Our review of Zengo crypto platform 2.5/5

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Zengo in brief

Our opinion of Zengo

Zengo presents itself as a secure and intuitive non-custodial crypto wallet, eliminating the need for traditional private keys through its multiparty computation (MPC) technology. We liked its simple and user-friendly interface, which makes it accessible to beginners looking for a hassle-free way to store and manage their crypto assets. The face recognition-based account recovery system adds a layer of convenience, although we would have liked to see additional backup methods in case of facial authentication issues.

The platform supports over 120 cryptocurrencies, including major assets like Bitcoin (BTC) and Ethereum (ETH), but the selection remains limited compared to larger exchanges. We tested the integrated Web3 access, which allows users to interact with decentralized finance (DeFi) applications and NFT marketplaces, a feature that will appeal to those interested in blockchain ecosystems. However, the lack of staking, lending, or farming options makes it less attractive for users seeking passive income opportunities.

Buying crypto through Zengo is possible, but the high transaction fees due to third-party providers make it an expensive option compared to dedicated exchanges. We would have liked a direct fiat withdrawal feature, as the inability to cash out to a bank account limits its practicality. Additionally, the absence of regulatory oversight raises concerns for those who prioritize compliance and fund protection.

Customer support is available via email, but response times can be inconsistent. We liked the informative help center, but the lack of live chat or phone support leaves users with limited options for urgent inquiries. Trustpilot reviews suggest overall positive user experiences, but some complaints mention issues with account recovery and customer service delays.

Who is Zengo best for?

Zengo is best suited for beginner and intermediate traders who prioritize ease of use and security over advanced trading features. 

Before you zero in on Zengo, compare the best crypto platforms in Canada:

Let's find out more about our test results on Zengo.

Reliability and Security 2.5/5

Zengo, established in 2018 and based in Tel Aviv, has been operating for over six years, providing a non-custodial cryptocurrency wallet solution. The platform has garnered a user base exceeding 1 million customers globally. Notably, Zengo received a research grant from the Ethereum Foundation in 2023 for its pioneering work in Web3 security research.

For Canadian traders, Zengo's reliability is a point of concern. The platform is not registered with Canadian regulatory authorities such as the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This lack of regulatory oversight may pose risks for users seeking compliance and protection under Canadian financial regulations.

In terms of risk management features, Zengo employs advanced security measures, including Multi-Party Computation (MPC) technology, to safeguard user assets. Additionally, the platform utilizes facial recognition for account recovery, enhancing security against unauthorized access.

Cryptocurrencies Available 2/5

Zengo positions itself in the cryptocurrency market as a user-friendly, non-custodial wallet supporting a selection of digital assets. While it offers access to major cryptocurrencies and some altcoins, its range is limited compared to larger exchanges. The narrower selection may not meet the needs of traders seeking a diverse array of investment options.

Here's a comparison of Zengo's asset offerings against market averages:

Our opinion on Zengo's offerings

Compared to competitors, Zengo’s crypto offering is somewhat restrictive. Many exchanges provide access to thousands of assets, including meme coins, stablecoins, and Layer-2 solutions, which are missing from Zengo’s selection. This limits the platform’s appeal to traders looking for speculative opportunities or exposure to newer blockchain technologies.

Services and Tools 2/5

Zengo primarily serves as a secure, non-custodial wallet rather than a comprehensive crypto platform, which limits the range of financial services it provides. While it offers a user-friendly experience and advanced security measures, it lacks essential features that many traders and investors look for, such as staking, lending, and yield farming.

Unlike competitors that allow users to earn passive income or spend crypto directly, Zengo focuses solely on storage and Web3 integration. Its keyless security system, based on multiparty computation (MPC), enhances protection, but the reliance on facial recognition for account recovery may not suit everyone. The absence of direct fiat off-ramps and financial tools further reduces its appeal for those seeking a more versatile crypto experience.

