Hi everyone, this article will walk you through the ten best DeFi wallets to store your DeFi assets in 2022.
Amidst the tightly controlled and highly regulated banking and finance systems of the world, a new term is gaining much popularity and that is none other than DeFi.
Decentralized Finance is said to be an undeniable future of our economy, banking, and finance sectors with its transparency, speed, reliability, and lack of the need for a third-party vendor to facilitate these transactions.
Why Do We Need Decentralized Finance (DeFi) Wallets?
As there is nothing is perfect in this world, blockchain technology, which is the foundational basis of DeFi apps and digital assets, has a substantial amount of vulnerabilities.
These vulnerabilities can cause major damage to a DeFi user if exposed to the unwanted and uncharted areas of the internet.
A lot of precautions have to be taken and a lot of good habits are needed to be adopted by the DeFi users to make their experience safe and secure.
A good DeFi wallet can make your experience smooth and can reduce the risk of getting exposed to unwanted risks over the internet.
Hence knowing how to choose the right Decentralized Finance wallets can be a long, tiring, and time-consuming process.
To deal with this challenge, we have brought you a handpicked list of the 10 best DeFi wallets.
What is DeFi?
DeFi is a short form of Decentralized finance used frequently to address the cryptography-based monetary and financial services which are open source and managed by a vast network of people contributing to revolutionizing the process of how money functions.
With almost no interference from governments and old-school financial institutions, DeFi protocol is an always-open financial market to which anyone can reach with no restrictions if he/she have the access to a basic internet connection.
With a lack of human interventions and any centralizing regulatory body, the traditional time taking transactions can now happen within seconds and DeFi applications have made it possible.
With a steep rise in cryptocurrency acceptability and usage, the role of DeFi exchanges has become more significant than ever.
From avoiding state-induced inflation to speedy transactions from one end of the world to the other end, DeFi protocol is becoming the first choice of money movers all around the globe.
100% open-source code and a robust community of devs to scrutinize it, is going to expand only in the near future.
People are paying loans, buying cars, traveling the world, and transferring money faster than ever and all of this could be possible because of DeFi exchanges and cryptography.
DeFi Wallet Characteristics
✔ A good Decentralized Finance wallet maintains uncompromised high-security protocols to ensure 100% privacy for your private keys
✔ Standard DeFi wallets will stay loyal to their commitment to the decentralized network and use a widespread mining network to validate transactions rather than having a central authoritative agency.
✔ While selecting your Decentralized Finance Wallet, compatibility of the wallet with hardware wallets must be in your list of considerations.
✔ Good Decentralized wallets are the one that does not make you feel overwhelmed with their various features but provide an easy-to-navigate user interface.
✔ Decentralized wallets must be swift with their transactional speeds and overall performance as a non-performing DeFi wallet can ruin your experience completely
10 Best DeFi Wallets For Your DeFi Assets
There are many wallets available in the market today,one can choose any wallets according to their choice.
But have you ever wondered how safe those wallets are? Can they really keep your DeFi assets safe?
In order to keep the DeFi assets securely, we present you with a list of the best DeFi wallets, to facilitate your decision-making process so that you can choose what fits best as per your needs.
Starting our list with a DeFi wallet that comes with a premium non-custodian feature and built-in exchange, Eidoo can be a reliable answer to your DeFi assets.
It has a light node feature that means that your entire blockchain data would be stored locally and thus giving your transactions an extra layer of security.
Its intuitive and interactive design complements its user-friendly user interface to give a pleasant customer experience.
It also has an integrated hybrid trading platform where you can trade your digital assets without the need to leave your wallet.
Even though the project is a closed source and lacks the basic feature of 2-factor authentication, it can be a suitable choice as a Decentralized Finance wallet with a support of over 1000 tokes from around the globe, and thus it could secure a place in our list of best DeFi wallets.
A free-to-use DeFi wallet that comes with an easy-to-use and beginner-friendly UI, Coinbase wallet can be your choice if you are new to the game and looking for a free-to-start alternative.
It supports all the main cryptocurrencies and is not the costliest choice even if you transfer to its premium plans.
With top-notch security features and an industry record of being a wallet that has never been hacked, Coinbase is one of the safest among all the hot crypto wallets out there.
