In order to gain mainstream adoption, crypto will have to solve a lot of security issues. Holding responsibility for private keys, for example, can put many newbies off the space. Zengo is attempting to solve some of these problems. Find out how in this comprehensive Zengo review. Here’s what you need to know about this innovative crypto storage solution.
Zengo
- Zengo
- Zengo review at a glance: Our overall rating
- What is Zengo?
- What can I trade on Zengo?
- Where is Zengo available?
- How to sign up for Zengo in 2024
- Welcome offer/bonus
- Deposit and withdrawals
- How does Zengo compare to others?
- Features and tools from Zengo
- Staking on Zengo
- Security and payment processing
- Customer support
- How we have tested Zengo
- Regulatory compliance and safety
- Invest responsibly
- A wallet that combines convenience and unmatched security
- Frequently asked questions
Zengo review at a glance: Our overall rating
If you are looking for a crypto wallet with a strong arsenal of security options, look no further.
For many crypto users, the lengths required to stay safe in often murky decentralized ecosystems can be a little offputting. For beginners, the space can be a minefield. Zengo makes crypto wallet security easier.
| Criteria | Assets | Security | Features | User experience | User interface | BeInCrypto overall score |
| Score | 4/5 | 4.5/5 | 4/5 | 4/5 | 4/5 | 4.2/5 |
What is Zengo?
Zengo is a web3 hot wallet designed to support multiple cryptocurrencies. Ouriel Ohayon, Tal Be’ery, and Omer Shlomovits founded Zengo in June 2018. The company aims to improve usability and security for crypto owners managing their assets.
Zengo is promoted as a wallet that does not use seed phrases or passwords. The wallet uses multi-party computation (MPC) technology to secure the user’s account. This is opposed to most hot wallets and also differs from hardware wallets like Trezor or Ledger.
Initially, the wallet was associated with the company’s name, KZen Networks. However, in 2021, the company rebranded the wallet itself as “ZenGo.” The parent company now operates under the name Zengo Ltd., while the wallet is now known as “Zengo.”
KZen Networks, the parent company of ZenGo, raised $4 million in seed funding. They also completed a $20 million Series A funding round led by Insight Partners, with participation from Distributed Global (in partnership with Temasek), Austin Rief Ventures, and existing investors such as Benson Oak, Samsung Next, Elron, Collider Ventures, FJ Labs, and others.
What can I trade on Zengo?
A multi-chain cryptocurrency wallet, Zengo provides support for over 120 cryptocurrencies, including bitcoin, ethereum, and polygon.
Zengo can store ERC20 tokens on the Ethereum Mainnet and Polygon. You should only send ETH/ERC20 tokens on the Ethereum Mainnet and Polygon. It also extends support for Ethereum and Polygon NFTs.
However, it’s important to note that Zengo does not currently support Binance Smart Chain (BSC), Arbitrum, Optimism, Tron, or other layer-2 solutions. Nor does it support bitcoin cash (BCH), so users should refrain from sending BCH to their Zengo wallet. Furthermore, it’s worth mentioning that certain assets within Zengo may be subject to regional restrictions.
Crypto trading on Zengo
As stated previously, Zengo aims to improve the user experience for both novice and advanced users. As such, trading on Zengo is very simple.
Before we go on, here are a few things to remember about trading on Zengo. Firstly, purchase prices and market pricing are not the same. Moreover, prices reflect the average of the market and are changing.
Now that that is out of the, here is the trading experience on the web3 wallet. The user interface is straightforward, leaving little to the imagination as to how you should buy, sell, swap, send, or receive.
Where is Zengo available?
Zengo has a global presence and is accessible in most countries. However, it is currently unavailable in China and a few other countries due to local prohibitions. Other countries that are prohibited mostly include those subject to a U.S. embargo.
How to sign up for Zengo in 2024
If you are curious about the process to sign up for Zengo, don’t worry. Here’s how to do it.
1. Firstly, download the Zengo app. It is available on Android and iOS. Open the app and press “Continue.”
2. Secondly, you will need an email to use the web3 wallet.
3. Thirdly, select a PIN to lock your wallet. You must create one to move on to the next step.
4. Next, you will have to create an account recovery method, as the wallet does not use seed phrases.
5. Finally, you will have to provide a face scan to complete account recovery. The face scan is kept as a mathematical representation of your face (rather than an actual face scan) in an encrypted file on a cloud provider.
6. After the previous step, you will be brought to the following screen, thus completing your wallet setup.
Welcome offer/bonus
You have the opportunity to earn cryptocurrency by inviting friends to join Zengo using your referral code. When your friends sign up and make a cumulative crypto purchase of at least $500, you and your friend will both receive $10 in bitcoin.
/Related
More Articles
There’s no limit to the number of users you can refer to Zengo. Once someone you referred meets the $500 cumulative purchase threshold, your free bitcoin rewards are automatically deposited into your Zengo wallet.
