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ZenGo Wallet Review 2024: Features, Pros & Cons
Luis Clark
- URL: https://zengo.com
- Hardware Compatible: No
- Price: ZenGo Pro costs $24.99 per month/Regular ZenGo is free
- Staking Rewards: Yes
- Platform App: Desktop/Mobile/Web
- NFTs Storage: Yes
- No. of Assets Supported: 70+
- Type of Wallet: Self-custodial hot wallet
ZenGo Wallet Review: Our Opinion
The ZenGo non–custodial crypto wallet, is a next-gen hot wallet that succeeds in doing away with recovery seed phrases and private keys in exchange for MPC cryptography (multi-party computation) technology which shares a mathematical computation across several parties where no party can view the other parties data.
This gives ZenGo a level of security almost equal to a hardware wallet as there’s only one private key that never exists in its entirety but is instead split or spread across devices.
That said, what ZenGo succeeds in with security, it fails in crypto availability, as it supports only 70+ cryptocurrencies. This is quite limited when compared to competitors like MetaMask and Exodus Wallet. It also doesn’t offer compatibility with popular hardware wallets like Trezor and Ledger.
An Overview of ZenGo Wallet
The ZenGo crypto wallet was founded in 2019 by KZen Networks as a company with the mission to build a next-gen non-custodial keyless crypto wallet and make the crypto economy accessible to everyone.
The company was founded by Ouriel Ohayon, Tal Be’ery, and Omer Shlomovits, who hold the positions of CEO, CTO, and Vice-president Research respectively.
Investors in the ZenGo project include Samsung Next, Elron, Collider Ventures, FJ Labs, Block Nation, Hashkey Group, and Insight Partners.
For its products, KZen Networks primarily offers ZenGo, which is called a keyless secure crypto wallet as it requires no special hardware, backup schemes, or password.
Pros
- Keyless wallet
- No backup schemes needed
- Highly secure
Cons
- Limited crypto selection
- No hardware compatibility
ZenGo Wallet: What is It?
ZenGo is arguably one of the most secure crypto wallet solutions in the industry with no private keys or recovery seed phrase vulnerability as these are replaced with MPC cryptography.
The crypto wallet allows users to buy, sell, stake, store, and manage over 70+ cryptocurrencies and NFTs as well as connect to Web3 applications.
ZenGo Wallet: How Does it Work?
ZenGo, unlike traditional crypto wallets, allows only you to access, spend, and recover your digital assets. It protects your wallet using MPC cryptography security without having to depend on recovery seed phrases or passwords, which can get lost or stolen.
MPC stands for Multi-Party Computation this is quite different from the seed phrase technology that most non-custodial crypto wallets rely on to interface with the blockchain which creates a single point of vulnerability (seed phrase phishing, wallet misplacement, and theft).
On the flip side, the MPC keyless cryptocurrency wallet provides ZenGo users with the option to securely manage their digital assets without the need for a seed phrase.
This works by the wallet independently creating 2 secret shares. The first share is known as your Share and it is created and stored on your smartphone. And the second share, known as the Remote Share is generated and secured on ZenGo’s server.
So whenever you initialize transactions from your wallet, these 2 secret shares generate a signed transaction that interfaces with the blockchain.
For recovery, ZenGo uses a 3-factor authentication process that involves:
- Something You Own: Your Email Address
- Something You Are: A 3D FaceLock biometric liveness scan that identifies a ZenGo account to you. This involves encrypting a mathematical representation of your face making your wallet inaccessible to anyone but you
- Something You Store: This is a recovery file stored in at least one of your cloud backup locations (Dropbox, Google Drive, or iCloud)
How to Set up ZenGo Wallet
Go to the ZenGo official website (https://zengo.com) and click the orange Download ZenGo button at the top of your screen.
Depending on your device, you’ll need to download ZenGo from the Google Play Store or Apple App Store.
After installation, launch the ZenGo app and enter your email address and then confirm the same by tapping on the verification link sent to your inbox.
Next, go to ZenGo and select your local biometric authentication (Touch ID, Face ID, etc).
Back up your crypto wallet by tapping on the My Account tab then Backup Now.
