Best 13 DeFi Wallets Reviewed (2024)

A Decentralized Finance (DeFi) wallet allows users to store, manage, trade crypto, and, most importantly, interact with decentralized applications (dApps) and Web3 projects. These could range from decentralized exchanges (DEXs), liquid staking platforms, and lending protocols to NFTs and SocialFi apps.

DeFi wallets give users complete control and ownership over their crypto. But let’s clarify a few things first. There are custodial wallets and centralized exchanges that offer custodial services, meaning the exchange safeguard your assets.

However, some popular centralized exchanges like Binance, Crypto.com, and Bitget provide non-custodial wallets that can be integrated into their platforms, allowing you to move assets back and forth between your exchange account and your DeFi wallet.

Quick Navigation

• Difference Between DeFi Wallets and Regular Crypto Wallets
• Top 13 Best DeFi Wallets
  • MetaMask: Best DeFi Wallet for Ethereum
  • Trust Wallet: Best DeFi Wallet for BNB Chain
  • Phantom Wallet: Best for Solana DeFi
  • Edge Wallet: Best Wallet for DeFi Lending
  • Coinbase Web3 Wallet: Best DeFi Wallet for Beginners
  • Guarda Wallet: Best for Token Generation
  • Binance Web3 Wallet: Best for Binance’s Ecosystem
  • Crypto.com DeFi Wallet: Popular Choice Amongst Exchange Wallets
  • Argent: Best DeFi Wallet for Starknet
  • Exodus Wallet
  • Trezor Safe 3: Best Hardware Wallet for DeFi
  • Ledger Nano S Plus
  • Bitget Wallet
• Types of DeFi Wallets
• Frequently Asked Questions
• Best DeFi Wallets: Closing Thoughts

Difference Between DeFi Wallets and Regular Crypto Wallets

The difference between a regular crypto wallet and a DeFi wallet is that the former is designed to support a much wider array of coins and blockchain networks. The latter is tailored to meet DeFi users’ demands for yield farming, lending, trading, and other activities that require a powerful wallet.

DeFi Wallets share similar characteristics with regular crypto wallets:

• DeFi Hub: These wallets are made for DeFi. They allow you to interact with various dApps and protocols across different blockchain networks, such as Solana, Ethereum, Avalanche, Binance Smart Chain, and more.
• Self-Custody: Most DeFi wallets are self-custodial, meaning you are responsible for securing their wallet and private keys, providing greater control and security.
• Seed Phrase Recovery: They usually generate a unique seed phrase (12-24 words) for restoring wallet access if the device is lost or damaged
• Multi-platform: DeFi wallets are available as web browser extensions for desktop and mobile devices.

To wrap up, DeFi wallets are tailored for the DeFi world and provide you with unique features and opportunities that regular crypto wallets don’t. However, they have their setbacks, which will be covered throughout the article.

The 13 Best DeFi Wallets

Below are some of the top DeFi wallets to consider. These were selected based on their functionalities, key features, security levels, and more. Without further ado, let’s jump in.

MetaMask: Best DeFi Wallet for Ethereum

Developed by Consensys, a company specializing in Ethereum-based tools and infrastructure, MetaMask is one of the best DeFi wallets in the industry. It supports a wide range of tokens and blockchain networks.

MetaMask was designed to enable users to seamlessly access Ethereum-based decentralized applications (dApps) and DeFi projects. It allows you to manage different Ethereum-based tokens, including standards such as ERC-721 and ERC-1155, which are widely used for NFTs and other digital collectibles.

Although it might not be the most user-friendly wallet initially, MetaMask offers significant versatility as a DeFi wallet once you become familiar with its features. It processes over 100M transactions monthly from over 17,000 dApps, so you’ll have plenty of options.

The wallet supports over 500,000 coins, NFTs, and Ethereum Virtual Machine (EVM)-compatible blockchain networks such as Binance Smart Chain (BNB) and Polygon (MATIC). Additionally, MetaMask provides staking options for MATIC and ETH in its Stake section.

Although the wallet supports other networks, it remains the most prominent and widely used DeFi wallet in Ethereum’s ecosystem.