To ensure the security of your funds when rewards are distributed, all you need to do is back up your Zengo wallet. This step will enable you to access your referral code and enjoy the benefits of the referral program.
Deposit and withdrawals
When it comes to deposits, you can utilize a few methods. Firstly, as Zengo is a cryptocurrency wallet, you can deposit with crypto. You can also deposit using third-party payment providers.
Payment methods accepted by Zengo
If you want to purchase cryptocurrencies, you can utilize in-app payment services like MoonPay or Banxa. This is more convenient than going through the lengthy KYC process of creating an account on a centralized exchange.
This also benefits the end users, as they have multiple options to purchase various cryptos. As a result, buyers can receive better prices or rates on crypto purchases.
In the case of selling crypto, you have even more options than when you are looking to buy. You can sell your crypto to payment services such as MoonPay, Banxa, Ramp, Coinify, and more. This diversity of options also allows for users to receive better rates and prices.
How does Zengo compare to others?
| Wallet | Assets | Payment Services | Security | Features | Staking |
|---|---|---|---|---|---|
| Zengo | 120+ cryptos | MoonPay, Banxa, Ramp, Coinify, Bits of Gold | MPC recovery | Limited | XTZ |
| Trust Wallet | 10M+ & 70+ blockchains | Mercuryo, MoonPay, Ramp, Simplex, Transak | Seed phrase @ PIN number | Many | 23 assets |
| Metamask | ERC tokens & EVM compatible chains | PayPal, Stripe, and 10+ | Seed phrase & password | Many | No |
| Fox Wallet | 60+ blockchains | FatPay, Topper, MoonPay, Bamxa | Seed phrase & password | Many | No |
| imToken | 12 blockchains | MoonPay | Seed phrase & password | Many | ETH |
Zengo has support for over 120 cryptocurrencies and offers payment services through five providers. It employs MPC (Multi-Party Computation) recovery for added security but offers a limited set of additional features. Notably, Zengo supports staking for XTZ (tezos).
Trust Wallet stands out with its support for a vast number of assets, with over 10 million assets and compatibility with more than 70 blockchains.
It offers payment services through five providers. Trust Wallet prioritizes security by using seed phrases and PIN numbers. Additionally, it boasts an extensive array of additional features and supports staking for 23 different assets.
MetaMask specializes in ERC tokens and EVM-compatible chains and provides payment services through PayPal, Stripe, and 10 other providers. It focuses on security with both seed phrases and passwords but does not offer staking capabilities. MetaMask also provides numerous additional features.
Fox Wallet supports over 60 blockchains and offers payment services through four providers. Similar to Metamask, it relies on seed phrases and passwords for security but does not support staking. The wallet includes many additional features.
imToken is compatible with 12 different blockchains and employs MoonPay for payment services. Like the previous wallets, it emphasizes security through seed phrases and passwords. ImToken does not specify the number of supported assets but is notably associated with Ethereum (ETH). It also supports staking for ETH.
Features and tools from Zengo
One of the interesting things about Zengo is that it employs many features that are not immediately noticeable to the naked eye. Most of them tend to provide end users with ease of use and security. Here’s some of the tools and features you should know about.
Security (multi-party computation):
Zengo employs Multi-Party Computation (MPC) technology, a method trusted by institutions to safeguard billions of dollars in cryptocurrencies. Zengo is renowned for maintaining the world’s largest open-source MPC library and holding multiple patents in consumer wallet security innovation.
3FA (three-factor authentication)
Zengo’s security model eliminates the single point of failure commonly found in traditional wallets, such as a vulnerable seed phrase.
When you create your Zengo wallet, two secret shares are initialized: the Personal Share, stored on your mobile device, and the Remote Share, securely stored on Zengo’s servers.
Zengo’s 3FA recovery system allows you to regain access to your wallet when migrating to a new device using three factors: something you control, something you are, and something you store.
Legacy transfer
Zengo introduces an inheritance-style solution for digital assets within its wallets. Legacy transfer empowers Zengo users to designate a future recipient for their digital assets while maintaining full control.
Users can modify or cancel the designated recipient at any time without needing private keys or seed phrases. This approach enhances security and simplifies the process. Legacy transfer is activated after a predefined period of inactivity expires.
3D facelock biometric verification
Zengo offers a cutting-edge 3D FaceLock biometric verification process. Users can set a custom amount to trigger a multi-layered approval process. Notably, even individuals with access to your phone, like friends or trusted loved ones, cannot authorize withdrawals. Only you can initiate withdrawals using Zengo’s secure 3D FaceLock verification.
Web3 firewall
Zengo implements a web3 firewall designed to alert, inform, and protect users against potential threats and vulnerabilities in the web3 space. It categorizes sensitive on-chain transactions into three risk levels, considering factors such as transaction sensitivity, levels of permission granted to external systems, and known scams.
