Gem Wallet Review: The Best DeFi Wallet in 2024?

To explore the wild world of decentralized finance (DeFi), you need a wallet that enables you to interact with innovative and lucrative decentralized applications (dApps) simply and securely. Moreover, this wallet should facilitate the buying and selling of various cryptocurrencies with ease, allow you to earn rewards, and provide access to both fungible and non-fungible tokens.

Gem Wallet is one such option that is built specifically for DeFi and allows you to take advantage of all that’s going on in the crypto world. Today, in this Gem wallet review, we will take a deep dive into what this wallet has to offer you, its pros and cons, and much more. 

What Cryptos Does Gem Wallet Support?

Gem Wallet boasts a solid range of projects, including the crypto world’s equivalent of blue chips like Bitcoin and Ethereum, stablecoins including DAI, Tether (USDT), and USD Coin (USDC), and meme coins like Dogecoin, BOME, Shiba Inu, Bonk, and Pepe.

In terms of networks, it supports BRC20 for the Bitcoin blockchain, ERC20 for the Ethereum blockchain, BEP20 for the BNB Smart Chain, SPL for the Solana blockchain, TRC20 for the Tron blockchain, and JETTON for the Ton blockchain. This diversity allows it to offer a diverse range of crypto assets. 

Additionally, the wallet supports DeFi coins like Jupiter, Arbitrum, PancakeSwap, Avalanche, Optimism, Uniswap, Stake Lido ETH, and many others.

Overall, such an extensive offering of cryptocurrencies enables users to buy, swap, and manage coins from different categories and take advantage of several narratives. Compared to its peers, Gem Wallet may support fewer cryptocurrencies, but it is actively adding new coins and continuously upgrading its list of supported cryptos.

Gem Wallet’s Pricing & Fees Explained 

The Gem Wallet is a free software DeFi wallet, which means you can download the app from the Apple Store or Google Play at no cost. However, using the supported third-party developed dApps or the decentralized exchange (DEX) may involve a handling fee or service fee charged by those platforms. 

While Gem Wallet does not charge fees for using dApps or DEX currently, according to its privacy policy, it may introduce such fees in the future. Any new fees would apply to transactions made after the policy update takes effect.

Additionally, when you make a crypto transaction, you may be charged a blockchain network fee. Hence, as a user, you must ensure that you have adequate funds in your wallet to cover the “gas” fees before initiating a transaction.

Is Gem Wallet a Safe DeFi Wallet?

Safety is the utmost priority for every crypto user, and a secure wallet is essential to protect your crypto fortune. 

So, is Gem Wallet safe? Well, this wallet provider employs several measures, including multi-factor authentication, strong encryption, and bug bounty, to ensure your funds and private information are secure. Additional measures utilized by Gem Wallet are: 

Open Source

The code of Gem Wallet is openly available on Github, allowing anyone to check, verify, and contribute to it. As an open-source project, the wallet represents crypto’s core values: transparency, collaboration, innovation, and security. This way, Gem Wallet fosters trust within the community by enabling the public to scrutinize code for vulnerabilities, identify potential weaknesses, and enhance security and innovation through community collaboration.

How does being open sourced foster greater community collaboration?

Developers and tech-savvy users are able to add and contribute code, flag bugs, recommend improvements, and suggest new features, promoting a community-centric environment in which Gem Wallet can develop and thrive based on input from its loyal community of users.

Self-Custody

Gem Wallet is a non-custodial wallet, which means you have full control over your assets at all times without relying on third-party intermediaries. As such, the platform has no access to your private keys, placing the responsibility of protecting your assets solely on you. However, this requires keeping your private keys and the Secret Recovery Phrase safe. 

Having exclusive ownership of private keys enhances security and minimizes the risk of unauthorized access or loss of assets. Additionally, Gem Wallet regularly provides learning material to help you keep your funds secure.

Privacy

At Gem Wallet, no personal data or selfies are required to start using the crypto wallet. Moreover, the platform doesn’t track or store any of your information, such as your asset balances, wallet addresses, and dApps you are using. 

