Gem Wallet Review 2024

Cryptocurrency wallets play a crucial role in the crypto ecosystem as investors depend heavily on wallet providers to securely store their digital assets. However, many of these crypto wallets are limited in the number of support blockchains, assets, and functionality. Others have complex interfaces, making it difficult for beginners to have a seamless user experience.

Gem Wallet fixes all these. It is a self-custodial digital wallet founded by a team of crypto enthusiasts who saw a threat in widespread centralization and the neglect of basic cryptocurrency principles, in 2022. With its intuitive interface and diverse functionalities, the digital wallet offers an all-in-one solution for users’ crypto needs regardless of their expertise.

At the time of writing, Gem Wallet supports over 30 blockchain networks and over 10,000 cryptocurrencies and non-fungible tokens (NFTs). The wallet integrates with decentralized finance (DeFi) projects via an in-app browser. Users can also access swaps, staking, name services, and more through the platform. The team behind the self-custodial wallet has partnered with various industry leaders to bring its products to more audiences, expanding its global reach.

This article highlights Gem Wallet’s prominent features, teaches how to create and fund a Gem Wallet account, and addresses several mind-boggling questions about the digital wallet that potential and existing users may have.

Below is an outline to guide you through the article:

• • Features of Gem Wallet
  • How to Create an Account on Gem Wallet
  • How to Fund a Gem Wallet
  • Gem Wallet Security Review
  • Five Reasons to Use Gem Wallet
  • Pros and Cons of Gem Wallet
  • Frequently Asked Questions (FAQs)
  • Conclusion

Features of Gem Wallet

Gem Wallet suits everyone, whether a newbie or an experienced user seeking the best non-custodial wallet. It offers the following features:

Multi-Chain Wallet

Gem Wallet supports over 30 blockchain networks, including Ethereum, BNB Chain, Polygon, Avalanche, TON, and Solana. This feature allows users to manage various assets across different blockchains within one platform.

Simple and Intuitive User Interface

Gem Wallet’s user-friendly interface enables beginners and experienced users to navigate the wallet easily and perform smooth transactions. The sign-up process is simple, leading to a growing user base.

Security and Privacy

Gem Wallet employs advanced encryption and secure key management to ensure the safety of users’ funds. Users can also enable passcodes to strengthen the security of their wallets. Additionally, the crypto wallet includes built-in privacy tools that protect transaction histories and personal information, giving users confidence that their assets and data are secure from potential threats.

NFT Support

In addition to storing and managing traditional crypto assets, Gem Wallet provides access to NFTs. Users can access, manage, and trade their NFTs directly within the app from their preferred NFT marketplace.

Self-Custodial Wallet

The non-custodial architecture of Gem Wallet offers a significant advantage. Users have complete control over their private keys and funds, which increases security and reduces the possibility of unauthorized access or asset loss. This aligns with decentralization principles, allowing users to manage their funds securely without third-party intermediaries. However, this requires keeping private keys and the Secret Recovery Phrase safe.

DeFi Integration

Users can access all of the benefits of the DeFi space, such as yield farming, token exchange, and staking, directly from their Gem wallet. Its on-chain tools enable users to put their crypto assets to work and earn additional rewards. Furthermore, users can create multiple wallets within the same app to interact with their preferred dApps.

Fiat On/Off Ramp

Gem Wallet provides seamless fiat on-ramp and off-ramp services, allowing users to convert between cryptocurrencies and fiat currencies. This feature makes entering and exiting the crypto market easier by enabling users to convert their assets to traditional currencies or buy crypto with conventional banking services.

Transparency and Auditability

As an open-source DeFi wallet, Gem wallet aims for complete transparency. Users and developers can review the software’s code and improve the protocol, ensuring better security against user funds vulnerabilities.

Community Collaboration

This feature ensures that developers can contribute code, report bugs, suggest improvements, and propose new features, fostering a collaborative environment in which the platform can evolve and improve due to the community’s combined effort.

On-Chain Swaps

The swap feature is designed for simplicity, allowing users to quickly exchange one cryptocurrency for another with just a few clicks. Gem Wallet supports this functionality by integrating multiple swap providers like Uniswap, Jupiter, PancakeSwap, and ThorChain, facilitating swapping crypto assets with thousands of other coins at the best rates.

