Gem Wallet Review – Pros, Cons, Safety Revealed

Once a small market, crypto wallet users now enjoy more choices than ever. The Gem Wallet mobile app is an easy-to-use option that caters to newer users while supporting many of today’s most popular blockchains.

In our Gem Wallet review, we’ll explore the app’s pros, cons, and features and consider alternatives that may be better suited to individual use cases. Let’s start with a brief overview before discussing the Gem Wallet crypto wallet in more detail.

Our Verdict on Gem Wallet

Gem Wallet offers an easy-to-use mobile wallet focused on crypto beginners and those seeking a simple, user-friendly wallet. The app boasts support for over 50 blockchains and provides handy features like in-app purchases and staking. We found the app simple to navigate and use for basic transactions.

However, advanced users may find Gem Wallet lacking features compared to competing wallet apps. We found Gem Wallet intuitive when connecting to external decentralized applications, but the app didn’t connect to all of our wallets, nor did it show all of our positions or tokens.

Gem Wallet serves basic use cases well, but more experienced users may want to consider more powerful alternatives.

While Gem Wallet is a suitable wallet, after reviewing and testing dozens of wallets, we do prefer Best Wallet over Gem Wallet as it comes with a presale launchpad directly built into the wallet and a seamless DEX interface for crypto trading. Feel free to scroll towards the bottom of this article for a quick bit of information about Best Wallet, or check out our dedicated Best Wallet Review.
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What is Gem Wallet?

Gem Wallet is a versatile cryptocurrency wallet supporting over 50 blockchain networks. The wallet supports XRP, Bitcoin, Ethereum, and several of today’s newest chains that competing apps don’t support as well.

Now available for iOS and Android, the mobile app provides instant access to Bitcoin, Ethereum, BNB, and Solana. Other supported networks must be enabled manually.

The team developed Gem Wallet with simplicity in mind, making it easy for new users to get started with the wallet. However, power users may find some frustrations. For example, only the first wallet address is visible when importing a seed phrase. Nonetheless, the app is capable and easy to use for simpler use cases or those who need support for the specific mix of chains supported by Gem Wallet.

Features include multi-chain support, in-app purchases, cross-chain swaps, and staking for select chains.

Notably, there is some room for confusion with a similarly named Chrome extension focusing on XRP connectivity. The two projects are distinct. This Gem Wallet review discusses the mobile app, which supports dozens of chains.

What Type of Wallet is Gem Wallet?

Gem Wallet operates as a non-custodial wallet, ensuring that users maintain full control over their wallet’s private keys. The private keys control your assets on the blockchain. Non-custodial wallets give the user possession of these keys. In short, you don’t need to access a third-party platform or ask permission to use your crypto. You have the keys.

The wallet app is open-source, allowing anyone to review the code and enabling community audits.

Supported Chains & Cryptocurrencies

Gem Wallet supports many leading blockchains, including Bitcoin, Ethereum, XRP, and Solana. Additionally, the wallet also supports several less common blockchains and many of the leading chains compatible with the Ethereum Virtual Machine (EVM).

Major Blockchains:

Gem Wallet supports many of the leading blockchains, including:

• Bitcoin (BTC)
• Ethereum (ETH) and all ERC-20 tokens
• Solana (SOL) and all SPL tokens
• BNB Chain (BNB) and all BEP-20 tokens
• Tron (TRX) and all TRC-20 tokens
• TON (Toncoin, JETTON tokens)
• Polygon (MATIC)
• Cosmos (ATOM)
• Avalanche (AVAX)
• Injective (INJ)
• Celestia (TIA)
• Sui
• Aptos (APT)
• Sei
• Base
• Berachain
• XRP Ledger (XRP)

Layer 2 Scaling Solutions:

The app also supports a growing list of Layer 2  (L2) chains, including:

• Arbitrum
• Base
• Blast
• Linea
• Mantle
• Optimism
• Scroll
• Starknet
• zkSync
• opBNB
• Ink
• Unichain

Other Supported Chains:

