ZenGo Review

    Kevin Groves
    Posted by: Kevin GrovesUpdated Feb 18th, 2023

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    ZenGo is a multi-chain crypto wallet that allows users to buy, trade, and earn up to 8% interest on Bitcoin, Ethereum, and 70+ other crypto assets. It is an accessible wallet that allows users to quickly access funds through keyless entry and secure facial recognition using an easy-to-use interface. In this review of ZenGo, we will take a look at the app’s services, fees, security measures and share our experiences with using ZenGo to acquire, trade and store crypto.

    Trading Fees:Up to 5.99%
    Country:Global (USA allowed)
    Currency:USD, EUR & GBP
    Promotion:None available at this time
    Key Features
    • Store, purchase, trade, and send crypto
    • Sell BTC in Europe, UK, and U.S. territories
    • Swap crypto from anywhere in the world
    • 24/7 human support
    • Choose from 3 Network fee modes for BTC, ETH, and ERC20
    • Cancel or speedup unconfirmed transactions
    • Earn up to 8% APY

    ZenGo is a software wallet that stores over 70 digital currencies and can be accessed using a mobile phone app. The wallet combines ease of use with military-grade security measures using biometric technology and non-custodial architecture. The wallet offers more than storage with the ability to purchase, trade, sell and earn interest up to 8% APY on stored cryptocurrencies.

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    What Is ZenGo?

    ZenGo is a multi-currency wallet that is highly secure using non-custodial security technology. The software wallet's unique feature is its keyless design that does not require a password, private key or seed phrases to access stored assets. ZenGo’s Keyless Wallet technology uses threshold signatures that are stored on the mobile device and ZenGo servers to provide maximum safety without a single point of failure.

    The top feature of ZenGo is the ability to purchase, store, trade, earn interest and sell over 70 crypto-assets across multiple chains with ease. With easy-to-use mobile application software, users can access the features and benefits with biometric secure login. The innovative design and bank-like security of the app make ZenGo one of the best crypto wallets for beginners.

    zengo websitezengo website

    Quick Overview

    ZenGo is a suitable wallet for crypto investors and traders alike that want to securely store digital assets such as Bitcoin, Ethereum and 70 others. Apart from its sophisticated and unique key-less security measures, ZenGo is a worthwhile wallet for beginners with its easy-to-use app.

    Wallet NameZenGo
    Type of WalletSoftware Wallet
    Supported Coins70+ such as BTC, ETH, DOGE, USDT & others
    FeesUp to 5.99% + Network fees
    Mobile AppYes (Android and iOS)

    Pros & Cons?

    ZenGo offers many benefits compared to other software wallets. This includes the ability to safely secure, purchase and trade over 70 different crypto assets in one place. The advantage of the app is its suitability for all users regardless of experience level. The elegant and simplistic design is excellent to monitor a crypto portfolio using a mobile phone. Combined with keyless facial recognition and three-factor authentication (3FA), ZenGo is one of the best cryptocurrency apps for storing crypto that has merged maximum security with ease of use.

    The app does have some shortcomings such as limited features to several countries. If a user is located outside of Europe, the United Kingdom or the United States, they will not be able to sell crypto using ZenGo. Other disadvantages include the lack of support for popular assets such as XRP, Cardano, Polkadot and Solana are not supported. Moreover, the facial recognition process removes the need to remember a key, however, users are still required to hold onto a keyless recovery backup.

    ZenGo Pros:
    • All-in-one wallet and non-custodial trading platform
    • Biometric facial recognition for quick login and simple wallet recovery
    • Unique security measures that maximize protection of users' funds
    • Beginner-friendly user interface and software application
    • Ability to buy, trade, swap, store, earn and stake crypto
    ZenGo Cons:
    • Reduced functionality for users outside Europe, the UK and the US
    • Does not support coins like ADA, XRP, SOL, DOT and others
    • Buy and swaps are via third-parties that have high payment fees & spreads
    • Funds are transferred from ZenGo to another provider to earn interest
    • Staking on the wallet is limited to Tezos (XTZ) only

    Is ZenGo Safe?

    ZenGo is a safe wallet that has never been hacked or compromised since its launch. Featuring an innovative security technology that does not require a private key or password, user's funds are securely stored using two independently created mathematical secret shares. Combined with facial biometric access and the non-custodial nature of the wallet, the funds are well protected without any single point of failure.

    Is ZenGo Better Than a Hardware Wallet?

    ZenGo offers a hassle-free way to store and access digital currencies using an app. Secured by two independent mathematical secret shares, it is unlikely for both the mobile app and ZenGo servers to be compromised. Moreover, the wallet is non-custodial which means ZenGo staff do not have access to the assets on the app.

    Compared to a hardware wallet that uses a private key and a passphrase, it is near impossible for the wallet to be compromised once removed from the internet. The security of assets held on a hardware wallet remains 100% with the crypto-owner which is more secure as there is no reliance on a third party.

