Rabby Wallet Review

When it comes to crypto trading tools, wallets don’t always get the love they deserve. Next to the flashy exterior of a full-fledged crypto exchange, they seem to just blend into the background. In this Rabby Wallet review, I’ll try to show you this doesn’t have to be the case: the platform you choose does make a difference, and you never know what you could be missing out on!

Rabby Wallet markets itself as a multi-chain wallet that puts security and compatibility over everything else. It boasts multiple signing modes, integrations with numerous hardware wallets, enhanced security measures, such as pre-transaction risk scanning, and dedicated mobile and desktop apps.

Do all those features really give the Rabby crypto wallet an edge over its more established competitors, such as Trezor and Ledger? And is it worth a switch – or, if you’re taking your first steps into the fascinating world of crypto, would this wallet make a suitable companion for you? There’s only one way to find out!

Verdict at a glance: Rabby Wallet is a self-custodial Web3 wallet designed to automatically switch between different blockchains. It boasts numerous security and risk prevention measures and additional features like token swapping and gas top-up. However, it offers no staking or fiat purchases, and the user experience isn’t as smooth as it could be.

What is Rabby Wallet?

Self-custodial Web3 wallets are hardly a new thing. The proliferation of various dApps (decentralized applications) and other Web3-powered platforms brought this type of wallet to the forefront of the crypto discourse. As of writing this Rabby Wallet review, there's certainly no shortage of platforms where you can store your digital assets, and more of them keep popping up, having found an unfilled gap in the market.

You could say Rabby Wallet fits that description spot-on.

Founded in 2021 by DeBank, a Chinese DeFi portfolio tracking company (currently residing in Singapore), RabbyWallet set a mission to put a stop to the blockchain compatibility problem that was swiftly becoming one of the major friction points in the Web3 sphere.

At this point, it would no longer be premature to say the project’s shaping up to pull it off: Rabby Wallet has amassed over 1,000 dApps and 115 chain integrations! Their success is reflected by their growing venture capital, too; DeBank has managed to raise $25 million in development funds.

Rabby Wallet originally came out as an extension wallet (only available as a browser add-on). However, they eventually developed native desktop apps for both MacOS and Windows. Later this year, the new Rabby Wallet mobile app was released.

Rabby Wallet Review: PROS

If the previous section of this Rabby Wallet review gave you some background details on the project’s development and success metrics, the following one is where I’m going to reveal what this wallet has to show for it. As I said, it boasts quite a few innovative features, each deserving thorough coverage.

Stay Connected to Multiple Blockchains at Once

Decentralization has been the end goal of blockchain technology from the very start, and while there’s still a long road ahead, it’s certainly gaining more traction these days. There are now over 1,000 distinct blockchains out there, each with its own functionalities and strengths catering to different industries and user groups.

Where’s the catch, then, you ask? Well, the gist is that if most of those blockchains have a different underlying architecture, that makes them non-interoperable.^[1] In practice, this means that if, for example, your crypto wallet is currently connected to a dApp that runs on the Ethereum network, and you’ve decided to open a new tab and pop over to another dApp that uses the Binance Smart Chain, you’d first have to manually switch chain on your wallet, too – otherwise the dApp won’t recognize your wallet balance or assets.

To some readers of this Rabby Wallet review, this might not seem like a big deal, but if you're an avid Web3 user who loves multitasking (don't we all?). Chances are having to switch networks every single time you swap between different dApps would get old very quickly. Unfortunately, most Web3 wallets have no way of going around this.

This is precisely the problem Rabby has set out to solve. Even though it’s built on the Ethereum network, it was designed with multi-chain use in mind. The Rabby Wallet extension recognizes which blockchain the currently active dApp needs and automatically makes the switch for you by changing the network settings.

As I’ve mentioned earlier in my Rabby Wallet review, the wallet is now compatible with 115 chains. With such a selection, there’s no corner of Web3 that’s barred to you. No more unnecessary friction during your dApp escapades! This is the very definition of a seamless experience.

Know Exactly What’s Going on With Your Transactions

Have you ever clicked “Confirm” with a nagging feeling that you’re not entirely sure what you’ve just signed up for? Many readers of this Rabby Wallet review have probably been there before at some point. No wonder – on-chain transactions these days can be pretty complicated.

