ZenGo Review: Is it legit, safe and trustworthy for UAE citizens and residents?
ZenGo is the safest cryptocurrency wallet available on Web3. By utilizing MPC
technology, ZenGo is able to do away with the risk associated with the
requirement of a private key, making it far more secure than conventional crypto
wallets. Because the process of ZenGo's recoverability is so straightforward, it
is incredibly easy for anybody to retrieve their cryptocurrency at any time and
from any location. Because to ZenGo, MPC technology, which was previously only
accessible to organizations with many billions of dollars in assets, is now open
to people with ordinary cryptocurrency holdings.
Visit ZenGo Website.
Tweets by ZenGo KZen Networks, an organization established in Israel that specializes in developing products for blockchains and places a strong emphasis on user interface (UI) and security, is the business that is responsible for the creation of ZenGo. Gary Benattar, Ouriel Ohayon, Omer Shlomovits, and Tal Be'ery launched the ZenGo project in 2018, and because to their distinctive blend of security, engineering, and cryptography knowledge, they were able to get a series A investment of twenty million dollars.
The mission of the ZenGo team is to make participating in the cryptocurrency economy less complicated and risky for regular people by lowering the technological obstacles to participation while keeping the highest standards of safety intact. ZenGo is working hard to ensure that it is compatible with all native crypto protocols, financial services, and digital assets that are important.
If you are searching for an all-in-one solution to handle your cryptocurrencies in the most comfortable way possible, the mobile wallet is a fantastic choice to consider. The software not only provides users with a safe place to store their cryptocurrencies, but it also enables users to purchase, trade, transfer, and receive cryptocurrencies as well as connect safely to Web3 decentralized applications (dApps).
It just takes a few seconds to create an account and learn your way around the ZenGo app due to the intuitive design of its user interface, which makes the app very simple to operate. It is a good alternative for both novice traders and more experienced ones due to the fact that it possesses powerful security measures, is simple to use, and possesses a varied range of functions.
Because ZenGo Wallet is a smartphone app, using it for the first time is ridiculously simple. You may download the software in one of two ways: by scanning a QR code, or by going to the App Store or Google Play Store.
Users are able to obtain immediate assistance from a support professional whenever they need it, straight through the app ZenGo. Any beginner who is interested in getting started with cryptocurrency may take use of ZenGo's extensive collection of high-quality information, which includes informative articles, videos, blog entries, and a podcast. The software received a rating of 4.78 on both the App Store and the Google Play Store, with few customers expressing dissatisfaction or concerns over the customer care offered.
In addition, ZenGo has a sizable presence on the social networking website Twitter. It would appear that people and the industry as a whole are actively engaging with the Twitter presence of the firm. In addition to that, the ZenGo website features a help center that is kept up to date and a blog. These features are appealing to consumers because they demonstrate that ZenGo is engaged in teaching and assisting users rather than merely optimizing revenue, which is the primary emphasis of the company's business strategy.
Users of ZenGo have the ability to transmit, receive, and store their cryptocurrencies in a safe manner without incurring any fees, regardless of where they are located in the globe. Nevertheless, fees are required for certain of ZenGo's services, which is standard practice for cryptocurrency wallets.
The following is an outline and explanation of the costs that are associated with using ZenGo:
Network fee: These fees are not paid to ZenGo; rather, they are paid to the operators of the blockchain network. When utilizing the Ethereum network, for instance, to transmit Ether (ETH), the fees that must be paid are also paid in Ether.
Fees for processing transactions are often paid to the companies that run the online buying, selling, and trading services. It is a percentage of the total amount being transacted and its value varies based on the asset being bought or sold.
Spread: These costs are contributed to the fees that are paid to the providers of the purchasing, selling, and trading services. The difference between the order price and the spot market price is known as the spread, and it is utilized to hedge against the risk of price volatility.
When you buy cryptocurrency using a currency that is not USD, AUD, CAD, EUR, or GBP, you are required to pay a charge to the service's operators in order to cover the costs of converting that currency.
To learn more about the costs and restrictions associated with ZenGo, go here. It is essential to keep in mind that the maximum amount you may spend on purchases is determined by the level of identification verification you have. The maximum and minimum amounts that may be traded in cryptocurrencies are determined not only by the trading pair in question but also by the overall liquidity of the market.
The mobile software is extremely user-friendly, and as a result, purchasing, selling, and trading cryptocurrencies is made quite easy for users. Because of its intuitive user interface, which enables you to purchase and sell bitcoin with only a few touches of your finger, you are able to keep a close eye on your assets at all times.
