imToken Wallet Review
In this imToken wallet review blog, we take a look at the imToken Mobile App wallet. The imToken wallet is an open-source multi-crypto wallet combined with an in-app marketplace Dapp section and much more. The wallet has already served over 12 million users and keeps growing every day. On top of that, they supported 150+ countries and regions and exchanged 500B+ of crypto.
imToken was made for users to be self-sovereign and in control of their assets. So that they can have their own privacy and open finance. imToken lets value flow freely, making wealth untouchable for its users. Check out the imToken website here.
So let’s now dive into our imToken wallet review!
Introduction to imToken
So after you have downloaded the imToken wallet app. You can choose to either create a new wallet or import your own wallet. If you choose a new wallet you will have to save your 12-word phrase (AKA your backup phrase). But if you already have a wallet you can fill in your existing 12-word phrase. After that, the wallet will open and you get a small introduction of how the wallet works. This is great as beginners may not completely understand crypto wallets from the start.
After having followed the mini wallet tutorial, we can go and explore the wallet for ourselves. The wallet brings us to the wallet page first so we will start there. Like you can see in the pictures the wallet page has a bottom menu to go through other pages. But also a select different blockchain and a scan button at the top. These you can of course use to switch between blockchains and scan QR codes when you want.
In the middle of this same screen, we find your assets on Ethereum or any other blockchain. But also a little plus that lets you add manual tokens, by either selecting them or with their token contract address. Then next to tokens we find the Defi and NFT tabs. Here you can see all your Defi-related things and see your NFT’s.
On the next tab, the Market tab. We find options to stake your crypto tokens for a nice yield. But also a crypto swap feature and a market feature with a watchlist and prices. And then there is the browser tab. Here you can browse between all existing Dapps by using the imToken Dapp browser. Just simply search for a Dapp by their name or their website URL.
And last but not least, there is the “my profile tab” with settings, support, and all the other stuff you would expect to be there. Because this is exactly as you would expect a great wallet would make it, we will not go much into this tab.
Storage and Private Keys in imToken
The imToken wallet works as a non-custodial wallet. What non-custodial means is that the private keys are stored on your device. So this essentially means that only you have access to the funds in the wallet. Because of this, the responsibility lays completely with you. So imToken can not give you your crypto back if you lose your wallet and your backup code. Because of this, it is super important that you create a backup code for your wallet (12-word phrase). When you have written this down make sure that you hide the code well where only you can find it. Because that code is the access code to your wallet. So anyone with it can access your wallet.
Blockchains supported by imToken
imToken blockchain focuses on multi-blockchain support. So what kind of imToken wallet review would this be if we did not list all the Blockchains they currently support. They have listed the following:
|Binance Smart Chain||Arbitrum|
Besides these chains, imToken also offers support for all their tokens and NFT’s. So if you want to add your favorite token, which runs on these chains you can manually add them to the wallet.
With all the different blockchain supported, you also have a lot of Dapps supported. Although not all blockchain Dapps have support. The wallet support Dapps on the Ethereum, EOS, Tron, and all other EVM blockchains. This means you have a large variety of Dapps that you can excess from within the wallet. So you can explore the fast web3 universe. But to help you get started a little bit. The wallet displays some easy-to-access, recommended Dapps as well as some different types of category Dapps. These categories include Defi, Exchanges, Gaming, and Utilities. But if that is not your cup of tea. You can also just type in the name of the Dapp or the Dapp URL in the search bar. This will bring you to that Dapps website. There you will be able to connect to that Dapp with your wallet and start using it.
A Crypto Wallet for Traders
Many people in crypto these days are here for trading Bitcoin, Ethereum, etc. But to do this you either need an exchange or a wallet like imToken that lets you trade cryptocurrencies from within the wallet. If that is what you want? You can do that in the wallet’s “market” tap. Here you have multiple financial options like trading, staking, and MarketWatch.
The built-in exchange feature in the wallet makes use of Tokenlon. Tokenlon stands for “Trustless token-to-token exchange”. Which is based on the 0X protocol. With trading fees as low as 0.3%. Tokenlon swaps your tokens almost instantly without having to sign-up for a centralized exchange.