With Rabby Wallet, you'll never find yourself in that position again. Unlike most similar crypto storage platforms, this one goes out of its way to make sure users are fully aware of what their transactions entail by providing a very detailed confirmation pop-up. It displays your estimated balance change, letting you know what the numbers on both sides of the transaction will look like if it goes through. It's like getting a simulation before you proceed with the real thing!

Top-Notch Security, Privacy, and Risk Avoidance Measures

On its official website, the company claims to put “security over user experience”. As you’ll see in this part of my Rabby Wallet review, the amount of thought that went into ensuring the wallet’s security makes it clear this wasn’t just an empty platitude.

For one thing, Rabby is a non-custodial (or self-custodial) wallet. It means that you’re the one who owns and manages your private keys, not the company. This provides some extra peace of mind if you’re worried about cybersecurity attacks or the company going down; for instance, no matter what happens to Rabby, you’ll always find your keys where you left them (unless, of course, you lose them yourself).

Unlike cold hardware wallets such as Trezor or Ledger, Rabby Wallet is a hot wallet. This is what allows it to connect to Web3 platforms, but it also means you won’t be able to use it offline.^[2]

Some of the wallet’s notable safety mechanisms are built into its core functionality. For example, when transferring assets to another wallet, users are asked to whitelist the address; otherwise, they’ll have to sit through an additional approval procedure until the wallet is confirmed to be safe. The whitelist feature combines security with convenience: you can simply add a list of wallet addresses you trust and use often.

Transaction scanning is another neat addition that gives Rabby Wallet a competitive edge. Every transaction is sent through a security engine to be screened in order to identify potential risks using a specific set of rules.

Before you’re allowed to confirm the transaction, you’re presented with the results of that safety check, ranging from a yellow “Warning” to a red “Forbidden” category, depending on how risky it would be to proceed.

The rules are constantly updated with the help of security audit companies Rabby Wallet has partnered with – namely, SlowMist, an award-winning smart contract security audit company that’s already audited more than 1,500 Ethereum-based platforms.

The company’s website reveals that the platform has undergone three SlowMist audits since its first release, which amounts to roughly one audit per year. Not too shabby!

Official third-party audits aren’t the only benchmark of a platform’s trustworthiness, though. Being open source gives Rabby Wallet a transparency advantage: its source code can be reviewed by just about anyone with the right technical know-how, not just audit companies.

When talking about security, we mustn’t forget the privacy component – the two go hand in hand, after all. Luckily, as I’m about to make clear in this section of my Rabby Wallet review, the company didn’t drop the ball in this area, either. It’s very open about which user data it has access to.

For example, if you visit a dApp and click the “Connect” button on your Rabby Wallet extension or initiate a transaction, only the domain name gets uploaded into the company’s back-end servers, not the full path.

If you’re still feeling apprehensive, however, Rabby Wallet won’t ask you to take the leap with no safety net. You can make use of the “Watcher Mode” feature that lets you add your wallet address without importing its private key so that you can have a look around the wallet’s interface and try it out for yourself in a completely risk-free way.

Token Swapping and Gas Top-Up

Even though, in its release announcement, DeBank insists that it’s going for a “less is more” approach and doesn't want to weigh its product down with anything more than basic functionality, things have clearly spiraled beyond the company’s original vision at some point. Hence, one more subchapter of this Rabby Wallet review to introduce yet another feature!

Token swapping is an inessential yet increasingly popular feature in crypto wallets. Instead of having to painstakingly plan their transactions around market fluctuations to catch the best timing for buying or selling, many people prefer to simply swap one coin for another and be done with it.

Rabby Wallet offers exactly that. It connects users to multiple centralized and decentralized exchanges and automatically routes swap requests through them. You’ll find integrations with a lot of popular exchanges, including Binance.

All those transaction safeguards and the simulation feature I mentioned earlier in my Rabby Wallet review apply here, as well! Rabby Wallet’s security protocols detect risk factors like extreme price fluctuations and low-trust value contracts as a way to protect users against potential losses. The wallet will also let you know what your balance will look like after completing the transaction.

Those aren’t the only ways Rabby looks out for its users. If you’ve ever accidentally run out of funds to pay gas fees for your transactions, you’ll appreciate the gas top-up feature that lets you instantly purchase gas tokens for the blockchain network you’re currently on without having to swap assets on a different exchange. The Rabby Wallet mobile app makes it especially easy with just a few clicks.

