Rabby Wallet Tutorial (How to Setup & Use Rabby) 

Transcript:

 This is how to set up and use Rabby wallet.  Rabby supports EVM chains in the same way that Metamask does.  So if you’re using Ethereum, Arbitrum, Optimism, BNB Smart Chain, Avalanche,  Polygon and many others, you can use this just like you use Metamask.  I’m going to show you exactly how to set up and use the wallet.

 I’ll leave timestamps for everything down below.  We can come to Rabby.io.  I’ll leave them linked to the top of the description as well.  I’m going to click download for Chrome here and then go through and just download the wallet. I’ve got it installed already  so we’ll go through setting up the wallet now.

 If you have existing crypto wallets on your browser  you may want to pause them or turn them off so they don’t clash with Rabby if you’re using  applications but from here it will set up a new wallet. So it says access all dApps and self  custodial. This is a hot wallet that you’re setting up on your device.  And if you want to set up a hardware wallet,  you can do that with Rabby as well and just link them up.

 We’ll press get started.  And then these are the options.  So if you want to create a brand new wallet  with a brand new seed phrase, click create new seed phrase.  This is gonna give you that list of 12 words  that you can use to reload your wallet  on any other device or application.

 So you don’t need Rabby with that seed phrase import seed is if you have  one already from a metamask or another evm wallet trust wallet or something you can load it in here  to get access for your funds if you want to export a private key from your existing wallet you can  just load it in here and get access as well and And then this is your MetaMask account if you want to directly import it if you’ve got one installed on your Chrome already.

 So from here, we’ll just create a new seed like this and then set a password. This is an app  specific password locally on your computer. So this is a throwaway thing, really. If you delete  the app and load it again, then you’ll just set a new password. But it’s a secondary security feature.  So I’ll just set something simple for now.

 After that, we can see our new seed phrase of our brand  new wallet. So just make sure you understand what a seed phrase is. If you lose it, your assets will  be lost forever. You cannot recover them. And if someone else has that seed phrase, they have access  to your wallet and everything inside so keep this extremely safe you  can write it down or you can either buy a steel seed phrase to back it up or more safely you can  actually just set up a hardware wallet separately and then link that with Rabby to link to  applications in any case you can show seed phrase right here and then it’s going to show you the 12 to 18 words that you can

 use to reload the wallet at any other time so show seed phrase go through with that and you can set  up the wallet if you want to link a hardware wallet with Rabby because Rabby is a better interface for  applications we can do that too but we keep our seed phrase offline in the hardware wallet which  is often safer than having a hot wallet directly on  a computer so connect hardware while it’s here you can see most of the large hardware wallet  providers are supported i’ll show you with ledger here so click this now if you have a ledger or a

 trezor or anything else you’re going to need it plugged into your computer turned on and then  inside the ethereum application if you have that so for for Ledger, you need an app for Ethereum.  So I’ve got my Ledger device plugged in  and it’s opened on the Ethereum app.  So I’m going to click next  and then it says connect to this device or allow.

 And then you can see I’ve got my Nano X here  that we can use to connect.  So just press connect.  Now what this does is it allows Rabby to read your balances  from your hardware device.  However, if you want to sign transactions, you of course need your hardware wallet to sign those transactions.  So Rabby can’t do anything with your funds unless you approve them on the hardware wallet.

 And so your seed phrase and private keys are always offline there.  So you can either create a new wallet or attach a hardware wallet and use Rabby as an interface.  Or of course, you can just reload previous wallets and use them as new hot wallets in Rabby.  Now, when you’re setting up a wallet within Rabby, it’s going to ask you which accounts do you want to use or which addresses do you want to use?  So you can see them all here. Now, every wallet can have multiple accounts or addresses within it.

 can have you know multiple accounts or addresses within it and so if you are reloading a wallet or able to choose this you can turn all of these on now  for most people you need basically one address to receive funds and then use it  but all of these addresses are linked to the same seed phrase of the wallet so  you have one wallet but you have multiple sub accounts and  different addresses within that to use. They’re all linked to the same seed phrase though.

 So if  you do have this, if you’re loading a wallet, you can choose this. Now for me, I’m just going to  choose one to turn this on. This is the main address for this wallet. And so I don’t need to  use any more, but you can turn many of these on if you want. Just choose at least one address that you want to use. And then from here, we can press done.

