Best DeFi wallets (June 2023 Update)

What is a DeFi Wallet

A DeFi wallet, or decentralized finance wallet, is designed to store your crypto assets securely while providing you with full control and privacy. These wallets require a password and a seed phrase, which is a confidential set of words used to access and verify your crypto assets. The use of seed phrases ensures that you are the only one with access to your funds, bypassing government monitoring as these wallets operate within the decentralized finance system on the blockchain network.

The infrastructure of DeFi wallets is built on smart contracts, which adds an extra layer of security. By leveraging smart contracts, these wallets benefit from the robustness and transparency of the blockchain network, ensuring the safety of your assets. Moreover, DeFi wallets offer anonymity and unrestricted access to your money, allowing you to conduct transactions without the typical barriers imposed in traditional finance systems.

Unlike traditional finance, which often imposes transaction limits and regulatory restrictions, DeFi wallets enable users to evade such limitations. You have the freedom to create new crypto tokens, utilize various financial products, and even develop your own applications within the DeFi ecosystem. This flexibility and freedom empower users to explore innovative possibilities and shape their financial experience according to their needs and preferences.

DeFi VS Traditional Finance

DeFi, or decentralized finance, differs from traditional finance in several key aspects. Firstly, DeFi operates on the blockchain, ensuring greater transparency compared to traditional finance. Every transaction on DeFi protocols is visible on the blockchain, making it challenging to conceal financial activities. In contrast, traditional finance often limits transparency to top players in the industry.

Another difference lies in lending requirements. DeFi protocols have collateral-based lending, meaning borrowers can only borrow a percentage of their collateral. This promotes responsible borrowing and mitigates the risks of overindebtedness. Traditional finance, however, often allows borrowers to take on debt without demonstrating their ability to repay promptly. Accessibility is another differentiating factor. DeFi has a lower barrier to entry, enabling anyone with an internet connection and crypto in their digital wallet to participate. Traditional finance typically imposes specific criteria that individuals must meet to access its services.

DeFi also offers competitive loan rates compared to traditional finance. Borrowing rates on DeFi platforms tend to be lower and variable, providing borrowers with more affordable options for accessing credit. Furthermore, DeFi presents multiple yield-bearing opportunities. Users can lend their crypto assets and earn interest rates or collateralize their holdings to take out loans and earn additional returns by lending those funds on DeFi platforms.

7 Best DeFi Wallets in 2023

Here is a list of best DeFi wallets in June 2023:

Ledger Wallet

Ledger, a prominent provider of DeFi wallets, has established itself as a leading name in the industry with its highly secure hardware wallet designed specifically for offline storage of cryptocurrencies. Boasting a user base of over 4 million and receiving accolades from esteemed publications such as Forbes, Bloomberg, and TechCrunch, Ledger Nano has earned a reputation as a reliable solution for safeguarding digital assets. Supporting a diverse range of cryptocurrencies, including the widely recognized Bitcoin and Ethereum, Ledger Nano seamlessly integrates with popular software wallets like MetaMask and Trust Wallet, enabling users to effortlessly manage their crypto funds. The inclusion of these integrations facilitates a cohesive user experience and streamlines the portfolio management process.

Notably, despite being a hardware wallet, Ledger Nano seamlessly connects to the Ledger Live app, which can be accessed through both mobile devices and browsers. The Ledger Live app serves as a comprehensive platform, empowering users to efficiently oversee a vast array of tokens, including prominent DeFi coins. Moreover, Ledger offers the convenience of purchasing cryptocurrencies directly through Ledger Live, thanks to partnerships with esteemed payment gateways.

Key features of Ledger Wallet:

1. Hardware Wallet for Offline Storage: Ledger Wallet provides a secure hardware wallet solution for offline storage of cryptocurrencies. By storing your digital assets offline, it offers enhanced protection against potential online threats and unauthorized access.
2. Support for over 5,500 Tokens, including Top DeFi Coins: Ledger Wallet supports a vast range of tokens, including the most popular decentralized finance (DeFi) coins. With such extensive token support, users can securely store and manage their diverse crypto assets in a single wallet.
3. Seamless Integration with Popular Software Wallets: Ledger Wallet seamlessly integrates with popular software wallets like MetaMask and Trust Wallet. This integration allows users to conveniently manage and transfer their crypto assets across different platforms, ensuring a unified experience.
4. In-App Cryptocurrency Purchases through Partner Payment Gateways: Ledger Wallet enables users to buy cryptocurrencies directly through the app. With collaboration from partner payment gateways, users can make in-app purchases, streamlining the process of acquiring new assets without leaving the wallet environment.
5. Mobile Application for Portfolio Monitoring: The Ledger mobile application provides users with a dedicated platform for monitoring their crypto portfolios. With real-time updates and comprehensive insights, users can track their holdings, monitor market trends, and make informed investment decisions.
6. Option to Run a Personal Node for Earning Rewards: Users have the option to run a personal node with Ledger Wallet. By running a node, users can contribute to the network’s security and governance while earning rewards for their active participation.
7. Access to Additional Services like DeFi Apps and NFT Trading Platforms: Ledger Wallet provides access to a range of additional services, including decentralized finance (DeFi) apps and non-fungible token (NFT) trading platforms. This expanded access enables users to explore and engage with various DeFi protocols and participate in the exciting world of NFTs.

