Best Crypto Wallets For Decentralized Finance

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What Is DeFi Wallet?

Decentralized cryptocurrency wallets are applications and devices that allow you to store the private and public keys of digital coins on your own without trusting third-party companies. Also, the so-called web3 wallets are currently popular – these are services that allow you to connect to decentralized applications running on the blockchain and exchange transactions with them directly without the participation of intermediaries.

For decentralized finance (DeFi) to thrive and gain global acceptance, their platforms must be secure, easy to use, and easily accessible. Wallets play an essential role in this.

Decentralized wallets are non-custodial, and this means that users can store their keys personally without depending on anyone. The first DeFi wallets were launched on Ethereum, and their user experience and interface left much to be desired. However, the development went very quickly, and today we offer excellent convenient, and easy-to-use services.

Many wallets have further integrated dApps, making connecting to decentralized finance applications easy. And almost all of them are anonymous; that is, they do not require KYC.

 

The Most Popular Crypto Wallets

Let’s find out the best wallets for your Decentralized Finance.

 

Binance Chain Wallet

Launch year: 2019

Supported blockchains: Binance Smart Chain, Binance Chain, Ethereum

Binance Chain Wallet is the official cryptocurrency wallet of the Binance exchange, installed as an extension for Chrome, Firefox and Brave browsers. It is similar to other extension wallets but with some differences. If you already have a Binance account, you can link it to your wallet using Wallet Direct, eliminating the need to copy and paste addresses when transferring digital assets.

You can also use your Gmail account to register with tKey. If you lose access to your funds, you can restore them using the following methods: through your Gmail login, your local device, and the account created at the initial setup.

 

Coinbase Wallet

Launch year: 2018

Supported blockchains: Ethereum

Coinbase Wallet is launched by the cryptocurrency exchange of the same name. While the exchange only serves a specific list of countries, this decentralized wallet is accessible to users from anywhere. It can be found in the App Store, Google Play. You do not need to have an account on the Coinbase exchange.

The wallet allows each participant to assign himself a nickname, and subsequently, funds can be sent to him simply by searching for the nickname in the application. A 6-digit pin code and backup provide protection. A built-in dApp browser lets you interact with Compound, InstaDApp, Sorare, OpenSea for DeFi, and NFT applications.

 

MetaMask

Launch year: 2016

Supported blockchains: Ethereum, Binance Smart Chain, Ethereum testnets, any custom network can be added

The MetaMask wallet is available in two formats: an extension for the Chrome browser and a mobile application for Android and iOS. Allows you to store ERC-20 tokens, ERC-721 collection tokens, and assets hosted on other blockchains – for this, you need to select the desired network with which you want to work.

MetaMask is considered the most popular wallet option for running decentralized applications hosted on the Ethereum blockchain. Still, it can also connect to applications on other chains if the wallet is configured appropriately.

 

Trust Wallet

Year of launch: 2017

Supported blockchains: Ethereum, Binance Smart Chain, Binance Chain, Bitcoin, etc.

The Trust Wallet is designed to work with popular assets and collectible NFT tokens. In addition, it allows staking with a profit of up to 130% per annum cryptocurrencies Binance Coin, Tezos, Bitcoin (via the Venus app), Ethereum (via the Venus app), Cosmos, Tron, Cake.

Trust Wallet is available for iOS and Android mobile devices. It is possible to buy cryptocurrency from the card, but not for any assets. The built-in exchanger is connected to the Binance DEX crypto exchange – you can exchange the assets that it supports directly in the convenient wallet interface.

 

Argent

Launch year: 2018

Supported blockchains: Ethereum

The multifunctional decentralized Argent wallet is different because it lets users make their lives easier – not to store a seed phrase but to set up easy recovery using a paper copy. The downside is the low anonymity of the wallet. To create it, you need to confirm your phone number and email, and optionally, you can secure your wallet with a fingerprint.

Assets such as Ethereum and tokens operating on the same network are supported, and it is possible to replenish the account using a bank card. Argent also provides decentralized finance or token exchange feature – when you click on the Invest button, you will see a catalog of applications, including Uniswap, Aave, Compound, Balancer, etc.

 

Fortmatic

Launch year: 2018

Supported blockchains: Ethereum

The Fortmatic wallet is becoming more and more popular as various decentralized applications integrate it. In particular, using this wallet, you can connect to Uniswap, OpenSea, DDEX, Bancor, Augur. It is convenient to do this both with the help of a mobile application and with the help of a browser extension.

Fortmatic bills itself as “the best alternative to MetaMask.” Supports multi-factor authentication by OTP code, Google Auth, email, etc. The solution is as seamless as possible, designed to make it easier for users to work with Web 3.0 after the usual Web 2.0.

 

MEW

Launch year: 2015

Supported blockchains: Ethereum

The MyEtherWallet wallet is a client interface for interacting with the Ethereum blockchain and one of the first such projects. It allows you to store assets, interact with popular hardware wallets such as Trezor and Ledger, send transactions, exchange tokens, work with contracts and dApps.

MEW allows you to buy Ether with a card through partners Bity, Kyber Network, Changelly, and Simplex. The user can work with ETH and all tokens placed on this blockchain within the wallet, available for the browser and mobile devices. The keys are stored on the user’s device.

 

Conclusion

The listed decentralized cryptocurrency wallets are not only a place to store digital assets but also full-fledged tools for interacting with the DeFi sphere. You can connect in seconds to protocols that allow you to earn money, exchange assets, take out cryptocurrency loans, and much more. A wide selection of wallets makes it possible to choose the most convenient option for any occasion. Thanks to the WalletConnect mechanism, this process becomes simpler and more flexible. It is worth noting that for the development of DeFi itself, it is essential that the highest quality management tools appear – this guarantees rapid adoption.

If you want to develop a cryptocurrency wallet, Exio.Tech is ready to help you. Our team works on high-quality development tailored for your business. Book a call and take the first steps to your business advancement.

  • What is a decentralized crypto wallet?

A service for storing keys from cryptoassets in such a way that they are controlled exclusively by the owner himself, but not by a third party.

  • What are the pros and cons of such wallets?

The main advantage is safety, and key storage should not be trusted to centralized servers that can be hacked. A conditional disadvantage is that this option is more difficult for beginners who do not yet understand the intricacies of cryptocurrencies.

  • Can decentralized wallets be used to access DeFi?

Yes, many services support the ability to connect to dApps and send transactions to DeFi protocols.