In this ZenGo Wallet Review, we take a dive deep into the world’s first keyless crypto wallet. We analyze the variety of features ZenGo has to offer, plus their partnership with Nexo to offer users interest on their crypto assets. We also take a look at ZenGo’s security, fees, support, pros and cons.
So, let’s dive into this ZenGo Review to help you work out whether ZenGo is the right crypto wallet for you.
ZenGo Wallet Review
ZenGo Pros & Cons
What is ZenGo?
ZenGo is a non-custodial WEB3 wallet designed to make the global crypto economy accessible to everyone. The Israeli-based crypto wallet was founded in 2018 by Omer Shlomovits, Ouriel Ohayon, Tal Be’ery and Gary Benattar.
ZenGo has so far raised $24 million and closed its last funding round on Apr 27, 2021; this includes the backing of Samsung Next.
ZenGo state that they are the most secure crypto wallet in Web3 with 500,000+ customers. Which they do by being the first on-chain crypto wallet with no private key or seed phrase. Instead of having the vulnerability of a private key (which can be lost or stolen), ZenGo uses an advanced type of cryptography called MPC (Multi-Party Computation).
ZenGo Wallet Features
ZenGo offers an array of different features to ensure their users never need to leave the app. You can buy, trade, and earn up to 8% interest on Bitcoin, Ethereum, and over 70 other crypto assets, and you can even connect securely to NFT & DeFi Dapps using ZenGo’s ClearSign Web3 firewall.
Buy & Sell Crypto
With ZenGo, you can buy and sell crypto directly from within your wallet using third-party providers such as MoonPay, Coinmama and Banxa in more than 180 regions around the world.
ZenGo offers a simple payment gateway for buying crypto with credit cards, Apple Pay, bank transfers (using SEPA and Swift), or debit cards (using Maestro). Plus, you can also sell your crypto and send this back to your bank account.
ZenGo makes it as easy as possible to buy crypto, no matter what you’re using to buy it with. Just remember to take a look at the fees before doing this.
Trade & Swap
ZenGo allows users to get some of the best trading rates when it comes to swapping their crypto. If you want to swap from Bitcoin to Ethereum, Ethereum to USDT, you can do this using their “Trade” feature.
Trade is powered by their partnership with Changelly, the world’s leading crypto exchange platform.
Earning interest on your crypto assets is pretty simple with ZenGo. ZenGo has partnered with Nexo, a licensed and registered financial institution for crypto lending and investments.
The interest rate you will earn depends on the cryptocurrency you deposit. Currently, ZenGo allows investors to earn interest on 9 cryptocurrencies, with APYs ranging from 3% to 8%. For a breakdown of the supported cryptos and interest rates, check out the complete list here.
|Crypto||First Tier APY||Second Tier APY|
|Bitcoin||3% APY up to $25,000 USD||1.5% APY up to $25,000 USD|
|Ethereum||4% APY up to $100,000 USD||1.5% APY up to $100,000 USD|
|USDC||8% APY up to $100,000 USD||4% APY up to $100,000 USD|
|USDT||8% APY up to $100,000 USD||4% APY up to $100,000 USD|
|DAI||8% APY up to $100,000 USD||4% APY up to $100,000 USD|
|TrueUSD||8% APY up to $100,000 USD||4% APY up to $100,000 USD|
|ChainLink||3% APY up to $25,000 USD||1.5% APY up to $25,000 USD|
|Nexo||4% APY – No Limits||n/a|
|Tezos||5.75% – Variable||n/a|
NFTs & DeFi
Previously you had 2 choices, either keep your assets on a centralised exchange where you have less control over your crypto or secure it in a wallet where you’ll need to safely store your private keys.
However, with ZenGo, you have the best of both worlds: full control over your crypto, but with no private key vulnerability.
This is because it is “keyless”, meaning there is no private key held by Zengo or you because it never gets created. This is because ZenGo uses MPC cryptography. Now, MPC is NOT new technology – it’s actually been around for a while! But until now, it’s only been used by billion-dollar institutions and companies like Fireblocks to custody serious sums of money. ZenGo is the first company to bring this advanced security tech to you and me.
ZenGo Supported Cryptos
ZenGo supports over 70 mainstream cryptocurrencies and crypto-assets, including popular assets such as Bitcoin, Ethereum, USDC and DAI, with more coming soon.
You can check out the full list of supported cryptocurrencies here.
