ZenGo is an innovative cryptocurrency wallet that is an all-in-one solution to store and manage a user’s digital assets. The wallet boasts a robust user interface and leverages multiple security mechanisms to ensure asset safety.
This guide will break down the main features of the ZenGo wallet and review everything there is to know about the platform’s available assets, security protocols, trading fees and more.
What is ZenGo Wallet?
ZenGo is a highly secure crypto wallet developed by KZen networks – 
an Israel-based technology company that builds blockchain networks. Launched in 2018, the ZenGo team aims to provide users with a simple-to-use cryptocurrency wallet to users.
An all-in-one crypto hub, ZenGo is a multi-chain network that gives users access to Web3 protocols, including NFTs, DeFi (Decentralized Finance), gaming and DApps (Decentralized Applications). Powered by Multiparty Computation (MPC) technology – ZenGo is the 1st Web3 crypto wallet resistant to account takeovers and private key hacking.
Using 3-factor Authentication (3FA) as opposed to most wallets using 2FA protection, ZenGo’s security model significantly minimizes the risk of unauthorized access. Backed with 24/7 customer support, ZenGo is a potential option for beginners.
This is possible because the platform eliminates private keys altogether for two independently created mathematical secret shares. ZenGo has integrated with WalletConnect on Ethereum to give users easy access to multiple DeFi and Web3 protocols.
With ZenGo, users can buy Bitcoin, Ethereum and some of the biggest cryptocurrencies in more than 180 countries. Joining over half a million users on this crypto wallet, users can begin investing in various digital assets. Moreover, ZenGo offers multiple additional features which regular centralized exchanges may not support.
Users can swap tokens, earn interest on their holdings and even use ZenGo to get their paycheck converted to cryptocurrency. With a low minimum investment of $85 USD, we believe that ZenGo is one of the best crypto wallets for users to take a look at. Users can also read out Exodus crypto wallet guide to check out alternative wallets to invest in.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
ZenGo Pros & Cons
Before investing with the best crypto wallets, users should carefully weigh the pros and cons. Therefore we have listed some of the advantages and disadvantages of using ZenGo wallet below.
Pros
Cons
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Supported Coins
ZenGo may be one of the few crypto wallets to give direct access to Web3 features, but crypto trading and storage is the platform’s number one priority. Users can buy, trade and hold a diversified list of 76 cryptocurrencies. Along with BTC and ETH, users can invest in meme tokens and buy Dogecoin, Shiba Inu and more.
Since ZenGo uses WalletConnect to provide multi-chain support with Ethereum, users can buy ERC-20 tokens such as SUSHI, IOST, LRC and more assets. Below is a list of the 10 largest cryptocurrencies (in terms of market cap) available to trade with ZenGo:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- USD Coin (USDC)
- Binance Coin (BNB)
- FTX Token (FTT)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Uniswap (UNI)
- Dai (DAI)
ZenGo Wallet Fees
The associated fees are an important criterion to review for any crypto wallet. With ZenGo, users can expect to pay the following fees:
- Network Fee – This fee is paid to the blockchain network operators and changes based on network conditions. ZenGo does not receive any network fees in the process.
- Processing Fee – This is the fee paid to the operators involved when buying, selling and trading services. For example, when buying crypto through a bank transfer via MoonPay, a processing fee of 1.99% is charged.
- Spread – This difference between the spot market price and order price is used to cover volatility risk. The spread fee varies per transaction.
ZenGo Wallet Safety & Security
Security and safety are one of the key features that the ZenGo wallet strives to provide. Crypto wallets have been designed to give users a simple and safe solution to store digital assets in one place. ZenGo has the edge over its competitors since it provides the following unique security measures and protocols to users:
3 Factor Authentication
ZenGo’s security model has been designed in such a way that users must set up 3 authentication factors to keep their accounts safe:
- Email Confirmation – When signing up with ZenGo, investors are sent a unique “magic mail” to their registered email ID. They can use the link to connect with their ZenGo wallets.
