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ZenGo Wallet is a non-custodial mobile wallet designed for cryptocurrencies. It works by substituting the use of private keys with threshold signatures to create two pairs of “secret mathematical shares” that are kept on the mobile device, and other copies are kept on the ZenGo server.

Aside from that, the ZenGo wallet can also be used to buy, trade, send, and receive crypto directly from the wallet itself if you want. So if you are looking for a crypto wallet, our ZenGo crypto wallet review UK can help you decide if this is the right choice for you.

ZenGo Crypto Wallet Review UK 2022– Pro’s and Con’s

Overview

What is the ZenGo Crypto Wallet UK

ZenGo, was founded in 2018 by Ouriel Ohayon, Tal Be’ery, and Omer Schlomovits. It Is a cryptocurrency wallet that has been designed to increase security by eliminating passwords, private keys, and seed phrases. This ensures that the wallet is protected from unauthorized access. This way, investors have greater access to and control over their cryptocurrency investments.

The idea behind ZenGo was that most people do not understand cryptocurrency, as well as financial matters in general. Thus, ZenGo was developed as a solution to this problem.

As opposed to similar products, ZenGo offers a keyless cryptocurrency wallet. Currently, there is a new concept regarding cryptocurrency wallets that does not require you to have a password or your private key. Additionally, it does not require you to have any special hardware to run them. To ensure security, it uses three-factor authentication (3FA), which includes facial recognition and backs up the decryption code in the cloud.

ZenGo’s app allows users to track their portfolio, their investments, buy and send cryptocurrencies, send and receive money, and earn daily interest rewards.

ZenGo UK – Pros and Cons

Pros:

  • Smooth and intuitive user interface
  • Within the app, you can buy and sell
  • Earn interest on your holdings with no lock-up period
  • Non-Custodial Wallet

Cons:

  • Keyless Recovery Backup must be stored on iCloud or Google Drive

ZenGo Wallet Features

There is a variety of features offered by ZenGo to assist its customers in the management of their cryptocurrency accounts, from buying and selling cryptocurrency to earning daily interest rewards.

Your capital is at risk.

Cryptocurrency Storage

Investing in cryptocurrencies requires a cryptocurrency wallet. ZenGo, for example, is a cryptocurrency wallet that stores bitcoin, ethereum, and other cryptocurrencies.

As ZenGo eliminates a major point of failure in the cryptocurrency industry, which is private keys, it represents a major advancement in this industry. Alternatively, the company uses advanced cryptography to secure your cryptocurrency, ensuring you'll always have access to it.

Buying and Selling Cryptocurrencies

Over 70 cryptocurrencies can be bought and sold using ZenGo. By using your preferred payment method, you will be able to purchase assets in 188 countries. In addition to bank transfers and credit cards, ZenGo accepts Apple Pay, Google Pay, and Samsung Pay.

You can exchange your bitcoins for cash in your national currency if you wish. Currently, this feature is only available in the United Kingdom, the United States,  and European Union (EU).

Cryptocurrency Trading

Aside from buying and selling cryptocurrency, exchanging one crypto asset for another is possible. Among the assets you can trade on the ZenGo platform are bitcoin, ethereum, tezos, dogecoin, and others. So the only thing you have to do is exchange one cryptocurrency in your wallet for another.

You should remember that cryptocurrency trading is not available everywhere, including in some parts of the United States.

Receive and Send Cryptocurrency

Customers can send and receive cryptocurrency worldwide through ZenGo's app. Minimums and maximums do not apply to the amount you can send or receive. Additionally, there are no additional fees.

Receive Daily Interest Rewards

Another great feature of ZenGo is that you can earn interest in your cryptocurrency holdings. ZenGo Savings, a partnership between Nexo and ZenGo, helps you track your crypto coins. There is no lock-up period associated with it. Different rates depending on what cryptocurrency you choose for your savings account. The APY is higher than a traditional savings account. You can enable this feature in your ZenGo account.

Earning money with ZenGo Savings is possible in two ways:

  • Lending: You can lend your cryptocurrency to other investors or a decentralized liquidity pool. Your investment will then earn you interest rates calculated algorithmically by an autonomous interest rate protocol.
  • Staking: Contributing your assets to the proof-of-stake asset for network security will earn you extra money as long as you stake with ZenGo. You will earn a share of the rewards when you stake your ZenGo coins and others.

Get Free Bitcoins

With ZenGo, users can earn free bitcoin in a variety of ways. For example, when customers purchase $200 or more of crypto with a referral code, they receive $10 in bitcoin.

They will be able to earn more money by inviting friends and followers to join ZenGo. The person you refer will receive $10 in bitcoin when they buy cryptocurrency, and you will receive a free bitcoin for referring them.

ZenGo UK Fees

ZenGo does have some fees associated with it, although they are minimal for some transactions. ZenGo, for example, charges a 1.99% processing fee if you use a bank transfer or 5.99% if you use a credit or debit card to buy cryptocurrency. In addition, fees are associated with selling and trading cryptocurrency: 1.99% and 0.75%, respectively.

