With the rise of Decentralized Finance (DeFi), many people are talking about using WalletConnect to secure their transactions when interacting with crypto wallets and decentralized applications (DApps). Today you’ll find out what wallets are Compatible with WalletConnect. This protocol can help people who want to add extra layers of security to their transactions.
Let’s ride on! To find out more about WalletConnect, check out this great article on Walletconnect review.
What Wallets are Compatible with WalletConnect?
In the web3 ecosystem, WalletConnect improves wallet-to-Dapp interoperability. WalletConnect can easily integrate support for over 170 cryptocurrency wallets into Dapps.
As the world of cryptocurrency transactions expands, that number is likely to rise as more wallet developers enter the market. Here are some of the best wallets that are compatible with WalletConnect:
MetaMask
Our take
MetaMask isn’t the best WalletConnect-compatible crypto wallet for beginners, but it’s great for users who want complete anonymity and only use Ethereum-based crypto.
The hot wallet from MetaMask supports over 450,000 cryptocurrencies on the Ethereum, Avalanche, and Polygon chains. Users can buy and store ERC-20 tokens or NFTs, as well as exchange cryptocurrencies, in addition to receiving or making crypto payments. Users are not required to include any personally identifiable information, and they can use their WalletConnect-compatible wallets to create multiple addresses across blockchains for added anonymity.
This crypto wallet is completely free to use for cryptocurrency storage. According to its website, the platform charges a swap fee of 0.875%, which is automatically factored into every quote. One potential disadvantage of this crypto wallet is that there is no option to reset a password. Furthermore, only tokens based on the Ethereum chain are supported, ruling out the possibility of storing your Bitcoin on it.
Trust Wallet
Our take
Trust Wallet is one of the best WalletConnect-compatible wallets for people on the go who want a wallet that does everything and manages a diverse range of cryptocurrencies.
This cryptocurrency wallet supports over one million cryptocurrencies and works with at least 50 blockchains. The wallet can also store NFTs from Ethereum blockchains. The app is easy to use and supports a variety of cryptocurrencies. While many wallets exist solely for crypto storage and transactions, Trust Wallet has additional features that users appreciate, such as staking, which allows users to earn cryptocurrency rewards. Within the crypto wallet, users can buy and sell cryptocurrency.
The app is free to use for Apple and Android mobile devices, according to the Trust Wallet website. There are, however, two potential drawbacks. First, the cryptocurrency wallet employs hot storage. This means that everything is stored online. Offline or cold storage, as you might expect, is more secure because it is less vulnerable to cyberattacks. Second, there is no browser extension or web version of the wallet.
Ledger Live
Our take
Ledger Live provides versatile features for both new and experienced users, and it is suitable for those who prefer cold storage.
According to the Ledger Live website, users can use the app to receive and send more than 5,500 cryptocurrencies. They can also manage additional cryptocurrencies from external wallets.
The proprietary software used for Ledger hardware cold wallets is known as Ledger Live. Ledger hardware comes in three varieties: Nano S, Nano X, and Nano S Plus. Users can compare the various features of these crypto wallet devices to determine which one is best for their needs.
With their chip cards, these WalletConnect-compatible wallets provide high-level security. In addition, the devices are less expensive than some other hardware wallets. Furthermore, it’s fantastic that the keys are never accessible via the Internet.
While the app is free to use, there are a few disadvantages. The Nano wallets aren’t as mobile-friendly as some of the competition. Furthermore, the S model lacks a touchscreen and has limited app storage. These external wallets cost between $79 and $179.
Rainbow
Our take
Rainbow is a hot-storage cryptocurrency wallet that is ideal for users who have Ethereum-based assets and want a convenient one-stop shop to manage them.
This cryptocurrency wallet is compatible with both Android and Apple devices. Users can use the app to send assets to ENS names rather than addresses, view transaction history, import seed phrases from other wallets, and manage DeFi tasks. Another advantage of this crypto wallet is that users can back up their private keys or seed phrases on iCloud for recovery if they lose access to the account.
Rainbow does not charge users to use their WalletConnect-compatible wallets to store, send, or gift assets. The main disadvantage for people who have digital assets that exist outside of the Ethereum blockchain is that Rainbow is only for Ethereum assets.
MyEtherWallet
Our take
MyEtherWallet is a good WalletConnect wallet for businesses, individuals, and experienced users who prefer cold storage.