Create your Face Map.
That’s it! You can now use your wallet.
How to Send and Receive Coins
To send digital assets from your ZenGo crypto wallet, swipe right on any coin displayed on the home screen or tap the asset you want to send and hit the Send button.
Next, input the amount you want to transfer in your preferred currency.
Enter the address where you want to transfer the asset, which can be an exchange, your friend’s address, or your own.
Before you finalize the transaction you will see a screen where you can go over the details inputted.
To receive crypto assets from another wallet either swipe an asset to the left (on the home screen) or tap an asset.
Next, copy the address to your clipboard and send it to the sender.
Unique Features
ZenGo Pro
ZenGo Pro is ZenGo’s premium self-custodial subscription service that offers ZenGo users access to a series of industry-first, next-gen security features, and advanced self-custody tools.
It offers multi-layered protection that prevents your crypto assets from unwanted withdrawals as well as a self-custodial inheritance-like system.
ZenGo Pro is equipped with 4 powerful features that guarantee unparalleled security and a great user experience.
- Legacy Transfer: ZenGo Pro grants beneficiary access to a user’s digital assets in the case of prolonged absence or death of the wallet owner. The legacy transfer feature is inspired by traditional inheritance systems but through self-custody.
- Asset Withdrawal Protection (MFA): ZenGo Pro’s Unauthorized Withdrawal Protection feature operates multi-factor authentication which ensures that all outgoing crypto transactions are secured. This reduces the possibility of unauthorized access even if your phone is maliciously accessed or stolen and the authorized third party has access to your pin code or password. The withdrawal protection feature also allows you to set a custom withdrawal limit. The default withdrawal limit for ZenGo Pro is $1000. Once the withdrawal limit is set, you will need to approve transactions using 3D FaceLock Biometric verification for any withdrawal that exceeds the limit. This protection can also be allied to any amount and transactions (Web3 transactions, DeFi, NFTs, etc) can be protected. You can disable the protection whenever you wish.
- Advanced Web3 Firewall: ZenGo Pro has a built-in Web3 Firewall which offers real-time risk assessments and alerts to shield users from potential Web3 threats.
- Priority 24/7 Support: ZenGo offers priority 24/7 in-app support to Pro users. Information on the ZenGo website shows that the average response from the customer support team is within 1 hour or less, this ensures that users have access to expert assistance whenever needed. Customer service is available in several languages. This means non-English speaking ZenGo users can receive live assistance in their native language. To contact the customer support team, simply tap on the Chau icon within the app. Alternatively, you can send an email to help@zengo.com
Asides from the 4 features, ZenGo Pro also gives you access to NFT spam filters. The filter removes Web3 spam from your gallery.
ZenGo Pro costs $20 per month. Payment can be made via Apple Pay and Google Pay. The price may vary based on region, currency, store policy, and/or market conditions.
ZenGo Pro is a personal security service, which means your ZenGo Pro subscription is not available with “family sharing“.
You can, however, use your ZenGo Pro on different devices at the same time. If you have the same device account (Google ID or Apple ID), your Zengo Pro account can be activated on both devices and the security setting synchronized with both devices at no extra cost.
You can upgrade to ZenGo Pro from the Essential plan directly from the Zengo app. To do this, go to the “Upgrade” section and follow the prompts to complete the process.
You can also cancel your subscription at any time. Once you cancel your subscription, your card will no longer be charged at the end of the subscription period. While your assets will remain in the wallet, they will no longer have the additional security available on ZenGo Pro.
Cryptocurrencies Supported
ZenGo supports over 70 crypto assets. Supported cryptocurrencies include Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Dogecoin, OKB, Chainlink, Polygon, Uniswap, Wrapped Ether, Wrapped Bitcoin, Shiba Inu, Dai, Leo Token, Quant, True USD, BitDAO, ImmutableX, Curve DAO Token, the Sandbox, Aave, The Graph, Maker, Blur, Decentraland, Tezos, Huobi Token, Luna, Gnosis, Pepe, Basic Attention Token, etc.
Note: While ZenGo supports any ERC-20 token, you may not be able to view them directly on ZenGo.
