In order to create two “mathematical secret shares”—one stored on your mobile device and the other on their servers—ZenGo Wallet, a non-custodial mobile cryptocurrency wallet, substitutes threshold signatures for the use of private keys.
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What Is ZenGo?
The company ZenGo was founded on the tenet that most people can’t understand, trust, or access cryptocurrencies, or personal finance in general. When they were unable to find a solution, they came up with one: ZenGo.
ZenGo is a user-friendly and safe cryptocurrency wallet. With over 70 of the most popular cryptocurrencies, you can buy, trade, and earn up to 8% APY on BTC, ETH, and more. You can benefit from impenetrable security and renowned customer service, with live support staff available around-the-clock to address any inquiries.
Unlike competing products, ZenGo provides a keyless wallet for storing cryptocurrency. A private key or password are not necessary with this new method of creating cryptocurrency wallets. Furthermore, no specialized hardware is needed. In its place, three-factor authentication (3FA), which includes facial recognition and cloud backup of your decryption key, is used.
Customers can access their cryptocurrency holdings, buy and sell cryptocurrencies, track their portfolios, send and receive money, earn daily interest rewards, and more using the ZenGo app.
Pros And Cons Of ZenGo Wallet
Pros
- No private keys or seed phrases needed
- One tap customer service
- Earn interest on your crypto
- Buy and sell within app
Cons
- Not fully non-custodial
- No Ethereum staking
- Available only on mobile
How Do I Create An Account On ZenGo?
You enter and verify your email address to register for the app. In just a few seconds, your account is configured and operational. You have three choices after creating your account:
- Explore the app.
- Sync your cryptocurrency with another exchange or wallet.
- Use your home currency to buy cryptocurrencies.
It’s easy to navigate the app. Every cryptocurrency you own is displayed on your homepage along with its performance. You have the option to send, receive, buy, sell, trade, or earn cryptocurrency by selecting one of the tabs on the “Actions” page.
When using the ZenGo app, you won’t need to create a password to set up your account, which is one difference you’ll notice. Instead, you merely enable the face ID feature on your phone. Your cryptocurrency also doesn’t have any private keys. Your assets are kept secure by ZenGo’s security features while still being readily available to you at all times.
ZenGo Crypto Card
Recently, ZenGo also unveiled a cryptocurrency card that enables you to use the cryptocurrencies you own in regular brick and mortar stores just like you would with a regular Visa debit card.
A small catch is that you must first convert your cryptocurrency to US dollars because ZenGo has no control over and is unaware of the cryptocurrencies you own (remember, it’s non-custodial). You can deposit money on your card by converting some funds to fiat (like USD) in the mobile app. You will be able to convert a set amount each week if you intend to use your card frequently.
The card’s initial rollout will take place in the United States. only, the startup already plans to release it in other countries. In their app, you can add your name to the waitlist.
ZenGo Fees & Limits
Even though they are relatively small for some transactions, ZenGo does have some fees that you should be aware of. A processing fee of 1.99% when using a bank transfer or 5.99% when using a credit or debit card is required when purchasing cryptocurrency through ZenGo. When you exchange or sell your cryptocurrency, you must also pay a fee: 1.99% and 0.75% respectively.
A network fee is additionally charged for some transactions, but this fee is paid to the blockchain network operators rather than ZenGo.
Additionally, ZenGo has some restrictions on specific transactions. While there are no minimums or maximums for sending or receiving cryptocurrencies, there are restrictions on the amount that can be spent on each of these activities. There is a $100 minimum to purchase cryptocurrency. Your identity verification level determines the upper limit. The trading pair and the liquidity of the market at any given time determine the limits on cryptocurrency trades.
Depending on your jurisdiction, ZenGo is one of the few cryptocurrency wallets that allows you to buy cryptocurrency right from the wallet. The fees, despite being a little bit more expensive, were competitive with the rest of the industry.
It’s interesting that ZenGo is one of the few cryptocurrency purchasing platforms that allows you to select a custom network fee (economy, regular, or fast). That implies that, provided you are patient, you have some discretion over the amount of fees you will pay. Once a transaction has been submitted (but before it has been confirmed by the blockchain), you can even speed it up or completely cancel it.
How Safe Is It To Use Zengo Wallet?
The safety of a financial service is one of the most crucial questions you should always ask yourself before using it. After all, you want to ensure that your money is safe.
The website claims that ZenGo requires three-factor authentication (3FA), which is an improvement over the industry standard of two-factor authentication (2FA). It takes into account these three variables:
- A confirmation link to your email address when you sign up
- A backup file that stores a decryption code associated with your account in your personal cloud service
- Your facial identification so you can get in even if you delete the app or switch devices
ZenGo also depends on its cutting-edge MPC-based cryptography in addition to these three components. Together, these features make sure that your assets are secure and that you have access to your cryptocurrency.
Can Anyone Use Zengo Wallet?
Both novice cryptocurrency investors and seasoned traders will benefit from using this wallet. According to a user review on the ZenGo website, new customers can sign up in under 20 seconds.
The company website’s “Help” section has a number of articles covering a wide range of subjects, including general/frequently asked questions, usage guides, withdrawal guides, and troubleshooting guides.
ZenGo also provides devoted customer support that is available around-the-clock.
Users do not need to memorize or store complicated seed phrases because they can access their wallets using facial biometrics.
We firmly believe that ZenGo Wallet is very straightforward and user-friendly in light of all of the above.
Conclusion
The “Keyless” functionality of ZenGo Wallet makes it a special non-custodial cryptocurrency wallet. This functionality heavily relies on an advanced cryptography security model that does not require certain tasks, like creating or storing private keys.
If you’re looking for an all-in-one cryptocurrency management solution, ZenGo is a fantastic choice. It provides a cryptocurrency wallet to assist you in securely storing your cryptocurrency. However, ZenGo provides much more than that. Additionally, you can trade, send, receive, buy, and sell your assets.
ZenGo has an incredibly user-friendly interface. The app is easy to use and registration for an account takes just a few seconds. It’s a great option for both new and seasoned traders alike because of its powerful features and simplicity of use.