Zengo Wallet

Zengo Wallet Review

Zengo Wallet is a unique non-custodial cryptocurrency wallet with a “Keyless” functionality. This functionality leans heavily on an advanced cryptography security model which eliminates the need for certain activities like generating or storing private keys - iCloud/Google Drive are only used for the restoration process. We have described this feature in detail under the Zengo Wallet Security section.

The company now boasts 900,000 active users and has evolved from a beginner's wallet into the most secure crypto wallet on the market. The launch of Zengo Pro has been hugely successful for the company and has meant that the standard Web3 Firewall Clearsign feature is now included in Zengo Pro, but is no longer available as a free security feature.

Some of the salient features of this wallet are

• Simplicity in design coupled with effective functionalities makes this wallet very lucrative to a wide variety of audiences. It offers a high degree of comfort for both newbie and experienced crypto investors.
• Zengo Wallet is making a solid attempt in moving the digital assets domain to Keyless usage. This means that users need not memorize complex transaction passwords or create a secure backup of seed phrases. It uses facial biometrics to ensure that the account is secure and is controlled solely by the users.
• The minimum for purchases with this wallet is $30. It does not levy any additional charges or hidden fees for executing trades or settlement of transactions. There are additional functionalities that allow users to cancel their sent transactions or speed them up with a single tap before they get confirmed on the Blockchain. 
• Zengo uses the innovative Multiparty Computation (MPC) model for enhanced security. This prevents any chances of the company accessing a user’s wallet without compromising the ability to recover the wallet in case of an emergency.
• The Zengo Wallet mobile application is supported on both Android and iOS platforms. The wallet is listed for downloads on both Google Play Store and App Store.
• It has two dedicated payment partners: MoonPay and Banxa. MoonPay only processes Mastercard transactions made using credit cards, bank wires, Apple Pay, Google Pay and SamsungPay. On the other hand, Banxa can process any transaction through credit cards, Apple Pay, SEPA payments and Swift.
• Bank deposits are available across various countries, including South Africa, Europe, the UK, Australia, Canada, Turkey, South Africa, and Brazil.
• The wallet has a broad outreach and is supported in 188 countries and users can sell Bitcoin in Europe, the UK and the US. Users can buy or sell over 120+ cryptocurrencies listed on the app. 
• The Zengo Chill Storage^TM is a far-sighted service that significantly adds to the company’s credibility and trustworthiness. It is an e-wallet service that will allow you to access your funds even if the company stops operating in the future. 

Here’s a short video on how to buy Cryptocurrencies using Zengo Wallet

The Basics You Need to Know

The Zengo brand operates under the legal umbrella of KZen Networks Ltd, according to Crunchbase. The company was founded in 2018 and is incorporated in Tel Aviv, Israel. Since its inception, the company has raised USD 24 million from 14 investors.  New York-based Insight Partners and the Tel Aviv-based Benson Oak Ventures are the lead investors in KZen Networks. Their recent Series A funding round in April 2021 raised USD 20 million from 8 investors.

Zengo Pro

Zengo Essentials is a secure crypto wallet for self-custody assets at no cost. In contrast, Zengo Pro offers premium security features for as low as $20 per month. It includes Legacy Transfer, a tool for granting beneficiary access to digital assets in case of absence or death. Zengo Pro also has Asset Withdrawal Protection, which uses 3D FaceLock biometric verification to prevent unauthorized withdrawals. Additionally, it offers an Advanced Web3 Firewall for real-time risk assessments and alerts against Web3 attacks. Zengo Pro provides Priority 24/7 Support with a quick response time and support in 180 languages.

Zengo Savings

Zengo is the first non-custodial wallet with MPC security that lets you stake crypto. At the moment, you can stake Tezos, but Zengo is actively working to expand its staking and earning options.

For Staking through Zengo savings, a user has to first comply with the 33-day initial waiting period to receive their first reward. After this waiting period, the interest credit takes place once every 3-days.

The second way of earning with Zengo – staking is possible through WalletConnect which gives access to third-party staking Dapps such as Lido, which is a liquid staking protocol for staking Ethereum. For your introduction, Lido is a staking solution that supports Ethereum, Solana, Polygon, and Polkadot. Staking DOT, for instance, earns 17.3% APR.

Apart from Lido, you can connect StakeWise, Aave, and Index Coop through which you can stake crypto and earn passive income. The Zengo’s Dapps We button lists all the Dapps that you can connect with for staking and other purposes.

Connecting Zengo with a Dapp like Lido that supports WalletConnect requires you to go to Lido connect wallet page and choose WalletConnect as the wallet you want to connect. After this, you will be presented with a QR code that you must scan by going to the Zengo wallets QR scanner icon in the top right corner of the home screen.