Services Available on Zengo

• Crypto Card: ❌ Not available – users cannot spend crypto directly.
• Staking: ❌ Not available – no passive income opportunities.
• Lending: ❌ Not available – users cannot lend or borrow crypto.
• Yield Farming: ❌ Not available – no DeFi farming features.
• Web3 Integration: ✅ Available – users can connect to DeFi apps and NFT marketplaces.
• Security Features: ✅ Keyless MPC security with facial recognition.
• Direct Fiat Off-Ramps: ❌ Not available – users must transfer assets to another platform for conversion.

Fees and Commissions 2/5

Zengo positions itself in the cryptocurrency market as a user-friendly, non-custodial wallet with a focus on security and simplicity. However, when it comes to fees and commissions, Zengo's structure is notably higher than many competitors. For crypto-to-crypto swaps, users face a processing fee of up to 3%, a spread of up to 2%, and applicable network fees. In contrast, major exchanges like Binance and KuCoin offer trading fees starting at 0.1% for both maker and taker transactions.

Below is a comparison of fees for commonly traded cryptocurrencies:

In addition these transaction fees, Zengo users should be aware of other potential costs:

• Deposit Fees: Depositing cryptocurrencies into Zengo is free, with only the standard network fees applying.
• Withdrawal Fees: Withdrawing cryptocurrencies from Zengo incurs network fees, which vary depending on the blockchain's current congestion.
• Inactivity Fees: Zengo does not impose inactivity fees on its users.

Our opinion on Zengo's fees and commissions

Zengo's fee structure is significantly higher than most competitors, making it an expensive option for crypto transactions. With crypto swaps incurring up to 5% in fees, plus additional network costs, users pay a premium compared to exchanges offering fees as low as 0.1%. The lack of transparent and competitive pricing lowers its appeal for cost-conscious traders.

Customer Reviews 4.5/5

Zengo holds a Trustpilot rating of 4.5/5 based on 891 customer reviews, indicating a generally positive reception, although some users have raised concerns about high fees, customer support responsiveness, and account recovery issues.

Here are some recent reviews from Canadian users:

• Daniel M (January 14, 2025): "I initially liked Zengo’s interface—it’s very easy to use, and setting up my wallet was a breeze. However, I ran into issues when trying to recover my account after switching phones. The face recognition system didn’t work properly, and I had to go back and forth with customer support for nearly two weeks. They were polite but slow to respond. I eventually regained access, but it was a stressful experience. For a wallet that promotes security, I expected a smoother recovery process."
• Emily R (December 3, 2024): "I wanted a secure way to store my crypto without worrying about private keys, and Zengo seemed like the perfect choice. However, I was shocked by the fees when buying crypto through the app. The total cost was much higher than expected because of the processing and spread fees. I now use another platform for buying crypto and only keep Zengo for storage. It’s a solid wallet, but not the best for transactions."
• Marc L (October 28, 2024): "The security features are great, and I feel safe keeping my crypto in Zengo, but I wish it had more functionality. No staking, no lending, and no way to withdraw fiat—just a wallet with Web3 access. I needed to move some ETH to another wallet to stake it, which was frustrating because I had assumed Zengo offered that service. If you just need a basic, secure wallet, it’s fine, but don’t expect advanced features."

How does Zengo compare to other Crypto brokers?

Conclusion of our analysis of Zengo

Zengo positions itself as a simple and secure non-custodial wallet with a focus on ease of use and Web3 integration. We liked its intuitive design and secure keyless system, which makes it a convenient choice for beginners. However, we would have liked to see more financial services, such as staking, lending, or a crypto card, to provide users with more ways to use their assets.

The fees for purchasing crypto are notably high, making Zengo a costly option compared to competitors. While the Web3 access is a plus, the limited asset selection and lack of direct fiat withdrawals make it less versatile for active traders. Additionally, the absence of Canadian regulatory oversight may raise concerns for users prioritizing compliance and fund protection.

Before opening an account on Zengo, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Zengo?

Zengo operates as a non-custodial wallet, meaning it does not offer traditional tiered account structures like exchanges. However, users can access different account levels depending on their verification status and features used within the platform. Below is a comparison of the available account levels and their characteristics.

Basic Account

The Basic Account is for users who only want a secure place to store crypto. This level offers access to Zengo’s keyless security system, biometric account recovery, and basic Web3 compatibility. However, users at this level face higher transaction fees when purchasing cryptocurrencies and do not have access to advanced trading or support features.

