In recent years, cryptocurrency wallets have made waves among the crypto enthusiasts across the globe. However, the crypto industry is growing so rapidly that many newcomers are searching for the best wallet options. Perhaps the most popular option is Zengo, a “hot wallet” for crypto funds that users are able to trade from on the go with a mobile app. Many users also mention the uniqueness of his features. In this review, we’ll be discussing everything you need to know about Zengo. Let’s begin!
What is Zengo Crypto Wallet?
Zengo Wallet is a special cryptocurrency wallet which does not require individuals to manage their private keys. It was founded in 2018 in Israel to focus on security and great design. The company raised $20 million in Series A funding. Instead, it can remove any private keys from the start and keep it as a wallet; iCloud or Google Drive would only be used in restoring the wallet if needed. Read more about this in the Zengo Wallet Security.
Now, the wallet has 900,000 active users and it grew from a beginner friendly option to become one of the most secure crypto wallets in the world. Zengo Pro has done a great job launching. Because of this, Web3 Firewall Clearsign feature is now present on Zengo Pro, but is not a free security option anymore.
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Pros and Cons of Zengo Crypto Wallet
Pros
- Great choice for experienced traders.
- Zengo also provides excellent customer support through live chat, email, and social media; they’re available 24/7.
- Users are free from strong security — three security factors (3FA).
- There are no private keys required — no theft of the keys or phishing, and all transactions for track on chain.
Cons
- From the 188 countries where Zengo works, there are some functions that are available in certain places.
- If you prefer to control your private keys fully yourself, you might find Zengo unsuitable.
Zengo Crypto Wallet Key Features
- Zengo Wallet is simple to use and can be used for both beginners and experienced crypto investors.
- This provides a keyless, password or seed phrase free security system. Instead, it relies on facial biometrics to secure sites and accounts.
- No hidden fee comes to buying crypto with a minimum of $30. Additionally, they can cancel or expedite transactions prior to the time at which they are confirmed on the blockchain.
- Zengo is integrated to ensure the wallet uses Multiparty Computation (MPC), it is secure, no one (but you) can access your wallet, it is easy to recover.
- It is available on both Android and iOS by Google Play Store and App Store respectively.
- Zengo partners with MoonPay and Banxa for payments. MoonPay is available on Mastercard, bank wires, Apple Pay, Google Pay, and Samsung Pay. Credit cards, Apple Pay, or SEPA and swift payments are accepted by Banxa.
- It is possible for users to deposit money to the bank accounts across several countries, namely the UK, Europe, Canada, Australia, Turkey, South Africa and Brazil.
- The wallet service is available in 188 countries and supports buying or selling of over 120+ cryptocurrencies. In the US, UK and Europe, we support sales of Bitcoin.
- Zengo Chill Storage™ offers the extra layer of security that the funds will be available regardless of whether Zengo stops operating.
Zengo Wallet Fees
Zengo Wallet (Essentials) is free to download and use. The Pro version will cost you $19.99 per month or $199.99 per year. All the essential features are available in the free version suitable for most users.
Additional Fees
- Network Fees: Depending on the network conditions, blockchain operators are paid.
- Processing Fee: Purchased or sold in exchange for a percentage of the transaction amount to service providers for buying, selling and trading.
- Spread: In that market price minus order price, hence covering volatility risks.
- Gateway Fee: It covers the transaction processing cost for banks, credit card and payment providers.
- Currency Conversion Fee: The fee paid by a user buying crypto in his local currency, in order to cover the costs of converting the currency to crypto.
Total Transaction Fee Includes
Spread + Processing Fee + Gateway Fee + Network Fee (Shown before checkout for approval).
- Sending/Receiving Crypto: There are no Zengo fees, only network fees.
- Buying Crypto: Varying from 1.99% up to 3.75% depending on type of the payment, provider and currency.
- Selling Crypto: 1% spread + 1.99% processing fee.
- Swapping Crypto: 2% Changelly processing fee + up to 2% spread.
Please visit the Zengo fees page for a more detailed fee breakdown.
Is Zengo Wallet Safe?
The funds of users are being secured by the Zengo Wallet with a security system, the MPC model. As their website suggests, this system ensures that they are ‘non single point of failure.’ Zengo makes two secret codes via a special mathematical process instead of using a traditional private key. There is one code which will remain on the user’s mobile device, and another which will be securely stored on Zengo’s server.
This encryption method is activated when someone creates a new wallet. Those codes are then stored and secured with various security layers, as an article on TechCrunch originally stated. This ensures that Zengo has limited access to user wallets ever, while users always have full control of the funds.
It also comes with a built-in Web3 firewall within Zengo Pro Wallet that will secure Web3 transactions. Furthermore, Zengo is the only contemporary, non custodial crypto wallet that eliminates the chance of seed phrase loss, that is, the number one reason behind crypto theft.
The security system of Zengo is publicly shared. The related documents are on GitHub.
Zengo Customer Service
Zengo provides 24/7 access to instant help from a support specialist and offers an extensive collection of useful material, including articles, videos, blog posts, and a podcast for learning about crypto. According to the App Store and Google Play Store, it has a 4.78 rating, and there are very few complaints about the customer support.
Zengo continues to be very active on X talking to users as well as the crypto community. The site also supplies detailed support centers and blogs. Based on these features, Zengo also wants visitors to educate and help them instead of focusing on selling.
Conclusion
With Zengo Wallet, you can easily and securely manage your crypto. It has an easy to use design and extra features such as earning interest and quick coin staking that set it apart from the others. Although it is not as customizable as other wallets, it solves the issue of having to worry about storing crypto and is therefore preferred for intermediate and advanced traders. In the crypto world, Zengo is a solid mobile only wallet if you prefer a mobile only wallet. As a combination of convenience and security, it is a safe and reliable option to use when dealing with digital assets.
Also read: Zengo Wallet Review
