I had heard a lot about Zelcore so I decided to give it a go. In this review, I test out Zelcore wallet and analyze its pros and cons.
Overall rating: 3/5
Zelcore is a robust wallet that aims to be a one-stop shop for all things crypto. I like that you can store multiple cryptocurrencies on it, choose from a selection of third-party exchanges to trade on, and easily buy crypto with my dollars using their integration with MoonPay. Where I found the wallet lacking was concerning their security measures and the overall user experience which feels as if the app has been hastily put together with poor design aesthetic.
Background
Zelcore is a multi-currency crypto wallet that was created by the same team behind the Flux ecosystem. The easiest way to understand what Flux is is to think of it as a decentralized cloud solution on top of which you can build dApps using Flux’s smart contracts. The Zelcore wallet supports some of these dApps from within the app.
Let’s take a look at Zelcore’s main features:
Features
- Available to download across devices
- 250+ cryptocurrencies
- Security and privacy-focused
- Ledger and Trezor enabled
- NFT support
- Swap exchange
- Fiat onboarding via MoonPay
- Non-custodial wallet
- Multilanguage: English, Czech, Danish, German, Spanish, French, Italian, Norwegian, Polish, Portuguese, Serbian, Finnish, Swedish, Turkish, Greek, Russian,
The wallet setup guide is available here
Pros
#1. Available across devices
Zelcore is available to download on the following devices
- As a mobile phone app on Android and iOS
- As a desktop app on Mac OS, Windows, and Linux
- As a Chrome web browser extension
#2. Multi-asset platform
The wallet supports more than 250 and 50,000 tokens. And yes, if your desired coin is not amongst the default digital assets, you have the option to import it using its contract address.
#3. Non-custodial
Zelcore encrypts and stores your private keys on your device. This means that only you have access to the keys and that they are not available on some central server somewhere waiting to be hacked.
#4. Easy sign up
Setting up a Zelcore account was pretty easy to do. All I needed to do was set up a password and username and then I could see a list of crypto assets and the wallet address for each.
#5. Exchange
Zelcore has partnered with some of the top exchanges for you to be able to swap cryptocurrencies directly within the wallet. The default option is QuickSwap. QuickSwap is an exchange aggregator which searches for the best rate across exchanges. If you do not want to use QuickSwap to trade crypto you also have the option of using Binance DEX, Binance’s decentralized exchange.
Zelcore also allows you to connect directly to your favorite centralized exchange. The free version offers you access to
- Kucoin
- Gemini
- Gate.io
- and Stex
If you are a premium Zelcore user you also have access to the following exchange platforms:
- Serum DEX
- Coinbase Pro
- FTX (it seems strange that they list FTX since it has now gone bankrupt)
- FTX US
- Binance
- Binance.us
- Kraken
- Huobi
- Bittrex
- AscendEX
#6. Fiat onramps
If you don’t already have any crypto you can buy some directly from within the app. Zelcore partners with third-party fiat on ramping providers such as MoonPay. This means that you can buy crypto using a debit card or bank transfer directly from within your wallet account.
#7. Security
When you first sign up to Zelcore you are asked to provide a username and password. These are directly linked to your private keys. The wallet encourages you to set up d2FA which stands for decentralized two-factor authentication. This is a pin that is stored on the Flux network. You also have the option to set up a passphrase, fingerprint ID, or Face ID to log in faster.
#8. NFT Gallery
Zelcore includes an NFT gallery which is in beta at the time of writing. The cool thing about this gallery is that it is cross-chain so you can store all your NFTs in one place no matter what platform you bought them on.
#9. Hardware wallet compatible (coming soon)
The wallet is expected to be Compatible with the two major hardware wallet brands: Trezor and Ledger in the near future.
#10. Manage FluxNodes
One of the advanced features of Zelcore is that it allows node operators to manage their FluxNodes. This is how Zelcore first emerged and why it is more popular with the crypto-mining community.
