One of the best ways to keep your crypto safe is to transfer your assets off a crypto exchange to a private wallet. In this article, we explore the ZenGo wallet.
What Is ZenGo Wallet?
ZenGo is a software wallet that you can download to your device to keep your crypto safe. Available on Android and iOS, ZenGo crypto is one of the most popular keyless wallets you can get. The fees are relatively low, plus it uses facial recognition technology to keep your crypto secure.
ZenGo supports more than 70 cryptocurrencies and is one of the simplest, most secure crypto wallets for Canadians. You can create an account in just 19 seconds and be the true owner of your crypto. With its staking and lending capabilities, you can also earn interest on your crypto holdings, making ZenGo one of the best all-rounders when it comes to storing your crypto.
ZenGo Crypto Wallet Quick Summary
Pros & Cons
- Unique security features (facial recognition)
- No single point of failure
- 70+ cryptocurrencies supported
- Stake and lend crypto for ZenGo savings
- Buy, sell and trade crypto worldwide
- Convenient mobile wallet
- Good customer service
- Beginner-friendly UI/UX
- Not fully non-custodial
- Your private keys are stored by third-parties (cloud servers)
- High spread on trades
- 1.99% bank transfer fee
- 2% spread
- 0.5% processing fee
More than 70 cryptocurrencies
How Does ZenGo Wallet Work?
The ZenGo crypto wallet is an app that you can use to buy, sell, trade and store crypto safely. ZenGo uses technology that requires your device and the ZenGo crypto servers to communicate in order for transactions to work. Both your device and the servers store a secret code. If one of them fails, your crypto is still safe. For example, if the ZenGo servers become compromised, a hacker would not be able to steal your crypto without also having access to the secret code stored on your device. This means there is no single point of failure with the ZenGo crypto wallet which could compromise your crypto.
Safety & Security
The ZenGo crypto wallet is also keyless meaning you don’t need to keep your private keys or seed phrases safe. Instead, facial recognition technology is used to keep your wallet secure on your phone. Should you need to restore your wallet, ZenGo will scan your face – no seed phrase needed. If you’re wondering if a photo of yourself would work – it doesn’t! ZenGo is therefore much more secure than other software wallets.
Storing & Staking
ZenGo is more than a crypto wallet. One great feature about ZenGo crypto is the ability to earn interest on your crypto turning your wallet into a ZenGo savings account. You can earn 8% APR when you lend stablecoins USDC, Dai, USDT and TrueUSD. You can receive 5% APY when you lend bitcoin, and 4% APY when you stake Ether. Other cryptocurrencies you can stake include Chainlink and Tezos. If you choose to lend your crypto on ZenGo, you are lending it to ZenGo’s partner, Nexo, which is a fully licensed and regulated institution.
Supported Crypto Coins
With the ZenGo wallet, you buy crypto with your credit or debit card in your local currency. Currently, you can only sell bitcoin in the US, Europe and the UK, but more assets will be available to sell soon. You can, however, swap crypto for crypto anywhere in the world. Over 70 crypto assets are supported including bitcoin, Ethereum, Cardano, Solana and several other popular cryptocurrencies.
Pricing & Fees
The ZenGo wallet app itself is free, but to trade crypto with ZenGo, you’ll pay a spread of a few % of the trade, plus any network fees. If using MoonPay to pay with a credit or debit card, there is a 5.99% processing fee. If paying by bank transfer, the fee is 1.99%. You can also pay with Apple Pay for convenience. Crypto trading can incur a 2% spread and a 0.5% processing fee. You can, however, buy Terra coins with zero processing fees.
With the ZenGo crypto wallet you can choose to speed up transactions with just one tap. Choose from three network fees – economy, regular and fast – depending on if you want to pay the minimum or maximum network fees. This feature is handy if you need a transaction to go through right away, or if you don’t mind waiting and prefer to pay the lowest network fees.
The ZenGo crypto wallet is easy to use. It has simple menus on the dashboard that allow you to buy, sell and trade crypto, as well as receive, send and earn. There is also a tab that shows your transaction history, and an account tab where you can view your settings. In the account tab, you can secure your ZenGo wallet by creating a recovery kit. This recovery kit includes creating a face scan to recover your wallet, and creating a recovery file which is stored in your personal cloud server (Google Drive and Dropbox). Keep in mind, that this file should never be moved or deleted, otherwise your account will not be recoverable. For your own security, you must create the recovery kit before you can deposit funds into your ZenGo wallet.
User Experience and Interface
The ZenGo wallet has a simple and clean interface. It is intuitive to use and suitable for beginners. The ZenGo wallet Featuring just four tabs, home, actions, history and account. Clicking on the Actions tab will reveal a simple layout of six boxes. Simply select the action you wish to do. These actions include buy, sell, trade, receive, send, and earn. The ZenGo crypto wallet is one of the most simple and enjoyable crypto wallets we have tested. Conveniently, your balance is shown at the top of the app, so there’s no need to hunt through the app to find how much you have in your portfolio. What’s great about the app is that you are free to explore it before setting up a recovery kit. This is refreshing as many crypto wallets require you to create and verify an account before you can see if their app is for you.
ZenGo has real people available to help you 24/7. There is live chat support and email support. While reviewers say that the customer service responds quickly, some reviews claim the customer service to be unhelpful. Overall though, it seems most users are happy with the ZenGo wallet and the customer service they receive.
Is ZenGo crypto wallet legit? Yes, definitely. The ZenGo wallet is a perfect crypto wallet for anyone wanting convenience and some of the best security of any crypto wallet. The ZenGo wallet makes it easy to trade crypto as well as earn interest on your holdings. It means that crypto holders can benefit from additional returns as well as top security without having to leave their crypto on an exchange. We think the ZenGo wallet is the best software crypto wallet you can get. Right now, you can take advantage of a special offer and get $10 cashback in Bitcoin for purchases of $200 by applying the code ZENX0B4G.