authority (FCA)?

Yes. Ziglu is currently authorised and regulated by the Financial Conduct Authority (FCA) for the “issue of electronic money and the provision of related payment services“.

They’re also registered as a cryptoasset firm with the FCA. Only a handful of other cryptocurrency-related businesses in the UK are fully registered with the FCA (see here).

Are funds in Ziglu covered by the Financial Services Compensation Scheme?

No. There is no regulatory protection for any money that is stored in Ziglu. This includes GBP as well as the cryptocurrencies that are supported by Ziglu.

Find out more here.

Is my cryptocurrency insured against cyber-crime?

Yes, Ziglu recently announced that each customer’s cryptocurrency holdings are insured against cyber-crime (up to £50,000).

Find out more here.

Boost Accounts

The Ziglu app also includes dedicated”Boost Accounts” which enable you to earn interest on your GBP or Bitcoin (BTC) funds.

You can currently get 5% APY on Bitcoin (BTC) stored in your Bitcoin Boost account and 5% APY on GBP stored in your Sterling Boost account. Interest is calculated every second and paid out weekly (on Saturday).

Your funds aren’t locked up, so you remove funds from these accounts at any time.

The interest you can earn on Bitcoin (BTC) stored in your Bitcoin Boost account seems competitive. To put it into context, alternatives like BlockFi are currently offering 4% interest on the first 0.10 BTC stored in your interest account. (For more information about them, check out my BlockFi review.)

But FYI: Funds held inside a Bitcoin Boost account or Sterling Boost account are “outside of the usual protection” offered by Ziglu. See here and here for details.

Ziglu Card

Ziglu has also released a MasterCard debit card – the Ziglu Card.

Compared to other bitcoin debit cards, it doesn’t look that interesting. It just looks like a normal debit card that’s connected to your Ziglu GBP and EUR balances.

Notably, it gives you no cashback or other incentives.

In contrast, the Crypto.com Visa Card gives you at least 1% in cashback on all your spending. Find out more about this card in my full Crypto.com review.

There’s not much on the front-end of their website about it, but you can find out more in this help section. One notable thing that I picked out was that they’ll pass on the best exchange rate they’re able to (with 0% commission) when using it in other countries. Head here for more information on that.

Summary: A Promising Contender

I was hoping this would be the UK’s version of CashApp: a simple way for more people to buy and sell Bitcoin (BTC).

Right now, though, it feels a lot like Revolut’s in-app cryptocurrency exchange or PayPal’s cryptocurrency hub. It makes buying or selling cryptocurrency a breeze, but it doesn’t let you take control of your funds or use them. This is essential functionality that is missing.

While the future looks bright for Ziglu, I won’t be using it in its current state.

I’ve reviewed lots of other places where you can buy Bitcoin (BTC) in the UK and ranked the best ways to buy Bitcoin (BTC) in the UK.

But if you’re after something which is just as quick, easy, and simple as Ziglu?

Check out alternatives like CoinJar or Luno. I like them both.

Anything to Add?

Thanks for reading this Ziglu review!

What do you think of Ziglu? Or do you have a question about it?

Let me know in the comments below!

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4 thoughts on “Ziglu Review (2021)”

  1. So if you were to buy a cryptocurrency and it triples in price for example, can you not convert the BTC back to GBP and withdraw it that way?

    Reply

    • Hey Joe!

      Yes – Ziglu allows you to sell any BTC you’ve bought using its app back to them for GBP (same fees). This GBP can then be withdrawn back to your UK bank account.

      However, any BTC you buy using Ziglu is locked inside their closed ecosystem. This means you cannot withdraw the BTC from their app to an external wallet.

      Reply

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