Zengo Wallet is an innovative mobile cryptocurrency wallet solution with a non-custodial approach. Unlike traditional private key-based wallets, Zengo implements threshold signatures by creating two separate “mathematical secret shares.” One of them is stored securely on the user's mobile device, and the other is stored on Zengo servers.

Developed by Israeli company KZen Networks, Zengo stands out for its unique approach to security and user experience in the field of blockchain products. Founded in 2018 by Gary Benattar, Uriel Ohayon, Omer Shlomowitz and Tal Beri, KZen Networks brings together expertise in security, engineering and cryptography. In a short period, the company was able to raise $20 million in Series A funding.

The Zengo team is dedicated to making the crypto economy easier and more secure for everyday users. Their work is aimed at overcoming technical barriers to the use of cryptocurrencies, while maintaining high security standards. They strive to create an accessible and reliable solution so that everyone can use cryptocurrencies while minimizing risks.

Features of this wallet

Zengo Wallet provides the user benefit of eliminating the need to save a seed phrase to restore a wallet. Instead, the wallet uses an encrypted private key exchange system, storing one key on the user's device and another on Zengo's servers. This innovative system allows you to conveniently unlock your wallet using a facial scan, providing a high level of security and ease of use.

One of the key features of Zengo is the ability to buy and sell supported cryptocurrencies directly within the app. This gives users a unique opportunity to manage their investments and trade cryptocurrencies without leaving their wallet or resorting to external platforms.

In addition, Zengo Wallet provides full support for non-fungible tokens (NFTs). This allows users to securely store and manage their Web3 assets directly in their wallet. The functionality includes convenient management of NFT collections, as well as interaction with them, creating a unique experience for users.

An important step in the development of functionality is support for the Polygon chain, which allows users to store Polygon resources and securely use Polygon Web3 applications. This expands user capabilities and makes Zengo a universal tool for managing various cryptocurrency assets and interacting with a variety of blockchain ecosystems.

How to register with Zengo?

The official website of the ZenGo wallet states that the convenience of the application is one of the missions of the developers. The account registration procedure takes no more than 20 seconds. However, first you need to download and install a crypto wallet.

You can follow the link to download the application from the official Zengo website. An alternative way is to find it yourself in the App Store or Google Play. To do this, just enter the name in the search bar. Installation of cryptocurrency storage in stages:

1. Download the Zengo Wallet application (available in both the AppStore for IOS and PlayMarket for Android), you can also follow the link from the main screen on their website.

2. Launch the Zengo Wallet app.

3. Home page.

4. Start setting up your account by entering your email. 

5. Generating your MPC secret shares. 

6. Secure your account with Face ID.

7. Further account setup.

 8. Main screen of the application.

Commissions in Zengo

Zengo Wallet charges several types of fees transparently, providing users with clear cost information:

1. Network fee:

• These fees are aimed at maintaining the operation of blockchain networks and are paid to the network operators, not Zengo.

• Users can choose between three NIC modes: Economy, Normal and Fast.

2. Trading commission:

• Zengo supports cryptocurrency trading, which allows users to exchange one cryptocurrency for another.

• Such transactions are subject to a 0.75% fee.

3. Local currency conversion fee:

• When purchasing cryptocurrency in a currency other than the specified ones (USD, AUD, CAD, EUR, GBP), a conversion fee will apply.

• When using a credit or debit card to purchase cryptocurrency in other currencies, an additional 5.99% conversion fee will apply.

• To purchase cryptocurrency via bank transfer in the EU or UK, a 1.99% fee applies, also with an additional fee for conversion to local currency.

These fees provide transparency and understanding to users regarding costs, while real-time support and an extensive content library ensure a complete understanding and comfort in using Zengo Wallet.

Support

Zengo Wallet users can enjoy 24/7 instant support provided by experienced experts right within the app. This ensures a quick response to user requests at the moment they need it. Moreover, Zengo provides an extensive library of high-quality content, including articles, videos, blogs, and podcasts. This content aims to empower and educate newbies looking to get into the worlds of cryptocurrency.

Zengo has an active presence in the online space and maintains active interaction with users through the Twitter platform and the cryptocurrency community. The Zengo Twitter account is used as a channel for community participation, providing updates and sharing information. The team regularly communicates with users, ensuring openness and transparency in communication.

In addition, the Zengo website offers a well-structured support center and blog where users can find answers to their questions, check out the latest news, and find useful information about cryptocurrencies and the wallet. This creates a rich and informative space for users to communicate and interact with Zengo.

Safety

Zengo wallet offers a high level of security and for more details, you can visit the security section on their official website. They have implemented Zoom's facial recognition software and also provide a built-in test within the app. This test is for those who may be concerned that someone will try to use a photo of their face to gain unauthorized access to their wallet. It is important to note that this attempt will not work with the Zengo wallet.

This innovative protection is a key element of security, as you can simply scan your face to use the wallet's functionality. By using Zoom software and running tests within the app, Zengo ensures that their users can rely on strong security, making the wallet an effective and secure tool for managing cryptocurrencies.

Let's take a closer look at the advantages

• Intuitive Interface: Zengo Wallet offers a user-friendly and easy-to-use user interface. Users can easily carry out transactions for buying and selling cryptocurrencies within the application, which simplifies the entire trading process.

• Superior Customer Service: Zengo gives top priority to quality customer service and provides 24/7 live chat, live chat or social media support to assist users.

• Robust Security: Security is at the forefront of Zengo Wallet. The wallet includes three factor authentication (3FA), ensuring the security of user accounts and transactions. Multi-factor authentication significantly reduces the risk of unauthorized access and increases the overall level of security.

• No private keys: Zengo Wallet eliminates the need for private keys. This approach avoids the risks associated with single points of failure, key compromises, and phishing attacks. All transactions within the wallet are performed on-chain, providing an additional level of security and reliability for users.

Also a more detailed overview of the disadvantages of this wallet

• Unique Backup: Zengo Wallet offers an innovative feature called "Keyless Recovery Backup". Users can save their backup data on cloud platforms such as iCloud or Google Drive. Although most aspects of Zengo are based on a non-custodial approach, the keyless backup feature does create some dependency on third-party cloud storage services.

• Restrictions by Location: While Zengo is available in 188 countries, it is important to note that some features may be limited in certain regions. This means that some wallet features may not be available to users in certain countries. Such restrictions highlight the need to carefully consider how wallet functionality matches individual user preferences.

Users seeking full control and responsibility for managing their private keys may prefer wallets that give them self-management without the involvement of third-party cloud platforms. Each choice is driven by unique user requirements and preferences.

Conclusion

Zengo Wallet stands out in the world of cryptocurrency wallets by providing the perfect combination of simplicity and security for its users. The unique design and intuitive interface make it attractive to those who value ease of use. Additionally, additional features such as the ability to earn interest and easy coin staking give it added value and set it apart from its competitors.

While the list of supported coins may not be the most extensive, Zengo shows its strength in removing the complexities associated with storing cryptocurrencies. This makes it a great choice for intermediate and advanced traders who value simplicity and ease of use.

Bottom line, if mobile crypto wallets are your thing and you're looking for a combination of simplicity and security, then Zengo Wallet stands out in this area. Its user-friendly features, unique features such as interest and coin staking, and commitment to simplifying technical aspects make it an attractive choice for cryptocurrency fans.