So what are the fees that you have to pay to use the imToken wallet? Well, almost non. It does not cost you anything to use the wallet. But only the trading features within the wallet charge you a 0.3% transaction fee. Besides, that sending receiving coins and tokens comes completely for free. So you don’t have to worry about having to buy a crypto wallet. This way the imToken wallet can be available for all crypto users. Whether you have a lot of funds or if you are just starting out with a couple of bugs.
imKey Hardware wallet
The imKey hardware wallet is a hardware wallet that was made by the same team as the imToken wallet. This hardware wallet can connect to the imToken wallet and thus store your crypto super save. The hardware wallet supports many of the same blockchains and tokens as imToken does. Which makes it a perfect match. The imKey pro hardware wallet comes at a decent price of 109$. Making it so that most users can still afford to buy it. Without losing out on a good quality hardware wallet.
Sadly enough we have not yet tested the imKey hardware wallet. But as the wallet comes from the same company. We expect it to be quite good. So if you use imToken wallet and want to use a hardware wallet as well. The imKey wallet could be a good match for you.
As crypto wallets are still a new concept to the majority of people. A good customers service and support are very important. Not everyone that just started with crypto understands everything. So to help these beginners, but also sometimes experts to use a wallet. A good support page and team are needed. Luckily imToken has a good one. On both their website as well as in the wallet app. You can find a support page. Here you can find many already answered questions that can help you on your way. But if you can not find the answer to your question there. They also have a support team that answers your questions around the clock. Very fast and reliable.
Just in case you have a question for their team? You can contact imToken here.
Like you may know, in crypto we like open source projects. Just so we can see what is going on under the hood. Because of this imToken, like many other wallet projects is open source, and can be found on Github. Having the code for a non-custodial wallet open source like this, build trust with the community. Because it would not feel good to send our money to a wallet that does not reveal its code to the world. Making a wallet open source like this gives us the ultimate check to see whether or not a wallet is actually a scam. But we are pretty sure that the imToken wallet is not a scam.
When It comes to extra features (besides sending and receiving crypto) imToken wallet offers the following.
- Address book
- Dapp explorer
- NFT display
- In-app trading
Pros and Cons
✓ Great and easy to understand design
✓ Promotes making a back-up of your wallets
✓ Multi-functional with everything web3 packet into one mobile wallet
✓ Possibility to pair with the imKey hardware wallet
✗ Having support for some blockchains and sidechains hidden away in settings
Like every other Wallet out there, the imToken wallet has flaws and missing things. The flaws that we point out are of course based on our personal opinion and we would like to point out that they don’t always have to be a hindrance to anyone.
imToken is a fantastic wallet but still can use some small improvements. Like any other wallet. So what we always like to see is scalability. And especially the use of layer 2 solutions. Although imToken does have these solutions built into the wallet. They are hidden away a bit. With having the option to switch to the Avalanche, Polygon, and many other networks hidden away under the Ethereum node settings. Because of this, you would not even notice that the wallet does offer support for these (side)chains. But also the testnets. So it would be very nice to see these networks added to the “select wallet” option. So users can easily find all the blockchain networks and start using them.
The imToken mobile wallet seems like a very good wallet for both beginners and experts alike. The wallet has a smooth design and easy-to-understand UX. On top of that, the wallet has support for many good blockchains. Making it so that Dapps can be used with ease from within the app. So if you are a web3 user, the imToken wallet can be great for you.
The wallet works fantastic, but we would still like to see the blockchain found under “Ethereum node settings”. To move to the “select wallet” tab in the wallet tab. Besides that, we couldn’t really find any other things that we would want to change. But are still excited to see if imToken can improve on their already great wallet in the future. Maybe finding a way to add lightning or stacks could be interesting?
However, as the wallet performs fantastically and it meets all the requirements a great wallet should have. We have decided to give the imToken wallet a 4,9 star rating out of 5 stars. Leaving a tiny, tiny space for some improvements.
Although here at Yada we do not give financial advice or advice on which wallet to use. We do share our opinion, and we believe that the imToken wallet is a highly recommendable wallet for beginners and experts alike!
So we really want to wish the best to the wallet team, and its users alike. We hope this ImToken Wallet review can be useful for their users and their future developments.
We hope you enjoyed our imToken Wallet review. In case you do not agree with our imToken wallet review? You can test it out yourself and write your own imToken wallet review on our website today! And also don’t forget to check out what other people think about the imToken wallet.
Extra note: So as always check the date of this review to see if it is relevant. Wallets can add new functions and change designs to improve their product so a bad review now won’t mean they can’t be great in the future.