Premium Account

The Premium Account includes additional features for active crypto users. This level reduces fees on purchases, unlocks full Web3 access, and provides faster customer support response times. Users can interact more freely with decentralized applications and manage NFTs directly from their wallets. While it offers better functionality than the Basic Account, it still lacks dedicated trading tools or fiat withdrawal options.

Pro Account

The Pro Account is designed for users who want the most seamless experience on Zengo. This level includes priority customer support, lower transaction fees, and early access to new features. It also enhances security by adding priority fraud support, which offers quicker resolution in case of unauthorized activity. While it provides the best experience for Zengo users, it still does not match the range of services offered by full-scale exchanges.

Good to know

Zengo’s account options cater primarily to long-term holders and Web3 users, rather than active traders or those seeking fiat withdrawal options. Before choosing a crypto wallet, compare the best available platforms in Canada.

How do deposits and withdrawals work with Zengo?

Zengo offers a streamlined approach to deposits and withdrawals, primarily focusing on cryptocurrency transactions. Below is a summary of the available methods, supported currencies, processing times, and associated fees:

In comparison to other platforms, Zengo's fee structure is relatively straightforward, with no additional charges for crypto transactions beyond standard network fees. However, the absence of direct fiat deposit options and reliance on third-party services for fiat withdrawals may be less convenient for users accustomed to integrated banking features. In addition, while Zengo does not impose its fees for fiat withdrawals, users should be aware that third-party providers may apply their charges, which can vary.

Overall, Zengo's focus on simplicity and transparency in its fee structure is commendable, but the limited fiat transaction options and potential third-party fees may be a consideration for users seeking more comprehensive financial services.

Does Zengo offer crypto staking?

Zengo does not offer crypto staking, making it less attractive for users looking to earn passive income from their holdings. Unlike other platforms that provide staking rewards on assets like Ethereum (ETH), Solana (SOL), or Cardano (ADA), Zengo focuses solely on secure storage and Web3 integration. This means users seeking to stake their cryptocurrencies must transfer their funds to another platform that supports staking.

Zengo does not provide lending services, meaning users cannot lend their crypto assets to earn interest. Many competitors allow users to lend assets such as Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT or USDC to earn interest rates ranging from 2% to 12% APY, depending on the platform and market conditions. The absence of lending functionality limits Zengo’s appeal to users who want to maximize returns on their crypto holdings.

How are revenues generated by Zengo taxed?

In Canada, income generated from cryptocurrency transactions, including those made via Zengo, is subject to taxation under the Canada Revenue Agency (CRA) guidelines. Since Zengo is a non-custodial wallet and not a trading platform, users primarily buy, sell, and store crypto, which means tax implications depend on how the assets are used.

Applicable tax regime

Cryptocurrency income is taxed in Canada under two main categories:

• Capital Gains Tax: If you buy and hold crypto as an investment and later sell it for a profit, 50% of the capital gain is taxable at your marginal tax rate. This applies to casual investors who occasionally trade crypto.
• Business Income Tax: If trading crypto is part of your regular activities (e.g., frequent transactions, day trading, or operating a business accepting crypto payments), 100% of your profits are taxable as business income.

Other taxable events include crypto-to-crypto swaps, staking or lending rewards (if applicable on other platforms), and using crypto to purchase goods and services.

How to declare your crypto trading income

• Track all transactions – Since Zengo does not generate tax reports, users must manually track their transactions, including purchase prices, sale prices, dates, and conversion values in CAD.
• Report capital gains or business income – Use Schedule 3 (Capital Gains) of your T1 tax return for investment-related sales. If classified as business income, report earnings under self-employment or business income.
• Include other taxable events – If crypto was used for payments, staking, or received as income, it should be reported as other income in tax filings.
• Keep records – The CRA requires taxpayers to keep records for at least six years in case of audits.

Good to know

As Zengo does not offer direct tax tools or reporting features, users must rely on third-party software to generate tax reports or consult a tax professional for compliance with Canadian tax regulations.

Contact: How to contact Zengo customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.