Zengo wallet Review: The Best Crypto Wallet in May 2024?
As the crypto landscape evolves both in terms of usage and in terms of exploitation and fraud, having a safe wallet to store your digital assets is important now more than ever. For that purpose, every crypto investor needs a wallet that is easy to use and hard to hack.
With a reputation built on trust and positive user experiences, Zengo is a popular choice for cryptocurrency management. Our Zengo wallet review navigates through its features and functionalities to help you understand what it is and why should you use it.
What is the Zengo Wallet?
Zengo is a non-custodial crypto wallet app that you install on your Android or iOS device. Unlike other crypto wallets that base their security on the premise that you will keep your seed phrase safe, Zengo has employed a different approach called MPC (Multi-Party Computation).
This means, you no longer have to worry whether your seed phrase is safe as the Zengo wallet doesn’t have one. Instead, it has two “secret shares”, one of which is stored on your device and the other is stored on Zengo’s servers. Each share is useless on its own. Because of that, the Zengo wallet has never been hacked since its inception in 2018.
| Number of supported coins | 120+ |
| Price | Free for the standard version, $9.99 per month or $69.99 paid yearly for the Pro version |
| Type of wallet | Mobile app |
| Wallet seed phrase? | Doesn’t use a seed phrase |
Pros & Cons of Zengo Wallet
If you’re wondering, “is Zengo a good wallet?” the answer is yes – it’s one of the best crypto wallets that can serve as an alternative to expensive hardware wallets. However, there are some drawbacks worth considering.
Pros
- Doesn’t have a seed phrase vulnerability
- Free version available for everyone
- Never been hacked since 2018
- Inheritance feature for the paid Pro version
- Can purchase coins within the wallet
Cons
- Not enough coins are supported compared to hardware wallets
- Need to use Wallet Connect to access dApps
Zengo Wallet Supported Coins
The Zengo wallet app supports over 120 coins, including the most popular ones such as Bitcoin, Ethereum, Chainlink, Aave, but also meme coins like Dogecoin and Shiba Inu.
If you’re planning to hold any of these coins, then the number of supported coins shouldn’t matter to you – the Zengo wallet will work as advertised. The Zengo platform also allows investors to connect to WalletConnect – from which you can access multiple dApps, yield farming, and airdrop farming.
Understanding Zengo Wallet’s Pricing & Fees
The Zengo crypto wallet has two versions: Free (called Zengo Essentials) and Pro. The free version is likely to be enough for most crypto users. It comes with Zengo’s no seed phrase vulnerability, a secure wallet recovery with 3-factor authentication, and you get an NFT spam filter, where the latter alone could be worth it to save you from scammy NFT drops.
The Zengo Pro, on the other hand, comes with a monthly fee of $9.99 or $69.99 if you pay it annually. For that price, you get everything the free version offers plus three worthy features: legacy transfer, theft protection and Web3 firewall.
As for other Zengo wallet fees, there are third-party fees that you pay to providers like Banxa if you buy crypto from within the Zengo wallet.
Is Zengo wallet safe?
Our Zengo wallet review found that this is one of the safest wallets you can get. It has never been hacked since its inception in 2018, and recently, the Zengo team ran a hacker bounty where whoever hacked the Zengo wallet could take the 10 Bitcoin and one Pudgy Penguin NFT stored inside.
Here are the most prominent safety features of Zengo:
No Seed Phrase Vulnerability
Almost every crypto wallet, whether it be a hot wallet or a cold wallet, has a seed phrase. This is a security feature that gives you access to your funds if you ever lose your hardware wallet or if you get a new computer and need to install a hot wallet once again.
Your assets remain on-chain, meaning that they can’t disappear. The only way to gain access to them is to use the seed phrase, also known as a recovery phrase or private keys, which consists of 12 to 24 randomly generated words.
Lose your seed phrase, however, and you lose access to your funds. You’ve probably heard about the man who accidentally put a hard drive with 7,500 Bitcoins in the trash and then searched a garbage dump to find it. He could’ve avoided all that if he kept his seed phrase somewhere safe.