FluxNodes are a key component of the Flux blockchain network. They are nodes that participate in the operation and governance of the Flux network:
- Blockchain Network Support: FluxNodes play a crucial role in supporting the Flux blockchain network by validating transactions, maintaining the blockchain’s ledger, and ensuring the network’s security and integrity.
- Two Types of FluxNodes: There are two types of FluxNodes within the Flux network: Validator Nodes and Service Nodes.
- Validator Nodes: These nodes are responsible for validating transactions and securing the network by participating in the consensus mechanism. They help confirm the legitimacy of transactions and contribute to the creation of new blocks.
- Service Nodes: Service Nodes provide additional services to the Flux network. They can be involved in various functions, including decentralized applications (DApps), storage services, content delivery, and more. Service Nodes can also contribute to network governance.
- FLUX Token Staking: To run a FluxNode, participants are typically required to stake a certain amount of FLUX tokens as collateral. This collateral helps ensure the reliability and trustworthiness of the nodes and their operators.
- Incentives: FluxNode operators may receive rewards for their participation in network validation and services. These rewards may include FLUX tokens or other incentives.
- Network Governance: FluxNodes may participate in the governance of the Flux network, including voting on network upgrades, proposals, and changes to the network’s parameters.
- Decentralization: FluxNodes contribute to the decentralization of the Flux network by providing a distributed infrastructure for its operation and services.
Cons
#1. User interface
The overall user experience feels as if you are navigating an app that has been hastily set up by developers with no design experience. While easy to use the best word I have to describe the experience of navigating the app is clunky and amateur. The wallet is functional, and has large fonts but it ain’t particularly pretty to look at. For example, the layout of the input fields on the exchange looks squashed with small print sometimes going over the margin of the input fields. Zelcore loses cookie points here.
Another red flag is that some components seem out of date. For example, why would you have FTX and FTX US as an option?
Added to this the FAQ page is sparse and there is no about us page to share the background of the wallet’s founders and put users’ minds at ease that they have the expertise and authority to be trusted.
#2.Security
If you scour the Reddit forums you will see most people are recommending to stay away from a wallet due to its non-standard encryption of the private keys.
What Zelcore has done for simplicity is to derive the private keys from your username and password. But if they can do it then so can any hacker worth his salt. If anyone were to gain access to your username or password it would be equivalent to them owning your crypto assets. And in general usernames and passwords are not the biggest challenge for hackers to figure out.
The most common way people get scammed is while seeking support from others on Discord servers. Scammers will pose as helpful community members on these forums but filling in one wrong link with your details can compromise your assets.
If you do decide to use Zelcore make sure you set up a strong password and do not store a large amount of crypto on it. If you have a large amount of crypto buy one of the hardware wallets
#3. Transaction History
There is no transaction history or option to export a CSV for you to calculate your crypto gains at the end of the day.
#4. Not open source
Zelcore’s source code is proprietary. This is fine by me but most people in the crypto space prefer it when platforms are open source. This reduces the chances of there being back doors and security vulnerabilities built into the wallet.
#5. No web 3
For a multi-asset wallet, I was disappointed to find there was no Web3 browser directly integrated into the wallet. Other wallets that want to be your one-stop shop for all things crypto will usually offer integration with DeFi via the app so that you can lend, borrow, or stake your crypto for additional financial yield.
Fees
There is no transparency around Zelcore’s fees. What you can expect is that you will certainly pay transaction fees for sending, trading, and receiving crypto. These fees go directly to the blockchain network and you would need to pay them even if you were not using a proprietary wallet. In addition, you need to account for fees paid to exchanges and fiat on-ramp providers.
Zelcore+
Zelcore users who are willing to pay $4/month get access to the platform’s premium services. These include
- message signing
- Full chart UI
- Full exchange
- Full features
- Offline notifications
- Portfolio tracker
- Option to take notes next to transactions
- FluxNodes overview
Zelcore does not explain what all of these features are so it’s hard to decide wether they are worth the extra money or not.
Resources
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