Ziglu Review (2020)

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Ziglu Review (2020)
  • Ease of Use
  • Beginner Friendly
  • Speed
  • Fees
  • Functionality
4

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 wouldn’t recommend it. Check out the link below for alternatives which 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 which 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 which 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 the most user-friendly interface that I’ve used to buy Bitcoin (BTC) in the UK.

BONUS: If you do open a Ziglu account, complete this small questionnaire and use the code “gZXEC” to get a £5 bonus credited to your account!

Supported Cryptocurrencies

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

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)

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

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.

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

Supported Countries

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

Ziglu Fees

Ziglu have 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 do like that they’re transparent about what fee you’re being charged. Some 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)?

No. Ziglu is not currently authorised or regulated by the Financial Conduct Authority (FCA) or any other regulator.

Find out more 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 and here.

Ziglu Card

Ziglu is planning to release a MasterCard debit card which would allow you to spend your cryptocurrency in-store like other bitcoin debit cards. We don’t know more than this right now.

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. 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.

Because of this, I wouldn’t recommend Ziglu right now. However, the future is bright for Ziglu.

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 Wirex or CoinJar.

BONUS: If you do open a Ziglu account, complete this small questionnaire and use the code “gZXEC” to get a £5 bonus credited to your account!

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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