Zengo Wallet is a non-custodial, seed phrase-free wallet that boasts outstanding security (It has never been hacked). It allows users to recover their accounts if they lose access. It also offers an interesting legacy transfer option. Read this Zengo Wallet review to find out if this wallet is, indeed, safe and whether it’s the right option for you.
Disclaimer: This review contains referral links, and we may receive a commission if you sign up through them.
In a Hurry? Here’s Everything You Need to Know at a Glance
Zengo is legitimate and safe.
Zengo is a non-custodial, keyless wallet, featuring a handy recovery option.
Zengo supports ENS addresses and introduces a unique take on a crypto inheritance system.
The wallet uses MPC technology to store and reconstitute access data without a seed phrase. It also features 3-factor authentication.
Zengo’s user feedback is overwhelmingly positive.
Zengo’s basic services are free and require no extra fees. Currency conversions and withdrawal processing do entail some fees, however.
Zengo is safer and easier to work with than most other wallets.
If you value security and usability, Zengo is the right choice for you.
Is Zengo Wallet Safe? A Closer Look at Its Security
Zengo Wallet is a non-custodial wallet that doesn’t require a seed phrase while giving you full ownership and control of your crypto funds. How does that work? Is Zengo safe to use? Can you trust it?
“Not your keys, not your bitcoin.” Isn’t that the mantra to live by in crypto? Zengo ensures your keys remain yours but doesn’t require you to use and manage them, eliminating seed phrase vulnerability. It uses multi-party computation to achieve this feat.
In addition to MPC, it secures your account through three-factor authentication, facial recognition, and threshold key signatures.
Having been around since 2018, Zengo has never been hacked. Its simple, seed phrase-free operation has turned it into a trusted and accessible solution for over 1 million users.
A quick glance over the rankings and ratings of customer service review and feedback sites provides a clear picture of Zengo Wallet’s reputation.
Trustpilot feedback providers have given Zengo Wallet a rating of 4.5 stars out of 5. Most of their Zengo Wallet reviews value the support, customer service, and simplicity of the wallet. Negative feedback seems to focus on minutiae like supposedly not getting a free 3-day trial of the premium features.
On Google Play, users have also rated the app 4.5 out of 5. Positive feedback focuses on UI and usability, while negative feedback providers complain about technicalities like an alleged $100 minimum requirement.
AppStore users seem to like Zengo Wallet even more. With a rating of 4.7 out of 5, the positive Zengo wallet reviews focus on usability and customer support again. Negative feedback seems to dwell on issues like the fees involved in sending funds to the wallet.
At SourceForge, some feedback providers refer to Zengo as “ZenGo” and praise it as the best wallet they’ve used, extolling its security and superb functionality. They don’t like that the wallet is unavailable on desktops (it is desktop-accessible).
In this review, we cover Zengo’s safety and reliability and the minutiae of how it keeps your funds and private keys safe. We give you the low-down on how it compares with other wallets and detail how to sign up, so read on.
What is Zengo Wallet?
Zengo is a non-custodial wallet that requires minimal expertise to operate. It does not expose you to seed phrase vulnerability (more on that later), and if you can use a mobile app, you can also use Zengo Wallet.
By using Zengo Wallet, you:
- Get a simple, easy-to-use interface
- Use ENS addresses, which reduce the possibility of errors when using crypto addresses for transactions
- Gain access to backup and recovery options
- Eliminate the possibility of losses due to seed phrase theft, misplacement, or loss
“Traditional” cold and hardware wallets require you to manage your 12 or 24-word seed phrase, acting as your own private bank. Some people do not appreciate this responsibility. Others fail to understand it and lose their seed phrases. If you lose your seed phrase, no one and nothing can help you recover the digital assets associated with it.
Bitcoin is the most secure digital asset. Its security cuts both ways, however. When you lose your keys, you are as powerless to get to your funds as the bad guys are to steal them.
Zengo Wallet’s MPC technology circumvents the seed phrase problem, relieving you of the responsibility to keep this sensitive piece of information safe. Since it doesn’t involve a seed phrase, you will never risk losing access to your wallet due to seed phrase loss.
How MPC Technology Works
How can Zengo Wallet be non-custodial if it doesn’t require you to use a seed phrase? The vast majority of hot wallets keep your seed phrase for you. They take custody of it, relieving you of responsibility. Having someone hold your keys for you isn’t ideal, however, and Zengo does not have possession of your seed phrase.
Instead, it generates two secret shares, one on your device and one on the Zengo server. The secret share that controls access to the wallet is the one stored on your phone and linked to the secure hardware element of your device. The two shares are cryptographically linked, however. Neither works without the other. The user’s share initiates transactions, and the server-based share co-signs them.