MetaMask Key Features

• Smart Transactions: You can submit transactions to a virtual memory pool before being confirmed on-chain. This feature mitigates maximum extractable value (MEV) strategies by simulating transactions in the virtual memory pool, which also helps lower transaction fees.
• DeFi Hub: MetaMask is a major hub for decentralized applications on Ethereum, allowing you to access thousands of Web3 apps and dApps.
• MetaMask Swap: This feature allows seamless token swaps within the MetaMask wallet, which is available on both the browser extension and mobile app. It aggregates data from several decentralized exchanges (DEXs) to find the best prices with low slippage. MetaMask charges a service fee of 0.875%, which is automatically factored into each quote.
• Fiat Purchases: You can purchase cryptocurrencies with fiat money, supporting over 75 tokens from 8 blockchains. To make a purchase, click on the “Buy” tab, select your region, and choose the asset you wish to buy.
• MetaMask Bridge: This cross-chain bridge aggregator facilitates Web3 interoperability, providing optimal routes for transferring tokens between blockchains by leveraging data from multiple bridge aggregators.
• MetaMask Staking: You can stake ETH and MATIC directly from their wallets using liquid staking providers like Lido and Rocket Pool.

MetaMask Security Features

MetaMask is regarded as one of the best DeFi wallets security-wise, employing multiple security mechanisms to protect users’ funds and identities. Key features in this regard include:

• Privacy-Preserving Security Alerts: These alerts help you detect malicious dApps. Initially tested with Opensea, this feature is now opt-in and operational on the Ethereum Mainnet. You can activate it within the “Experimental” tab under “Settings” to verify transactions before finalizing them.
• Security Vaults: MetaMask provides security vaults to safeguard your identity, allowing you to interact securely with ERC and other tokens across various browsers.

Pros and Cons of MetaMask

Pros explained:

• You control and take full ownership of your private keys.
• Broad integration with numerous dApps and crypto tokens in the Ethereum ecosystem.
• Snaps allow for custom integrations.
• Interoperable with all EVM-compatible blockchains.
• Has mobile integration and works for iOS and Android.
• Support hardware wallet integration.

Cons explained:

• Only supports Ethereum and EVM-compatible networks.
• Not user-friendly, customer support is somewhat limited as well.

Trust Wallet: Best DeFi Wallet for BNB Chain

Trust Wallet allows you to buy, sell, and swap cryptocurrencies, collect and trade Non-Fungible Tokens (NFTs), and explore thousands of dApps on Ethereum and the Binance Smart Chain (BNB) ecosystem.

All these features are accessible within the wallet’s dashboard, and available for mobile devices and desktop browsers.

Trust Wallet Key Features

• dApp Browser: This feature enables you to interact with dApps like Uniswap, Compound, and Aave. You can also access NFT marketplaces like OpenSea to view, collect, and trade NFTs. On iOS devices, this feature is available under the “Discover” tab.
• Staking Rewards: Trust Wallet lets you stake selected cryptocurrencies and earn rewards. Approximately 23 cryptocurrencies are available for staking, including Ethereum (ETH), Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), Osmosis (OSMO), and Kava (KAVA). Annual percentage rates (APRs) vary by coin and are displayed in the Trust Wallet staking section.
• Flexible Purchasing Options: You can buy cryptocurrencies from third-party platforms such as Mercuryo, MoonPay, and Simplex, providing flexibility in acquiring digital assets.
• Custom Token Integration: Adding custom tokens is simple. Tap the “Wallet” tab, click the “+” button, and search for the desired token to integrate it into your wallet.
• Seamless Inter-Wallet Transfers: You can quickly transfer cryptocurrencies from other wallets to Trust Wallet using various authentication methods, ensuring smooth and secure transactions.

Trust Wallet Security Features

Trust Wallet employs several security measures to protect your funds and data. These include biometric access, auto-lock timers to prevent unauthorized access, encrypted private keys, 12-word seed phrases, and two-factor authentication (2FA). It is generally considered a secure wallet, scoring 3.9 and 4.0 out of 5.0 on GetApp and Trust Pilot, respectively.

However, like all hot wallets, Trust Wallet is susceptible to risks such as hacking attempts, phishing scams, and address poisoning. While the wallet is non-custodial, it doesn’t hurt to enable 2FA. You can connect Trust Wallet to a hardware wallet like Ledger for added security.

