ZenGo Review – Best Crypto Wallet App for UK, US, and AU Investors? Features and Fees Explained
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As the rate of crypto adoption increases, so does the prevalence of crypto wallets. These wallets are designed to safely store digital currencies whilst also providing holders with various trading features – and ZenGo is one option that appears to stand out from the crowd.
This article presents our in-depth ZenGo review, covering everything you need to know about this innovative crypto wallet before showcasing a step-by-step guide on how you can get started with ZenGo today.
Table of Contents
What is ZenGo?
First thing’s first – what is ZenGo? ZenGo is a non-custodial crypto wallet app, meaning that users retain complete control over their cryptocurrency holdings. However, the key thing that sets ZenGo apart from other wallet providers is its revolutionary ‘keyless’ approach, which removes the centralized point of failure inherent in many other wallets.
Instead of using a private key, ZenGo uses two ‘mathematical secret shares’ – one stored on the user’s device and one kept on ZenGo’s server. Due to this approach, the risk of loss is drastically reduced since both signatures are needed to access a user’s crypto.
ZenGo has also introduced a new technology called ‘ClearSign’, an innovative way to secure Web3 transactions. This technology helps protect users from phishing attacks and acts as a ‘firewall’ whenever users interact with decentralized applications (dApps). Finally, ZenGo provides a whole host of helpful trading features – enabling a true ‘all-in-one’ crypto investing app.
ZenGo Pros & Cons
Investors who buy cryptocurrency regularly will understand the importance of partnering with a good crypto wallet provider. With that in mind, detailed below are the main pros and cons of using the ZenGo crypto wallet app:
Pros
- Removes the need for a private key
- User-friendly interface
- Free to send, receive, and store crypto
- ‘ClearSign’ feature acts as a Web3 firewall
- Supports over 50 cryptos
- Able to buy crypto using credit/debit card and Apple Pay
- Earn $10 worth of BTC after first crypto purchase
- Yields of up to 8% per year are on offer through ZenGo Savings
Cons
- Fee charged by payments partners when buying crypto
- Only available as a mobile app
Your capital is at risk.
Is ZenGo Safe? Safety & Security Reviewed
As mentioned above, ZenGo prides itself on safety – so much so that the development team has removed the need for a private key in favour of two ‘mathematical secret shares’. When combined with ZenGo’s Face ID scan, it’s nearly impossible for fraudsters to access users’ holdings.
Combining ZenGo’s Face ID scan, email verification, and recovery file results in 3FA (three-factor authentication) – one step further than most wallet providers’ two-factor authentication (2FA).
The ClearSign feature noted earlier in this ZenGo review also bolsters the security level when users interact with decentralized applications (dApps). ClearSign will automatically detect instances where the technology believes the user is in danger, whether through the loss of NFTs or crypto holdings.
This ‘Web3 Firewall’ will also notify users whenever they are about to sign a transaction from a verified dApp – and also automatically block certain types of phishing attacks.
On top of all this, ZenGo even offers a ‘Chill Storage’ service – a first-of-its-kind e-wallet service that ensures users can always access their crypto holdings, even in the unlikely instance that ZenGo as a company becomes insolvent. Finally, ZenGo’s cryptography is open source, allowing anyone to view and audit the code on GitHub.
Your capital is at risk.
ZenGo Supported Cryptos
Investors who buy Bitcoin (and many other altcoins) will be glad to know that ZenGo offers full support for over 50 cryptocurrencies. These include well-known coins like BTC and ETH and lesser-known tokens such as MATIC, LINK, QNT, and XTZ. Notably, ZenGo even allows users to request that a crypto be added to the wallet’s list of supported assets.
Aside from allowing users to store their crypto holdings, ZenGo also provides a valuable crypto investing service. We’ll explore this feature in detail during the next section of our ZenGo review. Still, it’s worth noting here that users in over 180 regions worldwide can use the wallet’s crypto investing service – which supports a vast range of assets.
Finally, those looking for one of the best NFT wallets should look no further than ZenGo. This wallet app has full support for ERC-71 tokens, the token standard for NFTs minted on the Ethereum blockchain. As such, investors in these digital assets can safely store them using the ZenGo wallet, much like regular cryptocurrencies.
ZenGo Trading Features
One element that sets ZenGo apart from many other crypto wallet apps is that it isn’t just ideal for storing cryptocurrencies – the app can also be used for various other crypto-based activities. Let’s look at a few of these in detail:
Crypto Investing
One of ZenGo’s best features is that the app allows users to buy crypto directly rather than purchasing coins on another platform and transferring them over. Users can buy crypto using a credit/debit card, bank transfer, or Apple Pay – all in just a few taps.
This feature is supported in 188 regions worldwide, including the UK, US, Australia, and Canada. ZenGo’s minimum purchase amount is only $85, with orders facilitated by Moonpay, Coinmama, or Banxa, depending on the user’s location. Each provider will have its own fee structure, so it’s best to research this before making a purchase.
