Rainbow Wallet ReviewBy: Josh MillerUpdated: Thu Mar 16 2023
Rainbow Wallet at a glance
What is Rainbow Wallet
Rainbow crypto wallet is a multi-currency and multi-platform cryptocurrency wallet which supports more than 300 different cryptocurrencies. It is a secure, easy-to-use, open source and anonymous crypto wallet.
Pros & Cons
Before we dive into the full review, lets get into the pros and cons of Rainbow Wallet.
- Supports Ethereum and EVM chains.
- Web3 enabled, so you can use DeFi applications, staking tools, NFT marketplaces and more.
- Mobile applications for iOS, Android.
- Completely free to use/download.
- Open source.
- Does not support Bitcoin, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand.
- Does not have a standalone desktop application.
- Cannot be used as a browser extension. Therefore does not support Chrome, Firefox, Edge, Opera.
Table of Contents
- What chains does Rainbow Wallet support?
- Is Rainbow Wallet Web3 enabled?
- Does Rainbow Wallet support Mobile?
- Does Rainbow Wallet support Desktop?
- Is Rainbow Wallet free?
- Is Rainbow Wallet open source?
- Does Rainbow Wallet support in-wallet staking?
- Does Rainbow Wallet support in-wallet swaps?
- Does Rainbow Wallet require you to run a node?
What chains does Rainbow Wallet support?
Rainbow Wallet supports Ethereum and EVM chains. Because Rainbow Wallet supports EVM chains, you get access to a wide range of different chains. Including, but not limited to, Avalanche, Arbitrum, Optimism, Fantom, Gnosis, and many more.
Rainbow Wallet does not support Bitcoin, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand. This limits the number of coins/tokens that you'll have access to.
Is Rainbow Wallet Web3 enabled?
Yes, Rainbow Wallet is Web3 enabled. You can use it to access dApps, DeFi, NFT marketplaces, and more. This enables you to really access what blockchain has to offer, instead of simply storing your coins in your crypto wallet.
Does Rainbow Wallet support mobile?
Yes, Rainbow Wallet supports iOS, Android. Which is great if you own a mobile device with the relevant operating system.
Does Rainbow Wallet support desktop?
No, Rainbow Wallet is not a standalone desktop application. Therefore, it does not support Windows, MacOS, Linux. Although it isn't a standalone desktop application, there are other means of using Rainbow Wallet.
Is Rainbow Wallet free?
Yes, Rainbow Wallet is completely free. You don't have to pay a cent to get access to it. Although this is awesome, you have to bare in mind that free doesn't always mean it's the best option for your needs.
Is Rainbow Wallet open source?
Yes, Rainbow Wallet is open source. You can get access to the code, audit it, and fork it if you wish to. Despite the pros of being open source, it is also a security concern as the code is available for all to see, including hackers.
Does Rainbow Wallet support in-wallet staking?
Yes, Rainbow Wallet allows you to stake in-wallet. This means you can earn passive income from your cryptocurrencies from within your crypto wallet!
Does Rainbow Wallet support in-wallet swaps?
Yes, Rainbow Wallet supports in-wallet swaps. This means you can exchange your coins/tokens for other tokens without going to an exchange. Be mindful that crypto wallets often charge fees for this service.
Does Metamask require you to run a node?
No, Rainbow Wallet does not require you to run a node. This is great because running a node is often expensive, and requires lots of bandwidth and harddrive space. Running a node means you must download the full blockchain!