It also comes with a light node, keeping your transactional details and private keys completely offline and complementing this security feature with a solid 2-factor authentication and which can be a deal-breaker for many of our readers.
So if you are looking for a hot digital DeFi wallet with robust security gatekeepers, Coinbase must be on your list of preferences.
Being one of the trendy DeFi wallets on our list, Argent wallet is emerging as a niche leader, especially catering to its customers who want to stick to a completely Ethereum Blockchain for their DeFi transactions.
Argent is a mobile-based Decentralized wallet that comes with support for both Android and iOS.
It also has a native hardware wallet support and its free limited transactional capacity can be perfect for those who are hesitant to go for a hardware wallet in starting.
With easy recovery features, Argent also delivers high standards of security features and a quick transfer facility to trusted contacts.
With high transparency in its free structure, Ardent is surely one of the better wallets for DeFi and thus earns a respectable place on our list of ten best DeFi wallets.
Another Ethereum exclusive entry in our list of best DeFi wallets is none other than MyEther wallet.
With 100% Ethereum blockchain dedication, MyEther wallet is an answer to the needs of those DeFi users who need a wallet only for their Ethereum asset transactions.
With a rare feature of offline wallet accessibility, it can be an ideal choice for those who face a non-consistent internet connection.
ERC-20 support, an account overview feature, and seamless crypto transfer through a well-developed web portal are some of the few features of this quality-packed deal of MyEther wallet.
Another key feature of Mywether includes hardware wallet compatibility, credit card acceptance for DeFi blockchain transactions, interactive app design, and is completely open-source.
MyEther Wallet is one of the best Ethereum dedicated digital wallets in the market.
Coming to another hot wallet in our list, Metamask comes with native integrations for Ledger hardware DeFi wallets and these integrations make it a solid choice for those investors who are planning to shift to a Ledger device anytime soon.
It has an easy-to-use and user-friendly interface that comes with browser extensions to facilitate your DeFi transactions directly through your browsers.
Metamask’s multi-platform support is backed by HD settings to back up user accounts and reliable 24/7 customer support with a well-moderated support page.
Even though Metamask only supports Ethereum and ERC-20 tokens, its feature-rich experience and top-notch security can be the reasons for trying it out as your primary wallet.
The overall experience of Metamask makes it a solid solution to your DeFi needs and thus earning a place in our list of best DeFi wallets.
Specially designed for the specific needs of the Solana blockchain, Phantom is an exclusive entry in our list of the ten best DeFi wallets.
Compatible with a fast-growing network of Solana blockchain, Phantom Wallet is one of the hot crypto wallets out there.
Presently available as a powerful browser extension, Phantom is all set to make an application debut next year.
With plans to extend its native support to ERC-20 tokes and Ethereum, Phantom is emerging to be a real challenge for Metamask Wallet.
It is a non-custodial Decentralized Finance wallet that comes with a token-swap feature for the smooth transfer of your DeFi assets.
Phantom also comes with support for trendy NFTs and digital collectibles that make your search for a perfect collectible much easier.
With integrated support for the Ledger hardware wallet, Phantom can be the right choice for those who have plans to explore the Solana blockchain and need a dedicated Solana DeFi wallet.
Entering the real deals of our list of DeFi wallets, Trezor Wallet is one of the best hardware wallets in the market.
Hardware wallets are the ones that can provide you with the highest privacy and security gatekeeping available through present generation technology.
With the top-notch security standards, Trezor Wallet completely justifies its price and can be a great deal for those who have no plans to compromise with the security of their digital assets.
With a wide touch screen, Trezor provides a seamless and user-friendly experience with better accessibility while matching your transactional hash.
With unbelievable crypto support of over 7000 cryptocurrencies, tokens, and NFTs, Trezor offers great value with reliable backup tools, custom pin protection, and regular firmware updates.
The features mentioned above provide a solid reason for Trezor Wallet to gain a spot in our list of best DeFi wallets.
The next hardware wallet in our list of ten Best DeFi wallets is coming from the industry giant, Ledger.
Ledger Nano X does not need an introduction. It is a hardware wallet with second to none security features, stylish and handy body design, and a market reputation of selling more than a million Nano X devices.