 And then it’s going  to load that wallet into my Rabby. Rabby is really more of an interface. So you can have multiple  different wallets with different seed phrases and things loaded at different times. So if you go to  the top right wallet icon, you can just add them in many different ways here. For example, if you  have a hardware wallet or you want to use a specific wallet on your phone, you can do it through the interface.

 Now, if we go  back and click on the top kind of message here, if we click that, you can see all of the different  types of wallets that are loaded in Rabby. And if you have hot wallets, then you can use Rabby.  If you have hardware wallets, plug them in. You can still use Rabby and sign transactions on those.  So it’s an interface where you can use multiple different wallets and just use them through this application.

 From here we need to get some crypto into our  account especially if you’ve set up a brand new wallet within Rabby then you won’t have any assets.  So go to receive and then from here choose the network that you want to use. Now all of these  networks are EVM networks which means they should all have the exact same address and so it doesn’t  really matter  which chain that you use here but to be sure you can just choose the one that you want to receive  the coins on. For me you can see BNB chain has a balance and so it says well this one you obviously

 use often so we’ll put it at the top so I’m going to click that one and then that’s the address it  gives me for my BNB chain. Now because all of the addresses should be exactly the same across all of the chains,  you just need to make sure that you’re sending and receiving the asset that you want on the  chain that you want to use.

 So for me, I want to use BNB chain and I’m going to receive BNB coin.  So I’m going to copy this address and then I’m going to go over to another wallet or  an exchange to actually send some funds out. So I’m going to be sending BNB coin and I’m going to paste in to another wallet or an exchange to actually send some funds out.

 So I’m going to be sending BNB coin and I’m going to paste in my address here.  And then for me, the network that I want to use, I know that I want to receive the  coins on BNB Smart Chain.  And so I’m going to tell Binance that I want them to send these assets on the BNB  Smart Chain. So I’m going to click that.

 Yes, I’m sure. And now it’s sending this coin to my address and it’s on the bnb smart chain so i’m going to click that yes i’m sure and now it’s  sending this coin to my address and it’s on the chain that i want which is the bnb smart chain so  i’m just going to you know put an amount in here that i can send out click withdraw and that goes  to my wallet address so if you need to buy assets or anything i’ll leave links to binance and some  of the other exchanges i use below you can get some deposit bonuses on there so you can check

 the links down below for all of the details. Rabby lets you see all of the  transactions in and out of your wallet. So if you click on the transactions tab, you should see  those funds being sent over from wherever you sent them from. You can also see here it says  hired scam transactions.

 So there are actually some scam transactions that have come into my  wallet, and obviously I can’t control those, but you can actually see them here they’re either scams or they’re you know silly nfts or airdrops  or anything so you can just obviously hide those if you click hide scam transactions  then it’s going to show you all of the you know the real transactions that have come in and out  of your wallet so you should be able to see all of those all of those transactions now if you go to  more as well you can uh you know make sure that things are set up properly so you can lock the wallet

 right here and that locks it so you need your password to get back into the application if  you forget that just delete the app put in your seed phrase again you know when you re-download  the app you can see manage address right here so that goes through into the addresses that we have  so you can delete these out of the wallet if you want to do into the addresses that we have.

 So you can delete  these out of the wallet if you want to do that. If we go to more as well, you can see connected  dApps down here. We’re about to connect to a dApp. If you click this, you should see that nothing is  here. So you can actually link to multiple dApps at the same time and you can manage your connections  here. So if you see that you’re connected to dApps, just disconnect from them if you’re not using them at that time.

 And there’s some other preferences right here,  which are mostly self-explanatory.  If you wanna send assets out of your wallet  to either trade them or cash out to a centralized exchange  or another wallet, click send.  And then it says you can choose the assets that you have.  I just have these assets, so BNB coin.

 So I’m gonna click that.  And we know we’re sending from the wallet that we have.  We’re going to paste in the address of my exchange.  And it says not on address list.  So for right here, I’m going to click add to contacts  and then just enter the note on the address.  So put this as my exchange or whatever,  and that will be in your contacts list.

 So you can just choose it automatically next time  and you don’t have to copy and paste if you wanna do that.  If you don’t do that,  you can grant temporary access to use that  without adding it to your contacts.  So click this,  and then you have to put in your password.  So I’ll do that.  And then from there, you grant it temporary access  to actually spend the coins into that address.

