ZenGo Crypto Wallet Review 2022

Photo of author

by Enoch Omololu

Updated

Advertiser Disclosure

Once you’ve purchased a cryptocurrency of your choice and tripled your coins in a good trading deal, you need a safe crypto wallet to store your digital assets. Top options include:

  • The exchange’s custodial wallet
  • Non-custodial software/hardware wallet 
  • Paper wallet

The problem with custodial crypto wallets is that the exchange holds your money for you, and you don’t have total control over your private keys.

Plus crypto exchanges are open to serious hacks, and you could lose your entire investment if the exchange gets hacked.

And while most non-custodial software, paper, and hardware wallets give you total control over your private keys and keep your assets secure in hot or cold storage, they require you to remember complex private keys, and you could lose access to your funds if you ever forget or misplace your private keys.

ZenGo is a top crypto wallet that employs face biometrics to solve these real pain points of crypto wallets so that you can remain an exclusive owner of your assets without the need to memorize complex seed phrases.

So, is ZenGo safe? This ZenGo wallet review walks you through everything you need to know about the ZenGo wallet app.

What is ZenGo Crypto Wallet?

ZenGo crypto wallet is a non-custodial mobile wallet that supports keyless functionality.

Unlike other crypto wallets that use private keys, ZenGo uses facial biometric technology to enable users to secure and access their crypto coins with a face ID.

Users can trade, buy, and send over 70 crypto coins directly from their ZenGo crypto wallet. ZenGo also supports staking and allows users to hold and earn interest on their crypto assets.

ZenGo Wallet at a Glance

ZenGo’s novel tech brings unique features that make it stand out from many other crypto wallets, including:

  • Keyless usage: No need to remember or backup seed phrases or memorize complex transaction passwords. You have full control and access to your crypto assets with a face ID.
  • Total control over your crypto transaction:  ZenGo allows you to send and receive crypto with no minimum/maximum limits and at no extra fees. With a single tap, you can speed up or cancel transactions before they are confirmed on the blockchain.
  • Top security: ZenGo enhances security with 3FA security feature and MPC-based cryptography to implement keyless security and eliminate a single point of failure. Thus, users can recover their crypto wallets without the company gaining access to their wallets.
  • A credible and trustworthy company: They have an e-wallet service called ZenGo Chill Storage. Users can still access their funds even if the company goes bust.
  • Dedicated payment partners: You can make payments using multiple payment methods via Coinmama and MoonPay.
  • ZenGo debit card: It’s a Visa card that allows you to spend your crypto easily in the US.
  • ZenGo mobile app: The ZenGo app is available for both Android and iOS to enable you to manage your wallet on the go.
  • Over 70+ cryptocurrencies:  Users can trade over 70+ cryptocurrencies directly from their ZenGo wallets.
  • Simple design and ease of use:  Both newbie and experienced crypto investors can use the wallet with a high degree of comfort.
  • Wide reach: The ZenGo wallet app is supported in 188+ countries.
  • Dedicated customer support: 24/7 active customer support and many articles on the Help section to address your questions.

How Zengo Works

ZenGo uses facial recognition biometrics to implement a keyless wallet functionality, eliminating the need for users to remember or backup private key phrases. 

To achieve that, the ZenGo wallet app uses an advanced cryptography model to create two mathematical secret shares and secure the wallet with threshold signatures.

One of the shares is encrypted and stored on ZenGo servers, while the other remains on the user’s device. Instead of private keys, users can secure and back up their wallets using facial ID.

Once you’ve downloaded the ZenGo wallet app, simply create your wallet and back it up using a face ID, which will be stored in your iCloud or Google Drive account. 

From there onwards, all you’ll need to access or recover your wallet is your email, your cloud account, and your face.

This helps eliminate a single point of failure and the risk of irretrievability if you switch devices, delete the app, or lose your ZenGo wallet address.

ZenGo Wallet supported cryptocurrencies

ZenGo is available in over 188 countries and allows users to store and trade about 70+ cryptocurrencies, including:

  • Bitcoin( BTC)
  • Ethereum( ETH)
  • Binance Chain (BNB)
  • Paxos Standard (PAX)
  • Dai (DAI)
  • Basic Attention Token (BAT)
  • Tezos (XTZ)
  • USD Coin (USDC)
  • TrueUSD( TUSD)

ZenGo Fees

ZenGo doesn’t charge any transaction fee when sending or receiving cryptocurrency. That said, you’ll incur three types of fees when using the ZenGo wallet app, namely:

Exchange fee: This is the fee you pay on crypto trades. Currently, the fee stands at 0.75% of the transaction amount but may differ by trading pair and market liquidity.

