ZenGo Review (May, 2024) – Pros, Cons, Features, & Pricing - Comparewise
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ZenGo Review (May, 2024) – Pros, Cons, Features, & Pricing

Users of the cryptocurrency wallet known as ZenGo no longer need to remember their passwords, private keys, or seed phrases. ZenGo accomplishes all of this automatically.

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Last Updated: May 12, 2024

Zengo

  • No seed phrase vulnerability
  • Guaranteed wallet recovery model
  • Built-in Web3 firewall

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The increased access and control that this gives to investors over their bitcoin assets is a significant benefit. The company was created in 2018 and Ouriel Ohayon, Tal Be’ery, and Omer Schlomovits were the initial creators of the business.

The individuals who came together to build ZenGo did so with the notion that cryptocurrencies and personal finance in general are difficult to comprehend, laden with hazards, and out of reach for the great majority of people. ZenGo was created to address these challenges.

They looked for a solution but were unable to find one, so they devised their own and dubbed it ZenGo. The cryptocurrency wallet offered by ZenGo does not need its user to memorize a key, in contrast to other alternatives now available on the market.

It’s an innovative twist on the idea of bitcoin wallets, one that does away with the need of a private key or password to access the wallet. In addition to this, there is no need for any specialist equipment.

Instead, it utilizes a three-factor authentication mechanism, more often referred to as 3FA, which saves a copy of your decryption code in the cloud and uses facial recognition as one of the factors in the authentication process. Customers utilize ZenGo by gaining access to their cryptocurrency holdings through an app.

Within the app, customers are able to buy and sell cryptocurrencies, monitor the performance of their portfolio, send and receive money, collect daily interest incentives, and perform a variety of other transactions.

Customers of ZenGo have access to a variety of features that may help them better manage their cryptocurrency holdings. These features include the ability to buy and sell cryptocurrencies as well as the receipt of daily interest incentives.

Put your cryptocurrency away in a safe location

When you initially start investing in cryptocurrencies, you are going to require a cryptocurrency wallet so that you may keep any coins or tokens that you obtain in a secure location.

To begin, ZenGo is a cryptocurrency wallet. Within this wallet, you may store cryptocurrencies like bitcoin, ethereum, and any others you want. ZenGo is able to eliminate private keys, which are generally considered to be one of the cryptocurrency industry’s most major potential failure points.

This is made possible by the fact that private keys are eliminated. Instead, the company utilizes cutting-edge encryption technology to keep your bitcoin safe while also assuring you that it will never be available to you.

Buying and selling Bitcoin is a possibility

In addition, users of ZenGo have the ability to buy and sell more than 70 other cryptocurrencies on the platform. You have the ability to acquire assets in any one of 188 different countries using the form of payment of your choosing, and the transactions will always be quick, uncomplicated, and secure.

At ZenGo, some of the payment options that are accepted are debit cards, credit cards, bank transfers, Apple Pay, Google Pay, and Samsung Pay. You also have the option of selling your bitcoins in exchange for cash in the currency that is used in your country.

These functionalities are supported in the countries of Canada, the European Union, the United Kingdom, and the United States of America.

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Transactions Carried Out Utilizing Various Cryptocurrencies

Not only is it possible to purchase and sell cryptocurrencies, but you can also trade one cryptocurrency asset for another. In addition to the fact that you are able to purchase and sell bitcoin, this is also possible.

On ZenGo, you are able to trade several different assets, some of which are bitcoin, ethereum, tezos, dogecoin, and plenty more. The procedure of switching from one cryptocurrency to another in your wallet is a simple one.

It is crucial to be informed that trading in cryptocurrencies is not feasible in all geographic locations, particularly in certain regions of the US and Canada. This is something that you should be aware of.

Transmission And Receipt Of Cryptographic Currencies

Customers of ZenGo are able to send bitcoin to and receive cryptocurrency from any other user, no matter where they are located in the world, thanks to the mobile app that the company offers.

The quantity of money that you may send or receive is not limited in any manner, either by a minimum or a maximum amount that you are permitted to send or receive. In addition, there are no additional charges associated with this.

Receive Daily Interest Rewards In Recognition Of Your Hard Work

One of the many benefits of using ZenGo is that it gives you the opportunity to earn interest on any bitcoin holdings you may have. ZenGo Savings, which was created in conjunction with Nexo, provides you with the option to securely store any cryptocurrency holdings you may have.

There is currently no waiting period in effect. You also have the possibility to earn a higher annual percentage yield (APY) than you would with a traditional savings account, which means that your money will grow at a faster rate.

There is a wide variety in the rate at which one might generate profits from the various cryptocurrencies. You will have the opportunity to activate this feature inside the settings of your ZenGo account.