- Recovery File – These files are used to store decryption codes associated with the users’ account. The recovery file is stored in the user’s personal cloud service.
- Face Scan – Finally, users must pass a fac-scanning test to use their accounts. This is an encrypted mathematical representation of an individual’s face stored on the ZenGo servers.
No Single Point of Failure
Zengo uses MPC-based cryptography – a protocol that shares computation across multiple parties, ensuring that no individual parties can see the other party’s data. This process replaces the need for owning private keys.
Instead of private keys, ZenGo provides two separately created mathematical secret shares. One code is shared to the users’ mobile devices, while the other is stored on the platform’s servers. Thus, even if something happens to one of the shares, there is no single point of failure.
On top of this, ZenGo has deployed Chill Storage – an e-waller service protocol. With Chill Storage, users can access their funds even if ZenGo were to stop operating for some reason. Thus, ZenGo is one of the safest crypto wallets available in the industry.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
ZenGo User Experience
ZenGo aim is to enable users to participate in a borderless economy through its crypto wallet. The platform provides borderless financial services which support crypto protocols, digital assets and Web 3-based initiatives.
ZenGo has positioned itself as a mobile-first app to support all these activities, making it readily available on Android and iOS. Unlike other crypto platforms, ZenGo avoids the complex KYC (Know Your Customer) forms and the complex seed phrases that users must fill in.
Instead, ZenGo uses biometric encryption as part of its 3FA process. Users can complete a face scan and provide their email addresses to open their accounts. Furthermore, ZenGo provides users with a simple-to-use interface, allowing anyone to buy and sell cryptocurrencies in a few minutes.
Users can simply click on the “Buy” tab on the navigation bar at the bottom of their screens and access and enter the amount they wish to deposit. Furthermore, investors can easily swap cryptocurrencies since ZenGo is a multi-chain platform. Instead of needing to set up a different wallet, users can simply swap their existing assets on ZenGo by clicking on “Actions” and then selecting “Trade”.
By removing the technicalities involved in storing cryptocurrencies, the ZenGo wallet will provide a user experience unlike any other platform in the sector.
Transferring Funds into ZenGo Wallet
When transferring funds from another wallet to your ZenGo wallet, users can follow the steps mentioned below:
- On the home screen, swipe an asset to the right or tap on the asset
- Your wallet address will be visible on the screen, as well as the QR code
- Copy the wallet address and enter it on your different wallet or exchange
- This address can be entered when sending crypto to ZenGo. The platform will verify the user once the transfer has been completed.
ZenGo Wallet Features
Now, we will be looking at some of the prominent features that users can avail while using the ZenGo crypto wallet.
ZenGo Trade
Besides buying and selling cryptocurrencies, ZenGo allows users to trade crypto anytime across blockchains. While most of the best cryptocurrency exchanges support a single network, such as BTC or ETH, ZenGo is a multi-chain wallet which lets users trade multiple assets across blockchains.
Investors can trade Bitcoin with Ethereum and Dogecoin with stablecoins like USDC. In total, users have over 1,000 trading options with ZenGo. This is beneficial since users do not need to set up multiple crypto wallets to trade across different blockchains.
ZenGo Savings
Powered with Nexo – one of the biggest lending institutions in the digital finance sector, ZenGo lets users access a crypto interest account. For users looking to beat inflation or make passive income despite the volatility among cryptos, the ZenGo interest is a great feature to access.
Users can access two features – lending or staking options. The former involves loaning out your crypto holdings to Nexo – a registered crypto lending financial institution. Interests are calculated and added to a user’s account on a daily basis.
With crypto staking, investors can earn interest by locking up their assets for a specific time. For example, users can earn up to 8% Annual Percentage Yield (APY) on USDC, USDT and TUSD. Furthermore, investors can earn 3% APY on BTC (up to $25,000 deposit).