Gem Wallet includes built-in privacy tools to protect your transaction history and personally identifiable information. It also uses advanced encryption and secure key management to make sure your funds are always safe within the app.

Is Gem Wallet User-Friendly? 

This self-custodial DeFi wallet offers flexibility through its mobile app, which is available for both Android and Apple users. On Google Play, the wallet has achieved over 10,000 downloads and has a 5-star rating. Meanwhile, on the Apple Store, Gem Wallet has secured a 4.8 rating.

The wallet is compatible with Android devices running Android 9.0 (Pie) API level 28 or higher. For Apple users, it supports iOS Devices​ running iOS version 17.0 or later, iPadOS Devices​ running iPadOS version 17.0 or later, and macOS Devices​ running macOS version 14.0 or later.

Just like its clear and intuitive desktop platform, the app enables users to buy crypto with a credit card, store, track, send, and receive tokens, stake, and swap coins, view detailed transaction history, access NFT features, and protect their crypto and private keys. Its simple interface further allows for efficient navigation and smooth transactions, making it an attractive option for beginners. 

Being a relatively new name in the crypto space, Gem Wallet has no reviews on the review site Trustpilot so far. The wallet is currently in the process of gradually building its product, expanding its features, enlarging its user base, and solidifying its reputation. 

Main Features of the Gem Wallet

Now, let’s take a look at the most popular features of Gem Wallet to answer the question is Gem Wallet a good wallet?

Multi-Chain Wallet​

The wallet supports various blockchain networks, including Ethereum, Binance Smart Chain, Solana, Polygon, and Avalanche. This way, it offers a multi-chain wallet that can be used to store, track, stake, and manage several crypto assets from just one place.

Buy Crypto with a Credit Card

With Gem Wallet, buying crypto with your credit card takes just a few clicks. Install the Gem Wallet on your device, find the coin you want to purchase, tap on the buy button, enter the amount, and then use your credit card to complete the transaction.

Users can also use their prepaid cards to purchase cryptocurrency on Gem Wallet. The minimum and maximum amounts one can buy using a prepaid card are $50 and $20,000, respectively. Additionally, Gem Wallet offers seamless fiat on- and off-ramp services through third-party services, facilitating easy entry and exit from the crypto market.  

Swap Crypto

Another great feature that Gem Wallet users will appreciate is the ability to swap a number of different assets. This easy-to-use feature allows you to exchange one crypto for another quickly with just a few clicks.

Gem Wallet offers the capability to swap crypto with thousands of other coins at the best rates, thanks to multiple swap providers, including 1inch, Jupiter, PancakeSwap, and ThorChain. To ensure the best rates, the wallet obtains quotes from multiple exchange providers and ensures there are no hidden charges or inflated spreads.

Stake Crypto

One of the best aspects of cryptocurrency is the ability to earn passive income through Proof-of-Stake (PoS) tokens. Through Gem Wallet, you can earn attractive rewards by staking your crypto directly within the wallet. Here, you can stake several popular crypto assets at high APY (Annual Percentage Yield). 

Currently, the platform offers an average APY of 16% on TIA, 15.10% on INJ, 13.94% on ATOM, 7.80% on SOL, 5.68% on OSMO, 5.30% on SUI, 4.80% on SEI, 4% on Tron, and 3.77% on BNB.

To calculate your staking earnings, Gem provides a staking calculator to help you estimate how much you can earn on your crypto assets at a given time. It’s important to note that staking involves locking up your tokens, and this locking period differs for each crypto project. 

Moreover, the value of staked coins fluctuates based on market conditions, which should be considered before staking coins.

dApp Access

Gem Wallet has integrated the WalletConnect protocol into its app to provide access to various dApps ranging from DeFi, games, exchanges, and marketplaces to social, gambling, collectibles, and many more categories.  

This integration enables secure communication between dApps and allows Gem Wallet users to interact directly with them by scanning a QR code within the app. As such, you don’t need a browser extension to use these dApps, making the whole process more user-friendly and accessible.