You won't need to remember any passwords, seed phrases, or secret keys when you use face biometrics. You also do not need to be concerned about the safety of your coins if you misplace your phone.
It is considerably simpler and more safe for regular people to store crypto with ZenGo since it relies on MPC technology that eliminates the vulnerability of a private key. This makes using ZenGo one of the biggest benefits, if not the best benefit, of using ZenGo. The user interface (UI) of the wallet is both beautiful and uncomplicated and easy to understand. To set up your wallets, all you need is an email address and a biometric scan, such as a fingerprint or a facial scan. In order to register, all you need is an email address. There is no need for any complicated private key procedures, customer verification via the Know Your Customer (KYC) protocol, or passwords.
Your wallet is backed up on either iCloud or Google Drive, depending on which service you choose, and the entire procedure is protected by facial mapping technology. The installation of this system is simple and uncomplicated, and it does away with the majority of the security warnings that are generally displayed by hardware and software wallets. In addition, if something were to happen to you, you may safeguard your crypto by including the facial map of a member of your family or another person you trust.
Convenience for users is ensured by the fact that they are able to purchase and sell supported cryptocurrencies effortlessly and immediately within the app itself. It is possible to acquire a broad variety of cryptocurrencies in a hurry by using a credit card, debit card, Apple Pay, or bank transfer (only available to residents of the EU and the UK). Users from the European Union, the United Kingdom, and the United States are able to sell their bitcoin straight through the app in a way that is both simple and safe.
In contrast to the majority of cryptocurrency wallets, which only provide support for two-factor authentication (2FA), ZenGo's security mechanism supports three-factor authentication (3FA). The following are the three components that contribute to the protection of users:
Email: When users join up using a link, they are required to validate their email address.
A recovery file is a file that is stored in your personal cloud service that contains a decryption code connected with your account.
Face scan: ZenGo keeps a mathematical model of your face on their services, and this model is kept in a safe and encrypted format. Even if you uninstall the app or use a different device, you will still be able to access your account.
The combination of these three variables, in addition to the MPC-based encryption utilized by ZenGo, considerably reduces the danger that is associated with the storage of cryptocurrencies. Because of these security measures, you won't need to worry about being hacked, and the private key, which was previously a major vulnerability in crypto storage, will no longer exist.
As long as you have access to all three of the elements that were discussed above, you will have access to your account that is both secure and dependable. Simply clicking on this link will take you to a page where you can read more about the steps you may take to guarantee the security of your three factors.
The intimidating difficulties that are connected with keeping bitcoin are rendered obsolete with ZenGo. Additionally, the platform makes it easy to purchase, sell, transmit, receive, and earn rewards on cryptocurrencies by providing uncomplicated protocols for each of these activities.
The ZenGo Wallet is a cutting-edge wallet that effectively meets the need in the cryptocurrency wallet sector for simplicity without sacrificing security. In addition to having a UI that is simple to navigate, the wallet comes loaded with a wide variety of extra features, such as interest and an easy-to-use staking system for coins, which further differentiate it from its rivals.
ZenGo is a fantastic option for intermediate and experienced traders despite the fact that the list of supported coins is not as comprehensive as it is on other platforms. This is due to ZenGo's unique ability to remove the technicalities associated with cryptocurrency storage. In a nutshell, ZenGo could be the greatest option available in the cryptocurrency market for you to go with if you are content to use a mobile-only cryptocurrency wallet.
ZenGo is a great cryptocurrency wallet that allows you to manage and keep track of all of your cryptocurrency holdings in one location. The platform enables access to cryptocurrencies across a number of different blockchain networks, and its interface is simple and straightforward to use.
In place of private keys, ZenGo Wallet uses threshold signatures to generate two'mathematical secret shares,' one of which is kept on your mobile device while the other is kept on their servers. ZenGo Wallet is a mobile cryptocurrency wallet that does not save users' private keys.
Because of this, there is no single point of failure, and there is no chance of irretrievably losing your money in the event that your wallet is lost or hacked. Although it is an intriguing new method of doing away with seed phrases, there are certain drawbacks to this degree of ease, which we shall discuss in more detail in the following paragraphs.
In addition, you may buy and sell cryptocurrency as well as send and receive transactions using the ZenGo wallet. If you are searching for a mobile cryptocurrency wallet, our evaluation of ZenGo can assist you in determining whether or not it is suitable for your requirements.
