Zengo Crypto Wallet Review

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Contributor, Benzinga
September 13, 2023
verified by Ryan McNamara
Zengo
Overall Rating:
securely through Zengo's website

Zengo is the most secure crypto wallet in Web3. Leveraging MPC technology, Zengo removes the vulnerability of the need for a private key, making it much more secure than traditional crypto wallets. ZenGo’s simple recoverability process makes it easy for anyone to access their crypto from anywhere, at any time. Because of Zengo, MPC technology usually reserved for multi-billion dollar institutions is now available to average crypto users.

Zengo was developed by KZen Networks, an Israel-based company that specializes in building products for blockchains with a passionate focus on user interface (UI) and security. Founded by Gary Benattar, Ouriel Ohayon, Omer Shlomovits and Tal Be’ery in 2018, their unique mix of security, engineering and cryptography expertise enabled the Zengo project to raise $20 million in series A investment.

The aim of the Zengo team is to make the crypto economy more simple and secure for everyday users, removing technical barriers to entry while maintaining the highest levels of safety. Zengo strives to support all relevant native crypto protocols, financial services and digital assets.

Best For
  • Zengo’s friendly and intuitive interface makes the wallet a great choice for novice investors. Unlike many other cryptocurrency wallets, ZenGo removes many technicalities and complexities from storing cryptocurrency
  • Zengo eliminates the vulnerability of having a private key. This makes it a phenomenal choice for novice investors who don’t want the burden of keeping their private key safe and secure
Pros
  • Perfect for advanced traders
  • Strong customer service — Zengo has live 24/7 customer support that can be reached via email, live chat or social media
  • Strong security — three security factors (3FA) protect Zengo users
  • No need for private keys — eliminates the risk of single point of failure, key hacking/phishing. At the same time, all actions are on-chain.
Cons
  • While Zengo is available in 188 countries, some features are available only in certain locations
  • For users that are willing to take the full responsibility of managing and storing their private key, ZenGo's approach may be unfit

Zengo Ratings at a Glance

Product Offerings
Customer Service
Pricing
Mobile App
User Benefits
User Experience
Overall

Zengo Product Offerings

The mobile wallet is an excellent option for someone looking for an all-in-one solution to conveniently manage their cryptocurrency. Not only does the app offer secure storage of cryptocurrencies, it also allows users to buy, sell, send, swap, receive and securely connect to Web3 dApps. 

In terms of the interface, Zengo is extremely easy to use and takes just a few seconds to sign up for an account and navigate the app. Because of its robust security features, ease of use and diverse functionality, it is an excellent solution for beginner and experienced traders alike.

Given that Zengo Wallet is a mobile app, getting started is super easy. You can either scan a QR code to download the app or go to the App Store or Google Play Store.

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Zengo Customer Service

Zengo enables users to get instant help from a support specialist, 24/7, directly through the app. Zengo also has a large library of high-quality content: helpful articles, videos, blog posts and a podcast to help empower any newbie wanting to get started with crypto. On the App Store and Google Play Store, the app achieved a 4.78 rating, with minimal complaints or frustrations surrounding customer support. 

Additionally, Zengo has a strong online presence on Twitter. The company’s Twitter profile seems to be active among users and the industry as a whole. It also offers a well-maintained support center and blog on the Zengo website. These features are attractive for users as it reinforces the fact that Zengo is interested in educating and helping users rather than solely focusing on maximizing sales. 

Zengo Pricing

With Zengo, users are able to send, receive, swap and securely store their cryptocurrency free of charge, anywhere in the world, without limits. However, as is customary with crypto wallets, some services Zengo offers require fees.

The following outlines and explains the fees you can expect with Zengo:

  1. Network fee: These fees are paid to the blockchain network operators, not to Zengo. For example, when using the Ethereum network to send Ether (ETH), fees are paid in Ether. Choose from the 3 network fees modes (economy, regular, fast). Applicable for BTC, ETH and ERC20 assets.
  2. Processing fee: These fees are paid to the operators of the buying, selling and trading services. It represents a percent of the total transaction amount and varies depending on the asset.
  3. Spread: These fees are paid to the operators of the buying, selling and trading services. The spread refers to the difference between the spot market price and the order price and is used to cover volatility risk. 
  4. Local currency conversion fee: These fees are paid to the operators of the service when you buy crypto in a currency other than USD/AUD/CAD/EUR/GBP.

Click here to explore the fees and limits in Zengo. It is important to note that the maximum limit on purchases depends on your identity verification level. The limits on cryptocurrency trades depends on the specific trading pair and the current market liquidity. 

Zengo Pro

Zengo offers the finest crypto wallet for self-custody of your assets for free (aside from trading fees.) However, there’s more when you sign up for Zengo Pro.

With Zengo Pro, you pay as little as $19.99 per month to get:

  • Legacy Transfer: Grant a beneficiary access to your digital assets in case of death or prolonged absence with a feature inspired by traditional inheritance systems. This is the market's first and only self-custodial tool supporting this functionality.
  • Asset Withdrawal Protection: Prevent unauthorized withdrawals with 3D FaceLock biometric verification
  • Advanced Web3 Firewall: Real-time risk assessments and alerts that protect you against Web3 attacks
  • Priority 24/7 Support: typically response time of under 3 minutes, supporting 180 languages

Zengo Mobile App

The mobile app is truly intuitive, allowing you to buy, sell and trade cryptocurrency with unbelievable simplicity. You can track your investments at a glance with its user-friendly interface that allows you to buy and sell cryptocurrency in a few taps. 

