Cryptocurrency Help Logo

Cryptocurrency help is reader-supported. When you buy through links on our site, we may earn an affiliate commision.

Rainbow Wallet Review

By Jinia06/22/2023

Share

When it comes to crypto wallets, few stand out in terms of design and simplicity than the Rainbow Wallet. 

Launched in 2019, the Rainbow Wallet is an Ethereum-only mobile app that is available on both iOS and Android devices. This fun and simple wallet boasts secure software that does a good job of keeping your private keys in your control while still enjoying the functionality of a hot wallet. 

With the Rainbow Wallet, you get a beautiful and powerful app that simplifies the entire process of dealing with cryptocurrencies. You can connect this app to popular DeFi exchanges such as Uniswap and enjoy non-custodial services. 

Here is a detailed review of what the Rainbow Wallet has to offer.

Pros

  • Easily swap between ERC-20 tokens through Uniswap

  • Simple and intuitive user interface

  • Highly rated and secure

  • Ideal for beginners as well as advanced users

  • Compatible with multiple networks

  • Supports tons of cryptocurrencies

Cons

  • Only supports ERC-20 (Ethereum) tokens

  • Doesn't feature a web browser plugin

Rainbow Wallet Review: The TLDR

Here is a quick summary of what you need to know about the Rainbow Wallet:

  • Rainbow Wallet is a user-friendly cryptocurrency wallet known for its sleek design and strong security features. 
  • It supports multiple cryptocurrencies and integrates seamlessly with decentralized exchanges for easy trading. 
  • The wallet prioritizes user security by using advanced encryption, offering biometric authentication, and supporting hardware wallet integration.
  • Additionally, Rainbow Wallet provides portfolio tracking tools to help users monitor their investments and stay updated on market trends. 
  • However, it’s important to note that the wallet is currently only available on iOS and Android devices, and some advanced features like staking may be missing.
  • This wallet also lacks a browser extension, as is the case with competing wallets like MetaMask.
  • Also, although Rainbow is a centralized wallet, it offers users control over their private keys. That means users must trust the platform with the security of their funds as well as take extra steps to safeguard their devices from theft or hacking. 
  • Overall, Rainbow Wallet offers a stylish and secure solution for managing cryptocurrencies, although it may have limitations depending on individual needs and preferences.

History of Rainbow Wallet

Rainbow Wallet was created by a team of developers and designers passionate about enhancing the cryptocurrency experience for users. The wallet was launched in 2019. Since its launch, Rainbow Wallet has made significant progress and garnered a considerable user base within the cryptocurrency community.

The team behind Rainbow Wallet has continuously worked on improving the app’s functionality and user experience. They have released regular updates, addressing bugs, enhancing security measures, and introducing new features to meet the evolving needs of the users. The team has also collaborated with decentralized exchanges such as Uniswap to ensure seamless integration and improve trading capabilities within the wallet.

The progress made by the Rainbow Wallet team can be seen through user feedback, positive reviews online, and the growing adoption of the wallet within the cryptocurrency community. 

As a result, Rainbow Wallet has established itself as a popular choice for individuals seeking a stylish and secure platform to manage their digital assets.

How to Set up Your Rainbow Wallet

Setting up your Rainbow Wallet is a straightforward process that allows you to start managing your cryptocurrencies with ease. Follow these steps to get your Rainbow Wallet up and running:

Download the App: 

Visit the official site to download and install the app on your iOS and Android devices. You can also get the app on App Store and Google Play.

Create a New Wallet: 

Launch the Rainbow Wallet app and select the option to create a new wallet. You will be prompted to set a strong password. Remember to choose a password that is secure and unique. If you already have a wallet, you can easily import it into your Rainbow Wallet app.

Backup Your Wallet: 

Rainbow Wallet strongly recommends creating a backup of your wallet. Follow the on-screen instructions to generate and securely store your wallet recovery phrase. This recovery phrase is crucial for restoring your wallet in case of loss or device change.

Add Cryptocurrencies: 

Once your wallet is set up, you can start adding cryptocurrencies. Rainbow Wallet supports a variety of digital assets. Select the “Add Currency” or similar option within the app and follow the instructions to add the desired cryptocurrencies to your wallet.

Security Measures: 

Rainbow Wallet offers additional security features, such as enabling biometric authentication (e.g., Touch ID or Face ID) or integrating a hardware wallet for enhanced protection. Explore the settings menu to configure these security measures based on your preferences.

Explore Features: 

Take some time to familiarize yourself with the features of Rainbow Wallet. You can track your portfolio, view transaction history, and even connect to decentralized exchanges for trading. The intuitive user interface makes it easy to navigate and manage your cryptocurrencies.

Remember to keep your Rainbow Wallet app updated with the latest version to benefit from new features and security enhancements. Additionally, it is crucial to keep your wallet password and recovery phrase secure and confidential.

Supported Cryptocurrencies

In terms of supported cryptocurrencies, the Rainbow wallet primarily supports ERC-20 tokens. While this might appear limiting for some users, it is a great choice for users who are active in the Ethereum ecosystem. The good news, however, is that the app also allows you to store all your ERC-721 NFTs (non-fungible tokens) in one location.

Here is a look at some of the tokens you can hold in this wallet:

  • Enjin Coin
  • Chainlink
  • Shiba Inu
  • Aave
  • DAI
  • Wrapped BTC
  • Polygon
  • Bored Ape Yacht Club NFTs
  • Basic Attention Token 

Conclusion: Great for Beginners and Vets Alike

When it’s all said and done, the Rainbow wallet is a great choice for both advanced and novice users looking for a stylish and secure platform to manage their cryptocurrency investments. 

With its user-friendly interface, robust security measures, and support for a wide range of Ethereum-based cryptocurrencies and NFTs, the Rainbow Wallet has become a popular choice among crypto enthusiasts.

The portfolio tracking tools on the app enable users to monitor their investments and stay updated on market trends. The seamless integration with decentralized exchanges allows for convenient trading within the wallet, eliminating the need to switch between different platforms. Additionally, the option to enable biometric authentication or integrate a hardware wallet provides an extra layer of security to protect users’ funds.

Even though there is no browser extension and the wallet only supports Ethereum-based digital assets, this wallet still offers value for its users based on the features and functions highlighted in this review. Plus, ongoing enhancements could bring these additional features to the app.

Article tags

Wallets
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

Further reading

Ledger Nano S Plus Review image
Ledger Nano S Plus Review02/27/2023
MetaMask Crypto Wallet Review image
MetaMask Crypto Wallet Review08/03/2023
Do I Need a Hardware Wallet for Crypto? image
Do I Need a Hardware Wallet for Crypto?08/09/2023
Coinbase Wallet Review image
Coinbase Wallet Review08/16/2023

Recent News

Is $50,000 Bitcoin Back for Good? image
Is $50,000 Bitcoin Back for Good?02/21/2024
Amazon to Develop Movie Based on Billion Dollar Bitfinex Hack image
Amazon to Develop Movie Based on Billion Dollar Bitfinex Hack02/19/2024
What’s the Verdict on Bitcoin ETFs? image
What’s the Verdict on Bitcoin ETFs?02/12/2024