FAQ

01.
What currencies could be stored in XZEN wallet?
Now you can store in XZEN Bitcoin and Ethereum. But in the nearest 2 months we plan to add some new frequently used currencies including: USDT, EOS, LTC, BCH
02.
How to buy cryptocurrencies with bank card?
  1. Install XZEN iOS or Android App
  2. Tap Buy at the right part of desired account (currency) at the Portfolio menu
  3. Enter the amount you'd like to buy in crypto or in your local currency
  4. After reviewing your order, tap Next
  5. Enter bank card details and required for verification information if needed
  6. Wait some minutes till cryptocurrency will be deposited to your account
03.
How long does a purchase take to complete?

XZEN always makes your funds available in your account as soon as purchase is verified and confirmed. But process of verification is made by our partners and requires some time. In most cases it takes about 3-5 minutes but sometimes, especially during the first purchase it can take up to 30 minutes.

You can check online status of your purchase in the list of your transactions at Accounts menu. There you will see if it is still verifying or already completed.

04.
When do I need to verify my identity?
You can create an account in XZEN App, receive and send cryptocurrencies without any verification. But all operations connected with cryptocurrency purchase from bank cards require verification.
05.
Why am I being asked to verify my identity?

ID verification is necessary for 2 reasons:

  • it is obligatory according to anti money laundering legislation
  • is required to prevent fraud. It is extra layer of security that helps to ensure no one but you links your bank card payment information
06.
How can I restore my wallet?

Understand that for your safety we cannot access or recover your wallet or backup phrase.

The ONLY way to recover your wallet is by using a recovery phrase containing 12 words. Recovery phrase was given to you when registering in the wallet. You must write it down carefully and store it in some place inaccessible to others.

Remember that without backup phrase it is not possible to recover a wallet and all the funds could be lost.

07.
I have lost my phone or forgot the PIN.

Don`t worry. Recovery process takes just several minutes and consists of a few steps.

  1. Take your recovery phrase containing 12 words that you were given when registering in XZEN mobile application.
  2. Open (reinstall) XZEN mobile application and tap Restore Your Wallet at the first screen.
  3. Enter 12 words from recovery phrase and tap Next.
08.
Is using XZEN secure?

To ensure the highest level of security and safety of assets within XZEN wallet, we have developed a proprietary security system called XZEN Cyber Security. It is based the world’s best protection practices such as layered encryption, multisignature, use of hard¬ware security modules and many others.

Moreover, each operation is registered in our blockchain and access to accounts have only users. No one of XZEN staff or other third parties can access your account, change or block any transaction.

09.
What's under the hood of XZEN?
XZEN is developed on a complicated software architecture called XZEN Core. XZEN Core innovatively combines various technologies the main of which is one of the most cutting-edge and fastest blockchains, based on the Graphene protocol. Thanks to it, XZEN uniquely combines amazingly fast speed, low commissions (actually all transactions are instant and zero-fee) and decentralized architecture.
10.
What are features and advantages of XZEN blockchain?

Unlike banks, this is new era of finances when there is no single control center. All transactions are peer-to-peer and users are the main beneficiaries of the system.

The most significant advantages of blockchain are:

  • decentralized network management
  • protection of accounts from lockouts
11.
Is it legal to use XZEN?

Absolutely. XZEN App is developed and operated by XZEN EST OÜ (Registry code 14598076).

XZEN EST OÜ is a licensed provider of Virtual Currency Wallet Services (FRK000468) and Services of Exchanging a Virtual Currency Against a Fiat Currency FVR000556), operating under licenses of the Estonian Financial Intellegence Unit (FIU).

12.
When can I buy the hardware wallet?
We expect to produce the first industrial model till the end of 2019. Start of sales is planned for the beginning of 2020.
13.
What is a projected consumer price of XZEN wallet?
Currently the projected consumer price is €120-175.