MPC technology isn’t new. It has been around for years. Institutions like Coinbase have used it to secure digital assets. Using secure multi-party computation is akin to tearing a piece of paper containing useful information into several pieces. These pieces of paper then end up with different parties who can use them to generate correct answers through secret codes and cryptography. They can never reconstitute the original information, however.
Imagine the following: Three people want to know their average salary. None are keen, however, to share the exact amount they earn with the others.
- They all break their salary amounts into three random pieces that together make up their totals.
- They share two pieces with the other two people and keep one for themselves.
- Everyone adds up the three numbers they get this way.
- They combine their results, add them up, and divide the result by three.
- The resulting number is their average salary, which they obtained without sharing their actual salary amounts.
Zengo Wallet has made this previously institutional-grade technology available to the masses. That is how it keeps your digital assets safe from prying eyes while not requiring a copy of your sensitive seed phrase.
Secure MPC applications are already widespread in privacy protection, safeguarding data people and organizations cannot share for legal or ethical reasons.
Zengo Wallet’s Value Proposition
Crypto’s most stringent and frustrating barrier to adoption is its lack of user-friendliness. Crypto wallets are difficult to use, feature confusing addresses, and burden their users with the full responsibility of keeping their digital assets safe.
Zengo Wallet facilitates crypto use and adoption by:
- Freeing users from the burden of seed phrase management
- Introducing backup and recovery options
- Simplifying addresses and overall use
Conclusion: Zengo Wallet is one of the most secure and easy-to-use crypto wallets.
Zengo Wallet App Review
An MPC or seedless wallet, Zengo Wallet fully supports the crypto ethos of privacy and complete control over one’s funds. It is easy to use, featuring a simple and attractive interface. The app is available for desktop, Android, and iOS devices. Adding to its simplicity and enhancing its usability are the ENS addresses it supports.
What is an ENS Address?
ENS is short for Ethereum Name Service. This not-for-profit, permission-less service allows people to build on the ENS blockchain and register a .eth address without needing anyone’s permission. How does that factor into Zengo Wallet’s features?
By using an ENS address, Zengo users can turn their regular crypto addresses (for example, bc1p5d7rjq7g6rdk2yhzks9smlaqtedr4dekq08ge8ztwac72sfr9rusxg3297) into an .eth address, like joe.eth. Yes. You can set your Zengo Wallet as the recipient for your crypto domain and tell someone to send you funds to joe.eth.
ENS addresses are easier to handle than regular crypto addresses and reduce the possibility of errors. People can even remember such addresses for regular use.
Guaranteed Account Recovery
What sets Zengo Wallet apart from other self-custodial solutions is the ability of the user to recover the accounts and the funds.
To recover an account, the user must control the email address associated with it, be able to access the recovery file (which does not contain the private keys or the secret share), and pass the 3D FaceLock. Through this method, Zengo Wallet eliminates the possibility of complete and final loss if the seed phrase is lost.
Other free features of the app include:
- Buying and selling crypto in-app. It takes minutes to buy Bitcoin, Ethereum, and other digital coins within the Zengo Wallet app.
- Trading. The Zengo wallet allows users to swap one crypto for another, even across different blockchains.
- Supported payment methods. With Zengo Wallet, you can buy cryptocurrencies through credit and debit cards, bank transfer, SEPA in Europe, Paypal, Cash App, Google Pay, and Apple Pay.
- Expansive blockchain support. In addition to the Bitcoin and Ethereum blockchains, Zengo Wallet also supports DOGE, Tron, Tezos, and BNB, as well as many digital assets that reside on these blockchains.
- Support for layer2 assets. Base, Optimism, Arbitrum One, and Polygon are layer2 assets you can buy/trade with the Zengo Wallet.
- You can generate passive income by staking your ETH and Tezos through the Zengo Wallet.
- Outstanding asset support. With Zengo Wallet, you can buy, store, and trade over 380 digital assets.
- Support for decentralized applications. Zengo Wallet allows you to connect to dApps through mobile and desktop or to NFT marketplaces using WalletConnect.
- NFT support.
- Desktop-based use. You can use Zengo Wallet on Android and iOS devices, as well as through a desktop computer.
- Outstanding customer service. Access Zengo Wallet support directly from the application in any language.
Advanced users who want more from their wallets can pay for a premium subscription service. Here’s what you get with Zengo Wallet Premium:
- Five segregated wallets. Use separate wallets for safeguarding high-value assets, minting, and staking.
- Zengo Bitcoin Vault. Zengo Wallet lets you store Bitcoin in a hidden vault. You can set a time lock and freeze the Bitcoin in the vault. When you want to access it, the time lock starts counting down, only releasing the funds when it reaches zero.
- Secondary verification. 3D FaceLock protects against theft, SIM swap, and PIN brute force attacks, among others.
