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Rainbow.me Wallet Review 2024
Choosing a cryptocurrency wallet can be hard. There are hardware wallets, software wallets and — though we wouldn’t recommend it — you could just leave your crypto parked on the exchange where you bought it.
Once you’re ready to move on to your own non-custodial wallet, meaning a wallet where you hold the keys and truly own the cryptocurrency contained within the address, there’s no shortage of options.
If you’re an Ethereum user, then Rainbow wallet may be all you need. It has decentralized app (dApp) support, NFT support, and it’s all displayed on a beautiful user interface. Find out whether the Rainbow wallet is right for your needs in this review.
Rainbow Wallet Overview
- Streamlined mobile wallet that’s especially good for crypto beginners
- Trade directly on Uniswap from within the mobile app
- Send and receive assets using Ethereum Naming Service
- Display NFTs within the application
Rainbow Pros & Cons
Pros
Access to Uniswap within wallet app
Beautiful interface that’s streamlined for new crypto users
Supports ENS for simplified crypto addresses
Limited support for DeFi and NFTs
Cons
Only supports Ethereum
No web browser extension
Rainbow Wallet History
Rainbow wallet was launched in 2019 as an Ethereum-only mobile app available for iOS.
They have since added Android support, built-in Uniswap exchange support within the app, Apple Pay support for buying ETH and DAI, and NFT display support, among other things.
Beginner Perspective of Rainbow Wallet
Rainbow wallet is a good wallet for beginners assuming that you only plan on using Ethereum.
It has a smooth user interface and is easy to navigate. Putting Uniswap directly into the app means even newbies can easily swap cryptocurrencies, provide liquidity, and more. It’s fairly simple to connect it to web-based apps and you can easily import your own wallet into Rainbow using your seed phrase.
Best Features
The number one reason to download Rainbow wallet is the slick interface that makes it easy to interact with cryptocurrencies, DeFi and NFTs. People underestimate the importance of UX but it’s one of the single biggest factors for on-boarding new users.
The Rainbow wallet developers have also added Uniswap directly into the application. This means users don’t even have to leave their wallet in order to swap, provide liquidity, or simply browse through Uniswap exchange. This is convenient for new and experienced users alike.
Ethereum Naming Service allows you to use a human-readable address to send or receive assets. This means you can simply type in your recipient’s ENS handle into Rainbow and it will automatically send it to the correct blockchain address. Conversely, someone can use your ENS handle to send you funds easily.
Everything about Rainbow wallet is essentially designed to make crypto easier for everyone.
What Cryptocurrencies are Supported?
Rainbow wallet only supports the Ethereum network. This means that the only cryptocurrencies it supports are Ethereum based assets. This includes ERC-20 tokens and ERC-721 non-fungible tokens (NFTs). Some supported assets include:
Is Rainbow Wallet Safe?
Yes, Rainbow wallet is safe as long as you are careful about how you set it up and use it. Meaning it is only as safe as you make it. When setting it up, ensure no one else can see your recovery phrase, and then keep it stored in a safe place after.
Rainbow is as secure as the Ethereum blockchain, making it extremely safe to use. As long as you keep your device and recovery phrase safe, there is little risk of anything happening to your funds. If you receive an email asking you to verify your Rainbow wallet or provide some sort of ID for using it, it’s a phishing scam.
You can set up an iCloud backup to help avoid losing assets if your device or recovery phrase are lost too.
Supported Operating Systems
Rainbow Wallet is only available for Android and iOS mobile operating systems.
It’s unknown if there will ever be a desktop version.
Potential Dealbreakers
There are only two somewhat minor drawbacks to using Rainbow wallet. The first is that it only supports Ethereum, meaning if you use Solana, Binance Smart Chain, Cardano, or Avalanche, then you will need to find another wallet that supports those networks.
The other potential dealbreaker is that it is only available as a mobile app. Those wishing to connect it to a dApp on their internet browser will need to follow a few extra steps to allow Rainbow access to the dApp. It’s through a service called WalletConnect. This is in contrast to something like MetaMask which allows you to connect to dApps directly from the MetaMask extension.
Rainbow Wallet Frequently Asked Questions
Rainbow wallet is a cryptocurrency wallet application for Android and iOS that supports Ethereum.
There is no direct way to cash out through Rainbow wallet. You will need to use another service such as a centralized cryptocurrency exchange.
To use Rainbow wallet, download the app from the Play or App Store. Then install it and create a new wallet or import an existing one using a seed phrase. You can then start sending and receiving crypto.
No it does not. They might develop one someday but considering they are heavily focused on mobile it might be unlikely.
No. Rainbow wallet is Ethereum only.