Gem Wallet also provides support for several additional chains and Layer 2 scaling solutions, including:

• Aleo
• Algorand (ALGO)
• Bitcoin Cash (BCH)
• Cardano (ADA)
• Fantom (FTM)
• HypeEVM (HYPE)
• Litecoin (LTC)
• Near (NEAR)
• Osmosis (OSMO)
• Polkadot (DOT)
• Sonic
• Stellar (XLM)
• THORChain (RUNE)
• Gnosis (GNO)
• MANTA
• Noble
• Abstract

With more than 50 chains supported in total, Gem Wallet’s coverage rivals that of other well-known wallets, such as Trust Wallet and Atomic Wallet.

Gem Wallet Features & Tools

Gem Wallet offers several features to help novice and experienced crypto users navigate the Web3 world. Core wallet functionalities are well-designed. The app also provides the basics you’ll need to explore decentralized apps (dApps).

Basic Features

New users will likely feel comfortable using Gem Wallet. The app’s clean interface makes it easy to perform simple tasks like sending, receiving, or buying crypto. Multi-chain support makes the app versatile if you use several chains.

Multi-Chain Support

Gem Wallet supports an impressive list of cryptocurrencies, over 50 blockchains in total. These include major networks like Bitcoin, Ethereum, Solana, and BNB Chain. Several Ethereum L2 chains are also supported, allowing faster and cheaper transactions. For many users, this means they’ll only need one crypto wallet app.

Self-Custodial Control

Gem Wallet is a non-custodial wallet that gives users full control over their private keys. You’re the Captain now, but you’re also responsible for safeguarding your seed phrase and the wallet’s private keys.

Send and Receive

The wallet makes it a breeze to send and receive cryptocurrencies, making transactions straightforward and hassle-free. Scan a QR code on another wallet app to send or generate a scannable QR code for your own wallet address to receive.

Buy Crypto

Users can purchase cryptocurrencies directly within the app using fiat currency via integrated services like MoonPay and Simplex, providing a convenient on-ramp for new users. Depending on the provider, you can buy with a debit card, credit card, or bank account.

Swap Crypto Assets

Gem Wallet supports both on-chain and cross-chain swaps, allowing users to exchange cryptocurrencies within the same blockchain or across different networks. This feature is supported by decentralized exchanges (DEXs) such as Uniswap v4 or PancakeSwap and liquidity providers on platforms like ThorSwap.

Transaction History and Notifications

The app provides a basic transaction history. Track spending and set customizable alerts for transactions and price changes.

DeFi and Web3 Integration

Although not as featureful as some competing apps like Best Wallet or Trust Wallet, Gem Wallet provides connectivity to external dApps, as well as support for staking on specific blockchains.

Native Staking

Gem Wallet allows users to stake specific assets directly within the app, including SOL, ATOM, and ETH. Users can earn yield on their crypto and compare potential returns within the app.

WalletConnect

Gem Wallet’s built-in support for WalletConnect allows users to connect to dApps across multiple supported blockchains. WalletConnect also lets you connect to external staking and yield platforms that are not featured in the app.

NFT Management

A basic NFT gallery lets users manage and trade NFTs on Ethereum (ERC-721) and Solana.

DEX Access

Built-in access to decentralized exchanges enables users to trade cryptocurrencies directly within the app, enhancing its DeFi capabilities. Swap functionality for DEXs and cross-chain swaps centers on major chains, such as Ethereum or Bitcoin. Notably, swaps aren’t available on all chains. For example, we couldn’t swap on the Base L2 chain without connecting to an external dApp using WalletConnect.

Cross-Chain Swaps

Facilitated by protocols like Thorchain, Gem Wallet supports direct swaps between native assets on different chains using protocols like Thorchain. Rebalance your crypto portfolio without using a centralized exchange. Similar to DEX swaps, this functionality centers on major chains like Bitcoin and Ethereum.

Blockchain Features

Gem Wallet provides several tools that make it easier to control costs and manage assets.