Trezor Wallet

Trezor, a prominent player in the decentralized finance (DeFi) arena, delivers a secure hardware wallet solution that excels in safeguarding crypto assets. With seamless integration capabilities, it supports widely embraced digital currencies like Bitcoin and Ethereum, establishing itself as a versatile option for managing crypto holdings alongside popular software wallets such as MetaMask, Coinbase Wallet, and Eidoo.

The paramount concern of security receives paramount attention from Trezor, as evidenced by its implementation of robust protective measures. Through the incorporation of two-factor authentication and PIN code protection, Trezor ensures the utmost safety for private keys and funds, assuring users of a secure environment for their valuable assets. Furthermore, the provision of a dedicated mobile application allows for convenient portfolio tracking, enabling users to effortlessly monitor their crypto assets on the go.

What sets Trezor apart from the competition is its unwavering commitment to security. Its hardware wallets, specifically the Trezor Model One and Trezor Model T, leverage the concept of “cold storage” to fortify holdings against malicious cyber attackers, providing an added layer of protection that shields assets from potential threats.

Key features of Trezor Wallet:

1. Advanced Security Protocols and Cold Storage: Trezor Wallet prioritizes the security of your crypto assets by employing advanced security protocols. It utilizes cold storage, keeping your holdings offline and safeguarded from potential online threats.
2. Supports Over 1,000 Coins: With support for over 1,000 cryptocurrencies, Trezor Wallet offers extensive compatibility and allows you to store a diverse range of digital assets securely.
3. Trezor Suite: Trezor Suite is a powerful desktop and browser app that enhances your crypto management experience. It enables you to buy, exchange, and spend your crypto assets conveniently, all within a user-friendly interface.
4. Strong Customer Support: Trezor Wallet provides robust customer support, ensuring that users receive timely assistance and guidance for any inquiries or issues they may encounter while using the wallet.
5. Password Manager Feature: Trezor Wallet offers a built-in Password Manager feature that provides a secure solution for storing passwords. With advanced security measures in place, you can trust Trezor Wallet to protect your sensitive login information.
6. Unique Recovery Seed: Trezor Wallet provides a unique Recovery Seed feature. This ensures that even if you forget your wallet details, you can regain access to your funds by utilizing the Recovery Seed, offering peace of mind and accessibility to your wallet.

MetaMask Wallet

MetaMask, a widely adopted and user-friendly DeFi wallet, caters to the needs of iOS and Android users seeking a seamless crypto experience. With an impressive user base exceeding 30 million active monthly users, it provides comprehensive support for the Ethereum blockchain, granting users full access to its capabilities as either a mobile app or a browser extension.

Renowned for its versatility, MetaMask efficiently manages Ethereum (ERC20) and Binance Smart Chain (BEP20) tokens while embracing layer-2 solutions such as Polygon. This adaptability allows users to explore the broader spectrum of DeFi possibilities. Moreover, MetaMask’s availability across multiple platforms, including smartphones, tablets, and browser extensions, ensures an uninterrupted and intuitive user journey. Supported by popular browsers such as Brave, Chrome, and Firefox, it has emerged as the preferred choice for managing, sending, and receiving crypto tokens within the thriving DeFi ecosystem.

By combining its user-friendly interface, extensive platform compatibility, and unwavering commitment to supporting a multitude of tokens and networks, MetaMask continues to solidify its position as a leading DeFi wallet trusted by millions of users worldwide.