Token Swapping
‘ZenGo Trade’ is ZenGo’s crypto trading service, allowing users to swap one coin for another instantly. Since ZenGo is a multi-chain wallet, there’s no need to use multiple platforms to make these swaps – ZenGo can facilitate them all in one place.
The process is entirely non-custodial, meaning ZenGo never has full access to your crypto holdings. Furthermore, the process can be completed in seconds, all through the ‘Trade’ tab on ZenGo’s app. Finally, this process is extremely cost-effective, as there’s only a 0.5% processing fee (plus the bid/ask spread) and any associated network fees.
Crypto Savings Account
ZenGo has partnered with the leading crypto lending institution Nexo to offer all users a built-in crypto savings account. This account allows users to earn up to 8% APY on certain coins, requiring no lock-up period.
Interest is compounded on each user’s crypto balance and paid daily, so it’s easy to see the gains made in real-time. In addition to the savings account, ZenGo even offers crypto staking opportunities for investors who hold Tezos (XTZ) – with more assets set to be supported soon.
Using dApps
Finally, ZenGo can also combine with WalletConnect to allow users to access the entire universe of dApps hosted on the Ethereum blockchain. Ultimately, this means users can interact with a host of DeFi protocols or purchase NFTs on OpenSea – all whilst benefitting from industry-leading safety protocols.
Interacting with dApps is straightforward, as all users need to do is head to the dApp’s homepage, connect their ZenGo wallet using a QR code, and then confirm the connection through WalletConnect on the ZenGo app. Given that WalletConnect’s service is free, all users can interact with these exciting dApps without paying any fees.
ZenGo User Experience
Much like with the best crypto staking platforms, the user experience is vital when it comes to crypto wallets. Our ZenGo review found that the setup process is incredibly streamlined, taking seconds to create an account. The app itself is well-designed, featuring a straightforward user interface and simple navigation.
It’s easy to find and use ZenGo’s services through the app, as the ‘Actions’ tab at the bottom of the screen showcases all of the services users may wish to employ. Buying and selling crypto can be facilitated in just a few taps, with support for credit/debit cards, bank transfers, and even Apple Pay. Finally, ZenGo even offers portfolio analytics that allow users to track returns and historical performance data.
Your capital is at risk.
ZenGo Offers & Promotions
At the time of writing, ZenGo is offering an exclusive ‘Free Bitcoin’ promotion for those using the app to purchase cryptocurrency. New users who download the ZenGo app and enter the referral code ‘TRADEZEN’ will receive $10 worth of BTC after buying $200 (or more) worth of crypto.
In addition to this Free Bitcoin promotion, ZenGo also runs a referral program whereby users who refer a friend can receive 50% of the commission generated through the app’s crypto buying service. In addition, the friend who has been referred will receive $10 worth of BTC on their first purchase – a win-win for both parties.
ZenGo Customer Service
Lastly, ZenGo also excels when it comes to customer service. Beginners looking to invest in cryptocurrency will be fully supported by ZenGo since the app offers 24/7 instant live support. There’s also a handy contact form on ZenGo’s website, where users can send a message and receive a reply via email.
In addition to these contact options, users can also review ZenGo’s comprehensive ‘Help Center’. This fantastic resource contains ‘How To’ guides and troubleshooting help, meaning users can receive targeted support for some of the most common queries.
How to Get Started with ZenGo Today
Before rounding off this ZenGo review, let’s take a quick look at the setup process. As mentioned earlier, setting up the ZenGo wallet is straightforward and takes less than a minute to complete.
With that in mind, presented below are the three quick steps you need to take to begin using ZenGo today:
Step 1 – Download the ZenGo App
Head over to the App Store or Google Play and search for ZenGo. When the app appears, download it onto your mobile device.
Your capital is at risk.
Step 2 – Set Up a ZenGo Account
Load up the ZenGo mobile app and provide a valid email address when prompted. ZenGo will email you with a verification link – click this to verify your email address. Finally, ZenGo will create a face scan to bolster the security level of your wallet.
Step 3 – Back Up the Wallet
Head to ZenGo’s settings menu and click ‘Back Up Now’. You’ll then be asked to perform a face scan once more – after this, your wallet will be backed up.
Step 4 – Transfer Over Your Crypto Holdings
Tap on the asset you will be sending over to your ZenGo app, and tap ‘Receive’. A screen will appear showing your wallet address, which you can copy and then use to send over your crypto from where it is currently stored. ZenGo will also provide a QR code to make the transfer even more effortless.
ZenGo Review – Conclusion
This article has presented our in-depth ZenGo review, covering the wallet’s features, safety level, customer service, and promotional offers. ZenGo is undoubtedly a top wallet choice for those based in the UK, US, or Australia, thanks to its user-friendliness and innovative security features.
Those interested in using this wallet can download the ZenGo app for free for iOS or Android devices. Once downloaded, you can set up the wallet in less than a minute, allowing you to begin protecting your crypto holdings right away.
Your capital is at risk.
FAQs
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