Pros and Cons of Trust Wallet

Pros explained:

• It supports millions of cryptocurrency coins and tokens and various blockchain ecosystems.
• Support for thousands of dApps.
• Staking Options: Allows staking over 23 cryptocurrencies, including BNB, TRX, XTZ, and ATOM.
• Audited Security: Audited and certified by CertiK, Kudelski Security, and Halborn.
• Hardware Wallet Integration: Compatible with Ledger for added security.

Cons explained:

• Limited customer resources for educational content.
• The Android version of Trust Wallet has not been updated as frequently as the iOS version, which is actively maintained on GitHub.

Phantom Wallet: Best for Solana DeFi

Phantom, the most popular self-custody wallet on Solana with millions of active users, is also one of the best DeFi wallets for exploring not only Solana but also other ecosystems like Ethereum, Polygon, and even Bitcoin.

One of the main features that makes this wallet stand out is its simplicity of use. You can store, trade, swap, and stake crypto through your phone or using the browser extension for Chrome, Firefox, or Brave.

Further, almost all the dApps within the Solana network support Phantom, including some of the best Solana DEXs by total value locked.

Fun fact: CryptoPotato has conducted several interviews with Phantom’s CEO, Brandon Millman, also one of the co-founders. You can find them here and here.

Key Features of Phantom Wallet:

• Staking: Stake SOL tokens directly within the wallet to earn rewards.
• Swapping: Allows you to instantly swap tokens with a flat fee of 0.85% thanks to an integration with the Automated Market Maker (AMM) Raydium.
• Cross-Blockchain: Supports Ethereum, Bitcoin, and Polygon from a single interface.
• In-App Token Swapping: Seamlessly swap tokens within the app across supported networks.
• NFT Management: The wallet provides a dedicated section for viewing, showcasing, and tracking NFT collections, with direct interaction with NFT marketplaces
• Hardware integration: allows you to connect your wallet with Ledger.

Security Features of Phantom

Phantom has been audited by several security firms. You can watch all the reports here.

Phantom has also offered a $50,000 bug bounty to white-hat hackers who find vulnerabilities or bugs that may result in the loss of user funds. Moreover, Phantom automatically detects and hides spam NFTs and their media, as well as fungible tokens with a URL in the name.

Another perk of using Phantom is that they actually offer a decent customer support team. It’s global and works 24/7.

As we mentioned, you can always integrate your Phantom wallet into your Ledger device, adding a security touch.

Pros and Cons of Phantom

Pros explained:

• User-friendly and easy to set up.
• Decent customer support and user attention.
• Feature-rich wallet.
• Allows staking, NFT management and trading, and is supported by almost all dApps in DeFi.
• Offers a high level of security.

Cons explained:

• It lacks a desktop version.

Edge Wallet: Best Wallet for DeFi Lending

Edge is a mobile, non-custodial wallet released in 2018. It allows you to store, manage, and trade crypto and explore various dApps on your phone, whether it’s iOS or Android.

Edge aims to offer a user-friendly and secure platform for storing, managing, and interacting with various cryptocurrencies and DeFi protocols.

One of its most notable features is the ability to take out Bitcoin collateralized loans and deposit borrowed dollars directly into your bank account. This is achieved thanks to an integration with liquidity protocol Aave.

Key Features of Edge Wallet

• Multi-Asset Support: It supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, XRP, Dash, Dogecoin, and more, allowing users to manage multiple digital assets in one place.
• In-App Cryptocurrency Exchange: Built-in exchange functionality lets users seamlessly swap between digital assets directly within the app.
• Fiat On-Ramp: This option allows users to purchase cryptocurrencies using fiat currency, simplifying the process of acquiring digital assets.
• Automatic Backup: Automatically backs up user accounts and data, ensuring easy recovery in case of device loss or damage.
• Password Recovery: Users can set up password recovery using two security questions and an email address for added protection.

Security Features of Edge Wallet

While Edge Wallet offers convenience for daily transactions, it is not the most secure option for storing large amounts of cryptocurrency due to mobile wallets’ inherent vulnerabilities. It is best suited for managing smaller amounts of cryptocurrency for everyday use.

