Hello everyone! Today, I am excited to share my personal experience with ZenGo Wallet and provide you with a comprehensive review.
As someone who values the safety of my assets, I was intrigued by the wallet’s claims of eliminating the need for private keys, seed phrases, or backups. This intrigued me, and I decided to give it a try.
In this blog post, I will walk you through my experience using ZenGo Wallet, from its features and ease of use to its security and customer support. Additionally, I will share my thoughts on the wallet’s compatibility with various cryptocurrencies, its fees, and other essential aspects that you should consider when choosing a wallet.
ZenGo Wallet Overview
ZenGo is a highly secure cryptocurrency wallet that distinguishes itself from other wallets in the market. One of its unique features is the absence of seed phrase vulnerability, making it the only self-custodial wallet that provides unbeatable security.
ZenGo has an impressive and continuously growing user base of over 700,000, which makes it a popular choice for people who are new to the complex world of Web3. Its advanced MPC wallet technology provides users with unparalleled protection when participating in DeFi, gaming, metaverse, and NFT experiences.
The company was founded in 2018 and has since undergone rigorous security audits to ensure its users’ protection. ZenGo has established strategic partnerships with top Web3 Dapps and consumer brands, providing a secure and enjoyable Web3 experience. ZenGo users can enjoy peace of mind through guaranteed account recovery, a built-in Web3 firewall, and round-the-clock in-app customer support.
Pros and Cons of ZenGo
| Pros | Cons |
|---|---|
| Simple and user-friendly interface | Limited number of supported cryptocurrencies |
| 3FA Security | No support for hardware wallets |
| Multi-platform support (iOS, Android) | No seed Phrase |
| Biometric authentication for security | Limited customization options |
| No seed phrases or passwords to remember | Higher fees compared to other wallets |
| Instant transaction confirmations |
ZenGo Security Review
ZenGo Wallet is a highly secure cryptocurrency wallet that ensures the safety of users’ digital assets. It uses Multi-Party Computation (MPC) cryptography to provide a self-custodial wallet with no seed phrase vulnerability, making it superior to traditional wallets.
1. No seed phrase vulnerability
One of ZenGo’s standout features is its MPC architecture, which eliminates the need for a seed phrase by using two secret shares. The first is stored on the user’s mobile device, while the second is kept on ZenGo’s servers.
These secret shares are used to create signed transactions that interface with the blockchain, providing an added layer of security that is significantly more reliable than seed phrase wallets.
2. ZenGo’s 3FA
ZenGo Wallet has a 3FA (three-factor authentication) recovery system that ensures users never lose access to their wallets, even if they change devices. The recovery process involves three different factors that provide additional security and ensure that only authorized users can restore access to their accounts.
The first factor is something the user controls, such as their email address. This means that the user needs to provide a valid email address to receive a recovery link in case they need to restore access to their account.
The second factor is something the user is, such as their biometric data. Biometric data refers to unique physical characteristics of the user, such as their fingerprints or facial recognition. This ensures that only the authorized user can restore access to their account, as biometric data is unique to each individual.
The third factor is something the user stores, such as an encrypted Recovery File stored in a cloud backup location. This provides an additional layer of security by requiring the user to have access to a specific file to restore access to their account.
3. Built-in Web3 firewall
ZenGo Wallet is a cryptocurrency wallet that has a feature called ClearSign. ClearSign is a built-in Web3 firewall, which means that it protects users from potential Web3 attacks. Web3 refers to the third generation of the World Wide Web, which is focused on decentralized applications (dApps) and blockchain technology.
ClearSign works by classifying on-chain transactions into three risk levels: Green, Yellow, and Red. On-chain transactions refer to transactions that occur on the blockchain, the decentralized ledger that records all cryptocurrency transactions.
The three risk levels determine the safety level of each transaction. Green transactions are considered low-risk and are unlikely to be fraudulent. Yellow transactions are medium-risk, and Red transactions are high-risk and should be approached with caution.
Must Read: Security Measures to Protect Crypto against Hacks
ZenGo Wallet Features
ZenGo wallet has several features that enable users to buy, swap, store NFTs, and access decentralized applications (DApps).
Payment Methods
ZenGo wallet allows users to buy cryptocurrency directly from within the app using a credit or debit card. The buying process is simple and straightforward, requiring users to enter the amount of cryptocurrency they wish to purchase and their payment details.
ZenGo wallet supports various cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Built-in Swap
ZenGo wallet’s built-in swap feature is powered by Changelly. Changelly is a cryptocurrency exchange platform that enables users to swap one cryptocurrency for another without the need for an account or registration.
The integration of Changelly within the ZenGo wallet allows for seamless cryptocurrency trading within the app.
NFT Wallet
ZenGo wallet includes a specialized wallet for storing non-fungible tokens (NFTs). NFTs are unique digital assets that represent ownership of specific items such as artwork, music, or virtual real estate.
ZenGo wallet’s NFT wallet allows users to securely store and manage their NFTs and view their NFT holdings in a visually appealing and user-friendly interface. It supports Opensea integration.
DApps Integration
ZenGo wallet integrates with various decentralized applications (DApps), allowing users to access a wide range of blockchain-based services directly from the app.
Users can browse and interact with DApps without leaving their wallets and without compromising their security. ZenGo wallet’s DApps integration includes popular services such as Compound, Aave, and MakerDAO, among others.
