Bybit Learn
Bybit Learn
Jul 13, 2022

15 Best WalletConnect Compatible Wallets for Crypto Storage

Today, many people are talking about WalletConnect for securing transactions using crypto wallets and decentralized applications (DApps). People who want to add extra layers of security to their transactions can benefit from using WalletConnect-compatible wallets for crypto storage. This guide will touch on WalletConnect, DApps, crypto wallets and some of the best WalletConnect-compatible wallets for 2022.

What Is WalletConnect?

WalletConnect is an open-source protocol, founded in 2018, which uses deep links or QR codes to connect wallets and decentralized applications that are compatible with it. 

Although WalletConnect is often mislabeled as an application, it isn’t one — contrary to popular belief. Rather, it’s a protocol which uses a shared key between peers to create an encrypted connection for devices, decentralized applications or wallets. 

As of mid-2022, the protocol is compatible with at least 100 crypto wallets, and even more applications. Some of the most common WalletConnect-compatible wallets include Trust Wallet, MetaMask and Rainbow Wallet

One key purpose for using the protocol with WalletConnect-compatible wallets is creating a more reliable connection. The protocol helps solve past accessibility issues, which often required people to install multiple browser extensions, or create new crypto wallets and transfer funds to access certain DApps. 

Three years after WalletConnect was founded, the entity launched its v2.0 protocol update in 2021. Key changes helped clear up any confusion users may have had about blockchain preferences and other concerns. WalletConnect v2.0 features a chain-agnostic interface, as well as multi-chain support. In addition, the update includes pairing and session separation, improved session management, decentralized message relay and JSON-RPC permissions.

What Are DApps?

DApps — decentralized applications — exist on a peer-to-peer network or blockchain. These digital applications aren’t controlled by any single authority, and may be developed for social media, finance, gaming or other purposes. 

Today, many DApps are built on the Ethereum blockchain. Some of the reasons why developers create DApps include fewer censorship risks, enhanced user privacy and development flexibility. However, DApps also present scalability issues, and modifying code can present challenges.

What Is a Crypto Wallet?

A crypto wallet is an application that people use to access and store crypto assets they own. Similar to a tangible wallet that holds cards and cash, a crypto wallet is a digital variant that keeps passkeys for different assets. These passkeys are necessary for making transactions. In the past, crypto transactions required manually entering long keys. However, today crypto wallet applications handle the complexities of crypto transactions. 

Crypto wallets also have public keys, which are addresses that people can see to ensure that they’re making a transaction with the correct party. However, only the holders of crypto wallets can see their own private keys for transactions.

How Does WalletConnect Work?

WalletConnect makes it possible to enhance security for transactions without revealing personal information of any parties involved. In comparison with browser extensions, this protocol is much more private, and is also a lot safer. 

To connect crypto wallets or DApps, WalletConnect uses its Mobile Linking technology. This feature lets DApps and WalletConnect-compatible wallets interact. There are several steps involved, so the actual process the protocol uses can vary slightly between web and mobile browsers.

To provide a demonstration of the mechanics of WalletConnect, consider a connection between a DApp on a website browser and a crypto wallet on a smartphone. 

The first step is accessing the DApp through its official website and finding the option to connect a crypto wallet. Next, you can then select the option to connect a crypto wallet, and choose WalletConnect as the facilitator. After this, a QR code will be generated. You can then go into the crypto wallet app that’s being connected and access the settings menu. From that menu, choose WalletConnect to establish a new connection.

Then, scan the browser's QR code. After that, the protocol will redirect you to the DApp and provide an option to connect or link the digital wallet that has been accessed. You can then start a transaction. In order to do so, click on the option you wish to trade, and select the number of tokens you want to swap. For example, if you want to swap ETH for BNB, simply enter the number of ETH to swap for BNB. 

The final step is verifying the swap. When a price changes in the middle of a transaction, there’s a prompt that will alert you and require you to click Accept. Do note that transactions can take several seconds to complete.

Once the transaction is successfully completed, disconnect WalletConnect from the chosen crypto wallet. The Disconnect option is under the wallet icon on the top right. If you don’t use a website browser, and are instead using a smartphone for a transaction, the process may be shortened, and may not include scanning the QR code.

Best WalletConnect-Compatible Wallets for Crypto Storage

According to WalletConnect's website, the protocol is compatible with over 100 wallets. As the world of crypto transactions continues to grow, that number is likely to increase as more wallet developers enter the space. 

