Last Updated on
Zebpay wallet is a mobile and web-based crypto exchange and wallet service provider with years of experience in the industry. It was made by a crypto company that has been in the business since 2014. The company was once known as BuySellBitcoin. In this Zebpay wallet review, we have conducted an in-depth analysis of its features so as to determine whether it is the safest wallet out there and have found that it is not to a safe option for storing cryptocurrencies online. Read on to find out why we we would not recommend this wallet, and how to find a better crypto wallet.
What is Zebpay Wallet?
Zebpay wallet is a product of Zebpay, a crypto company that has been in the business since 2014. Prior to this, the company existed under the name BuySellBitcoin, which had been founded in 2012 by Mahin Gupta. When it rebranded to Zebpay, two more partners joined, Sandeep Goenka and Saurabh Aggarwal.
It is primarily an exchange and trading platform which offers crypto storage facilities. Initially, it focused on the Indian market where at one point it had a 60% market share. But with time, it has expanded to gain global footing.
Currently, the platform has its headquarters in Singapore and operates in over 132 countries. Though it is not a regulated platform, it seeks to comply with Know Your Customer (KYC) requirement, requiring identity verification for all its users.
Zebpay wallet compatibility
Zebpay is compatible with
- PC browsers
What wallet type is Zebpay?
- Hot wallet
What cryptocurrencies does the Zebpay wallet support?
- Bitcoin Cash
What fees does Zebpay wallet have?
There are no Zebpay wallet fees for using the service. The platform uses a zero-fee policy for all services including deposits, withdrawals and even trading.
How to open your Zebpay Wallet account
Now that we have figured out the basic information, let’s learn how to open Zebpay wallet:
Step 1: To get started, open the official Zebpay site and on the home page, click the Android or iOS icon to download the mobile app.
Alternatively, to use the web version, click “Sign Up” at the top right corner of the page.
Step 2: For illustration purposes, let us click on the “Sign Up” button. That will take us to a registration page
Step 3: Fill in your first and last names, email address and mobile phone number
Step 4: Create a PIN code for your account
Step 5: Enter the PIN code again for confirmation
Step 6: Accept the terms and conditions and tick the “I’m not a robot” box and then click “Continue”
Your wallet is now ready to use. That is everything you need to know about how to open a wallet on Zebpay. However, to be able to send, receive or trade any cryptocurrency, you will need to verify your account. In addition to your email address and mobile number, you will also require:
- Proof of identity
- Proof of address
- Verification video (For users in all countries except Australia)
How do I add cryptocurrencies to Zebpay Wallet?
Let us now find out how to add currency to Zebpay wallet:
Step 1: Whether you have cryptocurrency in another wallet or are buying from an exchange, all you need to add coins to your wallet is the wallet receiving address. Click on the currency you want to add
Step 2: Click “Receive” to view your Zebpay wallet address. It is shown under “My Receiving Address”
Copy it and paste into the other wallet or exchange to get cryptocurrency. If you were wondering how to transfer Bitcoin to Zebpay wallet, how to transfer Ethereum to Zebpay wallet or how to transfer Ripple to Zebpay wallet, this is the procedure to use.
How to send payments on Zebpay wallet?
Next, we want to learn how to send payments on Zebpay wallet:
Step 1: On the home screen, select the cryptocurrency you want to send
Step 2: Click “Send”
Step 3: Enter your recipient’s wallet address
Step 4: Enter the PIN code to confirm transaction
How do I receive payments on Zebpay wallet?
Receiving payments on Zebpay is pretty easy. This is what you need to do:
Step 1: From the list of available coins, select the one you want to receive
Step 2: On the home screen, click “Receive”
Step 3: On the bottom right side of the screen, click + to create a new Zebpay wallet address, label it and then share it with the person sending you a payment
How safe is Zebpay Wallet?
There are a number of Zebpay safety features that ensure user funds are secure. Let’s take a look:
🔒 Cold Storage
Zebpay wallet stores 98% of user funds in cold storage. These storage facilities utilize HSM (Hardware Security Module) signing and are located in different countries. Furthermore, the computers used are air-gapped. This means that though they are networked, they are physically isolated from unsecured networks such as the World Wide Web and other local area networks.
