In this guide, we will examine what Zonda Crypto Exchange is, where it operates, and whether it’s a safe platform to use for crypto investors. It also analyzes the platform’s reputation in the industry, its notable achievements, and security measures.
About Zonda crypto exchange
Zonda crypto exchange is a regulated cryptocurrency exchange platform that operates in Estonia. It is licensed by the Estonian Finance Intelligence Unit (FIU) and embraces robust anti-money laundering procedures. It also has Italian and Canadian licenses.
In Estonia, Zonda is collaborating with ZEN.com, a licensed financial institution supervised by the Central Bank of Lithuania. ZEN is also approved by the European Banking Authority to operate in 31 countries.
Under this partnership, Zonda gives its users multiple easy ways to top up their accounts and make payments with crypto. Additionally, Zonda is one largest digital asset investment platforms in Europe with over one million users.
Zonda offers users 5 key security and privacy benefits:
- Two-factor authentication;
- Encryption;
- AML/KYC;
- Cold wallets;
- Transfer authentication.
The platform has acquired credibility as a financial investment platform and the following factors have contributed to its trustworthiness:
- Has been operating since 2014;
- Full regulation and supervision by FIU;
- Advanced anti-money laundering procedures;
- Registered by the Estonian government (Estonia Registration of Entrepreneur Number 14814864.
As a regulated crypto exchange platform, Zonda allows its customers to exchange and swap fiat currencies such as EUR, USD, PLN, or GBP with cryptocurrencies of their choice.
Additionally, it enables users to exchange fiat currencies with one another, making it suitable for crypto investors and traditional traders because they can easily deposit and withdraw fiat money in their chosen currencies working seamlessly through bank cards, instant bank transfers, or traditional bank transfers.
Zonda offers trading tools for everyone, including individual and business investors. The Individual Exchange product caters to the needs of individual investors while the Business Exchange product works for established crypto investors who may need credit limits and extra support.
Zonda’s reputation in the industry
Sylwester Suszek, a crypto enthusiast and industry speaker, launched the original company named BitBay, in Poland in 2014. After its launch in Poland, the company dominated the Polish market and became a symbol of crypto exchanges in the country.
Note: In November 2021, BitBay moved to Estonia, where BB Trade Estonia OU became the chief operator of the crypto exchange platform. After obtaining its FIU license, the company rebranded to Zonda in 2021, with a goal to operate beyond Poland and Eastern Europe.
The following are notable Zonda milestones:
- 2015 – 2017: Launched new platforms which kick-started the technological efforts for further expansion;
- 2017: Received The Best Cryptocurrency Exchange Award at the Cryptocurrency World Expo;
- 2017: Granted Polish Innovation Award by the Polish Congress of Entrepreneurship;
- 2018: Rated The Best Cryptocurrency Exchange by Berlin Summit 2018;
- 2019: Rated Best Blockchain Exchange of the Year by Invest Cuffs;
- 2019: Obtained the Estonian FIU license, which allows Zonda to operate in the EU and offer fully regulated crypto payments. It also got approval to work with FINTRAC in Canada for further expansion overseas;
- November 2021: The company rebranded to Zonda, as part of its global expansion.
Zonda’s key security measures
Zonda cares for the safety of its clients in several different ways by providing original security solutions and features that allow users to secure their accounts.
The exchange reports that it’s the first crypto platform in Estonia to pass the country’s new regulatory rules that saw it become fully licensed by the Estonian Financial Intelligence Unit in the autumn of 2020.
Here are the security solutions and features that enable Zonda users to have constant control over their funds:
Strong password
Zonda advises its clients to use strong passwords, not only for their Zonda accounts but also for their e-mail and social media accounts. The company emphasizes that all passwords should be different, especially the Exodus password.
The Exodus password protects the user’s wealth by blocking anyone with access to their computer from accessing their Exodus accounts and sending out money. This is quite important for any Zonda account holder who may be living or working in a place where other people may have access to their devices.
Two-factor authentication (2FA)
This option allows users to secure their Zonda accounts by strengthening passwords. The two-factor authentication brings in an additional element, which is more difficult to manipulate. It involves the following alternatives:
- Email codes: An email code is an easier method that doesn’t require the user to download any application on their mobile phone. At each login, they get an alert code by email, which they must enter in the window that appears after entering the password of their Zonda account.
- Google Authenticator: This mobile application allows users to generate one-time unique codes to log in. After entering the Zonda account password, a window appears where the user has to enter the code generated by the Google Authenticator. This is a robust method of securing an account because it requires an additional device. In case someone hacks a user’s computer, they may not have access to the user’s mobile and so they can’t log in.
Notifications and alerts
Another method of securing accounts is by turning on confirmations for every action they make on their accounts. This option guarantees that no one can withdraw money from the user’s account without their knowledge.
