ZenGo Review

ZenGo is a popular non-custodial multi-chain wallet that supports a wide range of assets and lets investors earn interest on their holdings. However, the wallet is only available on mobile devices, alienating desktop users.
Kevin Groves
Posted by: Kevin GrovesUpdated Aug 21st, 2023

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Selecting a cryptocurrency is an important part of the investment process, but it's easier said than done due to the number of options on the market. However, Zengo has been making waves in the industry due to its multi-chain support and impressive feature set. Throughout this Zengo review, we'll explore the wallet's usability, fees, and overall performance so our readers can decide whether it's right for them.

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Our Take

HedgewithCryptoScoreOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
Full StarFull StarFull StarFull StarEmpty Star

Bottom line:

Zengo is a cryptocurrency wallet that offers many benefits compared to other software wallets. Its innovative and straightforward design makes the wallet accessible to new investors, while its unique Three-Factor Authentication (3FA) system offers vastly improved security, rivaling even hardware wallets like the Trezor Model One.

However, although Zengo offers phenomenal security and a well-designed interface, the wallet has some shortcomings. Most notably, some of its features, like the ability to sell Bitcoin, are unavailable outside Europe, the United Kingdom, or the United States. Additionally, features like priority support are locked behind a paywall which is uncommon for a crypto wallet and could turn away some users.

Trading Fees:
Free with Paid Plan Available and Fees for Purchases/Swaps
Currency:USD, EUR, GBP, AUD, CAD, +35 Others
Country:Global (USA allowed)
None available at this time
  • Three-Factor Authentication (3FA)
  • All-in-one cryptocurrency wallet
  • Beginner-friendly interface
  • Lack of support for major assets
  • Some features are geo-restricted

Pros Explained

  • Three-Factor Authentication (3FA). One of the strongest aspects of Zengo is its 3FA system which removes the need for seed phrases using a combination of email verification, a face scan, and a recovery file, offering improved security that will appeal to those looking to protect their funds as much as possible.
  • All-in-one cryptocurrency wallet. Unlike other wallets we've reviewed that only support sending and receiving crypto, Zengo also supports swaps, sales, and fiat purchases, making it a great choice for people looking for an all-in-one cryptocurrency storage solution.
  • Beginner-friendly interface. Although Zengo offers a powerful set of features, the wallet boasts a simplistic interface that anyone can pick up quickly, making it ideal for new investors.

Cons Explained

  • Lack of support for major assets. Unfortunately, Zengo lacks support for major cryptos like XRP, ADA, and SOL, which could cause problems if you invest in a diverse range of altcoins.
  • Some features are geo-restricted. Features like selling Bitcoin are restricted by region. Therefore, Zengo could be better for international customers.

Zengo Wallet Compared and Alternatives

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Trust Wallet

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Zengo at a Glance

Founded in 2018 by Tal Be'ery, Ouriel Ohayon, and Omer Shlomovits, Zengo is an innovative crypto wallet based in Tel Aviv, Isreal, that offers asset storage/trading capabilities and unparalleled security.

Wallet NameZenGo
FeaturesRecovery Kit, Fiat-to-Crypto Gateway, Crypto Swaps, Staking
Accepted Fiat CurrenciesUSD, EUR, GBP, AUD, CAD, +35 Others
Deposit MethodsCrypto, Credit/Debit Card, Bank Transfer
Supported Cryptocurrencies5 Unique Blockchains and 1000+ Crypto Assets
PricingFree with Paid Plan Available and Fees for Purchases/Swaps
Customer SupportHelp Center, Email, Live Chat
Security MeasuresNon-Custodial, 3FA, Recovery Kit, Multi-Party Computation
Mobile AppYes (Android and IOS)

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, meaning Zengo staff cannot access the assets on the app.

However, while ZenGO is a highly secure crypto wallet, the best hardware wallets will always yield greater protection as they require physical access to the device for a transaction to be completed. Therefore, even if a bad actor could gain control over your computer, they wouldn't be able to steal your funds. Therefore, people looking for the most secure crypto wallet should always opt for a cold wallet like a Ledger.

Zengo Top Features Reviewed

Zengo Recovery Kit

A unique feature offered by Zengo is a Recovery Kit. Designed to replace seed phrase-based recovery, which requires you to securely store a 12 or 24-work phrase to gain access to your account should you lose your device, Zengo's Recovery Kit lets you gain access to your account in a different manner.

Zengo recovery kitZengo recovery kitZengo recovery kit overview.

To set up a Recovery Kit, you must complete email verification, then submit a facial biometrics scan to create a 3D FaceLock, and finally, download and secure a recovery file used to decrypt your personal share. Then, if you need to gain access to your account, you can sign in using your email, scan your face, and upload the recovery file.

While many seasoned cryptocurrency veterans may turn their noses up at having to provide an email address and scan their faces, ZemGo's recovery kit is ideal for those new to the crypto world who may find securing a recovery phrase daunting.

Fiat-to-Crypto Gateway

Although storing cryptocurrency is Zengo's primary function, the wallet lets you purchase cryptocurrency in-app through its third-party partners Banxa and MoonPay. Between both service providers, 76 unique cryptocurrencies, including BTC, ETH, and DAI, can be purchased across 206 geographies, such as the UK, the US, and Europe.