 So you can choose an amount that you wanna send over to that address and press send. So if you want to  manage that, you can see add to contacts here. If you go out and then more, you can see enable  whitelist for sending assets. So what that means is you have a whitelist of addresses that you’re  happy to send to.

 So if anyone gets into your wallet or anything, they’re going to need the  app password in order to change that. So that’s how you get into that setting there is a swap feature within the  app as well this actually just links you up with some decentralized exchanges and aggregators and  it’s going to give you the best trade at the current time on the chain that you’re on so if  you press swap we have bnb chain assets right here because they’re the assets that I have, although you can choose any chain and assets that you want.

 So we’ll click that.  Swap from BNB because I have that too.  We’re going to swap into a coin here.  So we’ll just click that here, which is USDT.  Now you can see this is a token  that Rabby is telling us is the real token.  Rabby will have a list of tokens that are approved  and that are real tokens.

 But of course on a list of tokens that are approved and there are real tokens  but of course on a blockchain there can be any type of token including scams. So if you have  the token address you can actually just paste that in up here as well and you can go and make sure  that it’s the token that you want to trade. If you go to CoinGecko or CoinMarketCap you can get  the real token address of all of those tokens and just paste it in here so you know you’re trading the right thing.

 But Rabby has a fairly trustworthy list here.  So USDT, then we’ll click an amount that we want to trade  and we can get quotes.  And then from here, it says,  these are decentralized exchanges  or exchange aggregators or anything.  And you can see the best quote  that we’re getting for right now is KyberSwap.

 So for right here, we’re getting for right now is kyber swap so for  right here we’re going to use this decentralized exchange or the aggregator so in order to do that  what you actually have to do is enable it within the wallet so let’s click that and as you can see  enable exchanges so kyber swap down here we can trade on there like this and it says once enabled  you will interact with smart contracts and  everything so of course to use the app we need to do that so press confirm and that’s confirmed so

 from here it’s going to reload and that’s the best so we can click that and then swap via kyber swap  now you can see that it’s giving us these details so i’m swapping from bnb to another coin the  amount that i want to swap and then ky KyberSwap is giving us that trade.  And you can see that right here.

 So the rate, you can see that exchange rate here.  Slippage tolerance is fine at 0.1%.  That’s very low.  That’s just the difference between this quote that you’re getting now and the price of the actual trade when it trades on the blockchain.  And you can see the details here.  So you can definitely press that swap via KyberSwap. Let’s just refresh the quote here.

 KyberSwap and then swap via  KyberSwap. And you can see all of these details. So right here, what’s great about Rabby is it gives  you a lot of details about the trade. So you can see the coin that we’re paying and what we’re  receiving and the interact contract here.  We can see that that is KyberSwap. We’ve never interacted before.

 So that’s good information. And then the simulation results.  So what this does is it simulates the contract that we’re about to interact with.  It simulates what it thinks should be the result of this trade.  should be the result of this trade.

 Now why that’s important is because if you’re signing a contract that you don’t know about or you know that’s on some website that may be a scam then it could  potentially drain your wallet. So this is telling you that it the Rabby has checked the contract  and it thinks that when you press the button to sign this this is what’s going to happen. Now if  this was a scam contract  and it was going to send all of the assets  out of your wallet,  you could kind of see that here  and then cancel right here  to not actually sign that transaction.

 So that’s a good safety feature  to have the simulation results right here.  And we can see the gas that we can choose.  You know, the more that you spend,  the quicker it’s done, but we don’t need.  So we can just press standard  and then the request is from Rabby Wallet wallet so if you want to go ahead with that transaction  just press sign and create and the actual track transaction will go through for you another cool  thing in Rabby wallet is seeing all of the positions that you have in d5 because Rabby was

 made by the bank it’s very d5 oriented so up here you can see that it shows that I’m on BNB chain up here  so if we click this what we can see is all of our positions and interactions with DeFi so I’ve got  BNB here which is my total account balance you can see the asset that I have right here and all  of the value but I actually have some other tokens in the wallet that I’ve gotten  from interacting with DeFi and liquidity pools on PancakeSwap.