Upcoming Features in Production

The wallet provider is working on several exciting additions and will roll them out in the near future. 

As per its roadmap, for Q2 of 2024, Gem Wallet is focused on adding a Block explorer selector and custom node URL, introducing staking for ETH and BNB, and offering its users the ability to set the speed of their Bitcoin transaction to slow, default, or fast.

In Q3 2024, Gem Wallet will introduce staking for TON, along with an off-ramp and a lock screen for enhanced security. For the following quarter, the Gem Wallet team is targeting a complete security audit for Android/iOS and adding support for more cryptos for swap and more blockchain NFTs. 

Early next year, the wallet provider plans to introduce more exciting features, such as Lightning Network support, price alerts, and support for Apple Pay and Google Pay for purchasing cryptocurrency. Gem Wallet is also considering adding support for the Ledger hardware wallet.

Gem Wallet’s Customer Support

The crypto space is notorious for its lack of customer support. After all, this industry is all about decentralization and being your own bank. However, as the crypto sector continues to gain mainstream adoption, there is a growing emphasis on providing accessible, quality, and prompt customer service. 

In the case of Gem Wallet, support is provided through limited means, primarily via email [email protected]. While reliable, email may not be a good option when immediate assistance is needed. For faster support, it would be better to reach Gem through Telegram and Discord. The wallet provider’s social media presence further includes X (previously Twitter), Github, Reddit, YouTube, Discord, and Instagram.

In case you have security concerns, you can report potential issues directly by emailing them at [email protected].

Beyond customer support, the platform provides educational material in the form of articles, guides, and tutorials on different blockchain and crypto concepts. The platform further helps its users learn about how to use the wallet and make the most of the crypto sector through FAQs, detailed documentation, and troubleshooting categories.

How to Get Started with Gem Wallet

Now, let’s see how you can start working with this Wallet in our Gem crypto wallet review:

Step 1. To begin your journey, go to the official Gem Wallet website and click on the ‘Download Now’ option available at the top of the website on the right in the blue button.

Step 2. This will take you to the downloadable links for Google Play and the App Store. Click on the option you want to use.

Step 3. After downloading, create a new account. Write down your secret phrase. Do not share it with anyone, and keep it in a secure place. It will help you access your crypto in case you ever lose your wallet.

Step 4. If you already have a wallet, be it Metamask, Coinbase, Phantom App, or Trust Wallet, you can import it by going to the Gem Wallet. Once there, tap on ‘import wallet,’ pick ‘multichain,’ fill in your 12-word phrase of the existing wallet, and you’re done.

Now, to receive tokens in your Gem Wallet:

• First, go to your Gem Wallet and log in. 
• Click on the ‘Receive’ option.
• Select the coin that you want to receive.
• Copy the wallet address.
• Paste this address into the wallet from which you want to send your coins, or share it with the person who will send the tokens to you.

Now, to send tokens:

• First, go to your Gem Wallet and log in. 
• Click on the ‘Send’ option.
• Select the coin that you want to send.
• Enter the wallet address and tap ‘Done’

Conclusion

As crypto adoption and innovation accelerate, you need a platform that lets you take full advantage of all the exciting opportunities while offering maximum security. As we saw in the Gem Wallet review, this platform emerged as one of the best wallets in 2024, providing a simple way to join the world of cryptocurrencies.

Using Gem Wallet, you can own a wide range of crypto assets such as ETH, SOL, PEPE, BONK, and DOGE. Beyond swapping thousands of cryptocurrencies, you can also hold, send, receive, track, and manage crypto and collect NFTs privately. 

You can also access all kinds of dApps, explore DeFi, and enjoy high APY rewards on several crypto assets with Gem. Enjoy all these features on the user-friendly Gem Wallet, backed by industry-leading security measures.

So, if you are wondering, “Is Gem Wallet the best wallet?” the features and security measures certainly suggest it could be the top choice for trading, storing, and managing your crypto in 2024.

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