ZenGo is an excellent option for individuals seeking for a mobile cryptocurrency wallet since it possesses three primary characteristics that set it apart from the competition. The first advantage is that it is simple to set up for new users, which is especially beneficial for those who have limited prior experience with cryptocurrencies. Unlike the majority of digital asset wallets, ZenGo does not require users to write down a seed phrase anywhere in order to recover their wallet in the event that their device is lost or stolen. They do this by utilizing something that is known as encrypted secret key sharing. Your device stores one key, and their server stores the other; this configuration enables your wallet to be opened and used with nothing more than a scan of your face.
The option to purchase and sell supported cryptocurrencies from within the app is another feature that makes ZenGo a smart choice for a mobile wallet. This provides ease for users and a method for ZenGo to generate income for their wallet, which is free of charge. ZenGo is a fantastic pick. The only cryptocurrency that can be exchanged for cash at this time is bitcoin (BTC), however ether will be supported very shortly. Sell is supported in 28 countries in the European Union and the United Kingdom (the US is coming soon).
Lending out your cryptocurrency assets on ZenGo also gives you the opportunity to earn income on such holdings. You may access the earning tab straight from the wallet, and you will earn interest over the course of time. Furthermore, you will not be subject to any lock up period if you sell, trade, or transfer the assets. It is essential to be aware that the coins that are yielding interest are NOT being kept in your wallet, but rather they are being leased out in order to generate a yield. You are free to withdraw your money at any moment, since there is no lock-up period to worry about. By using the earn capability of ZenGo, you presently have the opportunity to earn up to 4% on BTC.
In addition, ZenGo offers an above-average customer support team that is available around the clock, which is very helpful for consumers who are just beginning their cryptocurrency journey.
One of the few crypto wallets available, ZenGo is one of the few that also allows users to buy cryptocurrencies straight from the wallet (depending on your jurisdiction). We felt the fees to be reasonable in comparison to those of other businesses in the industry (if slightly higher).
To my surprise, ZenGo is one of the only cryptocurrency purchase businesses that allows users to select their own unique network fee (economy, regular and fast). As long as you are prepared to wait, this translates to the fact that you have some leeway in determining how much you will spend in fees overall. Even after a transaction has been sent, you have the option to either accelerate it or cancel it entirely (but not after they are confirmed by the blockchain).
ZenGo wallet is incredibly secure. They employ the facial recognition software developed by Zoom, and they even include a test within the program for anyone who are concerned that someone could be able to access their wallet by simply taking a picture of their face (it does not work with ZenGo). Because a scan of your face is the only thing that is necessary in order to access the functionality of the wallet, this is of the utmost importance because if it were easy to get around this requirement, the wallet would be very ineffective.
If you provide two independent decryption codes and store them in two different locations (your device and their servers), then it will be extremely difficult, if not impossible, for someone to get into your wallet. The fact that ZenGo's hacking challenge for a wallet containing one Bitcoin was successful in the sense that no one was able to get into the wallet demonstrates, once again, how secure the wallet is.
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Only mobile versions of ZenGo Wallet are now available; you may get it for Android and iOS by downloading it from the app stores for those operating systems, or you can have ZenGo send you a link to download it.
Because one code is kept on a data cloud that is attached to your phone (whether it be Google or iCloud), and the other code is kept on ZenGo's servers, the lack of a requirement for a seed phrase is quite appealing. However, the trade-off is that you are effectively storing your keys with two centralized authorities. Users who do not wish to trust the safety of their wallet to anybody other than themselves may find this to be a cause of contention, despite the fact that this does not pose a very high danger in and of itself.
The other reality is that this means that the wallet is not actually fully non-custodial. This is because the data to recover your wallet is being stored by third-parties and is not in your custody, as it would be if you were required to write down a seed phrase. If you were required to write down a seed phrase, then you would be in possession of the data to recover your wallet.
Gary Benattar, Omer Shlomovits, Ouriel Ohayon, and Tal Be'ery established ZenGo in 2018 as a legal cryptocurrency wallet firm. ZenGo was named after the four founders. The ZenGo project was able to get a seed investment of $20 million, including support from Samsung, which contributed to the initiative's increased respectability.
The fact that you do not need a seed phrase to set up your wallet is the primary benefit of using ZenGo in comparison to Ledger. It's a catch-22 situation since seed phrases are thought to provide superior protection for your cryptocurrency, but they're also more likely to be lost. Additionally, hardware wallets come with a price tag, whereas ZenGo is a free piece of software.
ZenGo wallet has never been compromised. They went so far as to issue a hacking challenge, in which participants were asked to attempt to breach the security of a ZenGo wallet containing one bitcoin, but no one was successful in doing so. There has not been a single instance of hacking of any kind.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.