In addition, certain transactions require a network fee paid to the blockchain network operators rather than ZenGo.

ZenGo does, however, have some limitations on certain transactions. Cryptocurrency can be sent and received without minimums or maximums, but it cannot be purchased, sold, or traded without limits. For example, $100 is the minimum purchase amount for cryptocurrency. Depending on your level of identity verification, your maximum limit may vary. Depending on the trading pair and current market liquidity, there are also different limits on cryptocurrency trades.

Is ZenGo UK Wallet Safe?

When you use a financial service, one of the most important questions is whether the service is safe for you.

An alternative to two-factor authentication (2FA) ZenGo requires three-factor authentication (3FA). They are as follows:

  1. Upon registration, you will receive a confirmation email with a link
  2. A backup file containing the decryption code associated with your personal cloud service account
  3. Your facial identification will still work even if you delete the app or switch devices

Additionally, ZenGo uses cutting-edge MPC-based cryptography in addition to these three factors. As a result, you can be confident that your cryptocurrency assets are both safe and accessible as a result of these features.

In addition, ZenGo recommends that you take a few additional steps to ensure the safety of your account, some of which are as follows:

  • Make sure you don't create your ZenGo account on someone else's device
  • Make sure your keyless backup is verified
  • A face map can be added
  • Setting up a second email address
  • Make a copy of your backup
  • Setting up two-factor authentication for your email and cloud accounts
  • Making an offline copy of your phone's cloud data
  • Make sure your ZenGo app and operating system are up to date

ZenGo Wallet Support Countries

It is available worldwide to anyone over 18 looking to store and use cryptocurrency.

The website does not allow purchases from the following countries:

  • Afghanistan
  • Albania
  • Bahamas
  • Bangladesh
  • Barbados
  • Belarus
  • Bolivia
  • Botswana
  • Burkina Faso
  • Cambodia
  • Cayman Islands
  • Central African Republic
  • China
  • Congo
  • Côte d'Ivoire
  • Cuba
  • Ecuador
  • Ghana
  • Haiti
  • Iceland
  • Iran
  • Iraq
  • Jamaica
  • Kosovo
  • North Korea
  • Liberia
  • Malta
  • Mauritius
  • Mongolia
  • Morocco
  • Myanmar
  • Nicaragua
  • Pakistan
  • Panama
  • Russian Federation
  • Senegal
  • South Sudan
  • Sudan
  • Syrian Arab republic
  • Trinidad and tobago
  • Uganda
  • Ukraine
  • Virgin Islands
  • Vanatu
  • Venezuela
  • Yemen
  • Zimbabwe

In the United States, the following states are not currently supported:

  • Hawaii
  • New York
  • Rhode Island
  • US Virgin Islands

To purchase (all tokens except those listed below):

Buy (ADA, BNB, BUSD, DOGE, ETH | Polygon, MATIC | Polygon, USDC | Polygon):

  • Louisiana
  • New York
  • Texas

How to deposit money into ZenGo UK?

You can deposit cryptocurrency directly into your ZenGo wallet or from another wallet or exchange.

You have two options when you receive money from another wallet or exchange:

  • Swiping left on an asset will take you to the home screen.
  • From the home screen, select an asset.

Your address can be copied and pasted into your favorite app. A QR code is also available for your address. Nevertheless, you must first enter your address in another wallet before you can send crypto to your ZenGo wallet. As soon as it arrives, you'll be notified.

To withdraw, trade or save Ethereum tokens (ERC-20), Ethereum (ETH) is required.

How to Withdraw Money from ZenGo UK?

In the same way that you can receive crypto, ZenGo allows you to send crypto to other wallets or exchanges. You will see the "Send" option when you tap an asset. Please enter the amount you would like to withdraw and the address to which you would like to send it.

ZenGo Wallet UK – Verdict

When it comes to crypto wallets that can hold your cryptocurrencies across different blockchain networks at the same time, we highly recommend ZenGo.

ZenGo offers outstanding user experience and security. Moreover, it provides excellent customer service via email, social media, or live chat within the app at any time. Sometimes, the CEO will even answer questions in the support chat, showing how obsessed they are with their customers. This feature makes ZenGo a great choice, especially for beginners.

Your capital is at risk.

FAQs

How safe is ZenGo in the UK?

Is ZenGo UK a custodial wallet?

No. To create non-custodial mobile cryptocurrency wallets, ZenGo Wallet uses threshold signatures to create two 'mathematical secret shares,' one on your device and one on their servers.

Is ZenGo UK regulated?

ZenGo is only permitted to be used in accordance with the laws of Israel and governed solely by the courts of the Tel-Aviv-Jaffa District.

Where is ZenGo based?

ZenGo is headquartered in Tel-Aviv, an Israeli city.

Is ZenGo anonymous?

In ZenGo, anonymity is not possible. To join ZenGo, users must create an email account. Facial recognition is the only way to access it, so it cannot be accessed anonymously.

About Jhonattan Jimenez
About Jhonattan Jimenez

English Language professional with a vast experience teaching English as a second language, English translator to Spanish, Cryptocurrency enthusiast, interested in geopolitics and economy.