- Private transactions. This special wallet mode automatically changes your public Bitcoin address for every transaction.
- Digital asset inheritance. Prevent the loss of your digital assets in case of your death. Zengo Wallet’s Legacy Transfer mimics traditional inheritance systems to allow your heirs to claim ownership of your Bitcoin.
- Web3 protection. Zengo Wallet’s Web3 firewall thwarts Web3 attacks by providing alerts and risk assessments.
Premium users of the wallet also gain access to many useful perks like:
- Crypto research data from Messari through a 3-month free trial
- A free yearly detailed tax report from CoinLedger
- A discount for the Bankless Citizenship suite of resources and tools
- Up to 50% less fees on crypto purchases
- Free gas refill
Zengo Wallet facilitates client onboarding through a selection of resources, including its podcast, YouTube channel, and blog.
Is Zengo Legit and Safe? Security Features Explained
Zengo may be the most secure crypto wallet ever. During its existence, it has never been hacked.
By eliminating seed phrase vulnerability (statistically, it is a significant vulnerability, indeed), it tops most popular hardware wallets. It does not compromise security-wise and is as legit as they come.
Some people don’t understand how crypto custody works. They fail to grasp what’s at stake if they lose their seed phrases. Some have even opted not to write down their seed phrase when they set up their wallets, thinking it’s not important.
Those who understand seed phrases aren’t immune to losing them either. Hackers can use remote cameras to photograph seed phrases. Dogs have been known to chew up some on paper support while others get tossed into the garbage. Self-sabotage is a problem as well. Some people lose seed phrases when they attempt to fix problems with their computers.
By taking the seed phrase problem out of the equation, Zengo Wallet significantly increases the security of your funds. Many institutions have used the MPC technology at the heart of Zengo Wallet’s security for decades.
Security Issues Associated with Account Recovery
Account recovery is always a touchy issue in crypto. It entails sensitive information. If crooks get their hands on this information, they can “recover” your accounts and empty them of funds. How does Zengo Wallet address this problem?
Should the need ever arise to recover your Zengo Wallet, here’s what you’ll need:
- The email address you used for registration. This address does not have to bear your actual name, but you must be able to access it if needed.
- Your Zengo Recovery File. Zengo stores this file on your Google Drive or Apple iCloud. Don’t worry; the recovery file doesn’t contain your seed or the secret share the MPC system creates. It is useless without your email and face.
- 3D FaceLock. More advanced than a simple 2D image, 3D FaceLock recognizes your face without requiring you to provide KYC information and is immune to deepfakes.
Those who cannot satisfy these identification requirements cannot recover the wallet. Zengo has considered the possibility of your inability to fulfill one or more of these requirements, which is why:
- It allows you to add a secondary email.
- It lets you store a copy of your recovery file in another secret location.
- It lets you create a 3D FaceLock of a person close to you.
Zengo keeps the facial scan files encrypted in a way that does not allow it to extract the data for its use.
What happens if Zengo goes under and its servers shut down?
Guaranteed recovery is guaranteed recovery. Zengo has this eventuality covered as well.
When creating a wallet, a master encryption and master decryption key are also created. The decryption key goes to escrow.
If Zengo’s servers go offline, the legal team acting as the escrow trustee requests the decryption key and makes it available to Zengo Wallet clients. The wallet itself automatically enters Recovery Mode when the decryption key is released.
The app decrypts the server keys and extracts the private keys that clients can use to reconstitute their wallets on other platforms.
In conclusion, it IS possible to extract the private keys from the Zengo Wallet, but only in the extreme case of server shutdown.
Smart contracts are the bane of crypto security, as proven by the recent Bybit hack, in which $1.5 billion worth of Ethereum was stolen from the exchange’s cold wallet. They offer hackers many attack vectors. Attackers often exploit seed phrases through phishing attacks, tricking users into revealing them and gaining full access to their wallets. Zengo eliminates this risk by operating without a seed phrase, enhancing security against such threats.
Zengo’s Web3 firewall keeps an eye on smart contracts and dApps, alerting users of suspicious activities. When you’re dealing with NFTs and other smart contract-based crypto assets and activities, it is easy to slip up.
In addition to its built-in security features, Zengo Wallet undergoes regular audits by some of the industry’s top authorities. The last such audit took place in May 2023 by Certik. Here are its detailed findings (PDF).
Zengo Crypto Wallet Reviews
Zengo Wallet has never been hacked. Consequently, the user feedback it has garnered over the years is overwhelmingly positive. People appreciate its simplicity. It is a common theme among feedback providers to praise Zengo Wallet’s customer service.
At G2, Zengo Wallet has earned a rating of 4.6 stars out of 5. Most positive Zengo wallet review providers love the user interface, the security, and the customer service. “Basic but powerful” is a great way to sum up the appeal of the wallet.