Although most crypto wallet apps are free to download and use, there are other fees that are included when making transactions. Crypto wallet users may have to pay service fees, platform fees, and blockchain gas fees based on the market rate. 

Wallet creators don’t receive these gas fees, and have no control over their fluctuation. However, wallets typically allow users to set a variable or tiered transaction fee, which usually corresponds with the speed needed for a transaction. For example, setting a higher fee means that there will be a faster processing speed. On the contrary, people may set lower fees for non-urgent transactions. Of course, processing fees may also depend on the different third-party processors for wallet providers who use third parties. 

If you’re looking to create a new wallet, here are the best WalletConnect-compatible wallets you can use.

1. Trust Wallet

Trust Wallet is one of the best WalletConnect-compatible wallets for busy people who want one that does everything and manages a wide range of cryptocurrencies.

This crypto wallet supports over 1 million cryptocurrencies and is compatible with at least 50 blockchains. Also, the wallet can store NFTs from the Ethereum blockchains. The app has a user-friendly design and supports a wide range of cryptocurrencies. While many wallets exist only for crypto storage and transactions, Trust Wallet has other useful features that users like, such as staking, which allows users to earn crypto rewards. Users can buy and sell crypto within the crypto wallet.

According to Trust Wallet's website, the app is free to use for Apple or Android mobile devices. However, there are two potential drawbacks. First, the crypto wallet uses hot storage. This means that it stores everything online. As you might guess, offline or cold storage is more secure, as it’s less vulnerable to cyberattacks. And second, the wallet doesn’t have a browser extension or a web version.

2. MetaMask

MetaMask isn’t the best WalletConnect-compatible crypto wallet for beginners, but it is excellent for users who prefer maximum anonymity and only use Ethereum-based crypto.

MetaMask's hot wallet supports more than 450,000 cryptocurrencies on the Ethereum, Avalanche and Polygon chains. In addition to receiving or making crypto payments, users can buy and store ERC-20 tokens or NFTs and exchange cryptocurrencies. Users don’t have to include any personal information that makes them identifiable, and they can set up multiple addresses across blockchains for extra anonymity with their WalletConnect-compatible wallets.

This crypto wallet is free to use for crypto storage. According to its website, the swap fee the platform charges is 0.875%, which is automatically factored into every quote. This crypto wallet comes with some potential drawbacks, one of which is that there’s no option to reset a password. Additionally, only tokens based on the Ethereum chain are supported, which rules out storing your BItcoin on it.

3. Ledger Live

Ledger Live offers versatile features for both new and seasoned users, and it’s good for people who prefer cold storage.

According to the Ledger Live website, users can receive and send more than 5,500 cryptocurrencies through the app. Also, they can manage even more cryptocurrencies from external wallets. 

Ledger Live is the proprietary software that’s used for Ledger hardware cold wallets. There are three Ledger hardware options: Nano S, Nano X and Nano S Plus. Users can compare the different features of these crypto wallet devices to select one for their needs.

These WalletConnect-compatible wallets feature high-level security with their chip cards. The devices are also less expensive than some other hardware wallets. In addition, it’s great that the keys are never accessible via the web.

While the app is free to use, there are a few potential drawbacks. The Nano wallets aren’t as mobile-friendly as some competing products. Also, the S model doesn’t have a touchscreen, and has limited storage for apps. These external wallets range in price from about $79 to $179.

4. Spot Wallet

Spot wallet is one of the best WalletConnect-compatible wallets for people who use Solana and Tezos. It’s ideal for people who want full control over their cryptocurrencies.

Spot Wallet works with Ethereum, Bitcoin, Solana, Tezos and NFTs. According to Spot Wallet's website, users can buy, sell, swap and store cryptocurrencies in this Web 3.0 crypto wallet. As one of the best WalletConnect-compatible wallets, it integrates well with WalletConnect v2.0. Additionally, users can earn interest on Solana and Tezos, and track NFT floor prices, crypto prices, news and more with widgets. Also, they can receive custom alerts. The app is available for Google and Android devices.

Spot Wallet is free to use. However, some users have reported glitches with the app — and that some of the processors which the platform uses charge high fees.

5. Rainbow

Rainbow is a hot-storage crypto wallet that’s great for users who have Ethereum-based assets and want a quick, one-stop place to manage them.

This crypto wallet is available for Android and Apple devices. Users can quickly send assets to ENS names instead of addresses; see transaction history; import seed phrases from other wallets; and manage DeFi tasks within the app. Another advantage to this crypto wallet is that users can back up their private keys or seed phrases on iCloud for recovery — so that they don’t have to worry about losing access to the account.