It suits perfectly to advanced DeFi geeks for whom security and wide trading support can be a deal-breaker.
With a comfortable design, Ledger Nano X can be managed easily with your smartphone, and even with this feature, your private keys will never leave your Nano X device thus keeping your transactions completely secure.
Even though Ledger Nano X can be a relatively expensive DeFi wallet deal, it offers value for every penny paid.
SafePal cryptocurrency wallet is a secure decentralized financing wallet integrated with rigid security measures.
SafePal has a unique hardware design that comes with tamper-proof coating and is a 100% offline device.
It has a wide range of support of over 1000 DeFi assets and cryptocurrencies. One of the cool features of SafePal Wallet is its self-destruct mechanism that, if activated, will detect any unusual internal activity and sense any malware infection.
With a good level of security, SafePal is also not the costliest deal in the market and having companion apps for Android and iOS enhances its overall accessibility.
This easy-to-use, pocket-friendly, and soundly secure cold wallet can be an ideal choice for those who want to embark on their DeFi journey with a hardware wallet.
Last but not least. Ellipal wallet is a cold-hardware wallet that is branded as a completely isolated device from the outer world.
With zero connectivity options (neither wired nor wireless), the Elipal wallet’s only input is a rear camera that receives QR codes to move forward with your DeFi transactions.
With a considerably open-source code, Ellipal Wallet is gaining popularity as a newcomer in the market and emerging as a competition to other industry leaders like Ledger and Trezor.
Even though it is the biggest in size of all the hardware wallets we reviewed, its security promises are clear, direct, and trustworthy.
Ellipal Wallet will surely attract those who urge having a completely offline DeFi device and have no problems with its connectivity issues.
How Can Users Get Started In The DeFi World?
Getting started in the DeFi world is not the toughest thing here, calculating the risk and taking the right decision is.
To start with DeFi you need to have the access to a wallet that supports ERC-20 blockchain technology or any other blockchain as per your needs and all the wallets mentioned above can get you started with it.
Following steps includes buying the coin of your choice and lending it or moving towards ‘yeild farming’.
Even though the whole idea of DeFi is quite fascinating, the markets are equally volatile and you need to be well read with your decision to avoid any pitfall.
Are All DeFi Wallets Secure?
No, not all DeFi wallets are equally secure and one has to be aware of all the good habits of digital privacy and common blockchain protocols.
Enabling two-factor authentication, taking out time to secure your other digital devices, and reading more about the threats can make you less vulnerable to the potential threat in this completely digital environment.
How Does A DeFi Wallet Work?
A DeFi wallet stores your private keys in a local and encrypted environment to keep them secure while transacting on different platforms on the web.
It digitally signs the transaction without letting the private key gets exposed to any third-party website or host and that reduces the risks significantly.
It stores your private and public keys and provides you with a platform where you can trade and transact with other crypto owners and it also facilitates your NFTs collections.
Points To Consider When Choosing DeFi Wallets?
Five things that can help you to choose your right Decentralized wallet includes:
👉 Variety of cryptocurrency support available on that platform
👉 User-friendly and interactive UI that comes with easy to use backup options
👉 Shapeshift feature with ERC-20 support for crypto trade and conversions
👉 Standardized Privacy and security protocols with no history of leaks and breaches
👉 Good Customer support and an active community that participates and scrutinize the app regularly
Final Thoughts- 10 Best DeFi Wallets
With so many of information and misinformation spreading around the internet, it can be overwhelming for beginners to know what are their needs and which wallet will suit their budget, requirements, and other security expectations.
Our team has tried its best to facilitate your decision-making with precise and accurate information in this list of ten best DeFi wallets.
We stand for an aware and well-informed community of DeFi users. Only well-informed decision-makers will guide this highly volatile space towards a much more reliable and secure environment.
DeFi is undeniably the future of our economy and banking. It is fast, reliable, safe, and trustworthy and your Decentralized Finance wallet is going to be a platform to interact with this ever-expanding community of investors.
Hence choosing the right one becomes critical.
We hope this list of the 10 best Decentralized wallets will equip you with the right knowledge to make the right decision that will complement all your DeFi needs.