Rainbow Wallet Review

Diving into the cryptocurrency world demands a wallet that's not just secure but also user-friendly. In this Rainbow wallet review, I'll cover one of the most notable options that has caught the eye of many crypto enthusiasts.

Competing with established names like Ledger Nano X and Trezor Safe 5, this platform has standout strengths and features. In this Rainbow wallet review, I’ll look into what this crypto wallet has to offer, where it might fall short, and why it could be the right fit for your needs.

Verdict at a glance: Rainbow wallet offers a user-friendly experience, making it a good choice for managing Ethereum and Ethereum-based tokens. It features seamless NFT management, built-in crypto swaps, and ENS integration. However, its exclusive focus on Ethereum may be limiting for those with diverse crypto portfolios, and the lack of live customer support could be a drawback for users needing immediate assistance.

What is Rainbow Wallet?

First, let's begin this Rainbow wallet review by discussing the basics. The platform is a non-custodial wallet, which means you have full control over your assets without relying on a third-party service. With Rainbow wallet, you can store, send, and receive Ethereum and other ERC-20 tokens. In addition, its design is beginner-friendly and visually appealing, making the whole experience smooth and enjoyable.

Speaking of the technology behind Rainbow wallet, the platform operates on the Ethereum blockchain. It also supports Layer 2 solutions, which help reduce transaction fees and speed up transaction times. This is a big plus if you frequently move your assets around and want to save on costs while doing so.

Now, what is Rainbow wallet's main focus? It's all about providing a secure and fun way to interact with the Ethereum blockchain. Beyond storing your crypto, Rainbow wallet lets you explore the world of decentralized finance (DeFi), purchase and manage non-fungible tokens (NFTs), and interact with various decentralized apps (dApps) directly from the wallet.

Overall, Rainbow wallet is quite a versatile and user-centric wallet that aims to simplify your crypto experience while keeping your assets safe. It combines robust security with an engaging user interface. Moreover, this platform offers various features, which I’ll discuss in my Rainbow wallet review.

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Rainbow Wallet Review: PROS

Now that we got a little bit more familiar with the platform itself, let's continue this Rainbow wallet review by exploring the pros of this application. Below, you'll find how it stands out from other crypto wallets.

Manage Multiple Types of Digital Assets

Rainbow wallet is a powerhouse when it comes to supporting Ethereum and ERC-20 tokens. It covers a broad spectrum of assets on the ETH network and various Layer 2 chains.

This means you can manage your entire Ethereum portfolio, including popular ERC-20 tokens, all in one place. It's really convenient, especially if you don't want to juggle multiple wallets.

One of the standout features that this platform offers is Onchain On-the-Go, which ensures that users can manage their assets regardless of where they are. It also lets you execute transactions, swap tokens, and interact with dApps seamlessly.

Moreover, the platform also excels in supporting NFTs, short for non-fungible tokens. You can view, manage, and trade your NFT wallet Rainbow collection directly from the wallet.

So, whether you're a seasoned collector or just getting into the NFT wallet Rainbow space, this Ethereum wallet provides detailed information about each asset, including market data, which helps you keep track of your investments. This feature is great for those who want a comprehensive view of their digital collectibles without using multiple platforms.

Additionally, Rainbow wallet lets you curate and showcase your non-fungible token collections. You can organize your NFT wallet Rainbow into showcases, making it easy to present and share your collections with others.

This is particularly handy if you want to highlight specific items or themes in your portfolio. It adds a personal touch and makes your digital assets feel more like a tangible collection you can proudly display.

That said, Rainbow wallet is a comprehensive platform that makes managing a diverse range of crypto and NFTs convenient and enjoyable. With a user-friendly interface and seamless integration with Ethereum-based services, the application can be a good choice for those looking to explore crypto and digital collectibles.

Built-In Swap Feature

Another impressive aspect that I should mention in my Rainbow wallet review is its built-in swap feature, which lets users exchange one cryptocurrency for another directly within the app. This feature is a game changer for those who want to manage their portfolio efficiently without using multiple platforms.

Rainbow’s swap tool is designed to facilitate seamless crypto swaps. The process is straightforward: you select the cryptocurrencies to swap, input the amount, and the app does the rest.

Rainbow leverages decentralized exchanges (DEXs) like Uniswap and SushiSwap to provide users with the best swap rates. The core principle behind DEXs was to create peer-to-peer platforms that give users control over their private keys and assets^[1]. So, the DEX integration ensures everyone can execute trades quickly and streamline the process without leaving the app.