    ZenGo Top Features

    Ease of Use

    In a world of complicated security measures for securing blockchain digital currencies, ZenGo is purpose-designed for beginners with its fast, easy and reliable storage app for digital assets. Users do not need to worry about private keys, passphrases or passwords and can access stored funds using advanced facial recognition technology. With its modern and cutting-edge mobile software, ZenGo cuts through the red tape and provides an all-in-one application to monitor a crypto portfolio 24/7 from iOS and Android devices.

    ZenGo mobile wallet screenshotsZenGo mobile wallet screenshotsZenGo mobile wallet screenshots.

    Purchase Crypto

    ZenGo is a multi-chain wallet that supports several blockchain networks. There are currently over 70 digital assets that can be used on the mobile wallet which include BTC, ETH, DOGE, USDT, LUNA, BNB and many others. These coins can also be purchased using the mobile app and sent directly to the wallet. Investors should be mindful that not all supported assets can be bought or stored and need to check the website.

    For example, coins such as NEXO and YFI can be stored in the wallet but can not be purchased or sold. There is also the option to purchase crypto using a credit card which is via the crypto provider MoonPay or Coinmama which both have expensive processing fees of up to 5.99% plus trading costs.

    ZenGo supported assetsZenGo supported assetsScreenshot of the supported assets on ZenGo.

    Trade & Swap Crypto

    Using the ZenGo mobile app, users can trade and swap cryptocurrencies across multi-chains with ease through a partnership with the instant-swap platform Changelly. The wallet supports over 40 multichain assets which equate to over 1,000 coins that can be traded between each other to diversify a crypto portfolio.

    The fee to instantly trade assets is 0.5% plus a spread charge of up to 2% which can vary based on Changelly's liquidity. Overall, the ability to trade crypto through the ZenGo wallet is a useful feature for ease of use and convenience, however, the fees and spreads can be quite high compared to the best crypto trading platforms. Moreover, it can take between 5 and 30 minutes for the swaps to be completed and deposited in the ZenGo wallet which may not appeal to serious crypto traders.

    Earn Interest on Cryptocurrency

    ZenGo has partnered with Nexo which is a leading cryptocurrency lending provider in the industry. There are 9 supported coins that can be deposited to a ZenGo wallet to accrue interest up to 8% APY. This offers users the flexibility to switch their assets to interest-earning accounts with Nexo at no additional charge to earn compound interest. There are no lock-up periods and funds can be withdrawn at any time.

    CryptocurrencyInterest Rate
    Bitcoin4% APY
    Ethereum4% APY
    USD Coin8% APY
    Tether8% APY
    Dai8% APY
    True USD8% APY
    Nexo~5.75% APY
    Chainlink4% APY

    It is important to note the user will need to part with their assets which are transferred to the Nexo platform. Moreover, for users that want to earn maximum interest, they may be better off creating a Nexo account to unlock higher rates. For example, ZenGo wallet owners can earn 4% APY on Bitcoin, compared to up to 8% APY directly on Nexo using a fixed-term arrangement. For more information, read our review on Nexo.

    Unlock Staking

    Similar to the interest accounts, ZenGo users can earn passive rewards through staking Proof-of-Stake (PoS) coins by contributing to the asset's network security. The advantage of this method to earn a passive income is the coins remain with the safety of the ZenGo wallet which reduces the counter-party risk. The supported cryptocurrency that can be staked within a ZenGo wallet is Tezos at the time of writing, which is a negative and should be expanded. There are no fees applied by ZenGo to stake Tezos.

    Related: Best places to stake Tezos (XTZ) to earn rewards.

    Funding & Limits

    ZenGo Wallet offers 2 payment methods to fund an account with fiat currency to purchase crypto which includes bank transfer (EUR/UK) and credit/debit cards. There are different fees and limits on each deposit type. Buying crypto requires a minimum purchase equivalent to 125 USD/EUR/GBP and has a maximum limit depending on an account’s identity verification level with MoonPay.

    Selling crypto requires a minimum exchange that varies depending on the currency being sold, with a set maximum value of 2,000 EUR worth of crypto able to be sold daily, and 10,000 monthly. Trading crypto has a minimum and maximum values for transactions that differ by trading pairs. ZenGo currently places no limits on sending, receiving, or storing crypto on their platform.

    Payment TypeMin. LimitMax. LimitFee
    Bank transfer (EU/UK only)125 USD/EUR/GBPDepends on ID verification1.99%
    Credit and debit card125 USDDepends on ID verificationUp to 5.99%

    Supported Coins

    ZenGo boasts support for more than 70 crypto assets ranging from Bitcoin to Shiba Inu to Dogecoin and more. This amount of crypto offerings is relatively small for a one-stop shop like ZenGo. However, one of the greatest values that ZenGo brings is the ability to not only securely hold cryptocurrencies, but also to buy, trade, and sell them without needing to take them out of a secure wallet. There is also the option for staking and earning interest as mentioned above.

