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Zengo Wallet Review Australia 2023: Security, Rewards and Features
Luis Clark
- URL: https://zengo.com/
- Hardware Compatible: No
- Price: $0
- Staking Rewards: Up to 8% APY on stablecoins, 4% APY on ETH, and 3% APY on BTC
- Platform App: Desktop/Mobile (Android and iOS)
- NFTs Storage: Yes
- No. of Cryptocurrencies Supported: 70+
- Type of Wallet: Non-custodial mobile wallet
Zengo Wallet Review Australia: Our Opinion
Zengo wallet is a popular non-custodial crypto wallet for crypto investors in Australia. The wallet focuses on providing users with easy access to cryptocurrency storage and asset management.
The wallet offers a hybrid of custodial and non custodial features, and it supports crypto staking and lending with rewards of up to 8% APY. The platform also supports decentralized apps (DApps) and non-fungible tokens (NFTs).
On Zengo, the minimum deposit for purchasing crypto is $50. This is a big drawback to the crypto wallet, as investors may consider cheaper alternatives.
An Overview of Zengo Wallet
Zengo was founded by Ouriel Ohayon, Tal Be’ery and Omer Shlomovits in 2018. The team of experts developed the multichain wallet to provide users with a tool that makes investing simple. To solve the financial world’s complexities and prevalent security issues, the company built a keyless cryptocurrency wallet with an innovative approach to digital asset storage.
Currently, 700,000+ customers across different countries use Zengo for different purposes, including storing cryptocurrencies, buying crypto, cryptocurrency gaming, and staking. Zengo’s customer service team also supports and guides users on their cryptocurrency journey, providing them with information when necessary.
Pros
- Web and mobile app are easy to use
- Wallet costs $0
- 3-FA feature for better security
- Combines custodial and non-custodial wallet features
- Staking and lending available
- Eliminates asset loss due to missing private keys
- Supports NFT storage
Cons
- Software wallets are vulnerable to hacks
- Location restrictions apply to some assets
- Crypto purchases require a minimum of $50
Zengo Wallet: What is it?
As stated earlier, Zengo is a crypto wallet designed to provide secure asset storage to its users. It was developed by an Israeli technology company called KZen Networks in 2018. Zengo is the first keyless Bitcoin and cryptocurrency wallet, and this is its major appeal to its thousands of users.
Zengo is also one of the best crypto wallets in Australia because of its other features like Web3, crypto gaming, NFTs, and crypto lending support. The wallet also allows users to buy and trade cryptocurrencies like Bitcoin and Ethereum across multiple blockchains in one place.
The Zengo crypto wallet is perfect for beginners, experienced crypto investors, and traders in Australia and beyond.
Zengo Wallet: How Does it Work?
ZenGo implements keyless wallet functionality and uses facial recognition technology to eliminate the stress of remembering or backing up private key phrases. With other popular wallets, users can lose all their assets if they lose the private keys to their crypto wallets, but this is not a concern with ZenGo because of the facial biometrics feature.
The Zengo wallet has an innovative threshold signature used for transactions, which makes it stand out from other crypto wallets. In place of the popular wallet keys dominant on other wallets, Zengo creates two mathematical secret shares stored on the Zengo server and the user’s device. That way, users don’t lose their assets if their wallets are missing.
In addition, Zengo integrates with Coinmama and MoonPay for users to buy and sell crypto directly. The Zengo crypto wallet also supports Web3 and thousands of DApps to give users access to various decentralized finance (DeFi) features like crypto staking and lending.
How to Send and Receive Coins
Sending Bitcoin and other cryptocurrencies on Zengo is pretty straightforward. To do this, users need to sign in to their Zengo wallet accounts and swipe on any asset toggles on the home screen. Alternatively, users can click on the “Actions” button at the base of the screen and tap “Send”. The app requires users to enter the amount of crypto to be sent and the preferred currency.
Afterward, users should enter the receiver’s crypto address. Before completing the transaction, Zengo will display a breakdown of all the details, and the user can complete the transaction.
To receive crypto on Zengo from a different wallet or exchange, users can also swipe on the icon of the asset to be received from the home screen or use the “Actions” button and tap “Receive.” The app shows the various asset options, and users can choose the one being received.
The user then needs to copy the Zengo wallet address or access the QR code and send to the depositor or paste it into another wallet or exchange and send the coin. Zengo will notify the customer when the funds arrive in the wallet, which, depending on the network token, takes a few minutes.
Unique Features
In its mission statement, Zengo claims to simplify personal finance and improve the ease of investing. The platform offers different features to achieve this goal. We highlight the top features below.
Zengo Savings Account
Zengo is a multi-chain wallet equipped with numerous DeFi features, including staking. With ZenGo Savings, wallet holders can stake or lend their crypto holdings for periodic rewards, which is a great way to earn passive income. For example, when users stake their crypto holdings like USDT, TUSD, and USDC, they earn interest rates of up to 8% annual percentage yield (APY). Users who stake Bitcoin and Ethereum with Zengo Savings also earn interest rates of up to 3% and 4% APY, respectively.
Free Bitcoin
Another way to earn passive income from Zengo is through its free Bitcoin promotion. On Zengo, users enjoy free Bitcoin rewards when they refer new users to the app. Typically, users get a referral code they can share with friends and family to register on Zengo. Upon registration, the existing customer receives Bitcoin rewards of up to 50% of Zengo’s commission on all crypto purchases made by the referred user for a whole year after registration.
