In recent years, cryptocurrency wallets are getting very popular among crypto enthusiasts. With the growing fast crypto industry, many newcomers are looking for the best wallet. While in search of Zengo wallet the users may stumble upon user Zengo wallet reviews. Zengo is a kind of mobile hot wallet for crypto funds with the ability to conduct swapping. According to many reviews, it is unique because it is the world’s first and only keyless crypto wallet. It allows security without compromising convenience.
In this review, we will explore everything you need to know about Zengo.
What is Zengo?
Zengo is a mobile and desktop cryptocurrency wallet that does not run on regular keys. It was created in 2018 by an Israel based company Zengo Ltd. The company was founded by Gary Benattar, Omer Shlomovits, Ouriel Ohayon and Tal Be’ery.
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With expertise in engineering, security, and cryptography, they had raised $4 million worth of seed funding, supported by Samsung. They then raised 4 million in 2021 and later raised 20 million. In 2022, a Series A round of funding added another $24 million to their funding total of $52 million.
Zengo’s mission is to make cryptocurrency accessible to everyone through zero tech difficulties and maximum security. Back in late 2019, early users were already introduced to Zengo 2.0, a keyless wallet. In early 2022, they added a feature that allows users to connect safely to different decentralized applications across the web3 web space.
Pros and Cons of Zengo
Pros
- Great for experienced traders.
- Zengo provides 24/7 live support via email, chat and social media.
- That being said, Zengo secures users’ assets with three security factors (3FA).
- No private keys required, decreasing the probability of hacking and phishing and all transactions are placed on the blockchain.
Cons
- Zengo works in 188 countries, but some services are available only in certain countries.
- However, if you are among those who prefer full control over your private keys, then the system of Zengo is not for you.
Zengo Product Offerings
For those of you who are looking for a straightforward means of managing cryptocurrency, Zengo’s mobile wallet is a good option. The app will help you to store crypto safely, buy, sell, send, receive, swap, and connect securely to Web3 dApps.
The user interface of Zengo is very user friendly and it takes just about a few seconds to sign up onto the app and start touring around. It has strong security, easy features, and multiple features that are suitable for both beginners and experienced traders.
Since Zengo Wallet is a mobile app, it’s easy to get started. You can download it from scanning a QR code or from the App Store, Google Play Store.
Zengo Mobile App
The Zengo app is so easy to use that anyone can buy, sell, and trade cryptocurrency. Its user-friendly design allows you to quickly check your investments and do complete transactions by just a couple of taps. The NFT gallery and spam filter for unwanted NFTs are also included in the app.
Facial biometrics are used instead of passwords, seed phrases or private keys. If you lose your phone, your coins remain safe.
Zengo Fees
Zengo also clearly lists its fees in the fees and limits page. Crypto Sending and Receiving is free, but when using it to send it network fees apply. You are not restricted on the amount to send.
It costs 3% processing, network fee of the blockchain, and 2% spread for any crypto swaps. Limits vary based on the market pair and market conditions.
The fees to purchase crypto with a card vary between providers, so we left the information about them here. The spread is 5.75% (includes processing) and the gateway charges are 3.99%, minimum deposit is $50. There is a 3.5% to 5% spread from MoonPay, a 5% processing fee, 1.99% gateway fee and a $30 minimum deposit. Transak’s processing fee starts at 7.69% to 8.99% but a minimum of $20 to $30 deposit.
The bank transfer has a minimum deposit of $30 and a $100 fee, and costs 3.9%-6.99%, depending on the payment method used for buying.
On the one hand, you can sell crypto for fiat via MoonPay. Selling to a Visa/Mastercard is 4.5% processing fee, 1%+ spread, $15 min, $10,000/month. Bank account selling is subject to a 1% processing fee, 1%+ spread, $30 minimum, $10,000 daily, $20,000 monthly limit.
Customer Service
With Zengo, you get instant help from a support specialist within the app at any time. In addition, it has an extensive library of content for beginners to gain a foothold in the realm of crypto, with articles, videos, blog posts and podcasts. Currently, you can find the app on the App Store having 4.0 rating and Google Play Store with very few customer support complaints.
In addition to that, Zengo is active on Twitter and does interact with both users and the crypto industry. The support center and the blog at the company’s website are well organized. These features prove that Zengo is dedicated to educating and helping users instead of simply selling.
Conclusion
Zengo has solved a problem of the private keys and passwords in crypto. Also, the extra goodies with earning interest and easy coin staking make it stand apart from its competitors. Though it doesn’t offer the same number of coins offered by some other platforms, it makes crypto storage access easy, which makes it suitable for intermediate and advanced traders. Zengo can be one of the best crypto wallets for mobile only users.
FAQs
Is Zengo a safe wallet?
Zengo is indeed a safe crypto wallet without any private key risks. With top level security, you can buy, trade, sell, earn and store Bitcoin, Ethereum, BNB, DOGE and 380+ other cryptocurrencies.
Can I withdraw from Zengo wallet?
Yes, you can. Open the Zengo app, tap on the ‘Actions’ option and go for the ‘Send’ option. Select the cryptocurrency, input the amount, include the recipient’s address, check the information, and then approve it. Zengo also allows you to convert your crypto to fiat money.
Does Zengo charge fees?
Zengo charges no fees to your sender, recipient or for holding your crypto. Some transaction fees may come from blockchain networks or third party services.
Does Zengo require KYC?
Zengo doesn’t require KYC. In addition, it features inheritance, transferring the digital assets safely to those you love.
Also read: Phemex Crypto Exchange Review