Capterra users consider the wallet worthy of a 4.8/5 rating. Some have compared it to a fortress for digital assets. They appreciate the MPC security features and the 3FA recovery option.
“I haven’t come across one thing that I didn’t like about Zengo,” says a feedback provider under the “Cons” section. No one talks about Zengo scams or other scams involving the wallet anywhere.
Cer.live lists Zengo Wallet among its top three choices, giving it a triple-A rating.
Zengo Fees and Minimum Deposit
When you use any service for buying cryptocurrencies, trading them, or selling them and cashing out to your bank account, you incur some fees.
Here’s a look at Zengo Wallet’s fee structure.
- Network fees. When making cryptocurrency transactions, users pay a fee to the network. The amount of this fee depends on network congestion, among other factors. Those who send and receive crypto via Zengo Wallet only pay these fees.
- Processing fees. Trading service providers charge a fee for their services. Selling crypto will incur a processing fee of 1.99%.
- Trading service providers charge a spread to cover volatility risk. This spread ranges from 1.99% to 3.75% on crypto purchases. If you swap one crypto for another, you will pay Changelly’s fees of a 2% spread and a 2% processing fee.
- Gateway fee. Buying and selling services incur processing costs with transactions with banks and other payment providers. They cover these costs through gateway fees.
- Currency conversion fees. If you deposit your local currency to buy crypto, you will pay a conversion fee.
Zengo Wallet gives you a full fee breakdown before every transaction. You must approve a transaction before it goes through.
The free version of Zengo Wallet is free to download and use. The paid version costs $19.99 per month or $199.99 per year. Regular crypto users will find, however, that the free version meets their needs perfectly.
Zengo Crypto Wallet vs. Other Wallets: How It Compares – Zengo vs. Coinbase / Metamask / Trust Wallet / Exodus
Zengo Wallet has all other crypto wallets trumped security-wise for the reasons discussed above. Arguably, it is the best currently available option. Here’s how it compares to other popular crypto wallets.
Zengo vs Trust Wallet
Trust Wallet is a self-custodial wallet solution that generates a 12-word seed phrase when you create your wallet. Lose this seed phrase, and you lose your crypto.
Like Zengo, Trust Wallet uses encryption, regular audits, and a security scanner to enhance your security. It does not address seed phrase vulnerability as effectively as Zengo, however.
Zengo vs Coinbase
Unlike Zengo, Coinbase is a custodial wallet. It has possession of your seed phrase and full control over your funds. Keeping funds in a custodial wallet like Coinbase flies in the face of the crypto ethos of controlling your private keys.
Zengo vs Binance
Binance is a trading-focused crypto destination. It supports more cryptocurrencies and lower transaction costs while assuming full control over the assets you keep there. Zengo is more secure. From this perspective, it is clearly the better option of the two.
Zengo vs Metamask
Metamask is an Ethereum-focused, non-custodial solution. It hands you your private keys, requiring you to keep them safe. Should anything happen to these keys, your crypto is lost forever. Security-wise, it cannot hold a torch to Zengo, and the available user reviews support that conclusion.
| Feature | Zengo | Trust Wallet | Coinbase | Metamask |
| Private Keys | No | Yes | No | Yes |
| Biometric login | Yes | No | No | No |
| Exchange feature | Yes | Yes | Yes | No |
| KYC | No (Basic) | No | Yes | No |
Pros & Cons of Using Zengo (Final Decision)
Everything considered, is Zengo the right wallet for you? Here’s a summary of its pros and cons.
Pros
- MPC security keeps your private keys safe, eliminating seed phrase vulnerability.
- The app focuses on simplicity and beginner-friendliness.
- Basic accounts do not require KYC, upholding privacy.
- The in-app swaps feature some good exchange rates.
- You can recover your account should anything unforeseen happen.
- You can rest assured that your crypto balance transfers to your heir should the worst happen.
Cons
- Zengo is not available in a dedicated desktop version (although it does support desktop access).
- Trading-wise, it features higher fees than exchanges like Coinbase and Binance.
- It requires an email, so it’s not completely anonymous. The email doesn’t have to be in your name, however, so privacy still prevails.
FAQ
What do people ask about Zengo Wallet?
Final Verdict: Should You Use Zengo?
If you are obsessed with crypto security but dread handling seed phrases, Zengo is the right choice. Beginners will like Zengo’s no-nonsense approach to crypto storage and the security it provides. The minimal KYC is attractive to privacy-focused people, and the keyless technology is convenient.
If you trade frequently and need low fees, Zengo may not be great for you. Those who need complete anonymity may also prefer a different solution.
If you’re looking for an ultra-secure, beginner-friendly crypto wallet, Zengo is a solid choice. Sign up now!
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