How to buy and sell Bitcoin: Our guide to buying, selling, storing, sending, and spending your Bitcoin wit Zumo's crypto wallet
Zumo provides you with a personal non-custodial digital wallet, meaning that we can’t borrow, invest, or loan your funds, and we can’t access the Bitcoin in your account, even if we wanted to.
To preload your GBP wallet, transfer funds from your linked bank account to your Zumo Wallet.
Whilst there is no minimal limit on your deposits, please be aware that there may be delays and additional checks if your deposit exceeds a certain limit. We’re in process with the FCA (UK) to become an Electronic Money Institution, as such we run ID verification on all users and anti-money laundering checks on activity.
After successfully activating your Zumo account and linking your UK bank account, you should have access to three wallets; Bitcoin, Ethereum and GBP.
You can see here that we’ve already added £50 to our GBP wallet, and will be using these funds to buy some cryptocurrency at the Exchange.
To access the Exchange screen we need to tap Exchange on the bottom menu.
After tapping on Exchange on the bottom menu, you’ll be faced with four currency conversion options. At this stage you can choose whether you buy Bitcoin(BTC) or Ether (ETH).
Today we’re buying Bitcoin so we tap on the top option BTC/GBP, and view the trading window showing the historical prices of Bitcoin on the next screen. We can easily switch between the 1 hour, 1 day, 1 month, 3 month, and 1 year price charts.
Once we’re happy that we want to buy Bitcoin, we tap on the light-blue button that says Buy / Sell Bitcoin to get to the next stage.
We’ve chosen to buy Bitcoin, and after entering 20 next to GBP we tap Next.
Now we’ve reached Step 1 of the transaction process, choosing the amount of GBP we want to exchange into Bitcoin. Here, we’ve chosen to convert £20 into Bitcoin, and it’s as simple as entering the number and then tapping on the Buy button.
Now we’re shown a full fee breakdown, with no hidden costs, detailing exactly how much Bitcoin we’re getting in this trade. We accept the fees by clicking Buyagain, and within seconds this transaction has hit the network.
It really is that simple. To check on the status of the transaction, we visit our Bitcoin wallet screen and tap on the transaction in the feed.
Whether you’ve transferred it from another account or previously bought it through our secure exchange, you can withdraw Bitcoin as GBP with just a few clicks.
First access the Exchange screen by tapping Exchange on the bottom menu, and then, as we did when buying Bitcoin, select the top option BTC/GBP. This leads you to the Bitcoin price charts, so you will need to tap the button again to bring up the transaction screen.
By tapping on the small blue circle with white arrows between the GBP and BTC icons, you can swap the top line from GBP to BTC.
Now you can enter in the precise amount of Bitcoin that you would like to sell, and then tap the Buy button to confirm.
You’ve now sold your Bitcoin and your exchange order should now be pending.
You are able to monitor the progress by tapping on the transaction in your Bitcoin wallets activity feed, and you will receive a notification when the process is complete.
To withdraw funds from your GBP wallet, tap Send from the bottom menu, then tap on the Withdraw Funds button below the search box. This should bring up the option of choosing either an external wallet address or your linked UK bank account. Select linked UK bank, enter the amount you wish to withdraw, and then tap the Next button to move your funds.
You have now successfully bought and sold Bitcoin and, by taking complete control of your own finances, you have become part of the future of smart money.
Zumo is a wallet and payments platform that makes your money and cryptocurrency work seamlessly and safely together.
We want to share the benefits of investing in cryptocurrencies with everyone in our bid to create a better, more equal global financial system.
Our technology is designed to give the power back to the people and unlock safe smart money for everyone.