Network fee: This is the fee you pay to have your transaction processed on the blockchain and varies based on the Network congestion. 

To give you total control over Network fees, ZenGo allows you to choose between Economy, Regular, and Fast network modes depending on how fast you want your transaction to be processed.

Third-party fees: These are fees levied by ZenGo payment partners —Coinmama and MoonPay. 

MoonPay fees stand at 1.99% when buying crypto via bank transfer and 5.99% for crypto purchases made with credit/debit cards.

Coinmama levies a fee of 2.88% to 3.9% based on the user’s loyalty/verification level and the nature of the trade.

ZenGo Savings (Staking)

You can earn passive income in crypto with ZenGo savings in two ways:

Lending: Loan your crypto to Nexo, a financial institution that offers crypto loans. Interest is calculated and added to your balance daily in the same crypto token you’re lending.

Staking: Simply deposit and hold your crypto coins to help secure the network and earn rewards. Currently, ZenGo staking is available with Tezos (XTZ) but plans to add more staking assets in the future.

APY ranges from 4% to 8% depending on the crypto asset you’re lending or staking. ZenGo savings supports the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • NEXO
  • DAI
  • TUSD
  • USDC
  • LINK

ZenGo Free Bitcoin Offer

ZenGo allows you to earn $10 worth of bitcoin on your first purchase.

Then make a $200 purchase or more of crypto and wait to receive your free ZenGo bitcoin reward in a few days.

You can also apply to partake in the ZenGo affiliate program and earn a commission on your referrals. Only MoonPay purchases are eligible for the ZenGo free Bitcoin offer.

Visit ZenGo

ZenGo Crypto Visa Card

ZenGo is rolling out a ZenGo crypto Visa card to enable users to spend their crypto assets anywhere Visa is accepted.

Currently, the card is only available to US citizens in limited edition. You can request yours through your ZenGo wallet app.

Pros of ZenGo

  • Top security with 3FA features and MPC-based cryptography
  • Keyless usage, hence no need to remember key phrases
  • Earn $10 worth of Bitcoin on your first purchase
  • Over 70+ cryptocurrencies supported
  • Over 188+ ZenGo supported countries.
  • Stake and lend your crypto holdings to earn passive income
  • Track, manage, and trade cryptocurrencies directly from your phone

Cons of ZenGo

  • Keyless technology may feel a bit insecure for users who want to store and have total control of their private keys.
  • Buying/selling is not available in some countries and US states.

ZenGo vs Trust Wallet

Both ZenGo and TrustWallet are mobile wallets that support cryptocurrency trading and staking.

However, TrustWallet supports over 160,000 crypto tokens and 40 blockchains. ZenGo supports 70+ cryptocurrencies and about 4 blockchains.

ZenGo vs Ledger

Ledger is a hardware wallet, while ZenGo is a mobile wallet. Ledger wallets support over 1800 crypto tokens, but ZenGo supports only 70+.

You can buy, sell, and stake cryptocurrencies on both wallets.

Is ZenGo Wallet Safe?

Unlike most wallets that use two-factor authentication, ZenGo uses 3FA to keep your funds secure.

You also don’t have to worry about losing your private keys as you can access and recover your ZenGo wallet with a Face ID.

Thus, one can say that ZenGo is a safe, non-custodial, and keyless wallet to keep your crypto assets secure.

ZenGo Wallet FAQs

Where is ZenGo available?

ZenGo wallet app is available worldwide in more than 188+ countries.

Is ZenGo legit?

Yes, ZenGo is a legit keyless crypto wallet operated by KZen Networks Ltd, an Israel-based company founded in 2018 and headed by Ouriel Ohayon, a former Techcrunch editor. So far, the company has received wide support from about 14 investors and has raised over $24 million in seed funding.

ZenGo a crypto exchange?

No. ZenGo is a crypto wallet. That said, ZenGo partners with crypto exchanges to enable users to trade cryptocurrencies directly from their wallets.

How does ZenGo make money?

ZenGo makes money through crypto exchange fees, spreads, ZenGo savings, and a share of network fees and transaction fees charged by its partners.

Can I buy Bitcoin on ZenGo?

Yes. You can buy over 70+ cryptocurrencies directly from your ZenGo crypto wallet, including Bitcoin.

Related:

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $30 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$30 instant bonus when you deposit $100.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share
Pin
Tweet
WhatsApp
Reddit