There are hundreds of crypto exchanges that you can use to buy crypto assets using various payment methods. The question is whether those exchanges can keep your assets safe. One of the most popular centralized exchanges, FTX, filed for bankruptcy due to incompetent management and a series of events that led to a disaster. Millions of crypto investors lost their hard-earned money, shattering the trust of the whole crypto community.
To combat this problem, you can use a self-custodial crypto wallet where no one but yourself has access to your funds. You have complete control over your crypto without having to trust an exchange's management or security. Zengo crypto wallet is one of the top choices available, which is why we decided to review it.
What is Zengo crypto wallet?
Zengo is known by many to be the most secure crypto wallet. While many cryptocurrency wallets rely on private keys for the primary security of the wallet, Zengo crypto wallet utilizes an MPC cryptographic security system proven to protect against usual hacks, breaches, and phishing attempts. With no secret key vulnerability, users don’t have to worry about getting their keys hacked or breached. Zengo crypto wallet is a next-generation crypto wallet that protects your assets in a better way.
Zengo crypto wallet comes with features that allow users to buy, swap, send, stake, and receive cryptocurrencies in a few simple steps. You have access to over 120+ crypto assets across different networks. With an easy-to-use interface and premium customer support, you will find it easy to use Zengo crypto wallet. You can get started by installing the Zengo app on your mobile phone and setting up the wallet.
About Zengo Crypto Wallet
Zengo is a next-generation cryptocurrency wallet that makes it easier for users to buy and store their assets. It was launched in 2018, and currently has over 900,000 users globally. Zengo has had 0 wallets hacked, and its industry-leading security model makes it more trustworthy than an exchange (as an on-chain wallet) and more secure than a hardware wallet (no seed phrase vulnerability, secure account recovery).
Zengo Crypto Wallet Pros & Cons
- Most secure crypto wallet with no seed phrase vulnerability, and guaranteed account recovery
- Premium security features and built-in firewalls
- Buy, swap, send, stake, receive, and store crypto
- Available on iOS & Android devices
- Excellent 24/7 immediate support
- Limited range of 120+ cryptocurrencies
- Not available on desktop
Zengo Crypto Wallet Features
Self-custodial wallet with full control: Zengo crypto wallet is a self-custodial wallet giving users total control of their assets. There are no third-parties involved in managing your funds, eliminating any chance of crypto being stolen or lost.
With most self-custodial wallets, users need to be very careful when managing passwords and seed phrases. If you forget your password and lose your seed phrase, you lose your funds, since the wallet has no access to your account to recover it. However, with Zengo crypto wallet, you do not need to use seed phrases. To understand the concept better, see this point.
No seed phrase vulnerability: As seed phrases and passwords can be hacked, lost, or otherwise compromised, Zengo crypto wallet has built their ecosystem with no seed phrase vulnerability, providing the highest level of wallet security. Zengo bases their security model on MPC (Multi-Party Computation) cryptography system. MPC has been used by plenty of other enterprises to secure billions of dollars. This bulletproof framework keeps hackers and scams away from your funds, offering you peace of mind all the time.
Instantly buy cryptocurrencies with different payment methods: Some crypto wallets don't allow users to make crypto purchases, but only store crypto sent from another wallet. With Zengo crypto wallet, you get instant access to buy cryptocurrencies within seconds through several payment methods.
Zengo crypto wallet has partnered up with third-party payment merchants, eg: Banxa and Moonpay so users can buy crypto using a range of methods. Credit or debit card, bank transfers, and e-wallets are all supported.
One-tap crypto swapping: Swapping your crypto assets on Zengo crypto wallet is another handy feature. Since Zengo focuses on being a secure wallet and not a professional crypto trading platform don't expect detailed charts, advanced tools, and other types of insights. However, for quick and easy swaps, Zengo does the job perfectly.
Simply select an asset that you currently own and choose the asset that you want in return. The fee will be shown at the time of the swap, and you can proceed to complete the transaction. The swap system integrated into Zengo crypto wallet is powered by Changelly, a premium trading platform that has been offering crypto services for years.
Multiple networks are supported: Zengo is a multi-chain wallet that supports over 120+ cryptocurrencies based on different networks. If you want to diversify your portfolio, Zengo crypto wallet can help you. Whether you want to hold BTC, ETH, or smaller altcoins, you can access them all in the same place, thanks to the multiple networks supported by the wallet.
Access Web 3.0 with Zengo Pro: NFTs, DeFi, and gaming are the new hot topics in the crypto industry. Zengo Pro offers an easy gateway to web 3.0, providing users access to hundreds of DApps. You can also access OpenSea (the biggest marketplace for NFTs) and Sandbox (to enter the metaverse). Keep in mind that accessing the DApps with Zengo Pro requires you to have WalletConnect that is connected to Zengo through a QR code.