Zebpay also implements its own proprietary security protocol by virtue of a platform known as Omnitrixx. That is a multi-chain security system which aims to protect transactions taking place between hot and cold storage wallets.
🔒 Bug Bounty Program
To incentivize white hat hacking, the wallet service provider has implemented a bug bounty program. Security researchers are thus motivated to test the security systems for bugs or issues that could pose a risk in exchange for rewards.
🔒 Two-Factor Authentication (Optional)
Zebpay users have the option of enabling 2FA to enhance their wallet security. With this feature, you can set a second level of authorization for account access.
🔒 Transaction Alerts
Zebpay alerts its users via email or SMS on both incoming and outgoing transactions. As such, it is easy to keep track of account activity and note suspicious transactions.
The above Zebpay safety features offer a reasonable level of protection for user funds. However, the platform is not completely safe as it is not regulated. Though this seems to be the rule rather than the exception in the crypto industry, there are a few regulated platforms in the space. One such platform, eToro, is in fact regulated in multiple countries including:
- UK – Financial Conduct Authority (FCA)
- US – Financial Crimes Enforcement Network (FinCEN)
Cyprus – Cyprus Securities and Exchange Commission (CySEC)
- Europe – Markets in Financial Instruments Directive (MiFID)
- Australia – Australian Securities and Investments Commission (ASIC)
- Gibraltar – Gibraltar Financial Services Commission (GFSC)
As such, it is one of the safest options in the crypto sector.
Zebpay Wallet Pros and Cons
In summary, let us consider some Zebpay pros and cons:
Zebpay Wallet vs. other wallets – how does it compare?
- Funds Storage
When it comes to storage of user funds, Freewallet keeps all funds in cold storage in offline vaults. Zebpay, on the other hand, keeps 98% of funds in cold storage. Neither of them has however been hacked to date.
- Variety of Supported Coins
Freewallet has a wider range of supported coins than Zebpay. It is, in fact, a lot more versatile as it offers its users options to choose from a long list of single- and multi-currency wallets.
Omni is a web-based wallet and is inherently vulnerable to malicious attacks as it stores funds in hot wallets. Zebpay is also web-based but stores most funds in cold storage and is thus less vulnerable.
Omni is a lot less functional than Zebpay. It supports fewer coins and does not have any other services apart from crypto storage. Zebpay offers storage, trading and exchange.
At the end of the day, one of the features that carries the most weight in wallet choice is security. And in this regard, eToro wallet is a clear winner. Not only has it implemented worthwhile security measures, but it has also gone the extra mile to comply with various regulators. This makes it one of the safest options in the market.
You can download Zebpay wallet on Google Play Store for Android or Apple AppStore for iOS.
Delete the app from your device and install it afresh. Log in using the same details as before and your wallet will be accessible once again.
When setting up Zebpay wallet you will be required to create a PIN code for account access. If you have forgotten the PIN code, start by launching your app. When you get a prompt to enter the PIN code, click below the entry box on the “Forgot PIN” button. This will send an authentication email to your inbox. Use the details you get to reset your PIN. However, if you still have your PIN, go to Main Menu>Security Center>Change PIN.
When you reset your PIN, Zebpay places a 24 hour restriction on outgoing transactions, changing bank details and adding new send addresses. Normal transactions will resume after this period elapses.
To close or deactivate your account, go to Menu>Security Center>Deactivate Account. Confirm your intention to permanently close the account and then enter your security PIN. You will receive a notification on email about account closure
Your mobile number serves as the unique ID for your wallet. Once you renew your SIM card, reinstall the Zebpay app on your new device. Enter your mobile phone number and PIN to restore the wallet.
Go to Menu and refresh your app by tapping on the Refresh icon on the top left corner. You can also select a specific currency and tap on the balance to refresh it.
You need to verify your account in accordance with KYC requirements so as to view your receiving address.