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Electrum vs Zengo

Comparing
two wallets
Decided by
Editorial rating
Last reviewed
2026-08-25
Electrum4.4Bitcoin-only

The oldest bitcoin wallet still in active development, and the one whose users are hunted by a fake-update scam running since December 2018.

Zengo3.4

The wallet with no seed phrase: two MPC shares replace the private key, which removes one risk and adds a dependency.

Verdict: Electrum

Electrum rates higher on our rubric: 4.4 against 3.4 for Zengo.

Criterion
Editorial rating
Electrum
4.4
Zengo
3.4

Electrum and Zengo, fact by fact

Every row is from the two reviews as of their review dates, with sources on each. A check marks the side a decidable criterion favours; rows without one are information, not a score.

Electrum and Zengo compared fact by fact from their reviews; a check marks the side a decidable criterion favours.
FactElectrumZengo
Editorial rating4.4 (favoured on this row)3.4
StatusAvailableAvailable
Made byElectrum Technologies GmbHZengo
PriceFree downloadFree download
Who holds the keysself-custodial, keys generated and encrypted on your own machine, with transactions checked by SPVself-custodial MPC, with no seed phrase: one secret share on your phone, one on Zengo's server, never combined
Bitcoin-onlyYesNo
Runs onAndroid, Windows, macOS, LinuxiOS, Android
ScreenNot statedNot stated
ConnectivityConnects to public Electrum servers or one you run yourself, verifying your transactions by SPVNot stated
ReleasedNovember 2011, written by Thomas Voegtlin2018
Countries on the maker's listNo published listNo published list
Last reviewed2026-08-252026-08-25

Pros and cons, side by side

Electrum

What works

  • Continuously maintained since November 2011, which nothing else on this list can claim
  • Lightweight: it checks your transactions by SPV instead of downloading the whole chain
  • Reproducible builds, signed by several independent builders, with signatures published next to every download
  • Hardware wallet support for Ledger, Trezor and KeepKey, plus multisig and watch-only cold storage
  • MIT licensed, and anyone can run the server software it talks to, so no company controls the network
  • An official Android build on both Google Play and F-Droid

What to watch

  • Users are the target of a fake-update scam that ZDNet traced to more than 22 million dollars of thefts by October 2020
  • The interface assumes you already know what a change address and a derivation path are
  • Windows builds are often flagged by antivirus heuristics, which the project says it cannot do anything about
  • No iOS version, and no built-in way to buy bitcoin
  • Two-factor signing runs through a third party, Trustedcoin, rather than the wallet alone

Zengo

What works

  • No seed phrase exists, so there is nothing to write down, photograph, or be tricked into typing
  • Two independently created MPC shares, one on your phone and one on Zengo's server, that are never combined
  • Three factor recovery, with a documented option to register a backup for each of the three
  • Zengo says its MPC cryptography is open source, audited and peer reviewed
  • Support is available 24/7 from inside the app, which is rare in self-custody

What to watch

  • Signing requires Zengo's server, so the wallet depends on the company staying reachable in a way a seed phrase does not
  • The wallet app itself is closed source; only the cryptography underneath it is published
  • Recovery runs through your email, your cloud account and a face scan, which is three dependencies instead of one piece of paper
  • Never hacked and 2+ million wallets are Zengo's own claims on Zengo's own homepage, with no independent confirmation
  • Mobile only, with no desktop app and no hardware signing

Frequently asked questions

Is Electrum or Zengo better?

Electrum rates higher on our rubric: 4.4 against 3.4 for Zengo. The rating follows the product rubric published on our about page; the rows above set custody, price and platforms side by side so you can check it.

Are Electrum and Zengo free?

Yes, both are free to download. What differs is who holds the keys: Electrum is self-custodial, keys generated and encrypted on your own machine, with transactions checked by SPV; Zengo is self-custodial MPC, with no seed phrase: one secret share on your phone, one on Zengo's server, never combined.

Is Electrum or Zengo bitcoin-only?

Electrum is bitcoin-only; Zengo supports other assets too. Bitcoin among 1,000+ assets, including Ethereum, Solana, TRON and stablecoins

The full reviews: Electrum and Zengo, each with its sources, and every wallet we review.

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