Cryptocurrencies Supported
Zengo users can buy, sell, and trade 40+ cryptocurrencies on the platform. Popular supported assets on ZenGo include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- Aave (AAVE)
- Paxos Standard (PAX)
- Polygon (MATIC)
- USD Coin (USDC), etc.
Fees Explained
Zengo wallet is free to download and use on mobile devices. The wallet also charges no trading fees, asset storage, or hidden fees. Sending crypto and receiving it also attracts no fees. However, some services and service providers on the app charge network fees for their various offerings. Find the fee breakdown below.
Network Fee (Paid to blockchain networks)
Varies by coin
Transaction Processing Fee (Paid to network operators)
- 1.99% for non-US residents for purchases via Moonpay
- 4.0% for card and e-wallet purchases via Moonpay (for all customers)
Spreads (Paid to network operators)
- 1.99% for bank and wire purchases (for all users)
- 1.5% – 3.0% for non-US residents for purchases via Moonpay
- 3.0% for credit/debit card, Apple Pay and Google Pay purchases via Banxa
- 1.50% to 3.0% for card and e-wallet purchases via Moonpay
Gateway fee (Paid to payment providers)
- 0% for bank and wire purchases
- 1.99% for credit/debit card, Apple Pay, and Google Pay transactions
Local Currency Conversion Fee)
Depends on provider
Coinmama also charges commission fees from 0.99% to 3.90% plus an additional spread fee – depending on the coin’s network. Selling cryptocurrency to a bank account via Moonpay and Changelly attracts spreads between 1.5% to 3.0% and 2%, respectively.
Security
For those with the question, “Is Zengo Wallet safe?”, security is one of Zengo’s significant offerings. The wallet is equipped with numerous security features to protect customers and their funds.
As earlier stated, Zengo uses multi-party threshold signatures for transactions. This is done using advanced multi-party computation cryptography. With the advanced cryptography model, customers can privately communicate with Zengo servers for every transaction. That way, they are protected from cyber attacks or asset loss. Zengo also has no access to users’ funds, so users can access and use all their assets anytime.
Zengo offers 3-factor authentication (3FA) via biometric face/fingerprint scan, email, and recovery file. In other words, instead of using the common 12-word backup phrase on most crypto wallets, Zengo customers can easily sign in with their faces or fingerprints. The 3D biometric facial recognition software also acts as a failsafe to prevent third-party access.
In addition, the wallet lets users create a keyless recovery backup kit to restore their wallets without private keys whenever they change devices.
With all of these unique security measures, Zengo makes up for its lack of hardware wallet options.
Opening an Account
Getting started on Zengo takes only a few steps. The wallet has no KYC requirements, so users can access all its features upon registration. Interested in a Zengo wallet? Follow the steps below.
- Download the Zengo mobile app from the iOS App Store and Play Store.
- Launch the app and enter a valid email address. Zengo will send a confirmation email after.
- Confirm email address and set up biometric authentication on the app. Options include fingerprint, face ID, and touch ID.
The platform requires users to back up their accounts by creating a recovery toolkit before funding their accounts
Zengo Wallet App
The Zengo wallet app is where everything happens. Users can buy, sell, send, and receive crypto on the app because of its simple user interface. The app is also designed with all the Zengo features neatly laid out, and it functions without lags or hassles.
The Zengo app has a 4.5-star rating on Google Play Store and a 4.7-star rating on the App Store. Users particularly love the intuitiveness of the app and the smooth design.
Customer Satisfaction
Zengo has a dedicated customer support team available 24/7 to help new users navigate the app or solve other issues customers may encounter when using the app. Customers can reach the support team via live chat on the app or via email.
The customer service rating for Zengo is 4.6-star from a possible 5 on TrustPilot. Users commend the platform’s effective customer support and swift response to complaints. However, some users complained of losing their funds because of the wallet’s restriction of some cryptocurrencies in certain locations.
Who should use Zengo Wallet?
All cryptocurrency traders and investors interested in having self-custody of their assets will fancy Zengo. The wallet has a simple mobile application that makes cryptocurrency storage easy, and also offers various reward programs. It is an ideal software wallet for both beginners and savvy cryptocurrency enthusiasts.
Why use Zengo Wallet?
Zengo offers personal asset custody to users. However, the cryptocurrency wallet does more than storing cryptocurrencies. It supports crypto staking and lending with decent APY and provides an all-in-one platform to buy and sell Bitcoin and other digital assets. Zengo also deploys top security protocols, including advanced multiparty cryptography and 3-factor authentication, to secure users’ assets and data. So, users asking, “Is Zengo Wallet safe?” can be assured of its safety.
How to get Zengo Wallet in Australia
Australians interested in using the Zengo software wallet for any of its services can easily get the app on the Android Play Store and iOS App Store. Both applications are easy to use and have great reviews from existing users.
If you want to know more about Zengo Wallet Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallets Australia. You can also read about our Trust Wallet Australia Review as an alternative to Zengo Wallet.
FAQ
Most frequent questions and answers
ZenGo and Coinbase are popular cryptocurrency wallets in Australia. Both are software wallets available to investors free of charge. However, while ZenGo supports only 40+ assets, Coinbase wallet supports thousands, including all ERC-20 tokens. That means users looking for wider investments will tilt towards Coinbase.
To withdraw crypto from Zengo, swipe on the asset to be sent on the app, enter the amount and receiver’s address, and complete the transaction.
Zengo is a self-custodial wallet that gives users complete access to their assets without a private key.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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