With numerous cryptocurrency wallets flooding the market, standing out can be difficult. However, ZenGo has managed to do just that. ZenGo is a non-custodial wallet that manages to provide high-grade security while not losing any of the convenience that these kinds of wallets usually do.
Here, we have gone ahead and provided an in-depth review of ZenGo, its features, security, and anything else that you may need to know in order to decide if this is the right wallet for you.
Summary: What is ZenGo
ZenGo is the first keyless crypto wallet. This means that you do not need to have any kind of a key to use ZenGo. Instead, ZenGo can use the facial recognition feature on your phone to allow you to access your crypto in a hassle-free manner.
When you first begin using ZenGo, you realize just how easy it is to set up. All you need is your e-mail and your face. Once the account has been set up, enter your e-mail and the app will scan your face to confirm that it is you.
ZenGo itself offers a lot of help when setting up your account. It asks you whether you are a beginner looking for your first crypto wallet or an experienced crypto user that wants to make a switch. Based on that, the setup process will slightly vary to make things easier for you.
ZenGo has constantly been improving itself over the years by adding new features. Now, you can not only buy and sell crypto through it, but you can also earn it and apply for the ZenGo Visa card. However, the earning potential is limited as you will need to invite other people to ZenGo to make the most of it. That said, ZenGo makes up for it by offering numerous other ways to increase your crypto.
For example, ZenGo can function like a savings account. The crypto that you store in your wallet will earn you interest, making it much better than having your crypto stored in a USB flash drive.
ZenGo is one of the most feature-rich wallets out there. Let’s take a few of the things that separate it from all the other wallets out there.
- No key required (ZenGo requires facial recognition).
- Using the app is very easy due to a minimalist user interface.
- You have complete control over your wallet and your crypto.
- The initial setup is very easy to perform and takes just a few minutes.
- The wallet doubles as a savings account earning you interest.
- Support is accessible from within the app.
- Fees on purchasing and selling your crypto are comparable with the best of wallets out there.
- You can utilize term-deposits on stablecoins to earn a high rate of interest.
Before we move ahead and talk about all of the other aspects of ZenGo, there is one major problem that must be mentioned. As of writing, ZenGo does not support a lot of crypto assets. Currently, you can purchase, sell, and store around 50 different assets in your ZenGo wallet. Sadly, some of the major coins including Cardano and Ripple are not supported. ZenGo’s website has a complete list of supported assets.
Is ZenGo Legit?
This is, of course, the first question that any crypto user asks when looking at a new wallet.
ZenGo does seem to be completely legit. Not only is the company quite open about how it makes money, but there also have been no reported data leaks or breaches into the wallet.
On top of that, most of the user reviews about the platform are very positive. Users that have used the service for years have not reported any kind of scams or wrongdoings by the ZenGo team. As for the team itself, you can take a look at all of the board members and the management on the ZenGo website.
Privacy: How Private Is ZenGo?
You may be thinking that since this is an online wallet, it is not as private as cold storage would be. However, ZenGo has taken numerous steps to ensure your privacy.
First of all, you do not need to provide any more data than is necessary to begin using their service. All ZenGo asks for is your e-mail address and a way to verify it is you (usually your face or your fingerprint).
The copy of your face or fingerprint is usually stored locally on your device. As such, it is not possible for anyone to access it, even if ZenGo is hacked.
In case you back up your wallet (which you should), a copy of your face or fingerprint is encrypted and stored on ZenGo’s servers. Considering that breaking that encryption is near impossible, ZenGo seems like an A+ wallet when it comes to privacy.
This is an area where people tend to scrutinize ZenGo the most. After all, it handles security way differently than most other wallets out there.
However, it seems that ZenGo is an extremely secure wallet. While you do not need to enter a key to access the wallet, your face is as unique and as secure a password as it could possibly be (well, unless you have an evil identical twin).
Remember that in order to use your face as your password, you need a phone which has an infrared face scanner (e.g. FaceID on iPhone or Iris scanner on Android). These sensors send out infrared waves and essentially map the depth of your face to confirm it is you. Facial recognition through your front camera can easily be fooled by a picture of you, so the app switches to the fingerprint scanner if you do not have adequate technology.
We have already discussed how you can backup your wallet by storing a copy of your face/fingerprint on ZenGo servers. The servers do seem to be extremely secure, and high-grade encryption on all the data ensures that no one can access your wallet without your consent.
You may be thinking by this point that there is nothing that ZenGo fails to excel at, and you would be right. The customer support offered by ZenGo is one of the best we have ever reviewed.
The support is accessible from within the app. All you need to do is to tap the support button and someone will quickly be available to answer your queries.
Their apps (both on the AppStore and the Play Store) have ratings of over 4.5, and one of the things regularly praised by their users is the responsiveness of the customer support.
You can also visit the ZenGo help center. It has a lot of guides and FAQs about the app, and this portal will be all that beginners need to get started with exploring the intricacies of their ZenGo wallet.
Barring one issue, ZenGo is a great wallet that is ideal for two kinds of people:
- Those new to crypto who do not want to get into the relatively complicated procedure of setting up a secure cold storage but still want a high level of security.
- Experienced crypto users that want to avoid all the hassles of regular crypto wallets (e.g. keys and manual backups).
Not only is the security top-notch, but ZenGo barely collects any of your data for privacy to be a problem. Even if you run into a problem, the customer support team is fast and quite adept at handling most issues.
As long as you are happy with the assets that ZenGo currently supports, this is an ideal wallet if you want to be able to simply and securely store your crypto. Just remember to keep a backup and apply for the ZenGo card if you are planning to use the service for the long-term.