ZenGo Wallet Supported Cryptocurrencies
ZenGo provides support for more than 70 cryptocurrencies and plans to add more as the platform develops.
- Bitcoin
- Ethereum
- Tezos
- USDT Stablecoin
- Chainlink
- Uniswap
- The Sandbox
- Decentraland MANA
The platform allows its users to exchange cryptocurrencies with each other or purchase them with fiat currency. ZenGo supports a range of payment options such as credit/debit cards, SEPA, and Swift bank transfers (for customers located in the EU and UK only), Apple Pay, MoonPay, Coinmama, and Banxa.
If users wish to sell their cryptocurrencies and receive fiat currency in their bank account, they must initiate a withdrawal process using MoonPay within the ZenGo app. It may take up to two business days for the transaction to be completed.
ZenGo Wallet Fee Structure
ZenGo is a cryptocurrency wallet that provides a straightforward and transparent fee structure for its services. The fees are as follows:
For Crypto-to-Crypto transactions, a 0.5% fee is charged on top of network fees for processing the transaction. Sending and receiving crypto is free, but network fees apply when sending crypto to another address.
For Fiat-to-Crypto transactions, if you buy crypto using a credit or debit card, a 5.99% fee is charged. If you’re a resident of the EU or UK and use a bank transfer to buy crypto, a 1.99% fee is charged.
A minimum deposit amount of $125 USD or equivalent is required, and the maximum withdrawal amount depends on your identity verification level. New users can enjoy zero fees for their first purchase of up to $200 (excluding network fees), while a special fee rate of 0.1% applies to stablecoin purchases via bank wire.
For Crypto-to-Fiat transactions, selling crypto for fiat currency using MoonPay incurs a 1.99% fee on top of network fees. Minimum transaction amounts apply for each cryptocurrency, and there are daily and monthly limits on the maximum withdrawal amount.
Customer Support and Ease of Use
ZenGo Wallet offers customer support through email and social media channels, including Twitter and Telegram. According to customer reviews, ZenGo’s support team is responsive and helpful, addressing issues quickly and efficiently.
The wallet is designed to be easy to use, even for beginners, and offers a clean and intuitive design.
ZenGo also offers a variety of user-friendly features, including support for multiple cryptocurrencies, an in-app exchange, and a fiat-to-crypto onramp.
How to Set Up ZenGo wallet
- Download the ZenGo wallet app from the App Store (for iOS) or Google Play (for Android).
- Open the app and click “Create a New Wallet” to start the setup process.
- Set up your security measures, including Face ID or Touch ID, email verification, and a keyless backup system.
- Add your cryptocurrencies by clicking “Add Assets” and selecting the cryptocurrency you want to add.
- Start using your ZenGo wallet to send and receive cryptocurrencies, view your balances, and monitor your transactions.
Alternatives
Exodus and Atomic Wallet are two popular alternatives to ZenGo wallets. Here’s a brief overview of each wallet:
- Exodus Wallet
Exodus wallet is a desktop and mobile wallet that supports over 100 different cryptocurrencies. It offers a user-friendly interface and a built-in exchange, which allows users to easily swap one cryptocurrency for another without leaving the wallet.
Key Features:
- Supports over 200+ cryptocurrencies
- User-friendly interface
- Built-in exchange
- Built-in portfolio tracker
- Offers 24/7 customer support
- Atomic Wallet
Atomic Wallet is a desktop and mobile wallet that supports over 500 different cryptocurrencies. It offers a high level of security and privacy, as it uses decentralized atomic swaps and does not store any user data on its servers. Atomic Wallet also has a built-in exchange and a staking feature, which allows users to earn passive income by holding certain cryptocurrencies.
Key Features:
- Supports over 500 cryptocurrencies
- High level of security and privacy
- Built-in exchange
- Staking feature for earning passive income
- Offers 24/7 customer support
Summary
ZenGo
Summary
ZenGo is a cryptocurrency wallet. It uses MPC (Multi-Party Computation) cryptography for security. It doesn’t require a seed phrase, which is a common vulnerability in traditional wallets. Instead, it uses two independently-created secret shares. One share is stored on the user’s device, and the other on ZenGo’s servers. It offers guaranteed wallet recovery with a 3FA (three-factor authentication) process. It also has a built-in Web3 firewall called ClearSign to protect against scams and hacks.
FAQs
Is ZenGo Wallet Safe?
Yes, ZenGo Wallet is safe. ZenGo uses a unique security model that combines biometric authentication and threshold cryptography to protect users’ private keys. With ZenGo, users do not need to remember any private keys or passwords. Instead, they use their biometric data (such as facial recognition or fingerprint) to access their wallets.
Which country uses the ZenGo wallet?
ZenGo is a global cryptocurrency wallet that can be used by anyone, regardless of their location. The ZenGo app is available in over 200 countries and supports more than 750 cryptocurrencies, including Bitcoin, Ethereum, and many others.
Is ZenGo required KYC?
Yes, ZenGo requires KYC (Know Your Customer) verification for users who wish to buy or sell cryptocurrency using the wallet. KYC verification is a standard requirement in the cryptocurrency industry to prevent money laundering and other illegal activities. However, users who only want to hold cryptocurrencies in their ZenGo wallet do not need to go through the KYC process.
What is the minimum deposit for ZenGo?
The minimum deposit using a bank or debit/credit card is $50. There is no minimum deposit requirement for Network transactions.
