ZenGo Wallet Review 2023 – Features, Pros, Cons, Alternatives

Owning cryptocurrencies is something that a decent chunk of the investing citizenry has now embraced and started doing. While the concept of participating in blockchain grows more prominent every day, the demand for safe and secure crypto wallets increases too. But as the number of wallet options available increases, it may become a bit difficult to choose the right one.

This review covers everything a user needs to know about the “ZenGo” wallet. It is important to understand that a cryptocurrency wallet like ZenGo is something that an investor can only start using if it proves to be a trustable place for storing one’s assets. With the increasing number of breaches and security issues that several wallets have been facing now, it becomes crucial to study every aspect of the company providing the service too. 

Pros and Cons

While we will be looking at every aspect of the wallet further along in the article, here is a simple classification of the pros and cons of the ZenGo wallet. 

The company has managed to integrate a rather distinct variety of features within its product. While some may be wary of what 3FA is or how a private key is not required for the wallet, the article shall help you understand in depth how these work exactly in the further sections.

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What is ZenGo Wallet?

Created by Gary Benattar, Ouriel Ohayon, Omer Shlomovits and Tal Be’ery in 2018, ZenGo is a cryptocurrency wallet that has managed to gain a lot of popularity recently.

ZenGo was developed by KZen Networks, which is an Israel-based company. The organization claims to build user-satisfying products within the blockchain domain with a focus on interface quality and ease to use. 

ZenGo claims to be an all-in-one crypto hub and a revolutionary offering within the blockchain space. With its multi-chain network, users are able to access Web3 protocols such as NFTs, DeFi, games, and DApps. It is the 1st Web3 crypto wallet that uses Multiparty Computation or MPC technology to prevent account takeovers and private key theft.

Contrary to the common practice, ZenGo adopted the 3FA or 3 Factor Authentication. This provides an extra layer of safety to the wallet, significantly reducing the risk of unauthorized access. As one of the most important aspects that a user looks for within a wallet, ZenGo has its security prioritized and claims to have a strong hold on the safety of assets. It does this by removing the requirement for a private key completely. 

Instead of the traditional private key, two independently created mathematical secret shares are put in place. These act as the gateway to accessing the wallet on other devices as well. According to the website, more than 650,000 users currently enjoy this safety provided by ZenGo.

Other characteristics of the wallet include extremely easy and direct access to several Web3 and Defi protocols. This is made possible by ZenGo’s integration with WalletConnect on Ethereum. While it is a feature that is supported by several other top cryptocurrency wallets as well, ZenGo is one of the smaller ones to be able to achieve this. 

A huge number of investors do not essentially enjoy holding their investments in centralized exchanges. For the same reason, they sometimes prefer not to register for the same too. For such instances as well, ZenGo can be the perfect solution. Being a Defi Wallet, it allows users to purchase major cryptocurrencies in majority of the countries it caters to with ease. It also boasts some features that may not essentially be available on major centralized exchanges. Moreover, it also consists of some of the main benefits provided by centralized exchanges too; some of which include swapping tokens, earning interest on stakes assets and even converting paychecks to crypto. 

Check out our list of the best DeFi Wallets.

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ZenGo Wallet- A brief on values

The idea behind launching ZenGo was to reinvent personal finance for everyone, everywhere. This motto was strengthened by some core principles that the company wishes to bring about with its product. 

Making personal finance actually accessible

Personal finance is a concept that is now gaining global attention but is still only accessible to a few. There are complexities in the concept that everyone cannot easily adapt to. This is an important thing that ZenGo claims to be working towards changing. The company claims that its approach strives to bring monetary progress while empowering those who are wary of the concept of personal finance. 

Creating a borderless economy

Financial discrimination and friction due to legal, geographical, and technical constraints have clearly affected the growth of finance on a global level. With decentralization as its core focus, ZenGo aspires to make a difference on some level. Building a real borderless economy may require the digitization of assets with the power of blockchain. 

Facilitating a borderless bank

According to ZenGo, traditional banks have the huge drawback of being a centralized entity. This makes them exposed to several limitations as they are tied legally and in the technological aspect as well. In order to actualize a borderless bank, it will be vital for people to be introduced to a trusted digital interface. This is exactly what a wallet is. ZenGo aims to do its part in contributing to a borderless, user-controlled financial remote. 