Guaranteed recovery with 3FA: As stated earlier, with most non-custodial wallets you cannot recover your funds when you lose your key phrase. To counter this problem, ZenGo crypto wallet has a 3FA system that guarantees you will never lose your crypto. The wallet implements this system by utilizing email accounts, biometric scan, and recovery kit. You can switch devices without having to worry about a seed or recovery phrase. Your face will be the biggest tool to recover everything you own.
We found this a refreshing change, because when we use other wallets like Ledger or Trezor, there is a fear that the seed phrase may be lost or stolen, or become illegible over time as the paper ages. With ZenGo wallet this is not an issue at all.
Available on Android and iOS devices: Zengo crypto wallet can be downloaded on Android and iOS devices, so you can keep track of your portfolio wherever you are. We found it very easy to use, with an intuitive interface, making it easy to buy, stake, send, receive, and store crypto.
Built-in firewall to prevent malicious attacks: Malicious attacks, hacks, and viruses are some of the most common ways that unwanted access to your crypto wallet occurs. Zengo Pro has a built-in web 3.0 firewall that alerts users of any suspicious activity, attack, or attempted breach. With automatic protection, all the attacks are filtered out to keep your funds safe.
Learn and grow with the Zengo blog: Zengo has a separate blog section for users who are new to the cryptocurrency industry and want to increase their knowledge and understanding. There are countless articles available here, including a complete guide to buying cryptocurrencies, as well as anything you want to learn about Zengo.
While Zengo is a free crypto wallet, there is an upgraded version called Zengo Pro which unlocks a suite of premium security features for as little as $20 per month. I signed up to Zengo Pro to see if it's worth the money, and my verdict is that it is. The price is quite low for the benefits you receive, and if you own a lot of crypto, it is definitely worth the investment to keep it secure.
These are the additional features you receive with Zengo Pro:
- 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
Supported cryptocurrencies on Zengo
Zengo supports over 120+ cryptocurrencies, including the most popular ones. This range of coins means you can diversify your portfolio by exploring and investing in various projects. Before you make any investment decisions, remember to do your own research and never invest more than you can afford to lose. Some of the crypto assets that you can access on Zengo are BTC, ETH, BNB, DOGE, USDC, and USDT.
All of these cryptocurrencies are available on their respective network, and Zengo does not impose any restrictions when it comes to different blockchains. Zengo regularly adds more assets for their users to access. There is even a list provided of the tokens that are not yet on the platform. You can select the Ask option in front of those assets to let the platform know your interests.
Zengo crypto wallet Customer Support
To provide customers with the best possible experience, Zengo crypto wallet has a professional customer support team to solve users’ problems. With the chat button available on the app, you can instantly connect with any available agent and raise your issue with them. You will either be provided with a detailed guide that you can read, or receive a tailored solution specific to your problem.
Zengo crypto wallet's customer support is available 24/7, but during busy periods you may need to wait more than a few minutes to receive a reply. While you are waiting, you can visit the Zengo blog section to try and find a quick solution.
Zengo crypto wallet's fee structure is as follows:
Zengo crypto deposits and buying fees
Depositing crypto to your Zengo crypto wallet is free of charge.
Purchasing cryptocurrencies through third-party payment merchants will incur fees. Here are the fees and spreads based on various payment methods and merchants.
- Banxa (Bank transfers): 0% gateway fee, 1.99% spread (except stablecoins: 0.1% spread)
- Banxa (Wire transfers): 0% gateway fee, 1.99% spread (except stablecoins: 0.1% spread)
- Banxa (SEPA): 0% gateway fee, 1.99% spread (except stablecoins: 0.1% spread)
- Banxa (Credit/debit cards): 1.99% gateway fee, 3% spread
- Banxa (Apple Pay, Google Pay): 1.99% gateway fee, 3% spread
- Moonpay (Bank transfers): 1.99% processing fee, 1.5-3% spread + currency conversion fee
- Moonpay (Credit/debit cards): 1.99% gateway fee, 4% spread + currency conversion fee
- Moonpay (Apple Pay, Google Pay): 1.99% gateway fee, 4% spread + currency conversion fee
When buying cryptocurrencies through such methods, make sure to keep the minimum amount in mind to avoid problems.
Zengo crypto swap fees
Zengo charges a fixed processing fee of 0.5% for crypto swaps, and the spreads can be up to 2%. The network fee is also imposed when executing trades. The spreads will vary depending on the chosen crypto swap pair.
Zengo crypto withdrawal and selling fees
Crypto withdrawals to external crypto wallets carry a variable fee determined by the network and the congestion. The fee is usually high when network traffic is high, so it is better to withdraw your assets when the network traffic is low.
If you want to sell your cryptocurrencies for fiat, to be withdrawn to your bank account, Banxa charges a processing fee of 1.99%. The spreads when you sell crypto are usually between 1.5% to 3%.