Private keys are stored locally on the user’s device and are secured using a hash of the username and password. These credentials are never shared with or stored on Edge servers. If you happen to lose your phone, you can quickly regain access by installing Edge on a new device and synchronizing the wallet.

Pros and Cons

Pros explained:

• Simple and intuitive interface suitable for both novice and experienced cryptocurrency users
• Supports a wide range of cryptocurrencies and blockchain networks.
• Streamlines the process of managing and acquiring digital assets.
• Employs strong security measures, including client-side encryption, two-factor authentication, and biometric authentication.

Cons explained:

• Exclusively available as a mobile app, with no desktop or hardware wallet options, which may not suit all users.

Coinbase Web3 Wallet: Best DeFi Wallet for Beginners

Coinbase Wallet is a secure, non-custodial wallet designed for storing and managing cryptocurrencies. It supports a vast range of over 100,000 digital assets, including NFTs, and provides access to dApps. The wallet is compatible with various networks, including Bitcoin, Ethereum, and Layer-2 solutions like Arbitrum and Optimism.

Unlike MetaMask, Coinbase Wallet is a good starting point for beginners. It is designed for easy use, with straightforward installation and setup. However, it’s also an extensive wallet for DeFi enthusiasts.

There are plenty of things to do with Coinbase Wallet: staking, managing NFTs, swapping assets, and accessing thousands of dApps and Web3 projects.

For a more detailed outlook on how to set it up, check out our fully-fledged Coinbase Web3 Wallet guide.

Key Features of Coinbase Wallet

• DeFi Hub: Coinbase Wallet allows you to explore and search for thousands of dApps from different ecosystems, such as Ethereum and Solana. You can interact with DEXs like Raydium, check the most popular NFTs, use blockchain bridges, SocialFi apps, and more.
• Swap, Trade, and Buy: Coinbase Wallet is highly flexible, allowing you to swap over 100,000 cryptocurrencies across popular networks such as Polygon, Ethereum, and Solana.
• User-Friendly and Easy to Set Up: The wallet is available as a browser extension for Chrome and Brave, as well as on mobile devices (iOS and Android), making it accessible and straightforward to set up.
• Privacy: No personal information is required to use Coinbase Wallet. You can use your username to send and receive cryptocurrencies and NFTs, simplifying transactions.

Coinbase Wallet Security Features

Coinbase Wallet enjoys some of the highest standards of crypto security in the industry, and it is backed by the Coinbase exchange.

It’s a non-custodial wallet, meaning you own your private keys. You’ll get a 12-word seed phrase to access your accounts on new devices (so don’t lose it).

• Enhanced security options such as biometric access, passwords, 2FA, and security locks add multiple layers of protection.
• You can integrate a Ledger hardware wallet, adding an extra layer of security by allowing you to move your funds to a cold storage solution.

Pros and Cons of Coinbase Wallet

Pros explained:

• Besides regular staking, you can stake liquid ETH.
• The wallet is designed for ease of use, with straightforward installation and setup.
• Available as a browser extension or mobile app, Coinbase Wallet offers a simple and quick installation process.

Cons explained:

• You might find the desktop version more versatile and user-friendly than the mobile version, which has features like the Community tab, where you can interact with each other.
• Coinbase customer support has been criticized in the past.

Guarda Wallet: Best DeFi Wallet for Token Generation

Guarda is a popular non-custodial wallet available across multiple platforms — mobile, desktop, and browser extensions.

This wallet lets you send, receive, manage, store, exchange, and stake cryptocurrency assets, including Cardano, Tezos, Tron, and more. Additionally, it supports blockchains such as Bitcoin, Ethereum, Ripple, and Binance Coin, offering robust functionality and security for digital asset management.

One of Guarda Wallet’s most notable features is the Token Generator. This mechanism simplifies the process of creating ERC-20 tokens on the Ethereum blockchain. You just set the token’s name and total supply and deploy the contract. The smart contracts are thoroughly audited and secure, ensuring they meet ERC-20 standards.

Key Features

• Multi-currency Support: Supports over 50 blockchains and 400,000+ tokens.
• Non-custodial: Users maintain complete control over their private keys and funds.
• Multiple Platforms: Available as a desktop app, mobile app, and browser extension.
• Built-in Exchange: Facilitates direct cryptocurrency swaps within the wallet.
• Staking Services: Provides staking options for various cryptocurrencies
• Token Generator: You can create and deploy your own token on supported blockchains.
• NFT Support: Enables storage and management of non-fungible tokens.

