The short answerRainbow is the best first self-custody wallet for Ethereum: fully open source underneath an approachable interface, with clear previews and defaults that steer new users away from mistakes. It covers EVM chains only, and its built-in swap takes a healthy cut.
Best forNewcomers to Ethereum and its L2s
Key handlingweight 25%
8.5avg 8.5
Audits & opennessweight 20%
8.5avg 8.0
Transaction transparencyweight 20%
8.0avg 8.1
Coverageweight 15%
7.5avg 7.6
Recoveryweight 10%
7.5avg 7.8
Usabilityweight 10%
9.5avg 8.2
this service category average across 15Score = Σ mark × weight. Recommendable to most readers, with stated caveats. Methodology.
| Criterion | Mark | What we found | Source | Checked |
|---|
| Key handling | 8.5 | not sourced yet | not sourced yet | — |
| Audits & openness | 8.5 | not sourced yet | not sourced yet | — |
| Transaction transparency | 8.0 | not sourced yet | not sourced yet | — |
| Coverage | 7.5 | not sourced yet | not sourced yet | — |
| Recovery | 7.5 | not sourced yet | not sourced yet | — |
| Usability | 9.5 | not sourced yet | not sourced yet | — |
What we liked, and what fell short
Liked- Open-source client with a warm, approachable interface
- Clear transaction previews and sensible defaults
- Good L2 support with automatic network handling
Fell short- Ethereum and EVM L2s only
- Swap fees are on the high side
Why the marks landed where they did
The gap between an exchange app and a self-custody wallet has historically been a cliff. Rainbow narrowed it: the interface is warm rather than technical, network switching is handled automatically, and transactions are explained in plain language — without hiding anything or compromising on the wallet being genuinely non-custodial and open source.
Why open source matters here
For a wallet, open code means researchers can verify key generation, storage and transmission. Rainbow publishes its client, which puts it in the same category as Rabby and ahead of Phantom, Trust Wallet and Exodus on this criterion. That is not an abstraction: closed wallets have shipped weak key generation before, and only public review catches it.
Features and limits
Ethereum, Base, Optimism, Arbitrum, Polygon and other EVM chains; hardware wallet support; ENS integration; NFT display that is actually pleasant; and transaction previews with balance-change simulation. No Bitcoin, no Solana. Built-in swaps carry a fee around 0.85%, so route larger trades through an aggregator.
Who should use it
Newcomers to Ethereum self-custody, and users who want an open-source mobile wallet with a good experience. Power users will eventually want Rabby's approval tooling on desktop; Rainbow is where to start and a fine place to stay for ordinary use.
FAQ
Is Rainbow open source?+
Yes, the client is published, which allows independent verification of key handling — a meaningful advantage over closed consumer wallets.
Which chains does Rainbow support?+
Ethereum and major EVM layer-2s including Base, Optimism, Arbitrum and Polygon. No Bitcoin or Solana.
What does Rainbow charge for swaps?+
Around 0.85% on the built-in swap. For larger trades, routing through 1inch or a DEX directly is cheaper.
Is Rainbow good for beginners?+
It is among the best first wallets for Ethereum — clear language, sensible defaults and open code, without the technical assumptions of desktop wallets.