Rainbow doesn’t charge users to store, send or gift assets with their WalletConnect-compatible wallets. For people who have digital assets that exist outside of the Ethereum blockchain, the main disadvantage is that Rainbow is for Ethereum assets only.

6. MyEtherWallet

MyEtherWallet is one of the better WalletConnect-compatible wallets for businesses, individuals and experienced users who prefer cold storage.

This crypto wallet uses open-source software and is available to Apple or Android users. Because the wallet uses cold storage for Ethereum coins, users have full control over their assets and can store information on their computers or external devices. The wallet's design makes swapping digital assets simple, without the need to use external exchanges or platforms.

This free-to-use crypto wallet lets users interact with DApps and smart contracts and manage NFTs. One disadvantage, however, is that it only supports Ethereum coins and assets from Ethereum-compatible chains — for example, Binance Smart Chain, Polygon and Ethereum Classic assets.

7. SafePal

SafePal is a top crypto wallet for Ethereum and Bitcoin users who want affordable cold storage.

This crypto wallet has two main crypto hardware devices, which are the Cypher and S1. Both hardware wallets are sold online and priced around $40 as of June 2022. The SafePal app, which is available for Apple and Android, integrates with them and other DApps through WalletConnect. Users can store, trade and manage a wide range of compatible crypto assets. There’s a self-destruct feature that prevents malware attacks. This simple-to-use wallet is also great for beginners seeking WalletConnect-compatible wallets, as it doesn’t charge fees for receiving or sending assets.

While SafePal does support many digital assets, a potential disadvantage for some users is that it doesn’t support Litecoin, TRON, Monero or EOS. 

8. Argent Wallet

Argent wallet is a feature-packed choice that’s great for beginners and users who have ERC-20 tokens or Ethereum assets.

This crypto hot wallet allows users to securely store their digital assets with multiple layers of security, and they can store private keys safely in it as well. The app is available for Apple and Android devices. By using platform services, users can also earn interest. Additionally, they can buy cryptocurrencies within the app using a credit card. Argent Wallet is free to use. One of the features people like most is that Argent lets users choose which currencies they want to use to pay gas fees.

Argent wallet doesn’t support non-Ethereum assets, and fees for credit card purchases can be high. There’s also no web-based interface, which some may consider a detriment. However, this shortcoming also helps reduce vulnerabilities.

9. Math Wallet

Math Wallet is one of the preferable WalletConnect-compatible wallets for users who want multi-chain storage with a high level of security.

This crypto wallet app is flexible and decentralized, supporting more than 100 digital assets including Bitcoin, Ethereum, Filecoin, Polkadot and Cosmos. It’s available for Apple and Android devices.

One major advantage for users is the ability to stake crypto within the app. There are mnemonic phrases, private keys, two-factor authentication (2FA) and other forms of security. Another advantage is that people can use Math Wallet for hot storage, or integrate with Ledger for cold storage.

Although there are typical transaction fees, it’s free to store digital assets and to use the crypto wallet. There are two potential drawbacks: Some users report multiple glitches, and customer support doesn’t seem to be helpful in fixing them. Also, some features may be slow to load.

10. imToken

imToken is one of the best WalletConnect-compatible wallets for both versatile storage of digital assets on multiple blockchains and quick network-changing abilities.

This crypto wallet allows Android and Apple users full control of their assets via a mobile app. According to the website, users can stake tokens to earn daily rewards. The crypto wallet provides hot storage that supports thousands of digital assets. Users can store tokens including ATOM, XTZ, DOT, CKB, BCH, FIL, TRX, KSM, LTC, EOS, ETH and BTC. 

Switching between networks is as simple as selecting options from a menu. There’s also offline signature security with cold storage in a Layer 2 hardware wallet for $109. The imToken wallet is known for having transaction fees as low as 0.1% or $3 in some cases. Although users must pay gas for transactions, imToken added an inbuilt exchange on its platform to allow users to swap stablecoins and cryptos for free.

One potential disadvantage is that there’s currently no web or desktop version. The wallet doesn’t have as many secondary security measures as some other wallets. Also, some users complain that communications and/or parts of the site are difficult to understand because they’re poorly translated.

11. Unstoppable Wallet

Unstoppable Wallet is a good choice for new investors, or for people who want a simple-to-use wallet for storing a wide range of cryptocurrencies.

