Zengo Wallet Review for 2024

Our Verdict on Zengo Wallet

Overall, Zengo is a great option for security-conscious crypto investors – especially those with large holdings. It offers unparalleled security features, including MPC technology. This removes private key vulnerabilities without needing to have a hardware device. Crucially, Zengo is a non-custodial wallet, so users have full control of their crypto assets.

The Zengo wallet app is simple to use and offers a solid user experience for iOS and Android users. Although Zengo supports more than 120 crypto assets, this doesn’t include Binance Smart Chain tokens. It also lacks support for Cardano, XRP, Solana, and other large-cap assets. This could be a drawback for some.

Nonetheless, we like that most Zengo features are completely free to use. It also offers premium plans at $9.99 per month, which includes enhanced security and priority customer support. That said, we found that the free option is more than sufficient for most investors.

Another benefit is that you can buy crypto without leaving the Zengo app. You can also swap tokens without using a crypto exchange. Sending and receiving crypto is also convenient, meaning Zengo is suitable for beginners and experienced investors alike.

What Type of Wallet is Zengo?

As one of the best non-custodial wallets, Zengo offers full control of your crypto assets. This enables you to send, receive, and store crypto without relying on a third party. Zengo comes as a mobile app for iOS and Android.

This will appeal to investors who want the perfect balance between security and convenience. That said, Zengo doesn’t offer desktop software or a browser extension. This will be a drawback for some investors.

Supported Coins

Zengo supports more than 120 digital assets, including some of the best cryptocurrencies to trade. This includes Bitcoin, Ethereum, Dogecoin, Polygon, Shiba Inu, and Tezos. Zengo also supports selected ERC20 tokens, such as Chainlink, Axie Infinity, and Tether.

However, there are some major drawbacks to consider. For a start, Zengo doesn’t support large-cap crypto assets like Solana, XRP, Cardno, Avalanche, Sui, Polkadot, and Aptos.

What’s more, there isn’t support for custom tokens. This means you won’t be able to add ERC20 tokens that aren’t already supported.

This means that investors with diversified holdings might not find Zengo suitable. After all, controlling and securing more than one crypto wallet can be cumbersome.

Fees

This section of our Zengo wallet review explores fees.

First and foremost, the Zengo app is free to download. The majority of core features, including storing and receiving crypto assets, are free.

• You will, however, need to pay fees when using certain features – like buying crypto with fiat money.
• Zengo uses third-party payment processors, so fees can be costly.
• For example, debit/credit card purchases via Banxa come with a huge spread of 3.75%. This means you’re paying 3.75% above the actual spot market price.
• There’s also a 1.99% payment gateway fee. Fees for other deposit methods vary depending on the payment provider.

In addition, you’ll need to pay network fees when sending funds to another wallet address. This mirrors the real-time network fee, meaning it goes straight to blockchain miners. Zengo doesn’t charge a markup.

Zengo also offers a ‘Pro’ version, which costs $9.99 per month or $69.99 annually. This includes priority support and enhanced security features. We discuss Zengo Pro further down.

Security

Zengo is renowned for its commitment to wallet security. After all, it claims to be the safest crypto wallet in the market. This is notable, considering that Zengo comes as a wallet app, which is considered to be less secure than hardware devices.

Therefore, this section of our Zengo wallet review will discuss what security features are offered.

MPC Technology

Zengo leverages Multi-Party Computation (MPC) technology. This removes the need to worry about private keys This is because there’s no single point of failure.

Here’s how it works. Zengo uses multiple parts of a private key, which are then distributed to multiple parties. This includes the smartphone that the app is installed on, and software servers of established companies. Each segment of the private key is stored independently, meaning they’re never shared with other parties.

For example, if your mobile device is compromised, the hacker would only have a small segment of the private key. Crucially, this means that the hacker wouldn’t be able to access your Zengo wallet.

3-Factor Authentication

Another security feature offered by Zengo is 3-factor authentication. This offers a safe yet highly convenient way to recover access to your wallet.

Zengo leverages three core factors for account recoveries:

• Something you control: The first security requirement is an email address. Zengo will send a confirmation link to your registered email. It also enables you to add a secondary email for added protection.
• Something you are: Zengo also leverages 3D FaceLock technology. This ensures that you’re the only person to have access to the wallet.
• Something you store: The final segment of 3-factor authentication is a recovery file. This needs to be stored on a cloud backup platform like Google Drive or iCloud. Zengo suggests backing up the recovery file in multiple locations, in case access is no longer possible.

Suppose someone gains access to your email and cloud storage accounts. This would be worthless to a hacker, as they wouldn’t have your facial biometrics.

Zengo Pro

Zengo Pro is a premium subscription, costing $9.99 per month or $69.99 annually.

Zengo Pro users have access to the ‘Legacy Transfer’ feature. This is an inheritance-style tool that transfers ownership if the original owner is inactive for a predetermined period. For example, if the wallet isn’t used for 3-24 months because of ill health. The nominee won’t have access to the wallet until the inactivity period passes.

Another Zengo Pro feature is ‘Theft Protection’. This provides enhanced security, as withdrawals and DeFi connections require facial biometrics. This feature can also be customized so that biometric confirmation is only needed on specific amounts.

Zengo Pro also comes with priority customer support. This includes 24/7 support and a ‘guaranteed’ response within one hour.

Reputation

Our Zengo wallet review also analyzed reviews in the public domain. This enabled us to evaluate Zengo's reputation with existing users.

• Zengo is rated 4.7/5 on the App Store across 3,330+ reviews. This makes Zengo one of the best Bitcoin wallets for iPhone users.
• Zengo is rated 4.4/5 on Google Play across nearly 8,000 reviews.

On TrustPilot, Zengo has a 'Good' rating of 4.2/5. Some of the unsatisfactory comments are related to high debit/credit card fees. Some customers have complained about paying higher fees for faster transfer times, but the transaction was still delayed. That said, most Zengo customers are happy with their experience.

Reduce Swap Fees by Connecting to dApps 

The Zengo app allows users to connect with popular Web 3.0 dApps, such as Uniswap and OpenSea.

This allows you to engage with decentralized ecosystems. In fact, this feature allows you to avoid Zengo’s swap fees. This is because you can swap tokens directly from liquidity pools.