Security Features of Guarda

Guarda Wallet is one of the best DeFi wallets for security. It was launched over five years ago with no reported security incidents or breaches.

It’s an open-source, non-custodial wallet with high-level security and encryption mechanisms, including AES-256 (Advanced Encryption Standard) for data protection. It also provides biometric authentication through fingerprint and face ID for mobile apps.

You can also connect it to a hardware device such as Ledger (Nano S and X)

Pros and Cons of Guarda Wallet

Pros explained:

• Access to a wide variety of dApps
• Supports a wide variety of blockchains
• Supports over 400,000 cryptocurrencies
• Offers a prepaid Visa card, allowing you to buy cryptocurrencies and tokens

Cons explained:

• In-app fees are somewhat high.
• Pre-paid Visa is only available in certain regions of Europe.

Binance Web3 Wallet: Best DeFi Wallet for Binance’s Ecosystem

Binance Web3 Wallet is a self-custody cryptocurrency wallet also developed by Binance. It offers a secure and convenient way to interact with DeFi and manage, store, and trade coins, tokens, and NFTs on some of the most popular blockchain networks.

The wallet supports many blockchain networks besides Binance Smart Chain, including Ethereum, Polygon, and Avalanche. This allows you to manage their assets across different ecosystems seamlessly.

This wallet is integrated with the Binance ecosystem. Therefore, you should be able to set it up through the Binance dashboard on the application. You can switch between the exchange and the wallet directly through the app, regardless if you’re on mobile or desktop.

Further, the integration allows you to transfer funds between your Binance exchange account and your Web3 Wallet, which is quite a handy feature for daily use.

Key Features of Binance Web3 Wallet

• Multi-Chain Support: The wallet supports over 38 blockchain networks, providing extensive flexibility in managing digital assets.
• Token Swaps: You can swap tokens across different chains directly within the wallet, utilizing the Binance Bridge and various DEX integrations.
• Yield Farming and Staking: Access to multiple DeFi protocols and staking opportunities allows you to earn yields on your crypto assets.
• dApp Browser: The built-in dApp browser lets you interact with decentralized applications directly from the wallet, enhancing their DeFi experience.
• Secure Key Management: Employing MPC technology, the wallet secures funds without needing a seed phrase, reducing the risk of loss or theft.
• Binance Integration: Seamless fund transfers between Binance exchange accounts and the Web3 Wallet simplify asset management.

Security Features of Binance Web3 Wallet

The wallet uses advanced multi-party computation (MPC) technology to secure your assets without needing a seed phrase. This mitigates the risk of centralized storage of private keys. To be more specific, Binance Web3 Wallet creates three “key-shares.” Each key-share is secured with a recovery password and stored separately on your device, cloud storage, and the Web3 Wallet.

Pros and Cons of Binance Web3 Wallet

Pros explained:

• It supports numerous blockchain networks and provides extensive asset management capabilities.
• Built-in integration with the Binance exchange allows easy transfer of funds within the Binance ecosystem.
• Built-in access to DEXs and DeFi protocols.
• Offers yield farming and staking features.
• Non-custodial wallet with advanced security and a user-friendly interface.

Cons explained:

• It’s not ideal for newcomers.

Crypto.com DeFi Wallet: Popular Choice Amongst Exchange Wallets

Crypto.com DeFi Wallet, developed by the renowned cryptocurrency platform Crypto.com, is a non-custodial wallet crafted to facilitate seamless interactions with the DeFi ecosystem, enabling you to engage with various dApps and Web3 projects.

The wallet integrates with the broader Crypto.com ecosystem, enabling easy transfers between the Crypto.com exchange and the DeFi Wallet, similar to how Binance Web3 Wallet works with the Binance exchange.

Key Features of Crypto.com Wallet

• Crypot.com DeFi Wallet is compatible with multiple blockchain networks, including Ethereum, Cronos, Crypto.org Chain, Solana, and Cosmos, allowing you to manage their assets across various ecosystems.
• The wallet allows you to access a variety of DeFi protocols and engage in activities such as yield farming, staking, and decentralized exchange (DEX) trading.
• Non-custodial wallet — you have complete control over your private keys and funds.