Zonda allows customers to confirm their actions using e-mail codes or one-time GA-generated codes. It works similarly to the 2-factor option and after some actions, a user will see a popup where they enter the code. The action is completed only after providing the correct code.
Funds safety
Zonda crypto exchange uses cold wallets which are encrypted to store all cryptocurrency funds under its custody. This means the user’s funds are not directly connected to the exchange’s servers, making it impossible for third parties to access those funds. Importantly, the fiat currencies being traded on the exchange, including USD, EUR, and PLN are approved and guaranteed by the bank.
Encryption
To beef up its safety measures, Zonda uses dedicated and encrypted servers with full redundancy. All its databases, wallets, backups, passwords, and other important data are properly secured with SSL encryption (HTTPS) to make them tamperproof. This ensures users’ data is safe while using Zonda.
Transfer authorization
The exchange’s employees must authorize all deposits and withdrawals done on Zonda. Authorization is the basis by which an account holder delegates the authority to complete various stages of a transaction. The stages in funds transfer involve the following processes:
- Recording: Initiation, submission, and processing;
- Approving: Pre-approval and post-approval review;
- Reconciling: Confirm that every stage is executed correctly and the figures are balanced.
Accountholders should have first-hand knowledge of the transactions being approved and even review supporting documentation to confirm the validity and appropriateness of any transaction executed.
AML/KYC policy
Anti-Money Laundering (AML) and Know Your Customer (KYC) are strongly rooted mechanisms against money laundering and terrorism financing. This policy consists of the following components:
- Account verification: Every user who wants to pay in fiat currencies such as USD, EUR, or PLN must verify their account. The verification process involves sending scans of an identification document such as a national ID, passport, or a driving license and proof of address. All the data collected is stored in encrypted servers.
- Transfer title: Zonda crypto exchange adds deposits to accounts only after getting the correct transfer title.
- Safety PIN code: Each user on Zonda must set up a 4-digit safety PIN code during account registration. No information is passed without the PIN code if a user contacts the exchange’s support. Any user who fails to remember their PIN code must send a picture holding the ID document used during account verification. If a user doesn’t remember the PIN code and the account is not verified, the system will require full account verification.
- Transfer delay or account blocking: According to Zonda’s Terms of Use, the exchange has the express authority to block a deposit or an account if there’s a suspicion of crime linked to it.
- One user, One account policy: Zonda crypto exchange allows one person to own only one Zonda account. This policy is deeply entrenched in the exchange’s Terms of Use.
Importantly all Zonda employees in the AML department have the Certified Anti-Money Laundering Specialist (CAMS) certification, which is the global gold standard in all AML certifications.
Customer support
Any system is not 100% perfect, which is why users often reach out when they encounter a problem.
Zonda crypto exchange has put in place relevant avenues where users can get help, as follows:
- Helpdesk: An online forum where users can ask questions and get answers regarding digital currencies, accounts, exchanges, trading, affiliate program, and more;
- Zonda academy: Zonda uses this resource to enlighten clients about crypto, including a beginner’s guide to crypto, crypto investment basics, charts, and their analysis;
- Zonda blog: Zonda runs a monthly blog where existing and aspiring users can read about what’s trending in the crypto space;
- Contact us page: In addition to the helpdesk, Zonda has a Contact Us page where customers can reach out with any concern regarding their relationship with the exchange;
- Social media platforms: Interested users can get more updates and real-time engagement between the crypto exchange and its community on social media channels. Zonda is available on LinkedIn and Telegram.
Final thoughts
Overall, Zonda is one of the largest and most well-regulated crypto exchanges in Central and Eastern Europe, in addition to its Italian and Canadian licenses.
With its security measures such as encryption, strong password, 2FA, and cold wallets in place, Zonda is one of the safest crypto exchanges to use. Its strong regulation, intuitive interface, excellent customer support, and faster verification process are some of the outstanding features that attest to its reputation.
FAQs on Zonda Crypto Exchange
What is Zonda?
Zonda is a cryptocurrency exchange based in Estonia. Originally launched as BitBay in Poland, the company rebranded to Zonda in 2021 after obtaining its FIU license.
What services does the Zonda crypto exchange offer?
Zonda offers the following key services:
- Fiat to crypto exchange;
- Crypto to fiat exchange;
- Crypto to crypto exchange;
- Fiat to fiat exchange.
Customers can use their cards to do instant bank transfers or traditional bank transfers.
What security measures does Zonda implement to keep funds safe?
Zonda implements various security mechanisms to ensure customers’ funds and accounts remain safe. Some of its security features include two-factor authentication, stronger passwords, data encryption, and more.
What is Zonda’s reputation in the industry?
Since its launch in 2014, Zonda maintained a strong record of trustworthiness supported by its robust security features. Besides, the company has won several awards and it’s rated 4.7 stars on Trustpilot.
