If you are a fan of decentralized finance you certainly use various DeFi wallets. There are a lot of them in the world and almost all of them are characterized by a very simple and modern design so as not to complicate the life of newcomers. The characteristics of DeFi wallets are almost always identical, what changes is the design, the team behind the project and the various integrations with DeFi protocols.
DeFi Wallets are Non-Custodial (or as some prefer, Self-Custodial), i.e. these are Wallets where the funds are always and only in the hands of the user. So even if you decide to send for example 10 ethereum to your DeFi wallet, these ETH will be yours only and not even the developers of the Wallet will ever have access to your funds. A key feature that completely eliminates the risk of DEVs running away with funds. DeFi wallets are usually compatible with Ethereum and all ERC20 and ERC721 tokens, which means there is also a wide selection of compatible tokens. Many of them also have Web3 versions of their wallets that allow connecting to DEXs and other DeFi protocols in a matter of seconds in order to use funds for Trading, Purchasing, Lending and so on.
The only thing to be careful about, considering that the users will be the only ones to have access to their funds, is to ALWAYS make a BACKUP of the phrase used during registration. Usually, it is a 12-word phrase in a precise order, through which you can restore your Wallet on any device. If you lose it, your funds will be lost too! This feature is what makes DeFi wallets decentralized, but it is also risky if you are not cautious with backups!
Let’s see now some of the best DeFi Wallets around!
MetaMask is the most famous DeFi and Ethereum Wallet in the world. It is probably 100% compatible with all DeFi protocols and is very easy to use, thanks to its Chrome compatible Web3 version. Some of the main features of MetaMask involve: the possibility to connect your address with .eth Domains previously purchased from ens.domains; the possibility to make the operations very fast by adjusting the Gas manually (slow, normal or fast); full compatibility with Ethereum and ERC20 and ERC 721 Tokens; the possibility to connect it immediately with DEXs and other DeFi projects; the possibility to import any ethereum wallet through the famous 12 words obtained during the creation of wallets and more.
Argent is the name par excellence in the DeFi world. They have developed a fantastic Wallet that can be considered the most user-friendly for those who are just approaching this world. A couple of weeks ago Argent launched the official version of its Wallet integrating it with the major DeFi protocols. The great thing about Argent is that it covers the Fees of most transactions, thus offering something unique to its users. Users who install Argent can use their cryptocurrencies to earn money using Aave, Compound, Dai Savings Rate, Kyber Exchange, PoolTogheter, Social TokenSets, Robo TokenSets and Uniswap V2.
The Argent Wallet will ask you if you have Ethereum to start with and if you do not, it will recommend buying your first cryptocurrencies using a credit card, debit card or Apple Pay. This is made possible thanks to the collaboration between Argent and Moonpay. In case you want to deposit ETH already held elsewhere, then Argent provides you with the usual ETH address linked to a QR Code. P.s. the beauty of the wallet is that during the registration it allows you to choose a domain such as YOURNAME.Argent.Xyz! In terms of security, several methods are used, such as email address and phone number, so that you never lose access to your funds! The Guardians function is one of the best as it will help you retrieve access to your Wallet even if you lose all your account details. Read more in our article on Argent!
The Eidoo App, available for now on iOS, Android and Desktop (soon also in Web3 version) is one of the simplest and most minimal in circulation. Like the other DeFi wallets, Eidoo also offers a 12-word phrase through which you can restore your wallet from any device. During the registration process, Eidoo also requires a password that will be used to confirm transactions with Ethereum and other tokens. This app has changed its strategy a lot since its launch, becoming a full-fledged DeFi ecosystem. Eidoo allows you to swap ETH and related ERC20 and ERC721 tokens using a very simple and fast function thanks to the collaboration with KyberSwap.
If you wish to get EDO tokens using ETH, for example, just type the number of tokens you want and press Swap. A trade that lasts a couple of seconds! For larger amounts, however, please take a look at the exchange rate as you may have to pay more than you should when there is no liquidity! Eidoo has several important DeFi collaborations with Aave, Kyber, Maker, Compound, Uniswap, Bancor, Wbtc, Chai and so on. It’s a great way to earn money while holding crypto. Give it a try. Eidoo accepts wire transfer deposits (1% Fees) and SEPA instant deposits. And the great thing is that it has also recently introduced a card, the Eidoo Card, which currently boasts the largest crypto cashback in the world (from 0.5% to 10%, it all depends on how many tokens are staked).
4) Trust Wallet
A beautiful wallet compatible with Ethereum, ERC20, ERC223 and ERC721 tokens. In total, the Wallet supports more than 20,000 tokens and is used by hundreds of thousands of people worldwide. Ever since it was purchased by Binance, the Wallet has always been very active on social media and has been running a number of contests to try and take first place in terms of the number of active users. This Wallet offers perhaps the best design in the industry but remains non-custodial, which means that only the user has access to funds. Trust Wallet also offers instant swaps like Eidoo and also the possibility to buy cryptocurrencies in a few seconds directly from the app, available both on Android and iOS. Trust Wallet is available in many languages, 11 at the moment, making it perhaps the most complete in this respect. And to finish off, there’s a beautiful DApp browser similar to the various stores (Google and Apple) but on the Blockchain! Very recommended!
5) Coinbase Wallet
At first glance, this wallet might seem centralized, like the company that developed it: Coinbase. But it is not! Coinbase Wallet is a different product from what the Coinbase company offers because the two products are not connected in any way. In fact, the Wallet is not linked to the Coinbase account and the funds are only yours because only you will know the private key to access this Wallet. The beauty of having a DeFi product coming out of a big company is the compatibility with more cryptocurrencies and dApps. Unlike other ethereum Wallets for example, Coinbase Wallet is also compatible with Bitcoin, Bitcoin Cash, Litecoin and so on. In short, everything you see on Coinbase is also compatible with the Wallet!
To transfer funds from one wallet to another there are several methods: the usual crypto address, the username of the Coinbase Wallet (this is a novelty not present in other similar wallets) or an ens domain (for example hello.eth). Obviously, if you get the wrong username or ENS, Coinbase won’t be able to return your funds because transfers are processed on the blockchain! And if you want to connect DeFi with CeFi you can also connect the Coinbase Wallet with Coinbase.com and transfer and receive funds quickly and easily.
These were the wallets we have tried or used in the last few weeks. We will now add other great DeFi Wallets to the list, describing them briefly and leaving a link to their official website. Give them a try and don’t let yourself be fooled by unofficial websites trying to steal your access phrases.
7) Dex Wallet – A great wallet to begin earning passively thanks to the native integration of staking. Through Dex Wallet, you can access a DeFi world composed of important names like Compound, UniSwap, Maker and so on. At the moment it seems to be compatible only with iOS.
8) MEW – Perhaps the most famous Ethereum wallet in the world. It has a web version and versions for both Android and iOS. Since it’s very popular, it’s often a victim of hacking and phishing, therefore always try to make sure that the App or the web address you typed in is correct in order to avoid loss of funds.
Bonus Wallet 1) MyCrypto is built by the team that built MyEtherWallet and we’re completely decentralized and non-custodial as well. They even have a desktop app that helps users be more secure.
For the moment we’ll stop at these 8 wallets but the list will be continuously updated with new DeFi Wallets ready to use. Happy Holding to all!