Security Features of Crypto.com DeFi Wallet

Crypto.com conducts frequent security audits and maintains several compliance certifications to uphold high-security standards for its products. The app is also compatible with hardware wallets, allowing you to connect it to Ledger and manage your tokens from there.

For mobile users, the wallet supports biometric authentication, including fingerprint and face recognition.

Pros and Cons of Crypto.com DeFi Wallet

Pros explained:

• Full control of private keys
• Supports multiple blockchain networks
• Access to a wide range of dApps

Cons explained:

• Not suitable for beginners
• Customer support is somewhat limited

Argent: Best DeFi Wallet for Starknet

Argent is a mobile non-custodial wallet tailored for DeFi and non-fungible tokens (NFTs) on the Ethereum and Starknet blockchains. It provides a user-friendly interface for managing digital assets and interacting with DeFi applications.

The wallet simplifies Layer 1 and Layer 2 network interactions with features like gasless transactions, easy recovery without seed phrases, and integrated DeFi services such as lending, borrowing, and earning interest.

Key Features of Argent

• Easy Onboarding: You can create a wallet without seed phrases or private keys in minutes.
• One-Click DeFi Access: Access popular DeFi protocols like Compound, Aave, and Uniswap with a single click.
• Social Recovery: Designate trusted contacts as guardians to recover the wallet if access is lost.
• Gasless Transactions: Perform transactions without paying gas fees directly; fees are deducted from the user’s balance later.

Security Features of Argent

Argent provides several advanced security measures to protect your assets, starting with multi-sig, biometric authentication through fingerprint or Face ID, as well as Two-Factor Authentication to add a security touch to your account.

Argent also provides an interesting security feature called Guardians. As the name implies, Guardians are people and devices you choose to help keep your wallet secure and recover in case you lose access to it.

Pros and Cons of Argent

Pros explained:

• Simple and intuitive design for easy asset management and transactions.
• Extra layer of protection through multi-signature security.
• Ability to recover the wallet using trusted contacts called Guardians.
• Gasless transactions, reducing the need for direct gas fee payments.

Cons explained:

• It only supports Ethereum and Starknet, making it somewhat limited in comparison.

Exodus Wallet

Exodus is a versatile, non-custodial cryptocurrency wallet supporting over 50 blockchain networks. It is available as a desktop wallet, browser extension, and mobile app for iOS and Android. The multi-platform accessibility allows you to manage your digital assets conveniently across different devices.

Key Features of Exodus Wallet

• Multi-Chain Support: Exodus supports various blockchain networks such as Ethereum, Solana, Binance Smart Chain (BSC), and Algorand. This lets you explore and interact with dApps across different ecosystems. Additionally, it supports NFTs and integrates with hardware wallets like Trezor.
• Fiat On-Ramp: Exodus facilitates the purchase of cryptocurrencies using fiat currency through services like Moonpay, Ramp, Sardine, and Robinhood Connect. You can buy crypto with debit or credit cards and deposit it directly into their Exodus wallet, though availability may vary by location.
• Hardware Wallet Integration: Exodus integrates with Trezor hardware wallets, specifically the Trezor Safe 3.
• Built-In Exchange: The wallet features a built-in exchange, allowing you to trade and manage crypto portfolios without relying on external exchanges. This simplifies buying, selling, and swapping cryptocurrencies directly within the app.
• Swaps: You can easily exchange cryptocurrencies for different tokens directly within the Exodus app, providing flexibility in managing their crypto portfolios.
• Crypto Staking: Exodus supports in-app staking for various cryptocurrencies, including Ethereum (ETH), Solana (SOL), Cardano (ADA), and Cosmos (ATOM), enabling you to earn rewards on your holdings.
• Transaction Export: The wallet allows you to export their crypto transaction history for tax purposes, providing a .csv file format for easy record-keeping.
• Browser Extension: The feature-rich browser extension allows access to dApps, manage NFTs, swap and stake assets, and more.

Exodus Wallet Security Features

Exodus does not employ certain standard security features in most crypto wallets nowadays.

