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best defi wallets to use? let's find out

The Best DeFi Wallet To Use For Cryptocurrency In 2022

Updated On: August 29, 2022
Understanding how to use a DeFi wallet is paramount in the Crypto space. Activities like airdrops, bounties, liquidity mining, staking, swapping, and whitelisting all require you to have a DeFi wallet.

DeFi Wallet Meaning

A DeFi wallet is a non-custodial wallet that allows you to store your crypto assets. A non-custodial wallet is a decentralized type of wallet where the customer owns their private keys. 

You’d be given your private keys during the process of creating an account and will need to write down a mnemonic phrase. 

Having your private keys means that you have full control over the assets in your wallet. A DeFi wallet can store cryptocurrencies, domain names (DNS)  NFTs, and securities with zero paperwork required. One of many reasons to choose a DeFi wallet over a traditional bank account.

Benefits Of Using A DeFi Wallet

  1. You can save in crypto.
  2. The banks or government can’t control your portfolio.
  3. It’s convenient for crypto activities like staking, airdrop participation, etc.
  4. It allows you to engage in DeFi activities like borrowing and lending.
  5. Users can enjoy a percentage of the transaction fees when they contribute liquidity for a crypto asset.
DeFi wallets are software that can be accessed online or on your mobile device. They are convenient to use and easy to carry about. They give you access to decentralized exchanges and DApps and offer mobile accessibility, in-wallet swaps, cross-chain compatibility, staking, yield farming, and many other services. DeFi wallets can also be blockchain specific for example, Metamask is focused mostly for ETH, while Trust Wallet offers more focus for BNB Chain.

Some DeFi wallets can have a browser extension and an app. An example of this kind of wallet is Metamask. And if you wonder why it's important to learn about DeFi wallets to use, make sure you read our centralized network vs decentralized page.

Meanwhile, in this article, we will discuss the best DeFi wallets for apps and browser extensions.

Best DeFi Wallet Applications

1) Metamask

Metamask was built by Consensys in 2016 but became available on mobile in 2021. It runs on the Ethereum blockchain and is the most popular DeFi wallet in the crypto space with a current user base of over 30 million. It has a built-in decentralized exchange, called Uniswap, so you can easily swap between different cryptocurrencies. 

Metamask allows users to store ETH or ERC-20 assets and is used vastly by those who mainly want to interact with the Ethereum blockchain and other EVM-compatible chains.

2) Trust Wallet

Trust wallet is a DeFi wallet that runs on multiple chains. It supports over 1 million cryptocurrencies and its dex offerings offer very low transaction fees. It can be used on mobile and it has a very easy-to-understand user interface.

The app is free to download and does not earn anything when you use it. All fees are paid to the miners or validators and this makes it highly attractive to those who use it.

3) Pera Wallet

This is the native DeFi wallet for the Algorand blockchain and has over 100k downloads. The Pera wallet gives users access to buy, receive, store, and stake Algo or other Algorand Standard Assets (ASA). The app is available on mobile and is easy to use.

4) Crypto.com Wallet

As the name implies, this wallet is provided by Crypto.com – one of the best crypto exchanges when it comes to fees and asset selection. The Crypto.com DeFi wallet is downloadable for free on mobile and has a browser extension.

The wallet supports over 100 crypto-assets, including many of the best altcoins and DeFi tokens. You can choose which speed you would like to use when sending any of these assets to another wallet on Crypto.com - thereby reducing network fees.

5) Exodus

The Exodus Web3 wallet is a highly secure application that allows users to store, send, and receive cryptocurrency. It is available for desktop and mobile devices and supports over 180 different assets and browsing applications on different blockchains.

Exodus was founded in 2015 and can be integrated with Trezor for added security.

Best DeFi Wallets As Browser Extensions

1) Metamask

Although Metamask is easily accessible on mobile, it still has a browser wallet that allows users to access DeFi solutions from any Internet browser. It supports a wide selection of plugins that enhance its functionality and allows connections with different apps. Go to our DeSwap page and use Metamask browser extension to connect. You will see for yourself.

2) Phantom Wallet

Phantom wallet is the most popular Solana wallet application that is also focused on improving user-experience on Solana DeFi and NFT ecosystem. Just like how Metamask's name is already synonymous with Ethereum, Phantom is the front-runner of Solana ecosystem.

Currently, the Phantom wallet has a built-in exchange, is NFT compatible, has crypto staking capabilities, and can connect to a hardware wallet (Ledger). The wallet can be accessed on Brave, Firefox, Edge, and Chrome.

3) Coinbase Wallet

Another DeFi wallet that offers a great DeFi experience is Coinbase Wallet. The Coinbase Wallet has an exceptionally user-friendly interface with no advanced jargon or features, making it ideal for newcomers to the space. It can be accessed with a chrome browser, supports over 100,000 tokens, and can be used to store NFTs too. 

4) Terra Station

The Terra Station has a browser extension that allows you to access dapps on the Terra blockchain. Terra Station supports hardware wallets like Ledger and you can also use its desktop version if you want to transact any crypto assets in the Terra ecosystem. Terra Station wallet can be accessed using Chrome or Firefox.

A Terra-powered web page allows users to interact with DApps by connecting their wallets when prompted. Once authenticated, the DApp can read blockchain data and request transactions to be signed through the Station extension. 

5) Keplr Wallet

Keplr is an open-source browser extension wallet that supports the Cosmos interchain ecosystem. The software provides functionality for managing wallets and accounts for all Cosmos-SDK-based blockchains.

The Keplr extension is supported only on Chrome. The app can also be used on Brave, but some features might not be available.

Conclusion

Using a DeFi wallet is risky because you are responsible for the safety of your assets. There are no backup systems in place if you lose custody of your wallet. And for this reason, you should take careful steps to ensure that you secure your wallet the right way. Here are four of the most common precautions:

  • Never share your private keys
  • Write your recovery phrase down and store it in a safe place.
  • Avoid suspicious-looking DApps and Dex-es (e.g DeSwap Dex)
  • Use good exchanges.
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