What do the reviews and ratings show?
Zengo has an excellent average rating of 4.6 out of 5 stars on the most popular reviewing platform, TrustPilot, from around 500 user reviews. There are over 80% 5-star reviews, with only around 9% of users dissatisfied with the wallet’s services.
On another reviewing platform G2, there is a 4.6-star rating for Zengo based on around 30 reviews. Users on Google Play store and iOS App Store have also given Zengo a high rating.
How does Zengo compare with the competition?
With hundreds of crypto wallets available, competition is tough. Compared with one of the most popular crypto wallets, MetaMask, Zengo has a better security infrastructure. MetaMask is a non-custodial wallet, but it comes with key phrase encryption. However, the key phrase can easily be hacked and breached through several methods or can simply be misplaced by users. In contrast, Zengo crypto wallet offers the highest levels of security with no seed phrase vulnerability. Everything is based on the MPC cryptography system with facial and biometric recognition.
When comparing to hardware wallets such as Ledger or Trezor, Zengo's advantage is that it is free to download and can be used easily on your phone at any time. You don't need to carry a physical wallet or risk losing it and/or the recovery phrase. There is no seed phrase vulnerability, and guaranteed account recovery with Zengo.
Zengo also has better customer support than most crypto wallets. MetaMask or Trust Wallet do not have a dedicated customer support team, while Zengo has 24/7 live chat. Zengo crypto wallet is lacking a little when it comes to variety in cryptocurrencies, as competitors like Ledger, Trezor, and Coinbase wallet support thousands of assets. However, for the majority of users, the range of 120+ supported coins on Zengo will be sufficient.
How safe is Zengo?
Zengo's mission was to replace the traditional security infrastructure of crypto wallets and establish something that is more advanced, secure, and easier to use. They have succeeded by creating a non-custodial wallet with no seed phrase vulnerability. There is no risk of private keys being stolen, and no need to worry about losing 24-word key phrases and therefore losing access to your funds. Thanks to Multi-Party Computation (MPC) and cryptography, your face is the ultimate security of your funds. Zengo has also imposed a biometric verification system so that they can ensure the right person is accessing the funds.
With Zengo's 3FA, you will never have to worry about losing access to your funds. They have made account recovery easy with the email address, encrypted biometric scan, and recovery tool kit. Now you can switch devices and access your portfolio without any worries. If you upgrade to Zengo Pro, you will have access to the web 3.0 firewall; Zengo Pro blocks all sorts of malicious attacks and hacks. Indeed, Zengo Pro is the most secure crypto wallet with the latest-gen features.
What makes Zengo unique?
Zengo is not only a simple crypto wallet but it also allows you to buy, sell, swap, and stake cryptocurrencies. Users can store more than 120+ popular cryptocurrencies, and Zengo regularly adds support for new coins. Zengo Pro has also partnered up with WalletConnect to open the portal to NFTs, DeFi, gaming, and other Web 3.0 features. You can explore a whole new world of digital art and virtual reality and see how it can benefit you.
Zengo's main point of difference is the security system, with no seed phrase vulnerability, and powered by MPC cryptography instead. This ensures that your crypto is always safe from hackers, and also means that you never have to worry about losing access to your own funds.
Frequently Asked Questions
Yes, Zengo is a legit and safe crypto wallet, released back in 2018, and currently has more than 900,000 users. ZenGo has also been endorsed by several big media outlets.
Zengo partners with third-party payment merchants like Banxa and Moonpay to facilitate the purchase of cryptocurrencies. You can use your credit/debit cards, e-wallets, direct bank transfers, and other methods to purchase crypto.
Yes, Zengo is available globally including in the US. Some cryptocurrencies on Zengo are not available for specific jurisdictions, but you will get the same services offered by Zengo everywhere.
Yes, Zengo is the most secure crypto wallet you can find. It uses an excellent cutting-edge security system based on MPC cryptography, biometrics, and 3FA infrastructures.
Zengo offers over 120+ different crypto assets. You will find all of the most popular coins here, including BTC, ETH, USDT, DOGE, and more.
Zengo offers a quick swap option, which allows users to instantly swap their coins for other coins.
If you are tired of keeping your crypto wallet key phrases safe, then it might be time to upgrade to a more secure and efficient option. Zengo is the first non-custodial cryptocurrency wallet with no seed phrase vulnerability and guaranteed wallet recovery.
Zengo crypto wallet has never been compromised since they use some of the best security systems in the world. With MPC cryptography and biometric scans, you alone are in charge of your funds. You can connect thousands of DApps with Zengo and check out NFTs, DeFi, and games. With exceptional 24/7 customer support, a growing community, and endorsements from big media outlets, Zengo is definitely a wallet to consider.
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