The wallet’s security is as robust as the device it is installed on, and it is that simple. You’re responsible if your device is lost, compromised, or left unattended with the wallet visible; the funds within the wallet are at risk.

Exodus does not provide additional security mechanisms such as two-factor authentication (2FA), security locks, or scam alerts.

Pros and Cons of Exodus Wallet

Pros explained:

• Easy setup on desktop, browser, or mobile devices
• Offers customer support through chat and email services, help pages, and many articles on security practices.
• The wallet provides updates and security reports every two weeks, though you must manually update their wallets via the official Exodus website.
• Supports staking, allowing you to earn rewards on your cryptocurrency holdings directly through the wallet.

Cons explained:

• Exodus lacks traditional two-factor authentication (2FA) and other important commonplace security features.
• Not open-source. This prevents users and external developers from independently reviewing the wallet’s security mechanisms and overall reliability.

Trezor Safe 3: Best Hardware Wallet for DeFi

Trezor is a household name in the crypto industry. One of its latest products is the Trezor Safe 3, featuring advanced security and extensive cryptocurrency support.

Let’s quickly go through some of the key aspects that set Trezor Safe 3 apart:

• Advanced Security

Trezor Safe 3 comes with a certified EAL6+ Secure Element chip for enhanced security, supports the anonymous web browser Tor and uses Coinjoin to anonymize Bitcoin transactions. Further, it’s also compatible with the Shamir backup standard, allowing multiple recovery methods for private keys.

• Extensive Cryptocurrency Support

The wallet supports over 8,000 coins and tokens, including major assets like Bitcoin, Solana, Ethereum, Cardano, Ripple, and Binance Coin, as well as ERC-20 and SLP tokens. Note that Cosmos and Avalanche are not supported. It’s also compatible with software wallets like Exodus, MetaMask, and Yoroi.

• Cross-Platform Compatibility

Works with Linux, Microsoft, Mac, and mobile devices on iOS and Android through the Trezor Suite Lite app.

Ledger Nano S Plus

The Ledger Nano S Plus is a hardware wallet designed to store cryptocurrencies and non-fungible tokens (NFTs) securely. It supports over 5,500 digital assets and includes various security and usability features.

Here’s a detailed look at what the Ledger Nano S Plus offers:

• Advanced Security

Ledger Nano S Plus comes with a Secure Element chip certified to CC EAL5+ standards. It was also independently certified by the National Agency for the Security of Information Systems in France, highlighting its robustness.

• Extensive Cryptocurrency and NFT Support

Ledger Nano S Plus supports over 5,500 cryptocurrency coins, tokens, and NFTs. It also supports various token standards, including ERC-20, ERC-721, TRC-20, TRC-10, BEP-2, and SLP.

• Usability

The wallet provides a dynamic and user-friendly interface. Moreover, it works with over 50 wallets to access dApps and Web3 applications, and you can install up to 100 applications on it.

Bitget Wallet

Bitget Wallet, formerly BitKeep, is a feature-rich DeFi wallet offering a secure and user-friendly platform for managing your crypto and dApps. Like Binance and Crypto.com, it’s part of the Bitget crypto exchange ecosystem. It has over 12 million users in 168 countries, making it a prominent multi-chain wallet in the Web3 space.

Key Features of Bitget Wallet

• Multi-Chain Support: Bitget Wallet supports more than 90 blockchains, including Ethereum, BNB Chain, Polygon, Arbitrum, and Solana, facilitating the management of a wide array of cryptocurrencies and interaction with various DeFi protocols.
• Swap and Trading: The integrated Bitget Swap feature allows users to exchange cryptocurrencies effortlessly across different chains. It also offers limit order capabilities for advanced trading.
• NFT Marketplace: Users can access a comprehensive NFT marketplace within the wallet, enabling them to browse, buy, and sell NFTs from various blockchain networks.
• Launchpad: This feature provides access to exclusive token sales and early-stage crypto projects.
• Fiat On-Ramp: Users can purchase cryptocurrencies using fiat currencies, simplifying the process of acquiring digital assets.