The user experience with Rainbow Ethereum wallet’s swap feature is exemplary. The interface is intuitive, with minimal steps needed to complete the process. This accessibility is crucial, as it saves time and reduces the learning curve for new users. The Rainbow wallet app also provides real-time updates on exchange rates and transaction statuses.

Cost-effectiveness is another significant benefit. Rainbow Ethereum wallet often provides competitive rates for swaps, and since you’re not moving funds between different platforms, you save on transaction fees. This can lead to substantial savings over time, especially for frequent traders. I’ll discuss these rates a bit later in this Rainbow wallet review.

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Ethereum Name Service Customization

Rainbow wallet stands out with its Ethereum Name Service (ENS) support. This feature can significantly enhance the user experience by simplifying crypto transactions. ENS allows users to replace long, complicated Ethereum addresses with easy-to-remember names, much like a web domain name.

By the way, the Ethereum Name Service is a decentralized naming service on the ETH blockchain that uses smart contracts to manage domain name registration and resolution^[2]. It focuses on resolving names to Web3 resources like blockchain addresses and decentralized websites.

With Rainbow wallet, integrating this feature is relatively easy. The wallet supports ENS natively, enabling users to register and manage their Ethereum Name Service directly within the app. You can send and receive digital assets using human-readable names instead of lengthy alphanumeric addresses.

For instance, instead of remembering and inputting a string such as this "0x7a3d05c70581bD345fe", you can simply use a name like " yourname.eth" to facilitate transactions.

Using ENS for crypto transactions offers several advantages. Firstly, it reduces the risk of errors. Typing or copying long addresses can lead to mistakes, potentially resulting in lost funds. ENS minimizes this risk by allowing users to use easily recognizable names.

Secondly, it enhances privacy and personalization. You can create meaningful and unique names. Lastly, it improves the overall transaction experience, making it quicker and more user-friendly.

User feedback on the ENS integration is relatively positive. People seem to appreciate the convenience and simplicity that this feature brings to their transactions. They also mention how much easier it is to send and receive funds without copying and pasting long addresses.

Browser Extension Support

The platform's versatility extends beyond its mobile app. It offers a Rainbow wallet Chrome extension, which enhances accessibility and convenience by letting you manage your crypto assets directly from a web browser. That said, the Rainbow browser extension is also available on other browser, including Firefox, Edge, and Safari.

Once installed, you can create or import your wallet from the mobile app, making the process quick.

The browser extension mirrors many features found in the Rainbow wallet app. You can view your crypto portfolio, send and receive Ethereum, and utilize the built-in swap feature directly from the browser. It also supports ENS customization, letting you enjoy the same level of personalization as you do on the mobile app.

Moreover, the Rainbow wallet browser extension’s integration with dApps lets you interact with these decentralized platforms, sign transactions, and manage your digital assets. This can be useful for those who frequently engage with DeFi platforms, NFTs, and other blockchain-based services.

Both the browser extension and Rainbow wallet mobile app also have unique advantages. The latter excels in on-the-go convenience, providing a user-friendly interface optimized for touchscreens. It's great for people who need quick access to their wallet while away from their workstations.

Meanwhile, the browser extension offers seamless interaction with dApps and services. So, it’s ideal for users who spend a lot of time working on their computers.

Advanced Security Measures

Another important benefit I should mention in this Rainbow wallet review is that the platform is completely safe and takes several advanced security measures.

Because Rainbow wallet is a self-custodial wallet, it means that you have full control over your private keys and, consequently, your funds.

In addition, the Rainbow wallet is open source. This transparency allows developers and security experts worldwide to inspect the code, identify potential vulnerabilities, and suggest improvements.

Open-source projects benefit from the scrutiny of the global developer community, which helps them quickly address security issues. Rainbow wallet's code can be viewed on their GitHub page.

User privacy is also a top priority for Rainbow wallet. Unlike many services that require extensive personal information, this platform doesn't ask for your name, email, or any other information that could help someone identify you. This policy minimizes the risk of your data being compromised through data breaches or unauthorized access.

Moreover, if you want an additional layer of security, Rainbow wallet integrates seamlessly with hardware wallets like Ledger Nano X. Hardware wallets store your private keys offline, making them nearly impervious to only threats.

For instance, using Ledger Nano X with Rainbow wallet means that all transactions must be physically confirmed on your Ledger device. Thus, it provides an extra level of security against potential hacks.

So, is Rainbow wallet safe? From what I’ve explained in my Rainbow wallet review, it seems to be a safe platform for managing your digital assets.