Ideal for beginners looking for a simple way to bolster their portfolio, the fiat-to-crypto gateway offers a clear fee breakdown which makes understanding any charges levied against your transaction simple, which will appeal to those looking to maximize control over their investments. However, fees for fiat purchases range from 2% to 3% based on the supplier, making it expensive compared to Binance.

Buy BTC with USD ZengoBuy BTC with USD ZengoBuying BTC with USD via Banxa on Zengo.

Instant Crypto Swaps

While we explored the app for our Zengo wallet review, we found that Zengo provides an instant swaps platform that lets you near-effortlessly exchange one crypto asset for another, making Zengo a strong all-in-one wallet. The instant swap service is designed with novice investors in mind. It boasts a simple interface requiring you to choose which assets to swap and enter the quantity, making the tool highly accessible.

When you select how much crypto to swap, Zengo will display how much crypto you'll get in exchange, making it easy to see the fees charged. However, a detailed fee breakdown like the fiat-to-crypto tool would be beneficial. During testing for our Zengo Wallet review, we found fees for the swap service to be around 7.4% on a $100 transaction and around 6% on a $1000 swap, which is extremely expensive.

A crypto swap service like Zengo offers is more typical of a top altcoin exchange rather than cryptocurrency wallets. As such, it's great to see Zengo providing a swap service as it vastly improves the wallet's functionality, giving it exchange-like features and the capacity for crypto storage. Therefore, Zengo is perfect for investors wishing to perform some basic trading activities without switching platforms.


To appeal to investors aiming to increase their cryptocurrency holdings through a staking program passively, Zengo has included the option to stake crypto assets directly within its cryptocurrency wallets. However, while Zengo users can earn up to 5.27% using Zengo, the app only supports a single asset; Tezos (XTZ).

Staking on Zengo is similar to other crypto platforms. You must pledge your assets, and Zengo will pay you rewards, first after an initial 36-day warmup period, then regularly every few days. You have the option to use a default baker like Figment Network, or you can set your own for greater customizability. Although Zengo's staking is ideal for control, its lack of supported assets could cause issues for altcoin investors.

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

Supported Fiat Currencies and Deposit Methods

Despite primarily operating as a crypto wallet, Zengo also offers the ability to purchase or sell digital assets for fiat currency. Zengo has partnered with Banxa and MoonPay to offer the ability to buy crypto with credit or debit card and bank account transfer using 40 fiat currencies, including USD, GBP, and EUR. Additionally, you can deposit crypto directly to Zengo, which is great for those with existing crypto assets.

However, to access Zengo's fiat-to-crypto services, you must create your recovery kit, which involves submitting an email, scanning your phase, and securing a recovery file. Therefore, while suitable for quickly purchasing crypto from a mobile device, investors looking for a no-KYC exchange to buy crypto will need to look for an alternative to Zengo.

Supported Cryptocurrencies

The Zengo secure wallet can be used to store a myriad of cryptocurrencies. However, only five unique networks are supported; Bitcoin, Ethereum, Binance Coin, Dogecoin, and Polygon. All Ethereum and Polygon assets are supported by Zengo, meaning you can store thousands of assets on a Zengo wallet. Unfortunately, Zengo doesn't offer visual support for all its supported coins.

Funding & Limits

Regarding the purchase of cryptocurrency, each of Zengo's partner vendors enforces its own limits. However, during testing for our Zengo review, we found that MoonPay has a tiny minimum purchase amount of $33, while Banxa requires a purchase to total at least $35. Each service provider also has its own purchase limits based on the token, payment method, and customer's location.

Conversely, if you want to sell cryptocurrency, you'll be subject to a $30 minimum, with a daily maximum of $10,000 and a monthly maximum of $20,000. Furthermore, while there is no limit for sending, receiving, or strong crypto on Zengo, maximum transaction volume can vary daily based on current market liquidity.

Zengo Fees and Pricing

Zengo is free to download and use, but there are a few fees to be aware of. Outside of typical network 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 and service provider.

If you want to purchase crypto using fiat, Zengo charges a fee that varies based on the service provider and purchase amount. For our Zengo review, we tested the MoonPay service and found that a $300 transaction would result in approximately 3.06% fees, while a $1000 purchase would result in 2.98% fees. For Banxa, a flat 1.99% is levied against purchases made using a credit/debit card or Google/Apple Pay.

If you want to see crypto for fiat currency, you'll be charged a 1.99% processing fee with a minimum of $3.99. Additionally, a variable spread fee will also be levied, beginning at 1% per transaction. While the service provides set limits, the minimum sell amount is typically $30.

Furthermore, Zengo has a Pro subscription that costs $199.99 annually or $19.99 monthly and entitles the user to legacy transfers, advanced withdrawal protection, and priority customer support.

In short, Zengo app fees for buying, trading, and selling back to fiat currency are quite high. Given these features are outsourced to third-party platforms, users are better off directly using a top crypto trading platform like Binance for lower fees, then transferring the assets back to Zengo crypto wallets for storage.