However, with its limited flexibility (you can only choose to top up $20, $50, or $100) and a hefty 20% service fee, this might be the equivalent of getting takeout on your way home – temptingly convenient but too pricey to indulge too often!

Compatibility Advantage

Compatibility is another core tenet of decentralization; the idea is to not be dependent on any single app or platform. Ultimately, it’s features and experiences we’re after, not specific brand names, while blockchains, wallets, and dApps are the only tools that should fulfill our needs without locking us in.

Even this Rabby Wallet review is only a means to the end – hopefully, after finishing it, you won’t feel the need to seek out a dozen others!

Fortunately, in this case, Rabby is like a Swiss knife of wallets: it works with just about everything.

I’ve already commented on the vast number of chains and dApps it’s integrated with, but that’s just the tip of the iceberg.

In addition, you can sign your transactions not just with Rabby but with any of the wallets it's integrated with. There are also quite a number of choices you'll be able to use with your Rabby Wallet: Ledger, Trezor, and six others (you can find the completed list on the official website). Adding a hardware wallet to the mix ensures that your private keys never leave your physical device.

If you don’t want to be tied down to any operating system, Rabby Wallet won’t let you down, either! You’re no longer limited to just the Rabby Wallet extension – the project has come a long way since 2021, introducing desktop apps for Windows and macOS (both Intel and Silicone versions, to boot), and there’s a mobile app, as well.

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Rabby Wallet Review: CONS

As you can see, Rabby Wallet really does punch above its weight when it comes to ensuring security and optimal user experience: the company’s commitment to transparency, risk prevention, and inter-compatibility is apparent all the way through. However, this Rabby Wallet review would be disappointingly one-sided if I left it at that, wouldn’t it?

Let’s take a look at what this wallet is missing.

No Staking Option

Everybody loves passive income – and staking is one of the easiest and most popular ways to earn it. No wonder most exchanges these days (including the top ones like Binance, Bybit, and Kraken) make use of it as a way to incentivize their clients to stick to their platform.

All you have to do is keep your coins on the exchange (or stake them to the “liquidity pool”, in the case of decentralized exchanges), and you can sit back and enjoy a steady stream of rewards trickling in.

You’ll probably be disappointed to find out Rabby Wallet doesn’t include this option, then. Even though it connects to a number of exchanges, you can’t do anything else with your coins and tokens than swap them, use them in dApps, or move them in and out of the wallet.

This might be a holdover from the project’s early days when it was still primarily known as the “Rabby Wallet extension” and wasn’t oriented towards anything more extensive than that.

That said, Rabby did find an alternative way to reward loyal and active clients. Using the wallet and performing various tasks and actions (such as swapping your tokens, depositing funds into your wallet, or giving out referrals) will earn you points.

This initiative was only introduced in January, and it’s still not entirely clear what exactly those points will count towards, and how you can cash them out. There have been some rumors that the company is planning a free token airdrop, though – so it’s probably not a bad idea to stock up on those points, just in case!

No Fiat Purchases

A lot of the time, rather than swapping or trading one coin for another, users just want to directly buy some crypto coins or tokens using fiat currency. This is even more relevant for novices who are only just starting to build their portfolio and don’t really have another choice.

If that’s the case, this might be the only area where Rabby Wallet fails to be as beginner-friendly as possible. The gas top-up feature I mentioned earlier in this Rabby Wallet review won’t be of any help there – those funds can only be used to cover transaction fees, not as assets for general use. In other words, unlike many other wallets, Rabby doesn’t include an option to purchase crypto directly using fiat.

Buggy User Experience

Some bugs are simply part and parcel of using any software or platform – but at what point does it go from a mild nuisance to a definitive dealbreaker?

The answer is, of course, subjective. At any rate, I found this particular problem to be a constant refrain in many other Rabby Wallet reviews. A significant number of users reported having the app freeze on the start-up screen, stop responding, suddenly force-quit for no obvious reason, or drop an error message whenever they try to whitelist a wallet.

To make things worse, Rabby’s customer support leaves much to be desired. The official website features a customer support email and links to the product’s social media channels (sadly, there's no phone support option), but a lot of disgruntled users have complained about not being able to get a response.

That said, this isn’t unique to Rabby: crypto wallets often lack a comprehensive help center or 24/7 support. Still, those two issues make an unfortunate combination.