ZenGo charges a range of fees to buy, send, and trade crypto, which is dedicated by the third-party provider offering the service. Plus, there will also be transaction fees incurred on the network, which are paid to the miners.
For receiving crypto, it’s free. There are no minimum, maximum, and no network fees.
When sending crypto, it’s also free, apart from network fees (not paid to ZenGo). These fees always vary depending on the volume of transactions and the crypto you are wanting to send.
Any fees for trading, buying, or earning interest and the rates will be dictated by the third-party provider. However, with Moonpay credit card purchases, there is around a 5.99% fee, plus a spread. For trading your crypto, there is approximately a 0.5% fee and a 2% spread charged by Changelly.
These fees are high, but it’s an incredibly convenient way of purchasing crypto through the app or swapping from one cryptocurrency to another.
ZenGo has fairly high ratings on app stores (iOS and Android), above 4.78, and a Help Center is provided for customers. The website also has a Live Chat feature, as you can expect.
Unfortunately, there doesn’t seem to be a phone number or email address if customers want to reach the team that way. Although you can contact and connect with ZenGo across numerous social channels (Twitter is probably the most useful if you have a problem).
Security is so important for any crypto wallet. You need to know your crypto funds, assets, and passwords to protect them are completely secure.
ZenGo works on the assumption that people are the weakest link in any security chain. We forget things and lose things, especially passwords and even phones.
So, with ZenGo, they’ve said, “Goodbye, [to the] single point of failure.”
Instead of a single password, ZenGo employs a mathematical-based two-factor approach to security. These passwords are known as “secret shares”, and you create them when setting up an account. One is stored on your phone. The other is stored on a secure ZenGo server.
Both of these “secret shares” (another way of saying passwords or secure keys) are needed to log in.
ZenGo also uses biometrics: a simple selfie. So, if you lose your phone, delete the app, or want to use it on another device, you need to take a selfie to match that with the 3D biometric face map you created during setup. Combining the two passwords (secret shares) and a face scan gives ZenGo 3-factors of authentication (3FA), making this wallet even more secure.
Between two secret shares (mathematical passwords), and biometrics, ZenGo has taken extensive steps to keep customers’ wallets secure.
Is ZenGo Wallet Safe?
Alongside the 3-factors of authentication (3FA) listed above, ZenGo uses “MPC-based cryptography” to keep customer wallets secure, and something is known as “Chill Storage™, which guarantees access to your funds even in extreme cases.”
ZenGo doesn’t have access to any funds stored in your wallet. They also provide a list of steps you should take to keep your account completely secure, including adding two-factor (2FA) authentication to any email accounts connected to your wallet (the one you used to create an account) and your phone.
If you want to understand crypto security in more detail, ZenGo has created a list of the most common scams going around. Well worth reading!
Fortunately, ZenGo hasn’t suffered any cyber breaches or hacks, unlike other wallets. It would be very difficult for hackers to gain access to customer wallets if that were to happen, given the various decentralized layers of security used.
ZenGo Referral Code
ZenGo offers new users a $10 Bitcoin bonus when they buy $200 or more of crypto via the ZenGo Wallet. To be eligible to receive your sign-up bonus, use the ZenGo referral code at sign-up
|ZenGo Referral Code||Download ZenGo Wallet & Use ZenGo Referral Code ZENC6T97|
|ZenGo Sign-up Bonus||$10 BTC Bonus|
|Referral Terms||ZenGo Referral Terms|
|Bonus Last Validated||August 2022|
How to Earn Free Crypto with ZenGo Wallet;
- Set up your ZenGo Wallet
- Download & install ZenGo wallet
- On the email screen, go to “Tap here to enter your code” & use referral code ZENC6T97 & Click Apply.
- Make sure you see “Referral code applied”
- Buy Crypto
- Go to Buy in the ZenGo Wallet
- Make a purchase of $200 or more. (Only purchases made via MoonPay are eligible)
- Receive your Bitcoin Cashback Reward
- Once complete, you will receive your Bitcoin cashback reward within a few days.
Conclusion: Should you Use ZenGo?
ZenGo comes with all of the features you should expect of a secure online wallet. You can buy, trade, earn, and exchange crypto all within the wallet. Useful for those who want to keep crypto in one place rather than in multiple wallets and exchanges. And it seems as secure as possible, with recovery options in the event you lose your phone or forget an element of the security passwords (secret shares).