This open-source crypto wallet is available for Apple and Android users. Users have full control over their assets and can store information on their computers or external devices because the wallet uses cold storage for Ethereum coins. The wallet’s design makes it simple to swap digital assets without the need for third-party exchanges or platforms.
This free crypto wallet allows users to interact with DApps and smart contracts, as well as manage NFTs. However, it only supports Ethereum coins and assets from Ethereum-compatible chains, such as Binance Smart Chain, Polygon, and Ethereum Classic assets.
Spot Wallet
Our take
Spot Wallet is one of the best WalletConnect-compatible wallets for Solana and Tezos users. It’s ideal for those who want complete control over their cryptocurrency holdings.
Spot Wallet accepts Ethereum, Bitcoin, Solana, Tezos, and NFTs as payment methods. According to the Spot Wallet website, users can use this Web 3.0 crypto wallet to buy, sell, swap, and store cryptocurrencies. It integrates well with WalletConnect v2.0 as one of the best WalletConnect-compatible wallets. Users can also earn interest on Solana and Tezos, as well as track NFT floor prices, crypto prices, news, and more with widgets. They can also receive customized alerts. The app is compatible with Google and Android devices.
Spot Wallet is completely free to use. However, some users have reported app glitches, and some of the processors used by the platform charge exorbitant fees.
SafePal
Our take
SafePal is a top cryptocurrency wallet for Ethereum and Bitcoin users looking for low-cost cold storage.
The Cypher and S1 are the two main crypto hardware devices in this crypto wallet. As of June 2022, both hardware wallets are available online for around $40. Through WalletConnect, the SafePal app, which is available for iOS and Android, integrates with them and other DApps.
Users can store, trade, and manage a wide variety of crypto assets. A self-destruct feature protects against malware attacks. This easy-to-use wallet is also ideal for beginners looking for WalletConnect-compatible wallets because there are no fees for receiving or sending assets.
While SafePal supports many digital assets, some users may be disappointed that it does not support Litecoin, TRON, Monero, or EOS.
Math Wallet
Our take
Math Wallet is a WalletConnect-compatible wallet that is ideal for users who want multi-chain storage with a high level of security.
This decentralized crypto wallet app supports over 100 digital assets, including Bitcoin, Ethereum, Filecoin, Polkadot, and Cosmos. It is compatible with both Apple and Android devices.
The ability to stake cryptocurrency within the app is a significant benefit for users. Mnemonic phrases, private keys, two-factor authentication (2FA), and other forms of security are available. Another advantage is that Math Wallet can be used for hot storage or integrated with Ledger for cold storage.
Although there are transaction fees, storing digital assets and using the crypto wallet are both free. There are two potential disadvantages: Some users report multiple bugs, and customer service does not appear to be helpful in resolving them. Furthermore, some features may take a long time to load.
BitPay
Our take
BitPay is a good wallet for users who have a variety of crypto assets and want to swap or earn them.
BitPay’s noncustodial wallet includes multi-signature security and optional key encryption. Users value the ability to manage assets across multiple platforms from a single location. BitPay provides multi-factor security and allows payment authorization to be split across up to 12 devices. The app is available in the Google and Apple app stores, and users can convert their crypto assets into gift cards for popular retailers or deposit them into a BitPay debit card.
One disadvantage is that network fees for purchasing crypto assets are typically high. Furthermore, the ID verification process eliminates complete anonymity. The wallet, on the other hand, is free to use and automatically converts cross-currency payments without fees.
AlphaWallet
Our take
AlphaWallet is a good wallet for people who prefer a self-custodial structure for Ethereum assets over a noncustodial one.
This wallet provides offline storage solutions, making it more secure than a standard hot wallet. Users have advanced security because it employs Secure Enclave. The open-source wallet is completely free to use.
There is an app for both Android and Apple users in addition to the desktop version. All popular Ethereum-based crypto tokens and NFTs are supported by AlphaWallet. Users also appreciate the ability to tokenize business assets. WalletConnect v2.0 is also supported by AlphaWallet.
One potential disadvantage is that AlphaWallet isn’t a great option for exchanging tokens. Furthermore, it only supports Ethereum assets. Furthermore, the network may become backed up or overloaded at times.
Conclusion
Using wallets that support the WalletConnect protocol is a more secure way to interact with DApps and conduct transactions. Users should ensure that they understand the common fees associated with each cryptocurrency transaction in order to be more satisfied.
Users who are concerned about losing access to crypto storage wallets that do not provide recovery assistance other than seed phrases should look for WalletConnect-compatible wallets with features that mitigate this risk.