Zengo Ease of Use

While Zengo is a mobile-only wallet built with simplicity in mind, the app is surprisingly powerful and boasts features reminiscent of cryptocurrency exchanges like Binance or Bybit. What's more, the wallet takes an innovative approach to security with its three-factor recovery kit that offers phenomenal security with drastically lowering the difficulty of managing non-custodial storage.

zengo app screenshots and ease of usezengo app screenshots and ease of useZengo app screenshots.

To ensure that Zengo is suitable for those without investing experience as well as those who have been in the industry for many years, Zengo utilizes an intuitive interface with critical features like sending, receiving, swapping, and buying crypto hidden under a central highlighted menu button, making navigation a breeze, even if you've never used a crypto wallet previously.

The process of sending or receiving cryptocurrency on Zengo is simple. When you initiate the transaction process, Zengo will display which assets you own, letting you understand how much you can send conveniently. Furthermore, Zengoffers a basic price chart for all of its supported assets, making it easy to check how your investments have been performing and giving you greater control over your funds.

While conducting research for our Zengo Wallet review, we found the app straightforward and beginner-friendly, making it a great option for new investors looking to securely store and trade cryptocurrency on a single platform.

Accepted Countries

Zengo’s wallet is available worldwide for users to download and buy, trade, and deposit crypto for storage. However, the platform’s crypto-selling function, which allows individuals to convert their crypto into their local fiat currency, is only available to European, UK, and US residents. Some of Zengo’s services are restricted in certain states or countries.

Certain US states, including Hawaii, New York, Rhode Island, and the US Virgin Islands, restrict crypto purchases, so brushing up on your local cryptocurrency regulations before using the app is important.

Security Of Assets

Compared to other crypto wallets, like Atomic Wallet or MetaMask, Zengo offers an unparalleled security system designed to make it possibly the most secure wallet while retaining simplicity. Instead of using a typical private key seed phrase approach, Zengo uses a Multi-Party Computation (MPC) system that lets you recover your wallet without a seed phrase.

Zengo uses Three-Factor Authentication (3FA) to bolster security by requiring that users create a recovery kit via email verification, an encrypted 3D face scan, and a recovery file. Zengo claims this system makes the wallet more secure than any seed phrase-based wallets, including the best hardware wallets. Zengo has not been hacked to date, so its innovative security processes work soundly.

To help its customer secure their funds further, Zengo lets you set up withdrawal protection that will trigger a multi-layered security process when you attempt to withdraw more than a predetermined amount of crypto. Due to its innovations, Zengo is a highly secure crypto wallet that is even easier to manage than typical wallets, making it one of the best options for security-conscious investors.

Customer Support

To ensure its customers can handle issues, Zengo offers a chatbot and 24/7 live chat support. However, despite Zengo boasting that its users can receive a reply to their query within an hour, this speedy service is restricted to individuals who pay $199.99 yearly for a Zengo Pro account. For regular users, Zengo strives to reply within 24 hours which is on par with other platforms.

On top of its live chat services, Zengo has created a blog containing articles on topics like news and the company's security measures. Additionally, various articles designed to answer common questions can be found in the Zengo app. During testing for our Zengo review, we received a response approximately 2 hours after sending our query.

Zengo wallet live chatZengo wallet live chatZengo live chat customer support.

Frequently Asked Questions

Zengo is a safe wallet that has never been hacked or compromised since its launch. As the wallet is non-custodial, you have complete control over your private keys and recovery phrase, providing far greater security than a custodial wallet. Combined with Zengo implementing biometric security and it's apparent that Zengo prides itself on customer security.

While many non-custodial wallets pride themselves on protecting customers' privacy, Zengo requires new users to create an account using an email address. Therefore, the wallet is not fully anonymous. Investors looking to protect their privacy should consider alternatives like Atomic Wallet, Exodus Wallet, or MetaMask, which do not require any personal information.

No, you can create an account with Zengo and send cryptocurrency transactions without submitting an ID or proving your identity. However, to purchase crypto using the app, you must complete identity verification by providing a photo ID (passport, driving license).

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

Final Verdict and Score

Zengo is an excellent all-in-one app for investors to store, purchase, trade, and sell crypto without jumping from platform to platform. Zengo offers top-notch security measures and providers investors with access to funds using an intuitive and simplistic mobile app. Zengo is best suited for beginners as it takes away all the stress of maintaining a crypto wallet while providing great security and a robust feature set.

During testing for our Zengo review, we found the wallet to be fast, efficient, and secure, making it an excellent choice for investors who want to protect their funds as much as possible. Furthermore, the beginner-friendly interface makes Zengo an equally strong choice for beginners looking for an all-in-one platform. However, the wallet lacks support for popular assets like XRP, which is problematic for altcoin investors.

Review CriteriaHedgewithCrypto Rating
Features4.4 / 5
Supported Fiat and Deposit Methods4.1 / 5
Supported Crypto & Trading Pairs3.8 / 5
Fees4 / 5
Ease of Use4.5 / 5
Customer support4 / 5
Security Measures4.5 / 5
Mobile App4.3 / 5
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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