The Zengo wallet is a new type of cryptocurrency wallet that offers unique solutions not seen on other wallets. It is designed to provide users with a secure and simple way to manage their digital assets. This review will cover its features, security, usability, and overall performance. We will also discuss some potential drawbacks that come with using this wallet. Finally, we will offer an overall opinion of the Zengo wallet and whether it is worth your time and money.
Zengo Wallet Features
Zengo is a popular non-custodial cryptocurrency wallet out there for a good reason. It has a smooth interface, that is easy to use for both beginners and expert users.
Security is a core feature of Zengo. So we’ll discuss more about it in the next part.
Buy Crypto: You can directly buy Bitcoin and other cryptocurrencies from your wallet using Visa, Mastercard, and other methods. This crypto is transferred straight to your wallet, without requiring any additional interaction.
Crypto Swaps: Zengo has partnered with Changelly to instantly allow users to swap between multiple cryptocurrencies across 40 chains. All of this is done without having to interact with exchanges.
Dapp Support: Zengo integrates with WalletConect, for users to interact with various Dapps such as Opensea, Uniswap, Sandbox, and more.
Zengo Wallet Security
Security is the biggest feature of Zengo, making it unique from any of the options out there. The standard industry practice is to give users a Mnemonic Passphrase to recover their wallet. If the passphrase falls into the wrong hands, the wallet is compromised, and if the user loses it, they can no longer recover it.
Zengo does not provide users with a recovery phrase. While setting up the wallet, the key itself is split into two parts. One is stored on the phone, and the other is stored on their servers. Both are needed to interact with the wallet. Therefore, if one of them is compromised, the hacker will not be able to steal any funds as they do not have access to the other half of the key.
During sign-up, Zengo also scans the user’s face and creates an encrypted backup of the key. So if you lose access to your phone, you can scan your face to decrypt the key and restore your wallet.
Zengo Wallet Supported Cryptocurrencies
Zengo supports Bitcoin, Ethereum, and other ERC20 tokens. However, one of the biggest drawbacks is that it does not support other popular chains such as BSC, Solana, etc.
Drawbacks of using Zengo Wallet
Zengo’s security is very unique and secure. However, it is still not 100% foolproof as storing your recovery key offline in a safe. Most people end up storing their recovery phrases in their phones or on a piece of paper and forget about it. To those people, Zengo’s solution is way better.
Zengo’s Buy and Swap features are extremely handy and convenient. They’re acceptable for small transactions. But it’s pretty pricey if you start doing large transactions.
The lack of support for popular cryptocurrency chains such as Solana and BSC would be a dealbreaker for many.
Zengo Wallet is a fantastic cryptocurrency wallet that goes above and beyond towards security and user interface for regular users. The wallet also offers 24/7 support via email, social media, or live chat in the app. This is unheard of in any other wallet application. Zengo packs a punch and is an excellent option for both beginners and experts alike.