One of the smartest ways to keep your crypto secure is by moving your assets off an exchange and into a private wallet. As someone who’s been trading crypto since 2016 and tested over 50 exchanges, I understand the importance of self-custody. In this article, I’ll take a closer look at the ZenGo wallet and what it offers to Canadians.
What Is ZenGo Wallet?
ZenGo is a software wallet you can download to your device to securely store your crypto. Available on both Android and iOS, it’s one of the most popular keyless wallets out there. I like that the fees are relatively low and that it uses facial recognition technology to enhance security.
Supporting over 70 cryptocurrencies, ZenGo is a simple yet secure option for Canadians. Creating an account takes just 19 seconds, giving you full ownership of your crypto. With staking and lending features, you can even earn interest on your holdings, making ZenGo an excellent all-around choice for storing and growing your crypto.
ZenGo Crypto Wallet Quick Summary
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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
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Fees
- 1.99% bank transfer fee
- 2% spread
- 0.5% processing fee
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Coins
More than 70 cryptocurrencies
How Does ZenGo Wallet Work?
The ZenGo crypto wallet is an app designed for buying, selling, trading, and securely storing your crypto. What sets ZenGo apart is its innovative technology that requires both your device and ZenGo’s servers to work together for transactions. Each stores a secret code, so if one fails, your crypto remains secure.
For example, even if ZenGo’s servers were compromised, a hacker couldn’t access your funds without the secret code stored on your device. This eliminates any single point of failure, adding an extra layer of protection to your crypto.
Safety & Security
The ZenGo crypto wallet is keyless, which means you don’t have to worry about keeping private keys or seed phrases safe. Instead, it uses facial recognition technology to secure your wallet on your phone. If you ever need to restore it, ZenGo simply scans your face—no need to remember or store a seed phrase.
And don’t worry, a photo of you won’t work! This makes ZenGo feel a lot more secure and user-friendly compared to many other software wallets out there.
Storing & Staking
ZenGo isn’t just a crypto wallet—it’s a powerful tool for earning interest on your holdings, essentially turning your wallet into a ZenGo savings account. You can earn up to 8% APR by lending stablecoins like USDC, Dai, USDT, and TrueUSD. For Bitcoin, you can earn 5% APY, and staking Ether offers a 4% APY. Other supported cryptocurrencies for staking include Chainlink and Tezos.
If you decide to lend your crypto through ZenGo, it’s handled by their partner, Nexo—a fully licensed and regulated institution. This added layer of credibility makes the process feel secure and reliable.
Supported Crypto Coins
With the ZenGo wallet, you can easily buy crypto using your credit or debit card in your local currency. While selling Bitcoin is currently limited to users in the US, Europe, and the UK, ZenGo plans to expand this feature to more assets soon.
That said, you can swap crypto for crypto from anywhere in the world. ZenGo supports over 70 cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, and many other popular options, making it versatile for all kinds of crypto enthusiasts.
Pricing & Fees
What I like about the ZenGo wallet is that the app itself is free, but trading does involve some fees. For example, when I use MoonPay to pay with a credit or debit card, there’s a 5.99% processing fee. Bank transfers are cheaper at 1.99%, and Apple Pay is also an option if you want extra convenience. Trades come with a 2% spread and a 0.5% processing fee, but it’s great that Terra coins can be bought with no processing fees at all.
Another feature I’ve found useful is the ability to control transaction speed. With just one tap, you can choose between economy, regular, or fast network fees, depending on whether you want to save money or get a transaction completed immediately. This flexibility has come in handy for me when timing was critical or when I wanted to minimize costs.
Mobile app
The ZenGo crypto wallet is incredibly user-friendly. I like how the dashboard has simple menus that let you buy, sell, and trade crypto, as well as receive, send, and earn. There’s also a handy tab for transaction history and an account tab where you can manage your settings.
In the account tab, you can secure your wallet by setting up a recovery kit. This includes a face scan for wallet recovery and a recovery file stored in your personal cloud (Google Drive or Dropbox). It’s important to never move or delete this file—doing so would make your account unrecoverable.
One thing I appreciate is that ZenGo requires you to create the recovery kit before depositing funds, ensuring your wallet is secure right from the start.
User Experience and Interface
The ZenGo wallet has a simple and clean interface that I find perfect for beginners. Its intuitive design features just four tabs: Home, Actions, History, and Account. When you click on the Actions tab, you’ll see six clearly labeled boxes for buying, selling, trading, receiving, sending, and earning crypto. It’s one of the most straightforward and enjoyable wallets I’ve tested.
I also love how your balance is always displayed prominently at the top of the app, saving you from having to search for it. What’s refreshing about ZenGo is that you can freely explore the app before setting up a recovery kit. Unlike many other wallets, which force you to create and verify an account upfront, ZenGo lets you decide if the app meets your needs first. This flexibility makes it stand out from the competition.
Customer Service
One thing I appreciate about ZenGo is their 24/7 customer support, with real people available to help. You can reach them through live chat or email, which makes resolving issues convenient. While many reviewers mention that the support team responds quickly, a few have noted instances where the assistance wasn’t as helpful as expected.
That said, the overall feedback is positive, with most users seeming satisfied with both the ZenGo wallet and the customer service experience. It’s reassuring to know there’s reliable support when you need it.
Latest Updates on ZenGo for Canadians
With its latest update, ZenGo now supports over 180 crypto assets, showing just how much the platform has expanded. This growing asset base adds versatility, making ZenGo an even better option for crypto enthusiasts in Canada who want access to a wide variety of digital currencies.
Conclusion
Is the ZenGo crypto wallet legit? Absolutely. I find ZenGo to be an excellent choice for anyone looking for convenience and top-tier security. The wallet makes trading crypto effortless and offers the added benefit of earning interest on your holdings. This allows crypto holders to enjoy additional returns while keeping their assets secure—without needing to leave them on an exchange.
In my experience, the ZenGo wallet stands out as the best software crypto wallet available. Right now, you can even take advantage of a special offer: get $10 cashback in Bitcoin when you purchase $200 worth of crypto by using the code ZENX0B4G.