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Rainbow Wallet Review: CONS

While I've discussed many advantages in my Rainbow wallet review, it's not without its drawbacks. Understanding the platform's limitations is crucial if you consider using it. Therefore, let's delve into some areas where the Rainbow Ethereum wallet might fall short.

Only Supports Ethereum and EVM Chains

The first significant limitation I want to mention in my Rainbow wallet review is its exclusive support for ETH and assets built on EVM chains. While the platform excels in providing a user-friendly and secure space for managing Ethereum, it doesn't support other major cryptocurrencies like  Bitcoin, Litecoin, or Binance Coin.

For users who have a portfolio with a broader variety of assets, Rainbow's wallet can be a significant drawback. They must use additional platforms, which complicates the management of cryptocurrency and potentially increases the risk of errors. Switching between wallets is also time-consuming compared to multi-currency wallets.

The inability to manage multiple assets within a single wallet also limits users’ ability to quickly diversify their crypto portfolios. Diversification, a key risk management strategy, is hindered when users are restricted to Ethereum-based assets. This limitation can frustrate those looking to invest in other promising blockchain ecosystems.

In comparison, multi-currency wallets like Binance wallet and Coinbase wallet support a broad range of cryptocurrencies. They offer a more comprehensive solution for managing diverse portfolios. These wallets enable users to hold, trade, and manage various assets within a single interface, enhancing convenience and reducing complexity.

Several user Rainbow wallet reviews often highlighted this limitation. While the platform is praised for its ease of use, some users express disappointment over its Ethereum-only support. Complaints mention the inconvenience of using multiple wallets and the desire to include other major cryptocurrencies.

So, Rainbow should consider integrating support for additional assets. Adding compatibility for other major cryptocurrencies would make the wallet more versatile. Moreover, it would streamline portfolio management, reducing the need for multiple wallets.

That said, there are thousands of tokens based on the Ethereum blockchain and EVM-compatible chains. Therefore, if you’re not interested in assets built on other chains, Rainbow wallet might be enough for you.

No Live Customer Support

When you read user Rainbow wallet reviews, some people might mention that the platform lacks live customer support.

The application offers customer support primarily through email and a knowledge base on its website. Users can find answers to common questions and detailed guides covering various aspects of using the wallet. You can email the support team at [email protected] for different types of inquiries.

Additionally, the absence of live customer support, such as live chat or phone assistance, can be a significant drawback for users who need immediate help. Waiting for email responses can be frustrating when issues arise, especially financial transactions or security concerns. Users needing quick resolutions may find the delay unacceptable.

Moreover, the lack of live support can impact user experience and overall satisfaction. Issues that could be quickly addressed via a live chat might take much longer to resolve through email. Real-time support can also help users navigate complex processes or troubleshoot errors effectively, which is crucial for maintaining user trust and confidence.

Overall, the Rainbow wallet crypto app could benefit from integrating live chat support into its options. This addition would provide users with immediate assistance, helping to resolve issues more quickly. Additionally, offering a more interactive support option could enhance user satisfaction and loyalty.

Rainbow Wallet Fees

Rainbow wallet crypto app is free to download and use. However, you should know that additional fees may apply for certain transactions and services. So, in this section of my Rainbow wallet review, let’s explore the fees.

Transaction Fees

Like other Ethereum wallets, Rainbow incurs transaction fees, also known as gas fees. They are essential for processing transactions on the Ethereum network, covering the computational effort required to execute and validate operations.

Gas fees are a fundamental part of using Ethereum. They are paid to miners who process and validate transactions on the blockchain. The number of gas fees required can vary depending on the network’s congestion. When it is busy, the cost can rise, making transactions more expensive. Conversely, gas fees tend to be lower during periods of low activity.

Rainbow wallet crypto calculates and displays these fees transparently. When initiating a transaction, the wallet estimates the gas fee, allowing users to see the cost before proceeding.

That said, this estimated transaction payment is dynamically adjusted based on network conditions, ensuring users know the real-time cost. Additionally, users can customize their gas fees within the wallet, opting for higher prices for faster processing or vice versa.

Fees for Crypto Swaps

Next, in my Rainbow wallet review, let's discuss the fees for crypto swaps.

The additional payments for this Rainbow wallet crypto feature include the network gas and liquidity provider fees. As mentioned previously, the cost can vary based on network congestion.

Moreover, the liquidity provider fee is specific to the swap feature. When a user initiates a swap, Rainbow leverages DEXs like Uniswap to facilitate the trade. These platforms charge a fee for providing the liquidity necessary for the swap. Typically, this payment is a small percentage of the transaction number, commonly around 0.3% for many DEXs.

