By: Eliot Prince | Last updated: 4/18/23
ZenGo is the world’s first keyless crypto wallet, offering security without compromising on comfort and ease of use. In this review I’ll cover how ZenGo works and review everything you need to know about the wallet.
Zengo Review Summary
Israel-based ZenGo provides a wallet that offers both security and ease-of-use – quite an uncommon pair of qualities in the crypto world. The wallet renders private keys obsolete by securing your account on the company’s servers, using advanced cryptography.
With a highly-intuitive UI and additional services such as buying and swapping crypto, ZenGo is a very welcome addition to the crypto wallets portfolio. That’s ZenGo in a nutshell. For a complete review keep on reading, here’s what I’ll cover:
- Company Overview
- Wallet Review
- Other Wallet Features
- Currencies and Payment Methods
- Supported Countries
- ZenGo Fees
- ZenGo Limits
- Customer Support
1. Company Overview
ZenGo is a keyless mobile cryptocurrency wallet developed by Israel based company KZen Networks – a company that builds products for the blockchain space with a strong focus on security and UI.
The company was founded by Gary Benattar, Omer Shlomovits, Ouriel Ohayon and Tal Be’ery in 2018. Their unique mix of engineering, security and cryptography helped the ZenGo project raise $4 million in seed funding, including the backing of Samsung. In 2021, ZenGo was able to raise another $20 million in an additional round of investing, taking the total funding raised to $24 million.
The ZenGo wallet aims to make the crypto economy more accessible to everybody, removing technical frustrations while maintaining the highest levels of security. Late 2019 saw the release of the ZenGo 2.0 keyless wallet to early adopters. In early 2022, ZenGo also added support for users to connect to a variety of decentralized applications to keep users safe on web3.
So how does ZenGo stack up against the competition?
2. Wallet Review
From the first look at the ZenGo wallet, I couldn’t wait to start trying it out.
The first thing to note is that it is a keyless mobile wallet, available on Android and iOS. That means there’s no private keys to worry about. You don’t even need a password to sign in!
As someone who reviews plenty of crypto platforms, I can tell you my heart sinks every time I have to create a new password or store a seed phrase. It’s a headache that ZenGo solves without you having to lose control of your crypto. Read this to understand how crypto wallets traditionally secure your coins.
Security is shared between your device and the ZenGo servers, meaning hackers can’t access your funds by just hacking your phone or ZenGo. Plus everything is encrypted using a 3D biometric scan of your face. That’s cool.
This keyless simplicity is built into a stunning UI which is intuitive and super simple. To register, all you need is an email address and fingerprint lock or FaceID – no password or private key complexities.
To backup your wallet, your account links to your iCloud or Google Drive and is secured with face-mapping. It’s painless to set up, without the stressful processes and security warnings usually found on software or hardware wallets. Plus you can even add a face-map of a family member or trusted person to secure your crypto if anything happens to you.
The wallet itself functions as we have come to expect from a cryptocurrency wallet. You can receive crypto using public address and QR codes, send funds securely and choose from a range of coins to store your wealth. Coin support is currently limited, with a lot of big name tokens like XRP, Solana, Avalanche, Litecoin and Bitcoin Cash unavailable on ZenGo.
ZenGo also claims to be the only wallet with a built-in Web3 firewall, providing users with safety and peace of mind on Web3 transactions.
3. Other wallet features
Grow Your Crypto
Grow Your Crypto allows you to earn compound interest and rewards on your funds. This is done via staking coins on blockchains using proof-of-stake. You can quickly and easily stake coins like Tezos directly from your ZenGo wallet and earn over 5% interest.
A choice of cryptocurrencies can be bought using a credit or debit card within the app. Users can quickly purchase a range of coins via a MoonPay API, which deposits directly into your wallet. Additionally, for users that wish to remain anonymous, Zengo allows purchasing up to $1000 worth of crypto without giving out any personal information.
ZenGo users can trade cryptocurrencies within the Swap tab. You can switch between supported coins for a competitive fee of just 0.125%. Again, it is an intuitive feature allowing trades within 30 mins or less – depending on network speeds and coin choices.
ZenGo previously had an “Earn” feature focusing on staking, allowing users to earn interest on particular assets. The original Earn program has been sunsetted, leaving only Tezos staking available. A revamped version of the feature is currently being developed and will be launched at a later date.
4. Currencies and Payment Methods
Currently, ZenGo supports over 70 cryptocurrencies, with more to be added as the product matures. Most of the major tokens are available on the platform such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Tether (USDT)
- Luna (LUNA)
- Dogecoin (DOGE)
- USD Coin (USDC)
With a variety of other tokens also available, for a full list of supported tokens click here.
Crypto can be traded for other crypto on the platform or users can purchase crypto with fiat currency using these payment methods:
- Credit or Debit card
- SEPA and Swift bank transfers (only for customers in the EU and UK)
- Apple Pay
If you wish to sell your crypto and receive fiat currency to your bank account, you will need to use MoonPay within the ZenGo app to process withdrawals which can take up to 2 business days.