With facial biometrics, you do not need passwords, seed phrases or private keys. And you don’t have to worry about your coins if you lose your phone. 

Zengo User Benefits

Biometric Encryption

Arguably the best benefit of using Zengo is its security: By relying on MPC technology that removes the vulnerability of a private key, it is much more simple & secure to store crypto for average users.

Zengo is the most secure crypto wallet: The only self-custodial wallet with no private key vulnerability, powered by MPC cryptography instead.

As a result, the wallet is designed with a stunning UI that is simple and intuitive. To register, all you need is an email address and a biometric scan (fingerprint or face scan) to set up your wallets. No private key complexities, Know Your Customer (KYC) verification or passwords are needed. Plus:

  • Zengo has been operating since 2018 without a single security incident, thanks to 3 industry-pioneering technologies: MPC cryptography, a built-in web3 firewall, and a 3-factor-authentication recovery model.
  • Unlike other wallets, Zengo is powered by MPC (learn more) and has no private key vulnerability. This means that there is no private key that can be lost or stolen because they are not stored on the cloud.
  • Enables guaranteed wallet recovery (learn more).
  • Includes a built-in Web3 firewall in partnership with leading Web3 security networks (learn more).
  • Zengo’s industry leading security model makes us more trustworthy than an exchange (we are an on-chain wallet) and more secure than a hardware wallet (no private key vulnerability, guaranteed account recovery).
  • 24/7 immediate in-app support.
  • Fully audited and committed to open source, learn more here now securing over 900,000 accounts.
  • You can cancel or speed up your sent transactions before they are confirmed on the blockchain with 1 tap.

Buy and Sell Crypto in a Few Taps

Users can easily buy, sell and swap supported cryptocurrencies directly within the app, providing convenience for users. Over 120 crypto assets can be quickly purchased using a credit card, debit card, Apple Pay, Google Pay, Visa or Mastercard, Maestro debit cards or SEPA and Swift bank wires (EU/UK residents only). Users from the EU, UK and the US, can also sell their BTC directly through the app, easily and securely.

Store NFTs and Polygon Assets

You can now view your NFTs with the most secure wallet in Web3, safely store Polygon assets and use Polygon Web3 apps as Polygon chain is now supported.

Zengo Offers 3FA

Unlike many cryptocurrency wallets that only offer two-factor authentication (2FA), Zengo’s security model offers 3FA. Here are the three factors that keep users safe:

  • Email: Users confirm their email when signing up with a link.
  • Recovery file: Stores a decryption code associated with your account in your personal cloud service.
  • Face scan: ZenGo stores a securely encrypted mathematical model of your face on their services. If you delete the app or switch devices, you can still restore your account.

In combination, these three factors, in addition to Zengo’s MPC-based cryptography, significantly minimizes the risk that comes with cryptocurrency storage. These security features keep you safe and eliminate the significant point of failure in crypto storage — the private key. 

As long as you have access to all three factors mentioned above, you will have safe and reliable access to your account. Click here to learn more about how you can make sure that your three factors are safe.

Zengo User Experience

Zengo eliminates the daunting complexities associated with storing cryptocurrency. Additionally, the platform offers straightforward processes for buying, selling, sending, receiving and earning rewards on cryptocurrency.

Zengo Wallet vs. Competitors

The cryptocurrency wallet industry is ripe with competition. A few alternatives to the Zengo wallet include Coinbase Wallet, Exodus and MyEtherWallet.

  • securely through Zengo's website
    securely through Zengo's website
    Best For:
    Web3 Security
    Rating:
    Read Review
  • securely through Coinbase's website
    securely through Coinbase's website
    Best For:
    Coinbase Learn
    Rating:
    Read Review

    Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.

  • securely through Exodus Wallet's website
    securely through Exodus Wallet's website
    Best For:
    Staking Crypto + Earning Rewards
    Rating:
    Read Review
  • securely through MyEtherWallet's website
    securely through MyEtherWallet's website
    Best For:
    Non Custodial Wallet Solution
    Rating:
    Read Review

Zengo Overall

Zengo Wallet is an innovative wallet that successfully addresses the demand for simplicity and security in the crypto wallet industry. In addition to its user-friendly interface, the wallet is packed with a range of additional features, including interest and easy coin staking that further separates it from its competitors.

Although the list of supported coins are not as exhaustive as other platforms, Zengo’s unique ability to remove the technicalities of storing crypto still makes it a great choice for intermediate to advanced traders. Bottom line, if you are happy using a purely mobile crypto wallet, Zengo may be the best choice the crypto industry has to offer.

Zengo Wallet Video Tutorial

Zengo also has a YouTube channel designed to help users learn more about Zengo Wallet and crypto wallet-related topics. To explore Zengo’s Youtube channel click here.

Frequently Asked Questions

Q

Is Zengo a good wallet?

A

Zengo is an excellent crypto wallet to manage and track your cryptocurrency portfolio in one place. The platform has a user-friendly interface and provides access to cryptocurrencies across multiple blockchain networks.

Q

Is Zengo available in the US?

A

Zengo is currently supported in all states within the U.S. However, some of the features may not be supported in all states due to local regulations:

 

Buy (all tokens except the ones listed below):

 

  • New York
  • Hawaii
  • Rhode Island
  • U.S. Virgin Islands

 

Buy (ADA, BNB, BUSD, DOGE, ETH, MATIC, USDC):

 

  • Louisiana
  • New York
  • Texas

 

User Reviews

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