That said, Rainbow displays and calculates these fees transparently. The wallet provides a detailed breakdown of the expected costs, including the gas and liquidity provider fees. So, users can see how these fees affect the final amount they’ll receive post-swap.

How to Use Rainbow Wallet?

Now that you've explored the pros and cons of this platform, it's time to understand how to utilize and customize it to suit your needs. In this section of my Rainbow wallet review, you'll learn the initial setup process and how to personalize your ENS profile.

How to Set Up Rainbow Wallet

To get started with your Rainbow wallet, follow these steps below:

Step 1: Visit the Rainbow wallet download page. Scroll down to the [Download for Mobile] section and choose whether to download the app from the App Store or Google Play. Alternatively, you can download a browser extension like the Rainbow wallet Chrome extension.

Step 2: Open the Rainbow app and tap [Get a new wallet].

Step 3: You'll be prompted to back up your wallet using one of two methods: cloud backup and manual backup.

Step 4: In this tutorial, I use manual backup. So, I tap [Show Secret Phrase] to reveal your private key.

Step 5: Save your secret phrase in a secure location. For instance, you can write it on paper and store it in a safe box. Then, tap [I’ve saved these words].

Congratulations! You’ve created your Rainbow wallet. Now, you can start sending, receiving, and managing crypto assets.

How to Customize Your ENS Profile on Rainbow

After creating a new Rainbow wallet, you can edit your ENS profile:

Step 1: Open the Rainbow mobile app or the Rainbow wallet Chrome extension. Tap the [Search] icon on the bottom main bar to open the Discover page.

Step 2: Select the [Register a .eth name] card to customize your profile.

Step 3: Type an ENS name in the search box. You’ll be notified when the name is available and the estimated total cost. Tap [Continue] to proceed.

Step 4: . Add cover and profile images, display name, bio, website, and social links. You can skip them if you prefer not to expose your personal information.

Step 5: Select the [Save] button. Remember that editing your profile triggers a blockchain transaction due to the permanent information storage. You’ll see a confirmation screen with the transaction fee. Review the cost and confirm if you want to proceed.

You now have your newly customized ENS profile! You can view the profile details in two ways. First, tap the ENS name under the collectibles and scroll down to your profile info. Second, head back to your wallet overview screen and tap your wallet icon.

How to Buy Crypto Using Rainbow Wallet?

You have created a new wallet and set up a custom ENS name. Now, how do you buy cryptocurrencies within the Rainbow wallet app? To do that, follow the steps below:

Step 1: Open the Rainbow wallet app or the Rainbow wallet Chrome extension. Then, tap the [Buy] button.

Step 2: Choose your preferred payment method, including Ramp, Moonpay, and Coinbase.

Step 3: Choose the specific cryptocurrency you want to purchase.

Step 4:  Enter the number of crypto by using your preferred currency, such as USD or EUR.

Step 5: Review the transaction details carefully, including fees and exchange rates.

Step 6: Follow the on-screen instructions based on your chosen payment method. This might involve linking your bank account or debit card. Complete the payment process.

That’s it! Purchasing crypto on Rainbow is hassle-free. The purchased crypto will be transferred to your Rainbow wallet upon successful payment.

Pros

• Can be managed from mobile device
• Very secure
• Supports more than 5500 cryptocurrencies

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Pros

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

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Pros

• Supports over 7000 crypto assets
• Easy navigation
• Open-source

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Conclusions

Wrapping up my Rainbow wallet review, the platform impresses with its sleek, user-friendly design. It's a good option for managing Ethereum and other assets built on EVM-compatible chains. Its integration with mobile and browser platforms ensures seamless access and convenience, whether on the go or at your desk.

The built-in swap feature and ENS support add layers of functionality that enhance the overall user experience. The wallet’s compatibility with hardware wallets like Ledger Nano X and Trezor Safe 5 provides extra security for users prioritizing asset protection. Moreover, the NFT wallet Rainbow lets you trade and manage your NFT collections within the app.

However, the platform's exclusive focus on Ethereum may limit its appeal to those with diverse crypto portfolios. Additionally, the absence of live customer support could be a drawback for users seeking immediate assistance. That said, if you're looking for some alternatives that offer live chat support, Binance wallet and Coinbase wallet might be for you.

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. Hägele: ‘Centralized Exchanges vs. Decentralized Exchanges in Cryptocurrency Markets: A Systematic Literature Review.’;

2. P. Xia, H. Wang, Z. Yu, et al.: ‘Ethereum Name Service: The Good, the Bad, and the Ugly’.