• Multi-Wallet Mode: Gem Wallet allows users to create and manage multiple wallets within the app. Each wallet can support multiple chains by enabling a simple toggle. You can also import an existing wallet. However, we could not get more than one wallet address to show for imported wallets.
• Watch Wallet Mode: Monitor the balances and transactions of other wallets. Paste a wallet address to check the balance. In watch mode, the app cannot send funds.
• Naming Services: Crypto wallet addresses are cumbersome and error-prone. Gem Wallet supports human-readable addresses, such as ENS names like vitalik.eth. Of course, the app also supports standard wallet addresses.
• Custom Gas Fees: On networks like Ethereum or Solana, you can set user-defined per-transaction gas fees. Higher fees can enable faster transactions. Adjust the network gas fee for each transaction accordingly.

Security – Is Gem Wallet Safe & Legit?

As discussed earlier, Gem Wallet is open-source, so if you’re handy with code, you can inspect the wallet’s functions. The project also offers a Bug Bounty, rewarding code crawlers who discover a vulnerability. However, we were unable to verify any third-party audits.

When users buy crypto, the app uses third-party providers, including Mercuryo, MoonPay, and Ramp. Each provider is subject to regulations in its respective jurisdiction.

Several built-in security features make the Gem Wallet a competitive crypto wallet with similar wallet apps.

• Advanced Encryption: Gem Wallet employs advanced encryption and secure key management to protect users’ funds and data.
• Passcode Lock: Secure the app with a fingerprint reader or set a PIN to protect your assets when your device is unattended.
• Zero Tracking: Gem Wallet does not track personal identifiable information, including wallet addresses or asset balances, and you do not need to verify your identity to use the app.

Gem Wallet Fees

Crypto blockchains charge fees for transactions like sending or using smart contracts. Gem Wallet doesn’t charge additional fees for these types of transactions. However, you can expect higher fees when buying crypto through the app than through an advanced trading platform.

These costs are masked to a degree, rather than being explicitly detailed for buyers. In effect, you’ll often get less crypto for your money when compared to buying through a crypto exchange. However, buying is easy and convenient, with the crypto you buy deposited into your wallet quickly.

To compare, we can use Bitcoin, showing the difference in buying power using Gem Wallet’s in-app providers.

At the time of this writing, $100 buys 0.0009613953153225214 BTC. The table below shows how much BTC $100 will purchase using Gem Wallet’s third-party providers.

Depending on which providers are available in your region and which payment methods they support, you could pay more than 10% in fees and spreads. Simple buying platforms use spreads (markups) to lock in a price on volatile assets.

In fairness, competing crypto wallets that use this familiar selection of providers have similar buying costs. While Gem Wallet’s in-app purchases are convenient, you can often save money by using an advanced trading platform like MEXC or Binance, and then withdrawing to your non-custodial wallet.

Gem Wallet App User Experience

The Gem Wallet app is easy to use, although its simplicity may also be a weak point for advanced users. The app handles the basics well. Sending and receiving crypto supports QR codes, making basic transactions as easy as taking a picture.

However, if you import an existing wallet using a seed phrase, you might wonder where your other wallet addresses have gone. The app displays one address per wallet.

As a workaround, you can import the private keys for additional wallet addresses. This alone might make power users look elsewhere or limit use to specific purposes.

Swaps are a breeze for enabled networks as well. For example, if you own ETH on the Ethereum network, you can swap for popular meme coins like PEPE or swap to an asset on another chain, such as Bitcoin or Solana. Cross-chain and DEX swaps use the same interface. However, the app still lacks this functionality for many popular chains like Base.

However, another peculiar feature we noticed in our Gem Wallet review involved Ethereum addresses. Importing a wallet only showed assets on one EVM chain. In reality, the wallet had assets on several chains that share the same wallet address. Only one of the dozens of tokens held in the wallet showed in the Gem Wallet app. Users can add custom tokens, but automatic token detection isn’t as good as you might find elsewhere.

