Zumo review 2023
- Fiat currencies
- Supported assets
Zumo is an accessible, easy-to-use cryptocurrency wallet app for those looking to take more control (and responsibility) of their crypto assets. With its simple interface and straightforward setup process, it’s a good option for those who may have dipped their toes in the crypto waters and are now looking to dive deeper.
While the debit card aims to make crypto more tangible and easier to realise, the ongoing fees may put some people off requesting one (it’s an optional feature). Especially when there are cheaper cards on the market.
Gives you access to a proper crypto wallet through a slick, user-friendly app
Relatively competitive and straightforward fee on all transactions
The crypto debit card is convenient and interesting
Registered with the UK finance watchdog, the FCA
If you lose your password and backup phrase, your assets can be lost forever
When trading cryptocurrencies, the flat fee is in addition to any mining or network transaction fees
If you want the debit card, you’ll have to pay a monthly fee for the privilege
Limited range of currencies
No FSCS protection (protects funds if a company goes bust)
|Product Name||Zumo Crypto Wallet & Exchange|
|Cryptocurrencies||BTC, ETH, BSV & 1 more|
|Trading Fee||0.5% fee for buying or selling cryptocurrency (variable mining fee also applies)|
|Deposit Fees||No deposit fees|
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Overview of Zumo
Hailing from Edinburgh, Zumo is a cryptocurrency wallet and exchange app that lets you store, spend and send your crypto assets, as well as buy and sell leading cryptos like Bitcoin and Ethereum using your bank account. Unlike other crypto exchanges and platforms, Zumo offers a “non-custodial” wallet, which means it does not store your crypto assets for you. Instead, you are given direct access to your own cryptocurrency wallet.
This means you’ll have more freedom when it comes to accessing your crypto, but will also be entirely responsible for keeping it safe. If you forget your password or backup phrase, you will no longer be able to access your wallet – and neither will Zumo.
- If this is your first exchange: You can store, spend and send your crypto assets easily through a well-designed app.
- If you’re switching exchanges: You can take advantage of having more control through a “non-custodial” wallet, giving you more freedom when it comes to accessing your assets.
Finder ratings for Zumo
|Transferring money or assets||★★★★★|
|Fees and costs||★★★★★|
|Ease of use||★★★★★|
What to know about Zumo
Zumo’s key difference is that it offers a “non-custodial” wallet. So this means that your crypto assets aren’t stored by Zumo itself. Instead you are given direct access to your own cryptocurrency wallet. This will give you more freedom when it comes to accessing your crypto, as it eliminates any third parties between you and your assets. However, it does mean that you are entirely responsible for keeping your crypto assets safe.
You’ll need to fully verify your account before you can begin purchasing cryptocurrencies through Zumo, and you will need to link your UK bank account to fund your account.
If you want, you can also use a virtual or physical Zumo Visa card to spend online and in-person. Although, this is being touted as a way to “pay with crypto”, your crypto will first need to be converted to GBP.
What is it like to use Zumo?
Zumo is an eye-catching and well-designed app that provides an easy-to-use interface.
Does Zumo have good customer support?
Zumo seems to have limited customer support. Its main customer support service appears to be its web chat, which can be accessed online or via the app. Here you can either leave a message or chat with an agent.
There is also an email address if you need to contact the team plus a useful FAQ section. However, reviews on Trustpilot suggest slow response times.
|Support offered||Wait times|
|Email support||Yes||Not clear|
List of services on Zumo
Zumo has some interesting crypto services, such as its convertible Visa card. However, these aren’t as extensive as some other exchanges.
Trading on Zumo
Zumo has features in place to make trading your cryptocurrency easy. One such feature is Price Alerts, which notify you when the price of a cryptocurrency has reached a certain level.
Trades are easy to make within the app, you simply need to tap on the Exchange tab and select whether or not you want to buy or sell Bitcoin or Ethereum. Or pick the cryptocurrency pair that you want to exchange.
Keep in mind that while you can hold a Bitcoin SV wallet with Zumo, it isn’t currently tradable. But there are plans to introduce it soon.
Debit card on Zumo
Zumo has a convertible Visa debit card that allows you to spend your cryptocurrencies online. The most important thing to understand about this is that while it is being touted as a way to “pay with crypto”, your crypto will first need to be converted to GBP.
Currently, it only has the Virtual version of its card available for new customers. There is an ongoing fee commitment if you do opt to use the card, which is £2 per month or an annual payment of £20. This may put some people off requesting one.
Whilst crypto trading isn’t regulated, the Financial Conduct Authority (FCA) keeps a register of firms and they must pass checks for anti-money laundering and anti-terrorism activity. Zumo is on the FCA’s cryptoasset register.
Zumo has not had any past hacks.
Zumo has end-to-end encryption as all its cryptographic keys are generated and managed on your device and all encryption is done locally. It also has 1,000,000 PBKDF2 iterations to protect accounts from the potential of a brute force attack.
The backup phrase that is given to you as part of the sign on process acts as your private key, which allows access to your account whenever you need it. However, if you lose this phrase, you could be locked out of your account and your assets lost forever.
As a decentralised wallet that only you can access, your Bitcoin and Ether are securely held on the Blockchain. As a result, Zumo is never in possession of your assets, so does not have any form of insurance in place.