With Zengo, you don’t have to worry about this. Their MPC (Multi-Party Computation) solution doesn’t require a seed phrase. Many large financial institutions, such as Coinbase, use the MPC solution to keep their assets safe.
3-Factor Authentication Recovery
You may be wondering, how do I recover my assets if I don’t have a seed phrase? The answer is 3FA. You provide your email address, you do a facial recognition scan on your smartphone and you get a Zengo recovery file. Of all three, you only need to keep your Zengo recovery file safe, and preferably in several places.
A hacker would be unable to access your account with just a picture. Users must do a live facial recognition to access their account – protecting it from potential online hacks. Once you have completed all three of these tasks, you can safely restore your wallet access.
Web3 Firewall
The Web3 firewall is a Pro feature, and it can save you from a lot of pain. Even with the most secure crypto wallets, you can still sign the wrong transaction which can drain your wallet. To combat that, Zengo wallet introduces a web3 firewall.
The way it works is you are notified every time you sign a transaction. There are three levels of safety: Green, Yellow and Red.
If you see a green checkmark, the smart contract is verified and legit. Yellow exclamation mark warns you to stay alert and confirm that you’re interacting with the real smart contract. The Red exclamation mark means the wallet has detected an unusual behavior and it could be better that you don’t sign the transaction until you learn more about the smart contract you’re interacting with.
Is the Zengo Wallet Easy to Use?
Zengo wallet is renowned for its user-friendly interface, which makes it an excellent option for all crypto enthusiasts, including beginners. The mobile app is intuitive and easy to navigate, providing a seamless user experience that otherwise could feel complex. On top of that, the Zengo wallet is one of the most secure wallets you can get.
One notable feature contributing to the ease of use is the Zengo wallet’s security model that doesn’t use a seed phrase. This means you don’t have to worry about losing a piece of paper that could compromise your digital assets, which enhances the overall usability.
The account creation process is straightforward as you’re guided with each step. Because of that, you can easily set up your account within a minute and be ready to manage your crypto portfolio.
As a testament to customer satisfaction and reliability, Zengo has earned a positive reputation on TrustPilot, earning 4.2 stars out of 632 reviews. Users praise the Zengo wallet app for its user-friendly interface, security features, and top-notch customer support.
Key Features of the Zengo wallet
The reason why the Zengo wallet is well-received by crypto enthusiasts is because of its features. Some of the features are available to all users, while some are available to Zengo Pro users.
Multy-Party Computation (MPC)
Multi-Party Computation is a subfield of cryptography where two parties join to compute a function, while keeping the inputs private. This is the solution that Zengo has taken to solve the seed phrase vulnerability. With the MPC solution, you no longer have to worry about losing a piece of paper with your seed phrase.
The MPC creates two “secret shares” when you create an account: one share is stored on your device, the other share is stored on Zengo’s servers. Even if one of the two is compromised, they can’t hack your Zengo account without having the two shares.
The share you have on your phone is the one used to sign transactions, while the second share is used as a co-signer.
Legacy Transfer
The world of crypto is tied to complex transaction signing and portfolio management and in the event that something happens to you, there’s a risk that your loved ones won’t be able – or know how – to access your portfolio and take advantage of your hard work in acquiring these assets.
Zengo’s Legacy Transfer feature solves this by creating an inheritance-style feature that can safely send all of your digital assets to a wallet that you designate. Simply set up a legacy recipient, who doesn’t have to be a Zengo user, but they have to approve their nomination as a recipient.
Next, set up an inactivity timer of up to 24 months. Every time you log in, the inactivity timer resets. Once all is set, your Zengo wallet will share a legacy file with the nominee wallet. This file doesn’t share the information about your account balance and is useless until the time comes to move the assets. You can remove and change a legacy recipient account at any time.
This feature is only available for Pro accounts.
