Welcome:
Hello again, thanks for reading my blog posts and all the positive feedback and crypto you've sent my way. As always with my posts please do leave your comments below and let me know if I can improve them. As the title indicates this will currently only work for people in the UK, rumour has it they are planning an EU launch though and if that happens I'll update this post.
Things you need to know before reading on:
1. This only works for people in the UK right now (sorry about that)
2. You will have to do a KYC identity check to complete the process and upload your ID (a passport or drivers licence)
3. The £40 is interest earning promotional credit, you cannot withdraw it at all. It will make you about £3 a year that's withdrawable as cash. You can refer other people to earn more in future. (More on that later)
Background:
Who is offering it?
The account and interest are offered by a company called ZEUX and the account I'm referencing here is what they call an "Easy Access Money Pot 5% Fixed interest Rate AER" they are able to offer the 5% rate by partnering with wecash.
How does it work?
It's all done through their mobile app, the process is a little bit like opening a bank account (note that they are not a bank though), when you pay your money into the Easy access pot ZEUX converts the money to BGBP coins (GBP stablecoins) and sends the money to Wecash. Zeux uses stablecoins as an intermediary to reduce transaction and clearing costs and to help UK customers to get access to global products that they previously had no access to. WeCash then creates loans and asset-backed portfolios using the money. They make some money and pay you the 5% interest rate.
Is it safe?
The funds are backed by the asset-backed portfolios and loans, they are also further "guaranteed" by both Wecash and Zeux Ltd. Which means, in theory, the loans would have to fall through and both companies would have to collapse for you to lose your money. That being said as with any investing its best not to put all your money in one place. One thing that very important to note is that funds held within the 5% Easy Access Money Pot are not covered by the Financial Services Compensation Scheme. Capital is always at risk.
More questions?
Zeux provides a handy FAQ section on their website which may answer some of your questions.
How do I get started?
Step 1: Go to the Zeux website on your mobile to link quickly to the right app store page listing. Or search for ZEUX in your favourite app store.
2. Download the app
3. Open the app
4. Tap next through all the info screens until you see the option to join
5. Tap Join Zeux and read through the terms of conditions. Note that you don't have to click the box for marketing here. You do have to scroll all the way through and read it all though. Only tap "I agree" if you actually agree.
6. Read through their Privacy policy and if you accept tap "I accept"
7. Add your phone number (note do not include the 0)
8. Wait for their text and type the numbers they send to you
9. Create a 4 digit pin code and confirm it
10. Add your email address twice
11. That's it, you should be in! Zeux will then ask for permission to access your contacts (which is totally up to you)
What's the KYC security process?
It's quite a long KCY flow but it doesn't take too long to complete (less than 5m) you will need a passport or drivers licence. Once completed the majority of accounts are verified instantly. However, in the case when further verification is required, the process can take up to 1 working day to complete.
Step 1: In the app tap on "Unlock more features"
2. Provide your legal first, middle and last name, as well as your date of birth and citizenship
3. Provide your current residential address (this is where they will post your card to one day)
4. Upload a photo of your passport or drivers licence
5. Wait to be verified. You should get an email and a notification when you are.
How do I get the £40 promotional credit?
To get the £40 promotional credit you will first need to have done the KYC flow above and have had your account verified. The £40 interest-earning credit is part of the easy access pot. It is effectively made up of the referral scheme and you will need a code. You can ask another one of your friends who are on ZEUX, use your favourite search engine to get a code or if you're feeling kind use my code: P9F9T7 which will also give me credit. As mentioned ad the start of the article this credit cannot be withdrawn, but it will score you about £3 a year in interest on its own.
There are two ways to get the credit:
Option 1:
Step 1. On the main app screen tap on "Get free Zeux credit"
Step 2. Tap on "Enter a referral code"
Step 3. Enter code: P9F9T7 (or your friend's code)
When you go to the assets section of the app you will see the £40 credit in the Easy access money pot
Option 2:
Step 1. On the main app screen in the bottom, menu tap on "Assets"
Step 2. Tap "opportunities" in the top right of the assets screen.
Step 3. Tap on the "5.00% Easy access money pot" tile
Step 4. Read the info and tap next
Step 5. Scroll to the bottom of the page that appears and look below the "withdraw money button"
Step 6. Tap on "Enter referral code"
Step 7. Enter the code: P9F9T7 (or your friend's code)
How do I refer others and get more £40 credits?
You can earn another £40 of credit for every person you refer with your code. To get your unique code:
Step 1. From the home screen, tap on "assets" in the bottom menu
Step 2. On the assets screen tap on opportunities in the top right
Step 3. Tap on the "5.00% Easy access money pot" tile
Step 4. Read the info and tap next
Step 5: Tap on the "Get free credit" button
6. Your code should appear for you to share with anyone
That's all from me again, thank you all for reading this and I hope you feel like signing up using my code or giving me a tip for writing. As always please do leave your comments and feedback in the section below, I'm always looking to improve. Thanks again.
** Disclaimer: The information summarised here does not constitute financial advice or other professional advice. You should always check the suitability, adequacy and appropriateness of the product that is of interest to you. It is your responsibility to satisfy yourself that you wish to obtain any product before applying for it. If you are in any doubt as to the suitability, adequacy or appropriateness of any product referred to by me on this platform, I suggest that you seek independent professional advice before you obtain anything.
