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ZenGo Wallet Review: The Mobile Crypto Wallet

ZenGo Wallet is a mobile, non-custodial cryptocurrency wallet. It replaces private keys by threshold signatures. This creates two ‘mathematical secret shares’ – one kept on your device and one on their servers.

This means there is no single point of failure, and you are not at risk of losing your coins irretrievably in the event of hacking or loss of your wallet. Although it’s a novel way to distribute seed phrases, there are some drawbacks. We will also discuss them.

ZenGo Wallet allows you to trade, send, buy and receive crypto. We will review the ZenGo Wallet to help you determine if it is the right choice for you.

ZenGo Wallet Supported Cryptocurrencies

ZenGo Wallet supports a large variety of cryptocurrencies. It currently supports 70+ coins and tokens, with more support in the pipeline. Here are some cryptos that ZenGo supports

 

  • Bitcoin (BTC).
  • Ethereum (ETH).
  • Tether (USDT).
  • Binance Coin (BNB).
  • Dogecoin, (DOGE)
  • Polygon (MATIC).
  • Chainlink (LINK).
  • Uniswap
  • Aave
  • Tezos (XTZ)
  • Synthetix (SNX)
  • SushiSwap Token (SUSHI)
  • Basic Attention Tokens (BAT)
  • DAI (DAI).
  • 0x (ZRX)
  • TrueUSD (TUSD).

ZenGo Features

Grow Your Crypto

Grow Your Crypto lets you earn compound interest and reward on your funds. This is achieved by staking crypto coins on blockchains with proof-of-stake. Tezos can be staked quickly and easily from your ZenGo Wallet. You will also earn more than 5% interest.

Buy Crypto on ZenGo Wallet

You can purchase a range of cryptocurrencies with your credit or debit card through the app. MoonPay API lets users quickly purchase a wide range of coins. This deposits directly to your wallet.

MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Swap

ZenGo users are able to trade cryptocurrencies via the Swap tab. For a very competitive 0.125% fee, you can switch between supported currencies. This intuitive feature allows trades in under 30 minutes, depending on network speeds.

ZenGo Wallet Fees

ZenGo is one the few crypto wallets that allows you to purchase cryptocurrency directly from the wallet. This depends on where your jurisdiction is. Although the fees are slightly higher than the industry average, we found them to be comparable.

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ZenGo wallet is unique in that you can choose between a regular, fast, or economy network fee. You have some control over how much fees you pay, provided you are willing and able to wait. Even after transactions have been submitted, you can speed up or cancel them. However, this is only possible after the blockchain has confirmed that they are valid.

ZenGo Mobile App

The app’s mobile interface is intuitive, making it easy to trade, buy and sell cryptocurrency. Its user-friendly interface allows you to track your investments in just a few seconds.

Face biometrics doesn’t require passwords or seed phrases. If your phone is lost or stolen, you don’t have any need to worry about coins.

Pros and Cons

Pros Cons
Smooth user interface Keyless Recovery Backup must be stored on iCloud/Google Drive
Sell and buy within minutes It is not fully non-custodial
Earn interest with no lock-up on your holdings

 

How safe is ZenGo Wallet?

ZenGo Wallet has a very secure system. Zoom’s facial recognition technology is used. The application even offers a test for anyone who thinks someone could use a picture of their face to access their wallet. ZenGo doesn’t work with it. This is vital because it is all you need to use the functionality in the wallet is a scan.

Your wallet will be impossible to hack if you have two distinct decryption keys stored in different places (your device, and their servers). ZenGo ran a hacking contest for wallets with 1 Bitcoin. It was won by no one, further strengthening the wallet’s security.

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Potential Downsides

Although the seed phrase does not need to be used, it is a good trade-off. The code you use is stored in two centralized places. One code is attached to your phone and the other is stored at ZenGo’s servers. This is not a problem but it could be an issue for users who do NOT want to leave their wallet’s security at the mercy of others.

Another reality is that the wallet isn’t actually completely non-custodial. Because the data to recover it is being stored third-party and not in your custody, as if you had written down a seed phrase.

Conclusion

ZenGo Wallet is a unique wallet that addresses the demand for simplicity in crypto wallets. This wallet has an easy-to-use interface and a wide range of additional features like interest and coin staking, which makes it stand out from the rest.

ZenGo’s ability to store crypto in a way that is simple and straightforward makes it a great option for advanced to intermediate traders. ZenGo could be the best mobile crypto wallet available if you’re happy to use it.

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