The bottom line: Zengo Wallet may be a good option if you don’t want to have to remember a seed phrase, but also don’t want to compromise at all on security. However, Zengo doesn't currently have a downloadable desktop application, and it lacks support for a few popular assets.
NerdWallet rating
on Zengo's website
Fees: Vary by transaction amount.
Minimum: $50 purchase minimum.
Promotion: None —no promotion available at this time.
Pros
Security system that uses multi-party computation (MPC) and 3FA recovery.
Lots of supported cryptocurrencies.
Pro version has generational inheritance feature.
Cons
Zengo Wallet does not support Solana, XRP, Cardano or Polkadot.
Table of contents
Where Zengo Wallet shines
Where Zengo Wallet falls short
What Zengo Wallet is best for
Zengo Wallet at a glance
Full details about Zengo Wallet's ratings
Other details you should know about Zengo Wallet
Is Zengo Wallet right for you?
How we review crypto wallets
Full review
Where Zengo Wallet shines
Security: Zengo Wallet offers a unique security system that creates a self-custody solution free of seed phrases or keys. Zengo Pro offers multi-factor authentication through Theft Protection.
Education and access to help: Zengo offers a blog, a podcast and regularly hosts "ask me anything" sessions to help keep its clients up to date on all things crypto. Zengo support is available 24/7 through the app.
Where Zengo Wallet falls short
No desktop app: Zengo Wallet is primarily a mobile app, and for now it doesn’t offer a desktop experience. (The company says a desktop version is in the works.) However, Zengo says you can pair it with any blockchain application that does have a desktop experience (such as centralized exchanges) and use those apps with Zengo from your desktop.
Supported assets: Zengo supports over a thousand assets, including all ERC-20 tokens, however the wallet doesn't support some of the largest cryptocurrencies by market cap, including Solana, XRP, Cardano and Polkadot. The company does say it is adding new assets all the time, and has a feature to request that a specific cryptocurrency be added for support.
Who Zengo Wallet is best for
Crypto owners who are worried about losing their keys or forgetting their seed phrase.
Crypto owners interested in new forms of security.
Crypto owners who want to be able to pass on their assets to family or friends.
Zengo Wallet at a glance
Security | Zengo Wallet uses multi-party computation (MPC) to secure your crypto instead of private keys or seed phrases. Zengo also features 3FA recovery. |
Selection | Zengo Wallet supports thousands of coins and tokens, and also supports NFTs, but some common cryptocurrencies are missing. |
Integration | Zengo lets you buy, sell and swap crypto. It also allows you to store and view NFTs. |
Storage | While Zengo Wallet is accessed through an app, with WalletConnect you can connect it to virtually any cold wallet. |
Functionality | Zengo Wallet has mobile and browser-based applications but currently no downloadable desktop application. |
Tools | Zengo Wallet goes beyond having the standard educational blog with a podcast and "ask me anything" sessions. |
Full details about Zengo Wallet's ratings
Security: 5 out of 5 stars
Zengo uses multi-party computation (MPC) instead of private keys or seed phrases to help secure your assets. MPC splits what has traditionally been used to authorize cryptocurrency transactions — private keys — into multiple pieces. In very basic terms, when you make a transaction, the Zengo server and your phone run separate computations that allow your transaction to go through. The company says this prevents any single private key from being controlled by a single party.
Zengo features a recovery system called 3FA. 3FA uses your email address, a 3D FaceLock (an encrypted mathematical representation of your face) and a recovery file that you can store in a cloud backup location such as iCloud or Google Drive. This is a step beyond two-factor authentication, or 2FA.
Zengo claims that since they were founded in 2018 the company has had zero account takeovers or hacks.
» Want more options? Here are the top crypto hardware wallets
Selection: 4.5 out of 5 stars
Zengo Wallet supports more than 1,000 assets including coins, tokens and NFTs. Some of the most popular assets available on Zengo include Bitcoin, Ethereum, Tether, Dogecoin, Shiba Inu and Polygon, as well as all ERC-20 tokens. However, it currently does not support some of the largest cryptocurrencies by market cap, such as Solana, Cardano and Polkadot.
Integration: 5 out of 5 stars
Zengo Wallet users can perform many of the most common crypto transactions, including purchases, sales and swaps. Zengo not only lets you store non-fungible tokens, or NFTs, on the app, but it also lets you view them. The Zengo Web3 wallet, powered via WalletConnect, lets you connect to Dapps through which you can buy, sell and trade NFTs.
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NerdWallet rating 4.8/5 | NerdWallet rating 3.9/5 |
Fees 0% - 3.99% varies by type of transaction; other fees may apply | Fees $0 per trade |
Account minimum $0 | Account minimum $0 |
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Storage: 5 out of 5 stars
Zengo Wallet claims to “make the notion of ‘hot’ or ‘cold’ irrelevant” when it comes to their wallet thanks to their MPC technology. That being said, Zengo does operate through online browsers and an app, and some crypto wallet purists may prefer a strictly cold wallet.
» Learn more: Hot wallet vs. cold wallet
Functionality: 4 out of 5 stars
Zengo Wallet offers mobile and browser-based applications and is planning to release a desktop experience in 2024. In the meantime, Zengo says you can pair it with specific blockchain applications that do have desktop versions, such as those built on Ethereum or Polygon, and use those apps with Zengo from your desktop.
Tools: 5 out of 5 stars
Zengo Wallet runs a blog that covers crypto and security topics and even hosts a podcast. Zengo also says that it periodically hosts "ask me anything" sessions on Zoom, Discord, or through social media channels.
Other details you should know about Zengo Wallet
Pricing: Zengo offers two tiers of access: Zengo Essentials and Zengo Pro. Zengo Essentials is free, and includes access to its wallet, secure recovery with 3FA and an NFT spam filter.
Zengo Pro is $29.99 per month and includes everything in the free tier plus legacy transfer, an inheritance-style feature that helps you transfer your digital assets to family or friends, theft protection with multi-factor authentication, WEB3 firewall and priority support within an hour or less.
Zengo Wallet is free to use, but some of the services Zengo Wallet offers come with fees, and crypto networks often carry their own fees that you’ll need to pay no matter which wallet you have. Many of the fees Zengo charges go to the blockchain operators or the operators of the buying, selling and trading services, not to Zengo itself. Fees users have to pay may include, but are not limited to the following:
Network fee.
Processing fee.
Spread.
Gateway fee.
Local currency conversion fee.
Zengo has a $50 purchase minimum, but for deposits and withdrawals in crypto to and from your Zengo wallet, there are no minimum or maximum amounts.
Is Zengo Wallet right for you?
If you’re worried about forgetting a seed phrase and never seeing your crypto again, Zengo Wallet offers strong security without having to remember a code. Zengo doesn’t currently offer desktop access, but it is planning to in the coming year.
How we review crypto wallets
NerdWallet's comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. We aim to provide our independent assessment of providers to help arm you with information to make sound, informed judgments on which will best meet your needs. We adhere to strict guidelines for editorial integrity.We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider's performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars). For more details about the categories considered when rating wallets and our process, read our full methodology.