Theft Protection
Another Zengo Pro feature is Theft Protection. This feature locks your assets to your facial biometrics, meaning that even if someone steals your phone or somehow manages to gain access to your account, they won’t be able to make withdrawals or sign transactions without your facial scan.
You can set this up either for every transaction or for a certain threshold. Combined with the Web3 firewall, which is another Zengo Pro feature, your assets will remain safe in your Zengo wallet. This is a similar feature to the buttons found in hardware wallets, except the buttons can be pressed by anyone, while no one has your facial biometrics.
Zengo’s Customer Service
Zengo’s customer service is one of the best features of this crypto wallet. You can reach out to the Zengo team via email, by sending a contact form or via live chat on their website, or through the Zengo X account, 24 hours, every day of the week.
And if you’re a Zengo Pro user, you get guaranteed priority support in one hour or less where the typical response time is within 5 minutes. This can be a lifesaver, especially where money is involved, and you know the team can help you out fast.
How to use Zengo wallet
For our Zengo wallet review, we opened an account to see how easy it is to set it up and use it. Here’s how it works:
Step 1: Download the Zengo Wallet App
Open the Google Play store or the App Store and find Zengo. Alternatively, visit the Zengo website and find the app from there. Download the app and install it.
Step 2: Create an Account
Follow the prompts to generate your MPC secret shares. This is Zengo’s solution instead of a seed phrase, which creates two shares, one on your phone and another on Zengo’s servers.
Step 3: Create a Recovery Kit
You need a recovery kit, which will be used to restore your wallet on a new device. Since the Zengo wallet app doesn’t have a seed phrase, you need this recovery kit.
Also, the recovery kit is a requirement to be able to purchase crypto from the Zengo wallet, to receive coins and tokens and to use the important features of the app.
Step 4: Use the Wallet
Follow the prompts to set up a biometric facelock if you want to and start using the wallet with your Zengo wallet login. You can now buy crypto via third-party providers, you can receive crypto from exchanges or other wallets you have, or you can simply explore the app and see what it offers.
Is Zengo Wallet Worth it in 2024? Our Verdict
Zengo wallet is one of the best crypto wallets you can get because of its safety features like no seed phrase vulnerability and 3FA for wallet restore. Moreover, the Zengo Pro version adds additional features for $69.99 annually, such as a web3 firewall and a legacy transfer that sends your entire digital portfolio to a wallet that you designate in case you don’t log in for a prolonged period.
All of this makes the Zengo wallet an excellent choice for every crypto investor and enthusiast.
References
- https://www.cnbc.com/2021/01/15/uk-man-makes-last-ditch-effort-to-recover-lost-bitcoin-hard-drive.html
- https://help.coinbase.com/en/coinbase/other-topics/legal-policies/what-does-coinbase-do-with-my-digital-assets
- https://www.fireblocks.com/what-is-mpc/
FAQs
Is Zengo wallet safe?
Yes, Zengo is one of the safest wallets because it doesn’t have a seed phrase that can be exploited. Moreover, it requires 3FA to restore your wallet, which makes it even more secure.
How does Zengo wallet work?
Zento is a mobile crypto wallet. This means you first need to download the app and then create an account. After that, you can use it to store all the supported coins like Bitcoin, Ethereum and Polygon.
What are the fees on Zengo?
There are two versions of the Zengo wallet: Free and Pro. The Zengo wallet fees are $9.99 monthly or $69.99 if paid annually for the Pro version.
Can Zengo wallet be traced?
Like any other crypto wallet, Zengo wallet is anonymous but your wallet address is visible on chain.
Is Zengo better than Coinbase?
This is a personal preference. The Zengo wallet offers hack-proof protection by introducing MPC technology, while the Coinbase wallet supports more coins and tokens.
Has Zengo ever been hacked?
No, the Zengo wallet app has never been hacked since its inception in 2018.
How do I get my money out of Zengo?
You can withdraw your funds to Cash App, Binance, BlockFi or any other wallet that supports cryptocurrencies.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.About the Author
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