ZenGo Wallet, a mobile cryptocurrency wallet that is not custodial, replaces private keys with threshold signatures. It creates two ‘mathematical secrets shares’ – one on your mobile device and the other on their servers.
This means that your coins are safe and secure. This is a new way to dispense seed phrases. However, there are downsides that we will discuss.
You can also trade, send, and receive cryptocurrency directly from ZenGo Wallet. Our review will help you decide if a mobile wallet is right for you.
ZenGo Supported Cryptocurrencies
ZenGo Wallet supports a variety of cryptocurrencies. There are currently 70+ tokens and coins supported, and more on the way. These are just a few of the cryptos ZenGo supports:
- Bitcoin (BTC).
- Ethereum (ETH).
- Tether (USDT).
- Binance Coin (BNB).
- Dogecoin (DOGE).
- Polygon (MATIC).
- Chainlink (LINK).
- Uniswap
- Aave (AAVE).
- Tezos (XTZ)
- Synthetix (SNX)
- SushiSwap Token (SUSHI)
- Basic Attention Token (BAT).
- DAI (DAI).
- 0x (ZRX)
- TrueUSD (TUSD).
ZenGo Wallet Features
Grow Your Crypto
Grow Your Crypto gives you the opportunity to earn compound interest as well as rewards for your investments. This can be done by staking coins on Blockchains using proof-of–stake. Earn over 5% interest by quickly and easily staking coins such as Tezos from your ZenGo Wallet.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Buy Crypto
The app allows you to buy a variety of cryptocurrencies using your debit or credit card. MoonPay API allows users to quickly buy a variety of coins. These coins are then automatically deposited into your wallet.
Swap on ZenGo Wallet
ZenGo users have the ability to trade cryptocurrency within the Swap tab. Switch between supported coins with a low fee of 0.125% It is intuitive and allows trades to be completed in 30 minutes or less depending on the network speed and coins selected.
ZenGo Wallet Fees
ZenGo is one rare cryptocurrency wallet that allows you to buy cryptocurrency directly from your wallet, depending on where you live. The fees were competitive with other industry competitors, albeit slightly higher.
ZenGo Wallet is the only cryptocurrency buying service that allows you to choose your network fee (economy or regular) This means you can choose how much you pay in fees. As long as you wait, you will have some flexibility. Transactions can be canceled or accelerated after they have been submitted, but not after they have been confirmed by the blockchain.
ZenGo Mobile App
It is extremely intuitive and allows you to trade, buy, and sell cryptocurrency with incredible ease. With its intuitive interface, you can easily track your investments and buy or sell cryptocurrency with just a few clicks.
Facial biometrics does not require passwords, seed phrases, or private keys. You don’t need to worry about losing your phone because facial biometrics can also protect your coins.
Pros and Cons
| Pros | Cons |
| Smooth user interface | You can store keyless recovery backups on iCloud and Google Drive |
| You can buy and sell in less than an hour | Non-custodial but not completely |
| No lock-up required to earn interest in your holdings |
ZenGo Wallet Security
ZenGo Wallet is extremely safe. Zoom’s facial recognition software is used. They even offer a test within their application for anyone thinking that someone could use a photo of themselves to gain access to their wallet. ZenGo does not support this method. This is crucial because the only thing you need to use the wallet’s functionality is a scan or photo of your face. If this were not possible, the wallet could be hacked.
It makes it extremely difficult to hack your wallet by having two different decryption codes stored in 2 places (your device as well as their servers). ZenGo also put out a hacking challenge to a wallet that had 1 Bitcoin inside it. No one was able to hack it, further proving the security of the wallet.
Potential Downsides
The lack of a seed phrase is attractive. However, this means that your keys are stored with two centralized authorities. One code is stored on your phone’s data cloud (either Google or iCloud) and the other code is stored on ZenGo servers. Although this isn’t a major problem, it can be problematic for users who don’t want to give away their wallet security to others.
This also means that your wallet may not be fully non-custodial. The data needed to recover it is being stored by third parties and is not your custody as if you had to write a seed phrase.
Conclusion
ZenGo Wallet, a new wallet, successfully addresses the need for simplicity and security within the crypto wallet market. The wallet’s user-friendly interface is not the only thing that sets it apart from other competitors. It also has a variety of extra features such as interest and simple coin staking.
While the list of supported currencies is not as extensive as some other platforms, ZenGo’s unique ability to remove all technicalities of crypto storage makes it an excellent choice for intermediate-to advanced traders. ZenGo is a mobile-only crypto wallet that may suit your needs.