Receive Bitcoins At No Cost

The user has a variety of options available to them on ZenGo to get bitcoins at no cost. A customer is eligible for a bonus of $10 worth of bitcoin if they use a referral code to make a purchase of cryptocurrency totaling at least $200 and if they meet the other requirements of the promotion.

They have the opportunity to earn even more by encouraging their friends, family, and followers to become ZenGo members. If the individuals that you refer go on to make a purchase of cryptocurrency, you will get a reward in the form of free bitcoin. In addition, the second participant will be awarded a prize equal to $10 worth of bitcoin.

ZenGo Savings

When it comes to the many ways in which you may make money with ZenGo Savings, you have two separate options:

Lending

Lending bitcoin is similar to lending money to other investors or to a decentralized pool of liquidity. When you lend bitcoin, you are basically lending the cryptocurrency. In return, you will get interest rates that are algorithmically calculated by an impartial interest rate protocol.

Staking

You have the option to earn more money if, while you are staking with ZenGo, you donate your assets to the network security proof-of-stake asset. This will allow you to earn additional money. You, along with everyone else who bets on ZenGo, will be entered into a drawing for a prize if you participate, and this will be your reward for doing so.

Is ZenGo Wallet Safe

The ZenGo wallet offers a very high level of safety. They use the facial recognition software that was created by Zoom, and they even include a test inside the application for customers who are worried that another person might be able to access their wallet by just snapping a photo of their face.

This is of the highest significance since a scan of your face is the only thing that is required in order to access the functionality of the wallet.

If there was an easy way to get around this requirement, then the wallet would be incredibly useless. It will be exceedingly difficult, if not impossible, for someone to get into your wallet if you supply two distinct decryption codes and keep them in two different places (your device and their servers).

The fact that ZenGo’s hacking challenge for a wallet holding one Bitcoin was successful in the sense that no one was able to break into the wallet proves, once again, how secure the wallet is. The challenge was for a wallet that contained one Bitcoin.

Cons

Because one code is stored on a data cloud that is tied to your phone (whether it be Google or iCloud), and the other code is stored on ZenGo’s servers, the demand for a seed phrase is not necessary, which is a very attractive feature.

The drawback to this strategy, however, is that it requires you to physically store your keys with two separate centralized authorities. Despite the fact that this does not provide a particularly significant risk by itself, users who do not want to trust the safety of their wallet to anybody other than themselves may find this to be a source of disagreement.

This is because they do not want to trust anyone else with the protection of their wallet. The second aspect of this scenario is that it indicates that the wallet is not completely non-custodial in nature.

This is because the information needed to recover your wallet is being maintained by third parties and is not in your possession. If you were obliged to write down a seed phrase, you would have access to the information needed to restore your wallet.

ZenGo Crypto Debit Card

ZenGo made the news that they will be introducing a cryptocurrency debit card on the Visa network before the end of November 2020. Those who possess wallets will have the ability to spend their bitcoins in a straightforward and hassle-free way wherever that accepts Visa payments thanks to this card.

It is expected that the card will first become accessible in the United States and Canada, and that it will thereafter expand to other locations in other parts of the globe. This card is really just one more step in the direction that ZenGo is working toward with its overarching objective of making cryptocurrency use more accessible to the general public.

This card may be used to buy goods and services online. People are clearly extremely used to making purchases using credit cards; hence, the availability of a card that allows them to spend their cryptocurrency holdings in the same simple way should considerably enhance adoption of the cryptocurrency.

It is expected that the cards will be delivered sometime in 2021, and at this time, you may enter your name on a waiting list to get one either from inside the wallet itself or through the website.

ZenGo mobile app zengo review - comparewise

Help And Support For ZenGo’s Customers

When users have questions or concerns, they may get rapid help from a trained support specialist by contacting ZenGo directly from their mobile device. There is a wealth of high-quality material available on ZenGo for beginners who are interested in getting started with cryptocurrencies.

This knowledge may be accessed in the form of articles, videos, blog posts, and a podcast. On both the Apple App Store and the Google Play Store, the app was given a rating of 4.78 out of 5, and very few consumers expressed discontent or issues with the customer support that was provided.

In addition, the microblogging and social networking website Twitter has a significant number of ZenGo users as followers. It would seem that consumers and the industry as a whole are actively engaged with the company’s presence on Twitter. This might be because Twitter is becoming more popular.

In addition to that, the ZenGo website has a blog in addition to an up-to-date help center. Because they show that ZenGo is active in educating and aiding customers rather than merely generating income, which is the major objective of the firm’s business plan, these features appeal to consumers, who find it reassuring that the company is concerned with more than just making money.

Costs Associated With ZenGo

Users of ZenGo may send, receive, and store their digital currencies in a secure environment without being charged any fees to do so, regardless of where on the planet they may be situated.