We were also disappointed in the app’s inability to show decentralized finance positions. Staking is well-supported for specific chains, but positions held in well-known apps like Uniswap were nowhere to be found in the UI. This speaks to Gem Wallet’s target audience. If you want to keep things simple, using basic features like sending and receiving, or staking on supported chains, it’s a good fit.

Is Gem the Best Crypto Wallet?

While Gem Wallet is well-suited to basic transactions, new users may quickly outgrow the app’s functionality, and advanced users likely need more features. Alternatives like Best Wallet offer more extensive blockchain support and additional features while still being easy to use.

Best Wallet provides a free crypto wallet that’s easy for beginners to use but which boasts an array of features that let you use your crypto in more ways. While user-friendly, the app is powerful enough for experienced users.

The Best Wallet mobile app supports 60+ blockchains, including the most popular chains like Bitcoin and Ethereum, alongside a growing list of other platforms. The app also offers cross-chain swaps, provides DEX support, and provides a staking aggregator to compare yields.

• Support for more than 60 blockchains
• WalletConnect provides easy connections to dApps
• Biometric logins
• Multi-party computation (MPC) technology (split keys)
• No Know Your Customer (KYC) requirements
• In-app crypto purchases

This popular wallet also features a token launchpad, so you can research and buy pre-sale tokens before they reach the broad market. For many users, Best Wallet provides a much more powerful solution without sacrificing ease of use.

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How to Set Up a Gem Wallet Account

As expected for a newbie-friendly crypto wallet app, Gem Wallet setup is straightforward.

1) Download the Gem Wallet

Visit Gem Wallet’s download page to ensure you download the official app. The page features direct links to the Apple App Store and Google Play Store. Android users can also download the APK directly.

Install the Gem Wallet app on your device. Then, click on Create a New Wallet.

2) Set Up Your New Wallet

The app automatically generates a 12-word seed phrase for your wallet. This seed phrase generates the wallet’s private keys. You can use this seed phrase, also called a recovery phrase, to restore your crypto wallet if you lose access to your mobile device. Save the seed phrase securely offline.

Gem Wallet will verify the recovery phrase to be sure you have it copied down safely.

3) Choose Your Networks

By default, your new wallet will support Bitcoin, Ethereum, BNB Chain, and Solana. If you need support for more networks, click the settings icon to add support for additional tokens. You can add more chains by clicking the drop-down arrow for the wallet you want to extend.

4) Fund Your Wallet

If you already own a supported cryptocurrency, you can send it to your wallet. Alternatively, you can buy crypto from one of the third-party providers or on a trusted crypto exchange.

Customer Support

Users can access help through the settings in the app. Gem Wallet support begins with helpful guides. The team also provides chat support through Discord or email support using a ticket system.

As a newer project, there aren’t any Gem Wallet reviews on Trustpilot yet, although the company (based in the U.A.E.) has claimed its Trustpilot page and authored a description on the well-known review site. Android users rated the app at 4.3 out of 5 stars on the Play Store. Apple ecosystem users rate the app slightly higher at 4.5 out of 5 stars on the App Store.

The Verdict

Gem Wallet is a user-friendly, multi-chain crypto wallet ideal for new users and those with basic needs. With support for over 50 blockchains, the mobile app provides a capable tool for managing digital assets on multiple chains. However, power users may find it lacking in advanced features and customization options.

If you need more than basic features, consider alternatives like Best Wallet. The Best Wallet Android and iOS app supports over 60 blockchains, offers a staking aggregator, DEX support, and a token launchpad, and enhanced security features. This combination makes it a powerful wallet app for both beginners and experienced crypto users.

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References

1. WalletConnect Network: The onchain UX ecosystem (walletconnect.network)
2. Gem Wallet (github.com)
3. Make Your Crypto Secure and Private (gemwallet.com)
4. Get Gem Wallet Now (gemwallet.com)
5. Gem Support (gemwallet.com)
6. Gem Discord (discord.com)
7. Gem Wallet (trustpilot.com)
8. Gem Crypto Wallet: Bitcoin (play.google.com)
9. Gem Wallet – Bitcoin & Crypto (apps.apple.com)