Parity Wallet Review – Is It Safe and How to Use It

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Ethereum-based wallets have evolved significantly, offering users enhanced functionality, security, and integration with decentralized applications (dApps). Among these, Parity Wallet stands out as a powerful desktop solution tailored for both developers and advanced cryptocurrency users. Originally developed by Parity Technologies — a team deeply involved in Ethereum’s early infrastructure — this wallet combines a full Ethereum node with a built-in dApp browser and multi-token support.

Designed for high performance, modularity, and minimal system footprint, Parity Wallet supports Ethereum (ETH) and thousands of ERC-20 tokens. It enables users to run their own node, manage digital assets securely, and interact directly with the Ethereum blockchain. This comprehensive review explores its features, security model, usability, and step-by-step setup guide.

Key Features of Parity Wallet

Parity Wallet is more than just a storage tool — it's an ecosystem. Built using the Rust programming language, known for memory safety and concurrency, the wallet emphasizes security and efficiency.

Full Node Capabilities

Unlike lightweight wallets that rely on third-party nodes, Parity allows you to run a full or light Ethereum node locally. This means:

👉 Discover how running your own node boosts crypto security and independence.

System Requirements

Node TypeCPURAMStorage
Full NodeMulti-Core4GB+140GB+ SSD
Light NodeSingle-Core512MB100MB

Running a full node requires significant disk space but ensures full validation of all blockchain data.

Multi-Coin Support

Parity seamlessly handles Ethereum (ETH) and over 1,000 ERC-20 tokens, including:

This broad compatibility makes it ideal for users managing diverse Ethereum-based portfolios.

Built-In Exchange via ShapeShift

Accessed through the "Accounts" tab, Parity integrates ShapeShift for instant token swaps. While convenient, keep in mind:

This feature adds flexibility without leaving the wallet environment.

Security: Is Parity Wallet Safe?

Security is paramount in cryptocurrency, and Parity has had a complex history in this regard.

Past Security Incidents

In 2017, a critical vulnerability led to the loss of over $30 million worth of ETH due to a flaw in the multi-signature contract code. Although the funds remain frozen, the incident raised concerns about smart contract risks.

However, the development team responded swiftly, improving code audits and transparency practices. Since then, no major breaches have been reported.

Security Strengths

Despite past issues, Parity implements strong technical safeguards:

Additionally, Parity does not support two-factor authentication (2FA) or hierarchical deterministic (HD) wallets, which are standard in many modern wallets. Users must rely on secure backup practices instead.

Privacy and Anonymity

Parity promotes user privacy through:

Because it runs as a standalone node, your transaction patterns are not exposed to third-party servers. The lightweight design also reduces detectability, enhancing anonymity.

Transaction Fees Explained

Parity itself does not charge transaction fees. However, all Ethereum network transactions require gas fees, paid to miners for processing.

Key points:

This gives experienced users fine-grained control over transaction speed and cost.

How to Install and Use Parity Wallet

Step 1: Choose Your Operating System

Parity supports Windows, macOS, and Linux (64-bit only). Always download from the official repository to avoid malware.

For Windows:

  1. Download the stable version from the official site
  2. Run the installer
  3. Allow time for blockchain synchronization

For macOS:

  1. Get the .dmg file for macOS
  2. Install and launch
  3. Wait for initial sync (can take hours)

For Linux:

  1. Download the appropriate package
  2. Run via terminal: ./parity --chain=mainnet
  3. Use --pruning=fast to save space
💡 Tip: Synchronization takes time — ensure stable internet and sufficient storage.

👉 Learn how to optimize your node setup for faster sync and lower resource use.

Step 2: Create or Import an Account

  1. Open the wallet and go to "Accounts"
  2. Click "+ Account"
  3. Set a strong password
  4. Save your 12-word recovery phrase offline

You can also import existing accounts via:

Step 3: Send and Receive Assets

To Send:

  1. Go to "Transfer"
  2. Select token type (ETH or ERC-20)
  3. Enter recipient address
  4. Specify amount
  5. Confirm with password

To Receive:

  1. Navigate to "Accounts"
  2. Copy your public address
  3. Share it securely with sender
⚠️ Always double-check addresses — transactions are irreversible.

Backup and Recovery Options

Backup Methods

  1. Keystore Files:
    Located at:

    • Windows: C:\Users\You\AppData\Roaming\Parity\Ethereum\keys
    • macOS: /Users/you/Library/Application Support/io.parity.ethereum/keys
    • Linux: /home/you/.local/share/io.parity.ethereum/keys

    Each file represents an encrypted private key.

  2. 12-Word Recovery Phrase:
    Generated once during setup. Must be stored securely — loss means permanent access loss.

Restore Options

Advanced Features for Developers

Parity shines in developer environments with tools like:

These make Parity ideal for building and testing dApps, launching ICOs, or deploying smart contracts.

Common Issues and Fixes

UI Access Problems

In newer versions (v2.0+), the built-in browser UI is disabled by default. To restore access:

parity --force-ui

Then visit http://127.0.0.1:8180 in your browser.

Sync Delays

Full node sync can take hours or days depending on hardware. Use --warp flag for faster initial sync.

Frequently Asked Questions (FAQ)

Q: Can I use Parity Wallet on mobile devices?
A: No. Parity is a desktop-only application for Windows, macOS, and Linux.

Q: Does Parity support staking or DeFi integrations?
A: While it doesn’t natively support staking, you can interact with DeFi protocols via its dApp browser.

Q: Where are my wallet files stored?
A: Key files are stored in hidden directories:

Q: Can I mine Ethereum using Parity?
A: Yes. Parity supports standard JSON-RPC mining methods (eth_getWork, eth_submitWork), making it compatible with most Ethash miners.

Q: Why doesn’t Parity have HD wallet support?
A: It uses non-HD key generation for simplicity and deterministic address creation, though this limits automatic address derivation.

Q: Is Parity still actively maintained?
A: While active development has slowed since 2020, the core technology remains influential in projects like Polkadot (also developed by Parity Technologies).

Final Verdict: Who Should Use Parity Wallet?

Parity Wallet is best suited for:

While not beginner-friendly due to sync times and technical complexity, it offers unmatched control and privacy.

For everyday users seeking simplicity, alternatives like MetaMask or Trust Wallet may be better choices.

👉 Compare top crypto wallets and find the best fit for your needs today.