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.