Unstoppable is one of the newer WalletConnect-compatible wallets available. Users can store Litecoin, Bitcoin, Ethereum, Zcash, Dash and many other ERC-20 tokens. This noncustodial wallet lets users add a layer of security by using touch ID or facial recognition to lock and unlock. Also, the crypto wallet supports migration with other popular wallets. There are real-time estimations for transaction fees with Ethereum and Bitcoin.

The crypto wallet itself is free to use, and allows free storage. Fees are flexible, and the Unstoppable Wallet app is available for Android and Apple users. Its potential drawbacks are that it has neither a multi-signature feature nor two-factor authentication.

12. Gnosis Safe

Gnosis Safe is a good wallet for users with Ethereum assets only, and it’s ideal for people who want multi-signature security.

This crypto wallet has a simple design and lets users borrow, earn and invest crypto assets. Although many users who choose it prefer the desktop version, there’s a mobile app on the Google and Apple app stores. Gnosis Safe supports ERC-20 tokens, ERC-223 tokens and ERC-721 collectibles. Users like this wallet's multiple layers of authentication and its multi-signature feature. According to the website, its platform also shows users fiat-equivalent values for their assets.

Gnosis Safe allows users flexibility to connect with offline storage and use hot storage from the platform. However, there is a wallet deployment fee to use it. Currently, the fee is 0.005 ETH. Users can access a free demo before committing to the purchase. Another potential disadvantage with the Gnosis Safe wallet is that it only supports Ethereum-based assets.

13. Steakwallet

Steakwallet is a top choice for staking AKT, CELO, ATOM and a wide range of other tokens.

The underappreciated Steakwallet is one of the few WalletConnect-compatible wallets that works with the v2.0 update. Steakwallet currently supports most major Layer 1 blockchains and a significant number of Layer 2 blockchains. As such, it supports thousands of digital assets across chains such as Ethereum, Arbitrum, Solana, and Polygon. 

Users like the app's aesthetic design, simple staking features and importing options. The wallet allows easy importing from Phantom, MetaMask and more. Also, people can use one secret phrase across multiple chains, enjoy a noncustodial structure and even purchase crypto with a debit card.

Steakwallet is free to use for storing crypto. Users can download it from the Apple or Google stores. A potential disadvantage of the app is that some users report glitches, crashes and/or installation issues.

14. BitPay

BitPay is a good wallet for users who have a wide range of crypto assets and want the ability to swap or earn as well.

BitPay offers multi-signature security and optional key encryption for its noncustodial wallet. Users appreciate being able to easily manage assets across several platforms in one place. BitPay offers multi-factor security and allows splitting payment authorization across up to 12 devices. The app is available in the Google and Apple stores, and users have the option to turn their crypto assets into gift cards for popular stores or send them to a BitPay debit card.

One disadvantage is that network fees tend to be high for buying crypto assets. Also, the ID verification process eliminates full anonymity. However, the wallet is free to use, and it automatically converts cross-currency payments without fees.

15. AlphaWallet

AlphaWallet is a good wallet for people who prefer a self-custodial structure, instead of a noncustodial one, for Ethereum assets.

This wallet offers offline storage solutions, which makes it more secure than a typical hot wallet. Since it utilizes Secure Enclave, users have advanced security. The open-source wallet is free to use. In addition to its desktop version, there is an app for both Android and Apple users. AlphaWallet supports all the popular Ethereum-based crypto tokens and NFTs. Users also like that they can tokenize business assets. AlphaWallet also supports WalletConnect v2.0.

One potential disadvantage is that AlphaWallet isn’t a strong choice when it comes to exchanging tokens. Also, it only supports Ethereum assets. In addition, the network may be backed up or overloaded sometimes.

Is WalletConnect Safe To Use?

Yes, WalletConnect is safe to use. As it’s a protocol instead of an app, it’s more secure by nature. The protocol creates a connection between DApps and WalletConnect-compatible wallets with user approval only, and requires additional approval for transactions. 

Additionally, the protocol never reveals private keys to DApps. These factors make it a great choice for anyone who’s considering using it with WalletConnect-compatible wallets. The WalletConnect website also lists all the wallets that work with v2.0.

The Bottom Line

Using wallets that are compatible with the WalletConnect protocol provides a more secure way to interact with DApps and make transactions. For enhanced satisfaction, users should make sure they understand common fees that exist with every crypto transaction. Also, users concerned about losing access to crypto storage wallets that don’t offer recovery assistance outside of seed phrases should seek WalletConnect-compatible wallets with features that reduce this risk.