The CEO of the company stated in a company article that a thin layer of software on everyone’s phone might be the future of financial services, controlled by users partially or entirely, powered by math and cryptography, decentralized enough to avoid censorship, but simple enough to be used by anyone to improve their lives.

ZenGo Wallet- Top features 

As mentioned above, ZenGo has managed to position itself as a wallet that provides its users with extra benefits than a traditional defi wallet. Naturally, this means adding a huge number of perks, functionalities, and features. However, like any other product offering, the ZenGo wallet too as certain primary features that are focused on with much precision. They are:

ZenGo Trade

As mentioned above, trading is something that users commonly end up doing on centralized exchanges only. This is mostly because of the convenience factor and its ease to use. However, ZenGo Trade may be the perfect alternative for those looking to participate in decentralization.

Centralized exchanges are assumed convenient as they have all assets in one place. Fortunately, ZenGo facilitates the same too. Besides trading, it supports several blockchains, making it easier for the user to find all their cryptocurrencies in one place. It is a multi-chain wallet, which means that users can trade multiple assets across various blockchains.

In short, the need for a centralized exchange gets minimized and so does the requirement for multiple wallets to hold tokens built on different blockchains. Currently, ZenGo users can enjoy over 1000 trading options. 

Easy Access to Web3 Protocols

A very limited number of wallets allow users to access web3 protocols. Even the ones that do, are limited to very few blockchains or one single blockchain in particular. A major promotion by ZenGo is that it allows participation in multiple Defi protocols. Using the wallet, one can participate in projects within the NFT space, avail of Gamefi features, and use Dapps with ease. 

For this, the user is expected to link WalletConnect with ZenGo. This is something that all interactive blockchain-based projects will have.

ZenGo Savings

Staking assets and receiving interest is one of the most common activities by investors to grow their assets and income passively. Another way of getting the same result is to lend cryptocurrencies. In this method, users generally lend their cryptocurrencies to other entities for use and get interested while they are repaid. Both these are available on Zeno’s staking platform. 

In fact, ZenGo’s staking is powered by Nexo, which is one of the biggest lenders in the space currently. Naturally, this crypto-staking account provided by ZenGo is enjoyed by a huge number of its users. Interest for lending is usually calculated and paid to the wallet accounts during settlement. 

At the time of writing, ZenGo features an 8% APY on stablecoins like USDC, TUSD, and USDT. This itself is used as a hedge against inflation by crypto enthusiasts. Thus, they can enjoy the profits that are generated by the growth of their respective tokens, along with staking or lending interests accumulated in wallets. 

About ZenGo’s Security

Undoubtedly, the most important factor to consider while choosing a cryptocurrency wallet is its safety. For the same reason, ZenGo has given paramount importance to this and has ensured that its offerings do not get breached. Despite having all the standard safety protocols in place, ZenGo manages to step up its security even further by adding 3 Factor Authentication for its wallet. 

3 Factor Authentication is essentially an upgrade from the common 2FA process. In ZenGo, users are expected to provide three points for the wallet to be accessed. The first of the three factors is Email configuration, where one is expected to use the link from a “Magic Mail’ that will be sent on signing up. 

Second is the Recovery file which is used to store decryption codes. These codes are usually associated with the user’s account and the file is then stored on their cloud service. Thirdly, users have to provide and pass a face-scanning test to be able to use their wallets. 

ZenGo also uses MPC or Multiparty computation, which ensures that one person cannot access the other’s data. This is why ZenGo doesn’t require a private key like traditional crypto wallets. As we touched on above, ZenGo has two separately created mathematical secret shares. This means that one code is given to the user, while another goes to the company servers. Hence, the risk of losing funds is minimized by a huge margin. 

Even if the wallet stopped operations all of a sudden, users will be able to get their hands on their assets easily. This is because it uses Chill Storage, which is an e-wallet service protocol. In short, ZenGo can be considered to be one of the safest cryptocurrency wallets in the space currently.

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Fees Levied

Ideally, ZenGo doesn’t levy any charges for using the platform and trading on its own. What charges are generally required for the projects shall be deducted. Apart from this, it does not require any fees in general. However, if one opts to buy crypto through a third party like Moonpay, then a standard processing fee of 1.99% is charged

ZenGo User Experience

ZenGo at a glance itself has a very attractive and simple interface. Everything regarding the wallet can be understood with the directions and navigation instructions on it. Signups are hassle-free as there is no KYC requirement. It has positioned itself as an App-first platform and is available on android and IOS.