ZenGo does not support Tron, Arbitrum, BSC, Optimism, and other Layer 2s. It also does not support Bitcoin Cash.
Does it Support NFTs?
Yes, ZenGo supports NFTs and allows you to view your NFT portfolio without leaving the wallet.
ZenGo currently also supports only Ethereum and Polygon NFTs.
Fees Explained
The keyless crypto wallet does not charge fees for sending or receiving cryptocurrencies. However, you’ll need to pay network fees, which go straight to validators and miners, not ZenGo.
If you intend to purchase crypto with your bank account or credit/debit card via the third-party services available you’ll have to pay up to 3.25% in fees.
You’ll also have to pay up to 2% in processing fees for selling your crypto to fiat currency.
Security
ZenGo is a secure crypto wallet and the first crypto wallet to leverage MPC’s advanced security features for a consumer-based wallet. The wallet has not had any security issues since its launch in 2018.
ZenGo does not use the traditional private key or secret phrase. This is replaced with 2 independently created mathematical secret shares. One share is stored on your device while the second share is created and secured on ZenGo’s servers.
The shares are isolated from each other and never exposed to each other at any time. This ensures the security of the user’s assets at all times.
ZenGo is a self-custodial wallet, which means that you have total control over your assets, ZenGo cannot access your funds.
ZenGo uses a 3FA recovery system which allows you to recover your wallet.
Also, the technology used by ZenGo is resistant to the most sophisticated spoofing attacks.
With the several security measures available on ZenGo, your assets are secure and cannot be accessed by anyone else except they have access to your email and recovery file.
You can recover access to your account if someone gets hold of your email or if you lose your phone, all you need is your email, cloud account, and to pass the biometrics ID.
ZenGo conducts regular formal and external security audits on its mobile apps. Its MPC cryptography is open-source, peer-reviewed, and regularly audited.
Opening an Account
To open a ZenGo account, download the app and enter your email address. That’s it!
ZenGo Mobile App
The Zengo app allows you to securely trade, store, manage, and buy crypto on the go.
The mobile app supports WalletConnect. This allows you to connect your blockchain wallet to NFT marketplaces and DApps. Currently, the mobile app does not support ZK rollup-based apps.
With the mobile app, you can trade and buy crypto in over 180 countries using several payment methods. You can also import crypto from another wallet or exchange into your ZenGo.
At the time of writing, you pay no fees in your first crypto purchase up to $1,000 in the app.
You can also earn rewards by referring people to the ZenGo app. ZenGo pays you 50% of its commission every time your referral buys crypto.
You can track your crypto portfolio and market data from the app. The app grants you access to real-time data on your crypto assets and also allows you to track the crypto market over time.
The app also sends instant transaction notifications immediately after transactions are confirmed on the blockchain.
Customer Service
Zengo offers customer service via email at contact@zengo.com. The support team can also be contacted via the in-app Live chat feature and the support form on the support page.
ZenGo also has a well-equipped Help Center. The Help Center features lots of detailed guides about several aspects of the wallet and how to troubleshoot common problems.
Who Should Use ZenGo Wallet?
ZenGo is best for intermediate crypto investors looking for a secure non–custodial wallet offering more than the traditional recovery seed phrase security option.
Why Use a ZenGo Wallet?
You’d want to use ZenGo to truly own your digital assets and access enhanced security for your coins and NFTs.
Alternatives to ZenGo
Popular alternatives to the ZenGo app include Exodus, MetaMask, and TrustWallet. However, ZenGo is currently the only self-custodial wallet to offer a secure solution without private keys and recovery seed phrases.
Final Thoughts
ZenGo outshines its competitors with its no private keys feature and MPC cryptography technology. However, it offers a limited selection of cryptocurrencies and no hardware wallet compatibility, which may put off some users.
FAQ
Most frequent questions and answers
ZenGo is one of the safest self-custody cryptocurrency wallets in the crypto world as it stores your secret shares in different locations, making it impossible to access the key from one location.
ZenGo has never been hacked.
ZenGo is free. However, ZenGo Pro goes for $20 per month.
You can withdraw your crypto by sending it out to another wallet or sell crypto for fiat using the supported third-party processors for a fee.
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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