7 Best DeFi Wallets (Updated 2020)
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Decentralized finance (DeFi) has been the next big trend in cryptocurrencies. Its tokens not only expand the number of exchanges, but also produce strong returns on investment as of now
As the DeFi ecosystem is growing exponentially, the importance of using a DeFi wallet is also getting more popular.
How to Choose DeFi Wallet
Non-custodial
Consumers can send and transfer funds believing that they are the only ones to have access to these funds.
Key-based
All DeFi wallets have a special keypair beneath the hood. This is distinct from centralized wallets, since users are responsible for keeping their private keys secure, often in the form of a 12-word seed expression.
Accessible
Nearly all non-custodial wallets can accommodate a suit of money, with Ethereum-specific DeFi wallets enabling users to deposit ETH in tandem with stablecoins like Dai, ERC20 tokens like KNC and ERC721 tokens like Axis.
Compatible
As mentioned above, virtually all wallets of DeFi are accessible by attaching a Web3 wallet. Mobile wallets have started to incorporate dApps browsers and make it simple to connect to DeFi applications without having to exit the client.
Features of a Good DeFi Wallet
- The Range of DeFi applications Supported: You can conveniently access DeFi protocols such as InstaDApp, Compound Finance, Makerdao, and many others.
- Lend your money: you can lend your assets and start collecting interest with the ease of your wallet.
- Borrow capital: You should be able to use your current assets as leverage to borrow money like DAI, USDC or some other kind of money.
- Non-custodial: the wallet must be non-custodial. That means you need to monitor your private key.
- Access to De-fi assets: wallets should support all common DeFi assets such as DAI, USDC, ETH, BAT, and others.
If the decentralized finance ecosystem expands, I foresee more functionality and use cases of these DeFi wallets.
Best DeFi Wallet 2020
1. Metamask Wallet
Metamask is a browser extension that acts as a gateway to access the Ethereum dApps in your browser. It functions as a wallet that supports all of the ERC20 tokens. You can also protect your wallet by using a hardware wallet like Ledger as a Metamask login.
Metamask is probably the most commonly used DeFi wallet for small and easy transactions. This wallet is idle for many, but not for those who store the massive value of DeFi money.
You will communicate with Instadapp, Compound Finance and others that use Metamask.
Now You Know: Metamask Wallet Review
2. Ledger Nano DeFisaver
Ledger Nano comes in two versions: Ledger Nano S and Ledger Nano X.
This is a hardware wallet that’s the perfect way to keep your assets secure. Ledger wallets can be used as DeFi wallets using DeFisaver.
You can also use the Ledger wallet + Metamask combination to view and use both of these DeFi applications. This is a clever way to use this combination to make your DeFi wallet the most stable.
The Ledger wallet can be ordered online from their official website (Shipping is free) and is normally shipped to your door in 7 days.
Many of you do not know the Ledger wallet has been serving the entire cryptocurrency community for many years and has set a high standard for wallet protection.
Now You Know: Ledger Nano Wallet Review
3. Trustwallet DeFi
Trust Wallet currently has a range of interconnected items that are part of the DeFi ecosystem. For eg, you can swap assets inside your app with Kyber Swap and BinanceDex, and you can also use BinanceDEX’s advanced exchange functionality.
Since Trust Wallet is a decentralized wallet, by storing your cryptocurrency in Trust Wallet, you are taking care of your digital properties. This is another type of DeFi, since you’re working as your own bank.
Defi in your Dapp browser
Trust Wallet’s Android version has a built-in Dapp browser that allows you complete access to the DeFi environment. You can visit the DeFi website and connect with your Trust Wallet balance without leaving the app.
For example, here are some famous DeFi Dapps that are widely used inside Trust Wallet:
Aave-Protocol for lending
Compound-Another Loan Procedure
1inch token exchange aggregator
Sablier-Real Time Wage Bill
Defi with Link Wallet
WalletConnect is an open protocol for linking Dapps to mobile wallets by checking the QR code using end-to — end encryption. It enables users to use Trust Wallet to connect to DApps and carry out transactions safely without sharing any confidential information.
Use Wallet Connect, you can easily connect your Trust Wallet to any DeFi program that has Wallet Connect built in. Here’s a guide about how to do it.
Now You Know: TrustWallet Review
4. Argent DeFi Wallet
Argent is a mobile wallet that’s available for iOS and Android. The advantage of this wallet is, you don’t need to save your private key. It uses the Guardian principle to protect your wallet.
Argent comes with a special built-in feature that secures the private key with the Argent Guardian. At this point, maybe you’re wondering, so what’s the Argent Guardian?
The Argent Guardian is a very basic and special function in which you appoint an individual or computer and grant them minimal permission, such as consent to retrieve your wallet.
This is possibly the most accessible DeFi wallet for someone with no technological experience.
This wallet is in great demand and you need to get on the waiting list to request access to this famous DeFi mobile wallet.
Now You Know: Argent Wallet Review
5. Coinbase DeFi Wallet
Coinbase is one of the best cryptocurrency exchanges out there, providing a stand-alone DeFi wallet that lets you browse DAPPs and supports multiple DeFi protocols.
Just like:
Portal of Builder CDP
Component finance
Network of NUO
Component finance
Unitedwap
Airswap to Air
To mention a couple of them.
You can also connect the Coinbase wallet to your Coinbase account and pass the money to your wallet.
Trezor wallet is another common hardware wallet used by DeFi users to access the DeFi protocol. The majority of consumers use a mix of
Hardware wallet + mask
Hardware Pocket + DeFisaver
Access the DeFi applications.
Now You Know: Coinbase Wallet Review
6. Crypto.com DeFi Wallet
My Crypto is a non-custodial mobile wallet used for both Android and iOS users. The only problem I faced when I set up this wallet is that you need to complete KYC first before you even set up your wallet.
It was, in my experience, almost like opening an online bank account. Without finishing the KYC, nothing acts as mandatory, so if you’re somebody who doesn’t want to disclose your name, this My Crypto Defi wallet isn’t for you.
With this wallet, you will have access to a built-in exchange, dApps, loan network, debit card and more.
Extra $50 worth of native tokens in your wallet as a sign-up incentive.
Earn 6 percent flat interest when you store your tokens in your pocket.
Now You Know: Crypto.com DeFi Wallet Review
7. Frontier DeFi Wallet
Frontier wallets are all used in one non-custodial Defi wallet only for mobile devices. You can watch Defi protocols such as DAI, SYNTH, and more when using this wallet.
It comes with certain special features including Debit and Credit Warning.
Now You Know: Frontier DeFi Wallet Review
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