Customer Support

Using Defi Wallets can be a bit difficult for new entrants to the industry. While the ZenGo interface surely has a very easy-to-understand navigating structure, it can still come off as a bit complex to many. Thus, customer service becomes a vital part of a company like ZenGo.

Sure enough, it has delivered on the promise of excellent customer support. ZenGo’s customer service is something that can indeed be relied on. It is available for customers 24/7 and delivers exactly what the company mentions on its website. Clear and concise solutions for everyone with effective conversation. 

A support specialist will be directly assigned to those who wish to clear their issues within the app. Alternatively, one can also contact customer service through text, call, or email. Responses are quick and any escalations are also addressed within short periods. As a result, there has been a positive sentiment overall regarding this part of the application on several other customer support review sites as well.

Additionally, there is a huge library of articles, videos and photo instructions that can be availed by users. Tutorials and other related information can also be found here. One can also visit the website’s official youtube page to know not just about ZenGo, but about the entire crypto industry. 

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How to use ZenGo Wallet?

Since there is no seed phrase requirement or hectic KYC process, signing up on the ZenGo website is an extremely simple process. One can get started with the wallet as soon as the registration is done. To do this:

Step1- Download the ZenGo wallet

The ZenGo wallet comes in the form of an application which is available on Android as well as IOS. Users can directly download it from the Google Play Store or Appstore respectively. The app has positive reviews on both platforms and has a huge number of satisfied customers. One can also go through the comments left by previous users to know more about first-hand experiences.

Step 2- Verify the Email address

On downloading the app and opening it, the user will be expected to type in their Email id. Once this is done, a “Magic Link” will be sent to the mentioned Email id. Click on this “Magic Link” to be redirected to ZenGo and to continue with the process.

Step 3- Set up Face ID

Since ZenGo uses 3FA, users are required to set up face ID verification. This biometric encryption that is saved in the company servers will then be used instead of a traditional seed phrase. Once this is done, click on the “Enable Face ID” button at the bottom of the screen. 

Step 4- Begin Trading

As soon as the account is set up, one can start accessing the variety of features on the platform. Investors can trade on the website, or simple deposit them from another account to hold them safely. They can also consider staking and lending within the platform along with participating in thousands of DApps and Defi protocols. It is a good idea to explore the platform thoroughly once to get a better idea of its functions.

A wallet is an essential tool when it comes to dealing with cryptocurrencies. However, the latest crash post the 2021 bull run was a reminder of how cryptocurrency enthusiasts end up losing massive amounts of money without having a proper idea of how and why the markets may be moving. For the same reason, the need for an all-in-one analytics platform is now surging. Surprisingly, there are still very few such platforms that can be genuinely relied on. One of these few projects that have been amassing a huge community recently is Dash 2 Trade.

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ZenGo Alternative – Dash 2 Trade

As ZenGo describes itself as a bridge to Web3, its users may also be interested in similar platforms that act as a one-stop shop for researching new crypto assets.

Dash 2 Trade is a fairly new project that was announced in October 2022 and serves as an analytics and signals tools for crypto traders and investors. Headed by Duco van Rossem, it is one of the most innovative and unique projects that has been introduced lately – a collaboration of veterans from the quant and trading space. They are backed by the Learn 2 Trade team with an established track record and presence in the retail trading space. 

The Learn2Trade organization is an existing forex trading company and signals provider which has managed to grow immensely since it was launched a couple of years ago. As a result of the goodwill and excellent fundamentals, Dash 2 Trade has also been gaining immense popularity. It has also managed to garner trust from the industry since the contract code is already audited by SolidProof and the team is verified by Coinsniper.

At the time of writing, Dash 2 Trade is in its presale phase and has managed to raise $10 million within just two months. As a project that compliments a tool for participating in the blockchain sector itself, Dash 2 Trade’s D2T token can be expected to spike in price exponentially in the upcoming months when it is listed on exchanges, and potentially will also be supported by the ZenGo wallet.

Conclusion

ZenGo is a trusted wallet with an existing user base that seems to be satisfied with the services provided by the company. According to the website and company social media handles, it is very likely that there will be many more developments in the future. With decentralization as its primary focus and the variety of features it has to offer, ZenGo can be a good wallet option for those looking to not only hold their assets in a safe place but also participate in the industry actively. 

Those seeking out new crypto coins to store in their wallet as profitable long term hold may also be interested in the Dash 2 Trade presale – learn more at the link below.

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