Advanced Wallet Management

Gem Wallet offers various advanced management features, including multi-chain and watch wallet modes.

With multi-chain mode, users can manage their wallets with recovery phrases within a single interface. This allows for a seamless switch between different wallets, whether used for other cryptocurrencies, specific purposes, or separate accounts.

However, the watch wallet mode allows customers to monitor crypto balances and transactions without accessing the private keys. This feature offers a secure way to keep track of multiple wallets, providing visibility into account activities while maintaining high security.

Native Staking

Another feature that Gem Wallet users will appreciate is the ability to stake their crypto directly within the wallet. Staking provides an opportunity to generate passive income while supporting the security and operation of the blockchain network. The process is straightforward and accessible to all users.

Gem Wallet provides a staking calculator to help users estimate how much they can earn from their crypto assets at any given time. Staking requires locking up your tokens, and the duration of this locking period varies.

Furthermore, the value of staked coins fluctuates according to market conditions, which should be considered before staking.

WalletConnect Enabled

Gem Wallet has integrated the WalletConnect protocol into its app, allowing users to access a wide range of dApps, including DeFi functionalities, blockchain games, decentralized exchanges (DEXs), and decentralized marketplaces, as well as social, gambling, collectibles, and other categories.

This integration enables secure communication between dApps and allows Gem Wallet users to interact directly with them by scanning or pasting a QR code within the app. As such, it eliminates the need for browser extensions, making it more accessible and user-friendly.

How to Create an Account on Gem Wallet

Creating an account on Gem Wallet is easy. Here’s a step-by-step process to create an account with Gem Wallet:

Step 1: Open the Gem Wallet official website. Click the download option for either iOS or Android devices, as shown in the image below:

Step 2: Once the Gem Wallet app opens, select “Create a New Wallet” as displayed in the image below:

Step 3: The “Secret Recovery Phrase” is a set of 12 words generated and displayed on the screen. Write them down on a piece of paper and safeguard them.

NOTE: Writing down the seed phrase (mnemonic phrase) before proceeding is essential because it is the gateway into the account. Only you (the user) have complete control of the 12 words, hence the name, self-custodial wallet. Not even Gem Wallet has access to this information. Neither can the wallet provider recover your wallet details if lost. Failure to save them may cause permanent loss of funds stored in the crypto wallet. You must also protect it from being accessed by malicious entities.

Step 4: Confirm the 12-word recovery phrase and submit. Your account has been successfully created. Here’s what it looks like:

How to Fund a Gem Wallet

Funding your Gem Wallet is as easy as creating an account. This guide will explain how to fund a Gem Wallet with crypto from another wallet or platform.

Step 1: Select the coin you wish to fund from the list of available cryptocurrencies. Select “Manage Token List” on the app’s front page if the desired crypto asset is not on the list.

Step 2: Search for and select the desired cryptocurrency from the list. Ensure you note the underlying network. For this guide, we will use USDT on the Ethereum network (ERC20), as shown in the image below:

Step 3: Enter the cryptocurrency from the app’s front page and select “Receive.”

Step 4: Copy the wallet address (a combination of random letters and numbers) and paste it into the sending wallet or scan the QR code. In this guide, we will send from a Binance account.

Step 5: Navigate to the sending wallet (Binance, in this case) and paste the wallet address. Include the corresponding blockchain network and withdrawal amount, as demonstrated in the image below:

Step 6: Patiently wait for the crypto assets to get delivered to your Gem Wallet. The transaction’s speed and network fee depend on the underlying network used.

Gem Wallet Security Review

Security is essential when dealing with cryptocurrencies. It should be built into the core of any cryptocurrency wallet to protect funds from potential security breaches. Gem Wallet strives to achieve this by providing users with advanced security and complete control over their crypto holdings.

As a non-custodial, open-source DeFi wallet, Gem Wallet users are solely responsible for managing their funds, from deposits and trading to security and withdrawals. The user controls their crypto holdings, manages their private key, and handles all transactions.

Furthermore, the wallet has advanced encryption, which shields users’ recovery phrases and transaction history from prying eyes. Gem Wallet also refuses to collect personally identifiable information, avoiding unnecessary privacy risks.