    Using ZenGo & Ease of Use

    ZenGo is designed for simplicity that will appeal to beginners. There is facial recognition software for users to log in and access the wallet without any seed phrases which saves time and effort remembering passwords or recovery phrases if the device is lost or stolen.

    Zengo mobile wallet app screnshots.Zengo mobile wallet app screnshots.Zengo mobile wallet app, depositing $100 screenshot.

    The app's user interface is modern, intuitive and sophisticated with one-touch menus and navigation that makes investing and storing crypto easily. Using a live account, the process to transfer $100 to ZenGo was very simple with the unique QR codes or wallet addresses. The funds arrived within 10 minutes that can be viewed on the mobile app under the history section.

    The process to buy crypto with a credit card and swap crypto is highly accessible using tabs along the bottom of the mobile app. However, these are through third parties which slows down the purchasing process. Overall, the app design and user experience is excellent for all types of investors.

    ZenGo Fees

    There are 0% fees to send and receive cryptocurrency from one ZenGo wallet to another. There are fees involved for purchasing, swapping and selling which depend on the payment method. Users will need to still pay the blockchain network fee for withdrawing and selling assets.

    Purchasing through bank transfer through MoonPay inflicts a 1.99% fee while purchasing with a credit or debit card inflicts a 5.99% fee on top of the network and local currency conversion fees. This is very expensive and does not offer value for money.

    For users in eligible countries, there is a 1.99% processing fee to sell crypto into fiat as well as blockchain network fees (via MoonPay). For users that trade crypto-to-crypto there is a 0.5% processing fee in addition to a spread fee of up to 2% depending on the liquidity. The majority of transactions require ETH as a form of payment to cover the fees.

    In short, ZenGo apps fees for buying, trading and selling back to fiat currency are quite high. Given these features are outsourced to third-party exchanges, users are better off directly using these platforms for lower fees and transferring the assets back to the ZenGo wallet for storage.

    Accepted Countries

    ZenGo’s wallet is available worldwide for users to download and buy, trade, and deposit crypto for storing. The platform’s crypto selling function, which allows individuals to convert their crypto into their local fiat currency is only available to residents of Europe, the UK and the U.S. Some of ZenGo’s services are restricted in certain states or countries.

    Inside the U.S, certain states restrict purchases, including Hawaii, New York, Rhode Island, and the U.S. Virgin Islands. Louisiana and Texas also restrict the purchase of certain coins.

    Security Of Assets

    ZenGo utilizes revolutionary security practices to ensure the security of the assets that are entrusted to them. The wallet uses threshold signature technology that makes wallet recovery easier without compromising the ease of use. ZenGo does not have the authority to perform transactions on accounts without permission from the wallet owner. The non-custodial nature means the owner of the wallet can only access the stored crypto assets.

    Unlocking the wallet features biometrics to scan the user's face which acts as the 'private key' into the wallet. This technology is an alternative to the norm that doesn't compromise security for recovering a wallet. If the app is deleted or the phone is lost/stolen, the wallet can be restored by scanning their face on the app using a different device. The increased security is one of the reasons ZenGo is a top wallet to store Ethereum and other digital assets.

    Customer Support

    ZenGo offers 24/7 support services that give individuals the opportunity to reach a live person for help whenever they might need it. ZenGo ensures that their help section is accessible from every screen in the app. Every page on the app contains a small button in the corner that provides quick access to common issues, as well as offers a way to contact the team at ZenGo.

    Frequently Asked Questions

    ZenGo is a safe and secure place to acquire, trade, sell, and store crypto using 3-Factor Authentication (3FA) and advanced security measures. The unique combination of dual-redundancy secret-signatures and facial recognition technology offers maximum security and ease of use. To date, the ZenGo security system has yet to be breached and allows quick recovery in the event access to the wallet is lost.

    ZenGo requires a minimal amount of information to get started. An email address is needed to create an account and taking a scan of the face to unlock the wallet and recovery if the mobile phone with the app is lost or stolen.

    While certain transactions on ZenGo have minimum and maximum values placed on them, ZenGo does not place any limits on the amount of crypto that you can store, give, or receive. Crypto purchases are capped at 2,000 EUR per day and 10,000 EUR per month.

    ZenGo is available in most territories, but limits the selling function to residents of Europe, the UK, and the U.S. only. A handful of U.S. states restrict the purchase of cryptocurrencies through platforms such as ZenGo, as well as select countries.

    Final Verdict

    ZenGo is an excellent place for investors to store, purchase, trade, and sell crypto without jumping from platform to platform. ZenGo offers top-notch security measures, as well as easy access to funds using an intuitive mobile app. ZenGo is best-suited for beginners as it takes away all of the stress of maintaining a crypto wallet.

    In short, ZenGo is a secure and fast platform that reduces the cryptocurrency learning curve with its all-in-one application that supports over 70 digital assets with staking and earning interest options. For a similar alternative to ZenGo, we have written a review on the Arculus wallet and Trust Wallet to read next.

    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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