Any deposit or withdrawals on Zengo savings will attract network fees.

Is Zengo Wallet Easy to Use?

This wallet is well suited for both beginners in the domain and veteran crypto investors. A user testimonial on the Zengo website claims that new customers can sign-up in less than 20 seconds.

The ‘Help’ section on the company website features many articles addressing a wide variety of topics like general/frequently asked questions, usage guides, withdrawal guides and troubleshooting guides.

Zengo also offers dedicated customer support which is active 24/7. 

As users can access their wallets using facial biometrics they don’t have to remember or backup complicated seed phrases.

Considering all these points, we strongly believe that Zengo Wallet is the most secure crypto wallet.

Does Zengo Wallet Have Fees?

Yes. Zengo's charges can be classified into two broad categories; the Exchange fee and Network fee.

The exchange fee is levied for trading in cryptocurrencies. Currently, it is 0.75% of the total transaction volume. This category also includes a variable component charged to cover liquidity fees. The liquidity fee is a marginal percentage of the total volume and varies depending on the coin.

The second category or the Network fee is levied for processing the transactions on the blockchain. This fee is directly proportional to the congestion on the blockchain network. Ideally, a congested network will attract a higher network fee and vice-versa. Zengo users can choose from any of the three network fee modes; Economy, Regular and Fast. These different fee modes are applicable for BTC, ETH and ERC-20 tokens. 

Users might encounter certain charges levied by the payment partners — MoonPay and Banxa. Sale transactions using MoonPay will attract a processing fee of 1.99% and a marginal spread. 

What Coins Does Zengo Wallet Support?

Zengo Wallet supports more than 70 cryptocurrencies. You will find all of the mainstream coins and tokens like Bitcoin, Ethereum, Dogecoin, Binance Coin, Uniswap, etc as well as stablecoins like USDT.

The Polygon (MATIC) network is supported on Zengo, meaning you can now view your NFTs with the most secure wallet in Web3, safely store Polygon assets and use Polygon Web3 apps. 

Does it store NFTs, Crypto Art, and Collectibles?

With the growing popularity of NFTs, many crypto enthusiasts are looking for wallets that support ERC-71 tokens. If you are looking for an NFT-compatible crypto wallet, you will be happy to know that Zengo supports NFTs. Users can connect to NFT and DeFI apps using this wallet. 

Is Zengo Wallet Anonymous?

Transactions made through Zengo is completely anonymous. Considering the recent regulatory stance in many countries over anonymous cryptocurrency transactions, this is a fairly good sign.

A user can set up a new account using their email address and can access their wallet using facial biometric recognition.

As far as buying or selling a cryptocurrency is concerned, Zengo has partnered with MoonPay and Banxa for transaction processing. 

Is Zengo Wallet Safe?

The wallet’s security is enhanced with the use of the MPC model. Their website claims that by adopting the MPC model, this wallet can avoid something called a “single point failure”. Instead of the conventional private key, Zengo creates two independent secret shares using a complex mathematical algorithm. One of these shares is saved on the user’s mobile device whereas the other is securely saved on the Zengo server.

This complex encryption protocol comes into effect when a user creates a new wallet, These codes are then stored and encrypted using different combinations, as explained by an article on TechCrunch. 

This innovative approach not only limits Zengo's access to the user’s wallet but also gives the user total control over their funds.

The Zengo Pro Wallet is also the only wallet built with a built-in Web3 firewall, adding to the industry-leading security when carrying out Web3 transactions. On top of that, Zengo is the only next-gen non-custodial crypto wallet that removes seed phrase vulnerability protecting users from the #1 source of crypto loss. 

The information on Zengo Wallets’ cryptography is open-sourced and the relevant documentation is available on GitHub.

Zengo Pro

While Zengo Essentials continues to be offered for free, upgrading to Zengo Pro unlocks a suite of premium security features for as low as $16.67 a month.

• Legacy Transfer: Grant beneficiary access to your digital assets in case of death or prolonged absence with a feature inspired by traditional inheritance systems. This is the market's first and only self-custodial tool supporting this functionality.

• Asset Withdrawal Protection: Prevent unauthorized withdrawals with 3D FaceLock biometric verification.

• Advanced Web3 Firewall: Real-time risk assessments and alerts that protect you against Web3 attacks.

• Priority 24/7 Support: Typically, response time of under 3 minutes, supporting 180 languages.

Does Zengo Wallet have an Affiliate program?

Based on the information received from the company, Zengo do not offer a commission for referring first-time crypto buyers. You can reach out to the company to discuss if they are bringing in any new policy regarding referrals in the near future.