Now You Can Trade Crypto In Your ZenGo Wallet
TL;DR: ZenGo now supports crypto trading, allowing you to cheaply, quickly, and conveniently exchange Bitcoin, Ethereum, and other cryptocurrencies without ever leaving the safety of your ZenGo wallet.
We’re excited to announce support for crypto trading directly in your ZenGo wallet. Now, in just a few taps, you can exchange one crypto asset for another without ever leaving the safety of your wallet. You can trade between several different assets including Bitcoin, Ethereum, Tezos, USD Coin, and more. Moreover, trading on ZenGo is cheap. As a launch special, processing fees are just 0.125%.
ZenGo Trade makes everything easier, whether you’re frequently spending your crypto or storing it in ZenGo Savings to earn interest. Explore below different ways you can use this exciting new feature.
What is Crypto Trading?
Trading allows users to exchange directly between supported cryptocurrency pairs. Want bitcoin but only have ether? Select the assets, tap the Trade button, and voila!
Now you have bitcoin.
Trades are extremely convenient since they happen fast and don’t require leaving your ZenGo wallet. With ZenGo Trade, you own your assets immediately after the trade without any cumbersome withdrawal process.
ZenGo Trade is cheaper, faster, and more convenient than the equivalent process on an exchange (where you would have to deposit an asset, trade it for another asset, and withdraw the funds back to your wallet). When you consider the cumulative cost of exchange and withdrawal fees, trading in ZenGo is even more attractive.
How does trading work in ZenGo?
We support a broad set of trading pairs in the app.
In many wallets, you can only trade cryptocurrencies that are built on the same blockchain (such as trading ether with any ERC-20 token). But with ZenGo, you can trade any ZenGo-supported asset for any other ZenGo-supported asset. This includes, for example, trading between Ethereum and Bitcoin or Bitcoin and Tezos. This is made possible by ZenGo’s integration with Fox.exchange.
ZenGo Trade is extremely simple to use and convenient. The exchange rate is locked in at the beginning of the trade process, protecting you from price movements while it happens. No need for a complicated withdrawal process, particular sign-ups, or cumbersome document submissions.
How Does Trading on ZenGo Differ From Trading on an Exchange?
Without ZenGo Trade, you would need to set up an account and trade on an exchange. With ZenGo Trade, you don’t need to store your crypto on an exchange in order to make trades, nor do you have to transfer your crypto anywhere. And obviously, you do not need to create an exchange account, submit documents, or wait for approval.
ZenGo Trade is also much faster and more convenient than exchange trading. There’re no transfers to worry about and no annoying and expensive network lag time when depositing or withdrawing.
How Can You Use ZenGo Trade?
We’re sure there are many ways of using Trade that we haven’t thought of yet. But here are some concrete ways you could make use of this new ZenGo feature today.
1. Save time and money
In crypto, time is money. Trading cryptocurrencies allows you to profit from rapid price movements. Unfortunately, trading on exchanges is cumbersome since you need to send your crypto to the exchange, wait for your account to be credited, manage the order books, and withdraw your crypto once again.
Just a few minutes can mean missing out on opportune trading moments. ZenGo Trade locks in the price instantly and work far quicker than transferring to and from an exchange. This is ideal for swing traders – those who trade a couple of times a week or less. Swing traders can even convert to stable coins to lock in profits and move back to the original asset when the price is more favorable – all with the tap of a button.
2. Simplify online payments
ZenGo Trade allows you to easily convert funds for online payments to save both time and money. Many online vendors who accept crypto only accept certain cryptocurrencies. Converting through an exchange to a supported currency can be time consuming and expensive. Trade makes it easy to convert to whichever asset is accepted.
If the merchant takes multiple currencies, you can see which crypto has the shortest current transaction time and convert your currency right before you send it to speed up your transaction time considerably.
3. Fill up with gas with only a tap
If you want to begin earning interest on your crypto holdings through ZenGo Savings, you’ll need a small amount of ETH (what is known in the industry as gas) to pay for the transaction. Small amounts of crypto are very difficult to reasonably acquire on exchanges. ZenGo Trade presents a perfect way of acquiring this gas.
You can trade a small amount of any currency for ETH for only pennies and use this as the gas. This also applies if you want to make use of any of the available DApps on Ethereum since they all require gas as well.
ZenGo Trade is All About Usability and Convenience
Trade give ZenGo users exciting new functionality. Now, from your ZenGo wallet on any mobile device, you can trade or convert cryptocurrencies quickly, conveniently, and cheaply.
Check out ZenGo Trade in your wallet today. We’re excited to hear about how you’re using this new feature.