ZenGo is a wallet that doesn’t hold your money and lets you store, control, and trade more than 120 cryptocurrencies. A lot of thought works there when choosing the wallet that is safe and easy to use for both new and experienced users.
When you use a safekeeping wallet, someone else holds your secret keys. ZenGo, on the other hand, gives you complete control over your crypto assets. This review discusses the ZenGo wallet’s features, security, accepted assets, fees, and more to help you decide if it’s the best choice for your crypto needs.
What is ZenGo Wallet?
ZenGo is a revolutionary non-custodial cryptocurrency wallet app for iOS and Android that protects user funds with cutting-edge Multi-Party Computation (MPC) technology. This system keeps private keys safe at all times, making it safer than many other wallets. ZenGo accepts more than 120 cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, and Polygon so that users can store a wide range of assets. Additionally, ZenGo lets users buy, sell, and swap cryptocurrency from the app, which is helpful for new and experienced buyers.
Key Features of ZenGo Wallet
- Multi-Party Computation (MPC) Technology
They don’t need private keys because ZenGo uses MPC. With traditional wallets, one private key restricts fund access. However, MPC technology divides your private key. The phone and trustworthy software suppliers keep these elements separate. Hackers are unlikely to get in because multiple people have pieces of the key.
- 3-Factor Authentication (3FA)
ZenGo adds 3FA for safety. It identifies you by email, phone, and face. Restricting wallet access to permitted users promotes safety.
- Buy, Sell, and Swap Cryptocurrencies
ZenGo wallet users can buy, sell, and exchange 120+ coins without leaving the wallet. They can acquire crypto with debit or credit cards or bank transfers through third-party payment businesses. ZenGo also allows direct coin swaps and decentralised trading pools.
- ZenGo Token Feature
ZenGo players can also win prizes by staking and doing other DeFi activities. This function is handy for crypto enthusiasts who want to level up.
- No Hardware Required
Some wallets require hardware to secure currency. ZenGo’s app does not have the hardware perfect for mobile money access.
How to Set Up a ZenGo Wallet?
- ZenGo supports iOS and Android. The App Store and Google Play Store have it.
- Create a new account in the app. Add your phone number and face recognition to your email for 3FA. This will increase safety.
- After setting up your account, back up your wallet by saving a restoration file on Google Drive or iCloud, this file will help you receive cash back if you lose your phone.
- You can now deposit digital money in ZenGo. Go to “Assets” on the app and select coins to save.
- Trade or retain crypto when ready. ZenGo makes switching assets easy, and ZenGo Pro lets you employ more advanced features like DeFi opportunities.
Supported Cryptocurrencies and Networks
ZenGo Wallet stores many coins. Tezos (XTZ), Polygon (MATIC), Shiba Inu (SHIB), Ethereum (ETH), and Bitcoin are examples. Many prominent cryptocurrencies don’t operate with it. XRP, Cardano (ADA), and Solana (SOL) are big-cap assets. ZenGo doesn’t support Binance Smart Chain (BSC) tokens, which may deter some users. The wallet can’t accept custom tokens. Hence, it can’t store ERC20 currency it doesn’t comprehend. Unfamous files may be difficult to store.
Security Features and Privacy
MPC Technology – Please note that ZenGo’s Multi-Party Computation (MPC) protects your secrets. Hacked people will struggle to collect your money.
Data Privacy – ZenGo values your privacy. You can’t store or access secret keys with them, and your cloud storage recovery files are also inaccessible.
No Private Key Exposure – If someone breaks into your phone, your secret keys will be safe if you keep them in multiple places.
ZenGo Token Feature – One of ZenGo Pro’s sophisticated features is the token function. This function opens DeFi options like staking, yield farming, and more. For only $9.99 a month, ZenGo Pro provides this function.
Pros and Cons of ZenGo Wallet
Pros
- Highly Secure: ZenGo’s use of MPC technology and 3FA makes it one of the most secure mobile wallets.
- User-Friendly: ZenGo’s interface is intuitive, making it ideal for beginners just getting into cryptocurrency.
- Direct Crypto Purchases: ZenGo allows users to buy crypto directly within the app, eliminating the need for third-party exchanges.
- Cross-Platform Support: ZenGo is available on iOS and Android, making it accessible to a wide range of users.
Cons
- Limited Cryptocurrency Support: ZenGo does not support significant cryptocurrencies like Solana, Cardano, or XRP.
- Higher Fees: The fees for buying crypto with a debit or credit card can be quite high.
- No Desktop Version: ZenGo only offers a mobile app, which may not be ideal for users who prefer desktop interfaces.
Who Should Use ZenGo Wallet?
ZenGo may be the finest Bitcoin wallet for many. Its simplicity and security make it a good starting point for crypto beginners. Three-factor authentication (3FA) and Multi-Party Computation (MPC) technology protect ZenGo users’ money. ZenGo lets you trade and store cryptocurrency on the fly. This is fantastic for phone-only traders. ZenGo can help beginners, investors who want their money safe, and traders who need to operate remotely.
Final Verdict: Is ZenGo Wallet Worth It?
ZenGo is safe, easy, and feature-rich, making it a top cryptocurrency wallet for beginners in the US. New crypto users will love the app’s simplicity, safety, and convenience. It works with some major cryptocurrencies; however, some transactions cost extra, which may make it less useful for advanced users or those with several files.
FAQ’s
Is ZenGo free?
Free to use ZenGo software. However, ZenGo Pro costs $9.99 a month and offers DeFi and better customer service.
Can I buy cryptocurrency in ZenGo?
You can use a debit, credit card, or bank transfer to acquire cryptocurrencies from the ZenGo app.
Can I utilize ZenGo mobile payments?
No, ZenGo is a software-based wallet and does not require hardware devices.
Is ZenGo crypto storage safe?
ZenGo protects your data using MPC and three-factor verification.