Rabby Wallet Fees

Now that I’ve weighed the pros and cons, it’s time to have a peek at the price tag! The question you and most other readers of this Rabby Wallet review are probably buzzing to ask right now is: how much does it cost to use Rabby?

I’ve already remarked on the rather high gas top-up fees. Don’t let those scare you off, though – the good news is that Rabby doesn’t charge any additional fee for transactions. The only fees you’ll need to concern yourself with when it comes to moving your coins in and out of the wallet are the network fees that are dictated by the blockchains themselves.

Token swapping does come with a 0.25% fee attached, however.

How to Get Started With Rabby Wallet?

If you’re up for giving this product a chance and can’t wait to test it out – don’t close my Rabby Wallet review just yet! Here’s a little starting guide to give you some pointers.

How to Set up a New Rabby Wallet

Luckily, setting up this wallet is quite an easy process; it won’t take up too much time.

Step 1: Go to Rabby Wallet’s official website and click [Download for Chrome] (unfortunately, the extension isn’t available for other browsers yet), or download the mobile app.

Step 2: Open the extension and click [Get Started] to begin the setup process.

Step 3: Click [Create a New Seed Phrase].

Step 4: Create a password for your wallet and click [Next] to continue.

Step 5: Click [Show Seed Phrase] and save it (ideally somewhere offline).

Step 6: Click [I’ve Saved the Phrase] to continue. If you’ve assigned the same seed phrase to other wallets, you'll see a list of all the other wallets this seed phrase is associated with. From here, you can easily add them to your whitelist.

Step 7: Click [Done].

Your wallet is now ready to use! If you own a hardware wallet, such as Trezor or Ledger, Rabby Wallet can easily integrate it into your setup.

How to Import an Existing Wallet

If you already have a wallet, you don’t need to start using Rabby from scratch. Of course – you can simply import your existing wallet.

Here’s how to do it:

Step 1: Open your Rabby Wallet mobile app or Chrome extension.

Step 2: Click [Import Seed Phrase].

Step 3: Enter the seed phrase of a wallet you want to import and click [Confirm].

Step 4: Click [Import Private Key] if you also wish to import your private key from another wallet.

That’s it! You’re now ready to plunge into the exciting world of dApps or start swapping tokens.

How to Connect to dApps

As a Web3 wallet, Rabby is able to connect to various decentralized applications. You can browse the list of available dApps right there on the app itself.

Here's how to do it:

Step 1: Navigate to the [Explore] tab on the mobile app.

Step 2: Type in the name of the dApp you want to connect to, then click on it.

Step 3: Click [Connect] in the top right corner (you can also download the mobile app for the dApp in question if it's available).

Step 4: Select Rabby Wallet from the list of connection options.

Step 5: Click [Connect].

Now, you can access the dApp and start using it within the Rabby Wallet mobile app interface.

Pros

• User-friendly design
• Robust security
• Long battery life

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Pros

• A brand-new design
• Industry-leading security
• Coin, token and NFT storage

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Pros

• Supports over 7,000 crypto assets
• Easy navigation
• Open-source

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Conclusions

Even though my Rabby Wallet review wasn’t meant to give a conclusive answer to whether or not this product is worth your time (that would depend on your own personal circumstances), I still hope it was enough to at least provide a balanced overview.

Let’s see what we’ve got so far. Rabby is a self-custodial multi-chain Web3 wallet with 115 blockchains and over 1,000 dApps at its disposal. It goes out of its way to educate users on the inner workings of their transactions and ward off common security risks, such as scam transactions. It comes with a few other neat features, too, such as the “Watcher Mode”, token swapping, and gas top-up features.

On the flip side, Rabby Wallet offers no staking program (commonly found in most exchanges today, such as Binance, Bybit, and Kraken), nor does it let you directly buy crypto coins and tokens using fiat currency.

In addition, if multiple other user reviews are to be believed, Rabby suffers from a buggy interface, and its customer support isn’t always within reach. If you decide to go with something more reliable than Rabby Wallet, Ledger or Trezor could be a better pick.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. S. Barakat., Q. Hammouri., and K. Yaghi.: “Comparison of hardware and digital crypto wallets’;

2. K. Kristián.: ‘Multi-Chain Architecture for Blockchain Networks’.