5. Supported Countries
The wallet is available worldwide for those looking to use it specifically for storing and using cryptocurrency, with anyone over 18 being able to use the app.
There are a few countries in which you are not able to make purchases, these include:
- Ivory Coast
- North Korea
- South Sudan
As far as the US is concerned, there are a few states that are not supported at all – as well as a few states which have restrictions on buying certain cryptos. The following states are restricted from buying any crypto using ZenGo:
- New York
- Rhode Island
- US Virgin Islands
The following US states have restrictions on only ADA, BNB, BUSD, DOGE, ETH, MATIC & USDC:
- New York
Country restrictions only apply to buying coins with fiat currency on the platform. You can find a full list of countries here.
6. ZenGo Fees
ZenGo clearly lays out all the fees related to its services on its fees and limits page.
Trading crypto-to-crypto carries a fee of 0.5%, on top of the network fees for processing the transaction. The minimum and maximum limits depend on the trading pair and market liquidity at the time you make your trade.
Sending and receiving crypto is free, with only network fees applicable when sending crypto to another address. There is also no minimum or maximum amount when sending crypto.
When buying crypto using a credit or debit card, there is a 5.99% fee along with a local currency conversion fee for non-USD/CAD/AUD/EUR/GBP currencies. If you are a EU or UK resident and use a bank transfer to buy crypto, there will be a 1.99% fee with the same local currency conversion fee as when using a credit/debit card. There is a minimum deposit amount of $125 USD or equivalent, and the maximum you are able to withdraw will depend on your identity verification level.
If you’re a new user, ZenGo offers zero fees for your first purchase of up to $200 (aside from network fees). If your first purchase is over $200, fees will apply to the remaining amount above that figure.
A special fee rate of 0.1% also applies to stablecoin purchases via bank wire. Bank wires are now supported for USA, Europe, UK, Australia, Canada, Turkey, South Africa, and Brazil.
Selling crypto for fiat currency using MoonPay has a fee of 1.99% on top of network fees. There is a minimum transaction amount of 0.001 BTC, 0.01 ETH, 0.05 BCH, 30 USDC & 30 USDT. As for maximum withdrawal amount, there is a daily limit of €2000 EUR and a monthly limit of €10,000 EUR or equivalent.
7. ZenGo Limits
For purchasing cryptocurrencies on ZenGo you will need to verify your identity. There are 3 levels of verification, each with its own buying limit.
Level 1: Up to €150 per month
Level 2: Up to €20,000 per month
Level 3: Up to €50,000 per month
8. Customer Support and Online Reviews
ZenGo has a comprehensive help center with posts that answer almost any question you may have, along with detailed guides to help you use the service. There is also a live chat available on the site, where you can speak to a real person with an average reply time of less than 3 minutes.
There is a strong online presence with an active twitter profile, interacting with users and the industry as a whole. I always like to see this, as it is a sign of a team keen to help and educate users, rather than solely focusing on sales.
I did try to contact the company with a simple request about fees via email support, but unfortunately no response arrived in a reasonable time.
Reddit users and forums appear to be positive toward ZenGo so far, with comments on its user friendly nature.
Over on the Play Store, the app achieves a 4.3 rating which is great to see. There aren’t many complaints or frustrations of system bugs. With over 4000 reviews at the time of writing, averaging 4.3 is a very positive sign for ZenGo.
ZenGo is an innovative company with a fresh product, solving the big problem of private keys and passwords. I’d say that’s a big compliment in an industry completely driven by innovation.
I love using the wallet. It’s user friendly, intuitive and just a joy to use, while removing the technicalities and complexities of storing cryptos. It really caught my attention.
It’s packed with additional features too, including easy coin staking and interest which is another step ahead of many competitors.
The supported coins are already big enough to cover most users, although it will be good to see a few more options in the future. The lack of Litecoin support, among a few other tokens, was a little frustrating.
I’ve looked at a lot of cryptocurrency wallets over the years and ZenGo appears to be one of the best yet. Passwords and private keys are eradicated and the UI is ridiculously simple. It is definitely worth a go if you are looking for a secure mobile cryptocurrency wallet.
ZENGO sucks!!!! Just stay away
At least from the US this is a completely useless wallet.
It’s a scam! I just bought $325 worth, for a test run. My ZenGo wallet showed that I bought $275 worth. Even tho BTC price dropped, the change wasn’t so drastic in the 30 seconds, how long the transaction lasted. So, I decided to transfer it to a different wallet. Now, 2 hours later, I have $254 worth of BTC deposited to that wallet. Lost $70 with ZenGo in 2 hours, the price of BTC didn’t change that drastically in those 2 hours. Customer service says it did.
i am a crypto currency writer, and been writing for many crypto exchanges, i was just reading one pf your your articles written on Zen go ,i really liked it,the way you explained the Zen go,really appreciated.i will try my level best to sat in touch with you as you guys have a long portfolio of working on digital currencies. Best Regards.salman majeed.from Pakistan