As a self-custodial wallet, Zengo does not charge fees for sending, receiving, or securely storing your crypto assets. However, certain transactions may involve fees imposed by blockchain networks or third-party service providers. Below is an overview of potential fees and how they apply to both Zengo Essentials and Zengo Pro users.
Network Fees (Gas Fees)
When you send or transfer cryptocurrency, the blockchain network processes your transaction, which requires a network fee, commonly known as a gas fee. These fees are paid directly to the blockchain network and are not collected by Zengo. The amount varies based on network congestion and the specific blockchain used.
Zengo Pro Benefit: Pro customers receive limited free gas to power Layer 2 transactions on the Ethereum network, helping to offset these costs.
Buying, Selling, and Trading Crypto
Within Zengo, you can buy, sell, and trade cryptocurrencies through integrated third-party services. These transactions may involve one or two types of fees from the list below, depending on the service provider:
Processing Fees: A percentage fee applied to buying, selling, or trading crypto, varying by asset and service provider.
Spread: The difference between the market price and the price presented at checkout, accounting for short-term price fluctuations.
Gateway Fees: Charges from payment processors, such as credit card companies or banks, for facilitating transactions.
Currency Conversion Fees: Fees for converting between your local currency and USD, applicable when transactions involve different currencies.
Zengo Pro Benefit: Pro users enjoy up to 50% off purchase fees when buying crypto.
Fee Transparency and Approval
Zengo ensures full transparency for every transaction. Before completing any transaction, you will see a detailed breakdown of all applicable fees. This includes network fees, processing fees, spread, and any additional charges depending on the transaction type and service provider.
Approval Required: You will always have the opportunity to review and approve the fees before confirming your transaction. Without your explicit approval, the transaction will not proceed. This ensures you have full control over the costs associated with your activity in the Zengo app.
Transaction Limits
Transaction limits are determined by our third-party partners and may vary based on factors such as payment method, region, and the specific cryptocurrency involved. If you encounter a limit with one provider, you can switch to another within the app. For assistance with large transactions or specific inquiries, contact our 24/7 live chat support at help@zengo.com.
White Glove Service
High-Value Transactions: For purchases exceeding $50,000 USD, we offer a white-glove service with additional benefits. Please reach out to us at help@zengo.com or through the in-app chat to learn more.