Security Features

Bitget has ensured its wallet meets high-security standards by applying some of the following features:

• MPC Wallet: The enterprise-grade Multi-Party Computation (MPC) “keyless” wallet solution ensures secure and convenient access to crypto assets
• GetShield Security System: This system incorporates various security measures, such as risk token detection, contract verification, fraudulent address identification, and anti-phishing mechanisms, to protect users from potential threats.
• Hardware Wallet Integration: Bitget Wallet supports hardware wallets, allowing users to store their private keys offline securely.
• $300 Million Risk Protection Fund: The wallet shares a $300 million risk protection fund with the Bitget crypto exchange, enhancing its resilience against potential risks.

Pros and Cons of Bitget Wallet

Pros explained:

• Supports a wide range of blockchains for managing diverse digital assets.
• Facilitates seamless cryptocurrency swaps and trading, including limit orders.
• Offers an integrated NFT marketplace and DApp browser for exploring Web3.
• Simplifies cryptocurrency purchases with a fiat on-ramp.
• Provides robust security features, including an MPC wallet and GetShield security system.
• Undergoes regular security audits and has a substantial risk protection fund.

Cons explained:

• Offers limited customization options compared to some other DeFi wallets.

Types of DeFi Wallets

DeFi wallets can be categorized into two main types: software (hot) wallets and hardware (cold) wallets. Each type offers distinct features and security levels.

Hot wallets are software applications connected to the internet, available on various devices such as browser extensions, mobile apps, and desktop programs. They offer various features for managing assets across multiple networks and accessing various dApps.

Types of Hot Wallets:

Web Wallets

Installed as browser extensions on browsers like Chrome, Firefox, and Opera. Web wallets provide flexibility and accessibility, allowing users to manage, store, and transact cryptocurrencies directly through a web browser. They often support dApps, Web3 applications, and NFTs, making them versatile for various digital asset activities.

Mobile Wallets

Available for iOS and Android devices, mobile wallets offer convenience for managing, storing, and transacting digital assets on the go. However, users should be aware of security risks, such as malware and the potential loss of their mobile devices, and should be cautious about signing malicious transactions.

Desktop Wallets

These are software programs installed on computers. Desktop wallets typically offer more features than browser extensions, including integrated staking and advanced security measures. However, they require a certain level of technical proficiency to use and are often dedicated to specific cryptocurrencies, limiting their support for a broader range of coins.

Cold Wallets (Hardware Wallets)

Cold wallets are physical devices that resemble pen drives. They store private keys offline, providing enhanced security by isolating them from the internet and minimizing the risk of hacking and online attacks. Hardware wallets offer the highest level of security for crypto funds but are less dynamic and flexible than software wallets.

Let’s do a quick rundown on hardware wallets:

• They generate and store private keys offline.
• Offer robust security, making them ideal for long-term storage.
• Fund loss or hacking incidents are typically due to user malpractices or lost devices.
• Users must understand self-custody principles and best practices for storing cryptocurrencies securely.

Related: 9 Tips For Securing Your Bitcoin and Crypto Wallets You Must Follow

Frequently Asked Questions

What is the best crypto DeFi Wallet?

It’s hard to gauge exactly which wallet is best for DeFi because that would depend on your intended purpose. However, MetaMask is widely regarded as one of the best DeFi wallets altogether, especially if your focus is on Ethereum.

What is the best decentralized wallet to use?

The term “decentralized wallet” is not accurate because all crypto wallets are developed by a team that’s actively backing and working on them. They may be open-source, but it’s hard to classify them as truly decentralized.

Are DeFi wallets safe?

DeFi wallets are as safe as the crypto security measures that you employ. If you do everything necessary to maintain proper online hygiene, don’t click on phishing links, and store your private keys correctly – they are perfectly safe.

Is Binance a DeFi wallet?

Binance is a centralized cryptocurrency exchange. However, it has developed a wallet called Binance Web3 Wallet, which is quickly becoming one of the more popular options for DeFi users in the Binance ecosystem.

Is MetaMask a DeFi wallet?

Yes, MetaMask is a DeFi wallet. It is one of the veterans in the space and currently the biggest hot wallet on the market.

Best DeFi Wallets: Closing Thoughts

These were some of the top DeFi wallets to check out in 2024. However, keep in mind that the best wallet is the one that suits your needs.

Some DeFi wallets are more suitable for beginners, while certain wallets like Binance Web3 Wallet are more complex but offer powerful features for those who know how to use them.