This system provides users with three levels of safety, akin to a stoplight, enabling them to engage with web3 technology confidently.
24/7 support
Zengo offers priority support with guaranteed live chat assistance within one hour or less. This ensures that users receive timely and responsive support whenever they need assistance, enhancing their overall experience and peace of mind.
Payment services
Zengo supports various payment services, including MoonPay, Banxa, Ramp, Coinify, and Bits of Gold, making it convenient for users to purchase cryptocurrencies within the wallet using their preferred payment methods.
Zengo Pro
Offers a premium subscription service that includes a range of cutting-edge security features and advanced self-custody tools. By upgrading to Zengo Pro, users gain access to unique industry-first functionalities for $19.99 a month.
These include the self-custodial inheritance system, legacy transfer, asset theft protection linked to your real-time biometric authentication, the web3 firewall, and the added benefit of priority 24/7 support.
Staking on Zengo
Zengo currently only supports tezos staking. When you go to stake your coins, look for the “Earn” tab instead of “staking.”
Security and payment processing
Zengo utilizes secure Multi-Party Computation (MPC) and threshold signatures to create two independent mathematical secret shares. One share is stored on the user’s mobile device, while the other is held on the Zengo server, with no exposure to each other.
This unique setup ensures that the user’s assets remain protected even if one share is compromised. Zengo emphasizes user control and security.
Only the user can initiate and authorize transactions in their Zengo wallet. Zengo’s server and the device communicate to sign transactions without revealing secrets to each other, ensuring that Zengo cannot access users’ funds.
Backing up the wallet is straightforward. An encrypted copy of the device’s secret share is stored on Zengo’s server, while the decryption code is stored separately in the user’s personal cloud account (e.g., iCloud, Google Drive, Dropbox).
Access to the encrypted share requires the user’s biometric face scan, providing an additional layer of security. Should users ever need to recover their wallet due to app deletion, loss of their phone, or device change, the process only requires a face scan for decryption.
As a result, the Zengo wallet does not use or need seed phrases, passwords, or PIN numbers. This is useful for individuals who have trouble with traditional security means for wallets.
Customer support
It’s evident that Zengo’s customer service and user experience are highly praised. Users commend Zengo’s customer support for its patience, timeliness, and professionalism, particularly in addressing questions from newcomers.
According to reviews on Trustpilot, Zengo’s adaptability and constant evolution are acknowledged, with users noting its efforts to make trading, swapping, and selling cryptocurrencies easier and more convenient. Users appreciate that credits can be directly transferred to their bank accounts, enhancing the overall user experience.
Moreover, Zengo’s efficient problem resolution is highlighted, with users reporting that any issues or glitches are promptly addressed by the assistance and technical support teams.
How we have tested Zengo
We not only downloaded and used the wallet, but we conducted a thorough analysis of its security and practices. Additionally, we went through the onboarding process to get an accurate picture of what end users experience when using the platform. We raised customer service queries throughout this process to measure the company’s responsiveness and the level of assistance provided.
We also diligently assessed the platform’s Terms of Service and developer documentation to understand any extenuating or not readily noticeable concerns.
Regulatory compliance and safety
The State of Israel’s laws govern how Zengo is used, and the District of Tel-Aviv-Jaffa’s competent courts have exclusive jurisdiction over disputes involving Zengo. As mentioned previously, Zengo does not service any countries currently under a U.S. embargo.
Invest responsibly
Investing in financial markets carries inherent risks, and it is essential to approach such endeavors with caution and prudence. Before making any investment, it is crucial to conduct thorough research, seek advice from qualified financial professionals, and evaluate your own financial situation.
Past performance does not indicate future results, and markets can be unpredictable. The responsibility for investment decisions ultimately lies with the individual. Anyone buying crypto must be aware that losses can occur, as well as gains.
A wallet that combines convenience and unmatched security
Zengo addresses a clear need in web3, delivering a safe and secure wallet without additional work for the end user. Since Zengo’s inception, the wallet has yet to be hacked. This Zengo review went below the surface and beyond the hype to see what the wallet really had to offer — we found it did not disappoint.
Frequently asked questions
Why not to use Zengo?
Which is better Zengo or Trust Wallet?
Is Zengo better than Coinbase?
Can you withdraw from Zengo?
Which countries cannot use Zengo?
Does Zengo offer any special offers or bonuses?
What is safer than Zengo?
What is the disadvantage of Zengo?
How do I withdraw money from Zengo?
Does Zengo have any fees?
Can Zengo be trusted?
Is Zengo a safe app?
What is Zengo used for?
Does Zengo have a mobile app?
Does Zengo offer a demo account?
Does Zengo have a withdrawal fee?
Can I transfer money from Zengo to my bank account?
Does Zengo require KYC?
Is Zengo a legit site?
Does Zengo have good customer support?
Trusted
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