Moreover, Gem Wallet embodies the principles of transparency, security, and decentralization central to blockchain and cryptocurrency. Unlike other Web3 wallets, Gem Wallet is not controlled by a single team. Instead, it functions as a community-driven ecosystem in which contributors play an essential role in shaping the Gem vision.

The wallet prioritizes user autonomy while ensuring complete privacy and confidentiality. It allows users to interact with DeFi and Web3 dApps without constantly monitoring or tracking their actions. This privacy-first approach is backed by an open-source codebase. Developers and the community can freely audit the code to identify vulnerabilities and share contributions to the ecosystem’s growth.

Five Reasons to Use Gem Wallet

There are several factors to consider when selecting a crypto wallet. Here are some compelling reasons why Gem Wallet stands out from the rest:

Security: Gem Wallet prioritizes the safety of your funds. It uses advanced encryption protocols and best practices to safeguard your digital assets against unauthorized access.

Simplicity: Gem Wallet is designed with beginners in mind. Its user-friendly interface and straightforward navigation allow anyone to start using cryptocurrencies without feeling overwhelmed.

Multi-Currency Support: Gem Wallet supports a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and many more. You can conveniently manage all your digital assets in one place.

Fiat On-ramp: Gem Wallet connects to independent crypto trading services to enable on-ramp and off-ramp cryptocurrency conversion. From the Gem Wallet interface, crypto holders can convert assets to fiat currencies or purchase crypto using conventional banking services.

Privacy-focused: Gem Wallet users are solely controlled and responsible for their crypto assets and private keys as non-custodial wallets. The platform prioritizes complete privacy and confidentiality, allowing customers to engage in various activities within the app without being constantly monitored or tracked.

Pros and Cons of Gem Wallet

Here are the advantages and disadvantages of using Gem Wallet:

Pros

• Wide range of crypto assets
• Supports multiple blockchains
• Robust security measures.
• Buy crypto with a credit card.
• Intuitive and easy-to-use interface.
• Staking is available for various crypto assets.
• Submission of personal details is not required.

Cons

• The wallet does not have a web version for desktop users.
• Private keys and mnemonic phrases cannot be retrieved if lost.

Frequently Asked Questions (FAQs)

Is Gem Wallet Safe?

Gem Wallet is committed to keeping your funds safe. It uses an advanced encryption protocol and follows best practices to protect your digital assets from unauthorized access. The wallet includes robust security features that help safeguard your transactions and holdings against threats.

Is Gem Wallet Centralized or Decentralized?

Gem Wallet is a decentralized crypto wallet. Unlike centralized crypto platforms that require personal data from users, Gem Wallet allows users to create a wallet without undergoing a know-your-customer (KYC) assessment. Additionally, the digital wallet provider enables users to have direct control over their funds and transactions without relying on a central authority while managing their assets within the wallet.

What Crypto Can I Store in a Gem Wallet?

Gem Wallet supports a wide variety of cryptocurrencies. As stated earlier, it supports over 10,000 crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), BASE, SUI, Toncoin (TON), and tokens on TON – Jettons. Additionally, Gem Wallet supports storing various stablecoins, such as USDT, on different networks like TRC20, ERC20, and even USDT TON.

Does Gem Wallet Have a Mobile App?

Yes, it does. Users can download the mobile app from either the Google PlayStore or the Apple Store. Installing the app on a mobile device allows users to access all of Gem Wallet’s features and manage their digital assets securely.

Can I Make Money from Gem Wallet?

Yes. Gem Wallet offers Annual Percentage Yields (APYs) for passive income opportunities. You can earn attractive rewards by staking various popular cryptocurrencies directly into your wallet. Additionally, buying and holding prospective crypto assets on your Gem Wallet can bring you potential gains when a price surge occurs.

Conclusion

Gem Wallet helps to onboard users of varying expertise. While catering to basic crypto needs like buying, selling, and holding digital assets, the non-custodial wallet further introduces DeFi integration, unlocking access to many dApps on different networks. Users must weigh the benefits and downsides before using a self-custodial wallet like Gem Wallet to make informed decisions.