Zebpay application users can buy, sell and store cryptocurrencies using their mobile numbers and a 4-digit pin.
Zebpay is India’s most popular Bitcoin exchange and mobile app provider. It is the country’s first Bitcoin company to launch a mobile app to facilitate cryptocurrency transactions using mobile numbers. Users can buy, sell and store cryptocurrencies using their mobile numbers and a 4-digit pin.
Zebpay was founded in 2015, with an aim to simplify Bitcoin trading and provide a seamless experience for all the crypto enthusiasts in India, where digital currency is yet to gain a strong foothold. Headquartered in Singapore, with offices all over India, the Zebpay app crossed a million downloads in September 2017. Currently, the app has over 3 million users and was trending on Google Play Store at #6 in the “Top Free” category in finance.
The app can be downloaded for free from the Play Store and is compatible with all Android devices of version 4.0.3 and up. The verification and signing up process is very simple, where users will have to upload a copy of their PAN Card, Aadhar Card and bank documents, while providing other details, such as e-mail address and mobile number(s). It usually takes 3 working days for the process to be completed, after which the app is ready for use.
Zebpay recently added Litecoin and Bitcoin Cash in its list of cryptocurrencies. Following this, it has revamped the app completely to offer users more functionalities. The current version, Zebpay 2.0, allows users to do everything from the home screen. The most attractive feature of the app is its easy-to-use, user-friendly interface. Simplicity is one of the app’s core competencies.
In the bottom of the home screen, users can easily toggle between wallet, history and trade. One can switch between different cryptocurrencies by using the drop-down menu on the top right corner of the screen. On clicking the menu icon on the left, users can access the option of “My Address.” The address is already generated by the app to save users from any hassle. The new QR code design enables sharing on social platforms in a much easier way.
Trading is easy with the app. On the trade screen, one can easily set custom buy and sell rates. Recent orders and trade history are available on the bottom of the trade screen, while the top part shows the last price, along with price change and volume. Users can also get rate alerts, when cryptocurrency prices change, through customized settings.
The newly launched open-order book is a powerful order matching engine, where buyers and sellers can match trades with each other for exchange. This imparts the app more transparency and opportunities for users to efficiently calculate spreads and execute better trades.
The multisig wallets are secure and a 4-digit pin is used to lock the wallet and outgoing transactions.
Like all apps, Zebpay also has some limitations. There is a minimum 10% difference between buy and sell prices, when the markets become volatile. While a difference of 20k or so is understandable, the app sometimes shows difference in lakhs. Selling prices, in particular, are so low that it is difficult to gain a profit.
There are frequent delays in deposit and withdrawal of money, which can sometimes take days to show up in the wallets. The app also occupies a huge chunk of space in the smartphone, making the device very slow. Adding and withdrawing money incurs transaction fees. With every withdrawal, you need to pay a fee of ₹10, but there have been cases where the user has been charged more. So, there is ambiguity here on what the actual transaction price is. Fees are present in trading too, on selling Bitcoin for instance, the app takes away almost 1.87% of the Bitcoin as fees.
The most worrisome aspect though is the price of the cryptocurrencies involved. The prices of cryptocurrencies in India vary from international prices. It is very risky to rely on conversions based on trading prices, denominated in different fiat currencies outside India. Users often find the prices of cryptocurrencies on the app significantly higher or lower than the market price. The price drops are not reflected on the app. Even if market prices drop, the app shows much higher prices on its platform.
The app provides a virtual bank account for storing money. The problem with that is that not all banks accept virtual bank account money transfers. So, the money in the Zebpay wallet might just get stuck in the wallet for some users.
The Zebpay app offers great user experience and gives, comparatively, the fastest signing up and buy-sell process for cryptocurrencies. The app is built in strict compliance with India’s KYC and AML policies. It continuously upgrades its features, taking cues from customer feedback, which is a positive thing. It is planning its launch on iOS version soon, and is looking forward to the introduction of new cryptocurrencies on the platform.
However much has to be achieved in terms of pricing of currencies. Trading in cryptocurrencies should anyway be done with extreme caution, even the app advises so.