Connect with Web 3 Protocols
ZenGo promotes itself as one of the few crypto wallets giving users access to multiple DeFi protocols. With ZenGo, investors can access NFTs on multiple blockchains, and thousands of DApps, and GameFi features on platforms like Sandbox.
Users can do this by linking WalletConnect with ZenGo, which gives them access to all the Web 3-based protocols deployed on the Ethereum network.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
ZenGo Wallet Customer Support & Service
ZenGo ensures customers are taken care of 24/7 via a support specialist that can be accessed directly through the app. Users can also talk to a customer support team via text call or email.
Furthermore, ZenGo provides users with an online library of high-quality content – including blogs, videos, tutorials and more. In fact, the ZenGo wallet users seem to be satisfied with the services being offered – as ZenGo has a 4.78 rating (out of 5) on the App Store and Google Play.
How to Use ZenGo Crypto Wallet
Unlike other crypto wallets, ZenGo does not require users to memorize a complex seed phrase or fill out a KYC form. Therefore, users can begin trading cryptocurrencies on ZenGo in just a few simple steps:
Step 1: Download ZenGo Wallet
Users must download the ZenGo wallet via Android or iOS.
Users can scan the code on the screenshot below to start their download process.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Step 2: Verify Email Address
Users must enter their email addresses after downloading the ZenGo crypto wallet app. ZenGo will send a ‘Magic Link’ to the provided email address; confirm the link to continue.
Step 3: Set Up Face ID
Since ZenGo does not provide users with a seed phrase, they use biometric encryption via face ID verification to give users’ account access.
Click ‘Enable Face ID’ and set up your face verification with ZenGo.
Step 4: Begin Trading
After the account has been verified, users can begin accessing the ZenGo features.
Users can choose to buy crypto directly, transfer crypto from another wallet or explore the app to familiarize themselves with the features.
Best Wallet: Hot New ZenGo Wallet Alternative With NFT & DEX Functions, High Security, And Exclusive Market Insights
Best Wallet is a hot new crypto wallet available as a mobile-friendly app on iOS and Android with unique features distinguishing itself from its competitors. A browser extension for desktop users is also in the pipeline, launching soon.
The wallet is a non-custodial platform that gives you complete control over your private keys. It uses advanced cryptographic techniques, multi-factor authentication, and plans for biometric identification, making it one of the most secure wallets available.
Also, Best Wallet doesn’t limit you to one blockchain. Initially supporting Ethereum, Polygon, and BSC Mainnet, it has plans to expand its reach to Bitcoin and other blockchains. Cross-chain compatibility allows you to diversify your crypto portfolio without the hassle of multiple wallets.
Integrated directly within the app is Best DEX, a decentralized exchange that facilitates immediate trading without requiring user registration or KYC. You can trade many tokens across different chains, and the DEX provides real-time data and news to help you make informed trading decisions.
Moreover, staying on top of market trends is crucial. The wallet delivers real-time updates on industry news, the sentiment surrounding various tokens, and upcoming promising projects; all consolidated into one platform for your convenience.
Owning the wallet’s native BEST token offers many advantages. You can stake your BEST tokens for benefits like early access to crypto presales, zero gas fees, and exclusive staking rewards. An airdrop is also on the horizon, aiming to distribute 10% of the BEST token supply to active users.
Addressing the booming NFT market, Best Wallet plans to launch an integrated NFT gallery for simple management and trading of digital art and collectibles.
The developers have laid a detailed user-focused roadmap, including upcoming features like multi-wallet support, in-app fiat purchases via a third-party app, Wert, and advanced staking options.
To keep up with updates and new features, you can follow Best Wallet on X (Twitter) or enter its Telegram channel.
The Verdict
This guide has conducted an in-depth analysis of the popular crypto wallet, ZenGo. This crypto platform provides high-quality security protocols that eliminate the need for users to hold private keys or seed phrases.
Users can buy over 70 cryptocurrencies, earn interest, swap tokens and access multiple features with ZenGo.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.