However, in order to use specific ZenGo services, you will need to pay a charge, which is the industry norm for cryptocurrency wallets. The following is an overview as well as an explanation of the charges that are related with the use of ZenGo

Expenses incurred by the network

These fees are not paid to ZenGo; rather, they are paid to the operators of the blockchain network. ZenGo does not receive any of these payments. When using the Ethereum network, for example, to send Ether (ETH), the fees that need to be paid are also paid in Ether. This is because Ether is the native currency of the Ethereum network.

The price paid to process

These fees serve as payment for the services that the providers of buying, selling, and trading services provide, and they are received by those providers. It is expressed as a percentage of the total money being exchanged, and its value changes according to the nature of the product or service that is being purchased or sold.

Spread

These fees serve as payment for the services that the providers of buying, selling, and trading services provide, and they are received by those providers. The spread is the difference between the price at which an order is placed and the price at which an asset is traded on the spot market. It is employed as a hedge against the risk of price volatility.

The cost of conversion into the currency of the country

When purchasing bitcoin using a currency other than US Dollars, Australian Dollars, Canadian Dollars, Euros, or Great British Pounds, you are obliged to pay these fees to the operators of the business in order to complete the transaction.

ZenGo Trading

Although ZenGo allowed cryptocurrency trading that could be done directly from the wallet in June of 2020, this functionality is not yet available globally. Even though there is still a button in the wallet titled “Trade,” users who are based in the US will not be able to use it to participate in activities related to trading even if the button is still there.

On the other hand, this functionality shines brightest for users who are able to conduct transactions without leaving the wallet app. You won’t have to leave the wallet to navigate the complex environment of a cryptocurrency exchange since you can trade several cryptocurrencies with only a few taps on the screen.

Trading is allowed to take place in any of the assets that are supported by the wallet, and ZenGo takes use of its interface with Fox.Exchange to guarantee that the trades go through without a hitch.

A significant advantage is that you do not have to go through the time-consuming and sometimes frustrating process of signing up for an exchange in order to conduct rapid transactions using your wallet.

You will not have to relocate any of your assets in order to complete a transaction, and also you will not have to be concerned about entrusting the exchange with any of your private key information.

Conclusion

When everything is considered, ZenGo seems to be an exceptional wallet, particularly if you are looking for all of the features that it offers. This is especially true if you are looking to store several cryptocurrencies.

If you use a wallet that does not act as a custodian for your funds, you will have the peace of mind that comes with being able to store a large number of distinct cryptocurrencies in the same location, exchange those cryptocurrencies with one another (subject to the laws of your country), and still have access to your funds at all times.

In addition, the wallet’s recovery features made an impact on us and gave us a great deal of satisfaction.

This includes both the user recovery via the use of biometric facial recognition as well as the server side recovery in the event that the ZenGo servers ever go down permanently. In addition, we believed that ZenGo had an excellent graphical user interface (GUI).

It is not too difficult to comprehend and is not very intricate. User friendliness is one of ZenGo’s key aims, and the user interface (UX) design of the firm does a good job of reflecting this focus in a positive way. If you take into consideration the fact that they have just secured financing in the amount of $20 million, there is every reason to expect that even more progress is on the way.

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FAQs about our ZenGo review

Is ZenGo legit?

It is true that Gary Benattar, Omer Shlomovits, Ouriel Ohayon, and Tal Be'ery founded ZenGo in 2018 in order to create a legitimate cryptocurrency wallet company. The fact that the ZenGo project was able to get a seed investment of $20 million, which included sponsorship from Samsung, contributed to the initiative's enhanced credibility.

What advantages does ZenGo provide?

When compared to Ledger, the key advantage of utilizing ZenGo is that you do not need a seed phrase in order to set up your wallet. This is an advantage that Ledger does not provide. Because seed phrases are supposed to provide stronger safety for your bitcoin, but they are also more likely to be lost, this presents something of a catch-22 scenario. In addition, hardware wallets have a price tag attached to them, but ZenGo is a piece of software that is completely free to use.

Has ZenGo ever been hacked?

No, ZenGo wallet has never been hacked. They even went so far as to offer a hacking challenge, in which participants were urged to try to compromise the security of a ZenGo wallet that contained one bitcoin, but no one was able to do so successfully. There has not been a single case of any form of hacking occurring at any point.

Is the practice of staking bitcoin compatible with ZenGo?

You may earn a variable rate on the Texos (XTZ) tokens that you stake on the ZenGo program. Additionally, you are able to collect interest on your other cryptocurrency assets without being compelled to keep them locked up. The interest rate that you receive may vary depending on the asset, though, so it is important to maintain track of all of your cryptocurrency holdings.

How does ZenGo earn money?

ZenGo generates revenue from crypto exchange fees, spreads, ZenGo savings, and a share of the network costs and transaction fees imposed by its partners. ZenGo also receives a portion of the revenue generated by the fees charged by its partners.

April 30, 2023
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