 And so if you have this, it actually  shows me if I click down exactly what I’m doing on this decentralized exchange. So I actually have  some cake tokens and some BNB, and they are in a liquidity pool right now. So I don’t have to go  to the application.  It tells me exactly what I’ve got.  This is great because you may have multiple positions  across multiple chains  and it’s difficult to see them all.

 And so you can actually see them all in here  as a list down here.  Just click the chain that you wanna look at  that you’ve got assets on  and it shows you all of those balances.  I’ll show you how to connect the wallet to any DAP  that you’re using separately as well. So as an example, PancakeSwap down here, PancakeSwap.finance.

 So  we’ll connect wallet and then you can see Rabby here. So it’s seen that I have Rabby wallet. Again,  if you’ve got other wallets that are live and active, they may fight with each other to get  connected, but I’ve got Rabby here.

 So click this through to connecting so it says do you want to actually connect this site again you can see this site is  listed by many top you know brands and aggregators so just gives it some more  trust site popularity is high and so you can actually make marks about the app as  well if you’re using some airdrop and random stuff you can just say you know  high-risk or whatever so I’m just gonna press connect and i’m switched to bmb chain so what’s great about Rabby is you don’t actually  need to physically switch between chains all of the time it just kind of does it automatically  for you so obviously we are connected now on bnb chain so if you get the wallet up you can use this

 so we’re going to go and do a transaction so So you can see the gas. So it’s actually connected right here to the app, right? So it shows you that. So you can click that. You  can switch chains right here as well. So if you, you know, if you have multiple chains and you want  to use the same app, you can just switch them right in here, click that.

 And now you’re on  Arbitrum. You can see that at the top, right? So now we’re on Arbitrum here and we’ll just switch  back to BNB chain. So it’s connected to to this app so let’s go and use this trade swap you know it so it shows  my balance here so we can swap an amount uh right here uh into uh some usdt so it should show that  and then i can press swap see the swap right right here, confirm swap. Takes me through to Rabby.

 And again, it’s that same swap, right?  Because we’ve just seen that.  So it shows the pay receive  and it says the simulation results are here.  So again, this is what I should expect to happen,  which is absolutely fine.  So you can sign and create that  through Rabby Wallet right here,  or just cancel out.

 And then it just goes back through to the application.  Something very important as well,  and Rabby helps you do this this is to manage all of the permissions that you’re giving all of the  applications in DeFi. Every time you use a DeFi app you have to give it approval to interact with  contracts through your wallet and so if you want to swap assets on DeFi then I’ve got USDT approved already in my wallet.

 But if you don’t, when you press swap,  it will say you need to approve USDT first before you can interact with it and trade.  And so you have to approve it in your wallet, sign a transaction, then go back to the application  once you’ve got these both approved and press swap and actually you can swap them.

 So that’s great, but you have to give the  app all of these approvals. So what we can do with Rabby is actually see all of these approvals  that we’ve given and manage them. So what we can do is go to approvals here. You can see that,  click this, and it’s going to show you all of the contracts that you’ve approved,  that you still have approved within your  wallet so what we can see here is buy contracts these are seemingly all on pancake swap you can  actually see pancake swap here this is an unknown application this is pancake swap and you can see

 the trust value of that contract on here and you can see how many people have revoked that contract  in the last 24 hours my My approval time was three years  ago. So why this is important is because we can see the assets that we’ve approved and how much  that we’ve given the application to trade. You can see my approvals here on Cake is unlimited.

 That means that if I sign a transaction, I’m giving the app unlimited access to everything in my wallet.  And so you may not want to do that. So what we can do here very simply, if you look at the assets as  well you can see them here. So I’ve got USDT and Cake and the approval amount unlimited.

 So if I  sign a transaction it has access to everything. This is important if you’re on untrustworthy apps  where you’ve given it permission to drain your wallet  So you can see all of that here and let’s say that we want to remove some of these so I can go to click these  And I can go revoke. Now what that does is revoke all of the permissions of the app.

 So it has  No ability to do anything with my funds if I revoke it if you press revoke here  You have to pay a small gas fee to revoke the contracts, but it gives you peace of mind that nothing can interact with  your wallet unless you say so again. But if you do revoke contracts, then next time you want to  trade, you’ll have to approve and sign those assets again.

 I’ll leave the exchange bonus links down in  the description alongside the link to Rabby and some other helpful videos. I’m James, this is  MoneyCG, cheers for watching, and I’ll see you in the next one.