Key features of MetaMask Wallet:

1. Ensures Anonymity and Full Control: MetaMask Wallet prioritizes user privacy by not storing payment information and granting users full control over their crypto-assets. This ensures that users maintain anonymity and have complete ownership of their digital assets.
2. Aggregates Data for Optimal Token Swaps: MetaMask Wallet leverages data aggregation from various sources to facilitate token swaps with the best prices and lowest network fees. By providing real-time market data, users can make informed decisions and optimize their trading activities.
3. Spreads Orders Across Multiple Exchanges: With partnerships with leading protocols like Uniswap, Curve, 1inch, and more, MetaMask Wallet spreads orders across multiple exchanges. This feature protects users against slippage and maximizes the efficiency of their transactions.
4. In-Wallet Cryptocurrency Purchases: MetaMask Wallet offers the convenience of in-wallet cryptocurrency purchases. It supports a wide range of tokens from Ethereum, Polygon, BSC, Avalanche, Fantom, and Celo, allowing users to buy digital assets directly within the wallet.
5. Multiple Funding Options: MetaMask Wallet provides users with flexibility by supporting multiple funding options. Users can choose to fund their wallet through credit/debit cards, bank transfers, and popular payment methods like Apple Pay and Google Pay.

Trust Wallet

Trust Wallet, a versatile and user-friendly DeFi crypto wallet, caters to the needs of cryptocurrency enthusiasts with its broad support for a wide range of digital currencies, boasting an impressive capacity of up to 4.5 million. What truly sets Trust Wallet apart is its remarkable Trust dApp Browser, a powerful Web 3.0 browser that fully embraces Ethereum and Binance Smart Chain (BSC) DApps. This exceptional feature empowers users to engage with popular protocols like PancakeSwap, 1inch, and OpenSea, unlocking a world of decentralized possibilities.

In addition to its groundbreaking browser functionality, Trust Wallet offers a seamless token swapping experience, enabling users to effortlessly buy cryptocurrencies using credit or debit cards. Furthermore, Trust Wallet facilitates staking for 12 well-known tokens, providing attractive annual percentage yields (APYs) that exceed 10%. This staking capability allows users to maximize their earnings in the ever-evolving DeFi landscape.

Key features of Trust Wallet:

1. Support for Over 7 Million Crypto Assets: Trust Wallet stands out with its extensive support for over 7 million crypto assets across 69 blockchains. This broad compatibility ensures that users can manage and store a diverse range of digital currencies.
2. Easy-to-Use Interface for Trading and Storage: Trust Wallet offers an intuitive and user-friendly interface, making it effortless to trade and store various cryptocurrencies from different blockchains. Whether you are a beginner or an experienced user, Trust Wallet provides a seamless experience for managing your digital assets.
3. Access to DApps for Decentralized Products and Services: Trust Wallet provides access to decentralized applications (DApps), allowing users to leverage a wide range of decentralized products and services. This empowers users to explore the world of decentralized finance (DeFi) and interact with innovative blockchain-based platforms.
4. Advanced Security Features and Easy Backup Options: Trust Wallet prioritizes the security of users’ funds by offering advanced security features. Additionally, it provides easy backup options to ensure the safekeeping of private keys and recovery phrases. With Trust Wallet, users can have peace of mind knowing that their funds are protected.
5. Compatibility with Desktop, Mobile, and Web Browsers: Trust Wallet offers flexibility and convenience with its compatibility across multiple platforms. Whether you prefer using desktop applications, mobile devices, or web browsers like Chrome and Brave, Trust Wallet ensures a seamless and consistent experience across different devices.

Coinbase Wallet

Coinbase Wallet, with its user-friendly interface and a range of services reminiscent of DeFi Swap and the CRO DeFi Wallet, stands out as an excellent choice for individuals new to the crypto sphere.

Designed with both security and usability in mind, Coinbase Wallet provides a secure environment for managing crypto assets while ensuring a smooth experience for beginners. The wallet boasts extensive token support, allowing users to store a diverse array of digital assets, including NFTs, thereby offering a high degree of flexibility in portfolio management. The seamless integration with the Coinbase Exchange streamlines the transfer process, enabling users to swiftly move their assets. Moreover, the option to buy cryptocurrencies directly within the wallet simplifies the capitalization on short-term price fluctuations, making it an appealing feature for users seeking quick investment opportunities.

With its intuitive interface, robust security measures, and a wide range of supported functionalities, Coinbase Wallet offers a compelling and secure experience for crypto enthusiasts, ensuring a smooth onboarding process for newcomers venturing into the crypto space.

Key features of Coinbase Wallet:

1. User-friendly Interface: Coinbase Wallet prides itself on its user-friendly interface that avoids overwhelming users with advanced jargon or unnecessary features. This ensures a smooth and intuitive experience for users, especially those new to the crypto space.
2. Support for Over 100,000 Tokens and NFT Storage: Coinbase Wallet offers extensive support for more than 100,000 tokens, allowing users to manage a diverse range of cryptocurrencies. Additionally, it provides the capability to store NFTs, empowering users to securely store and manage their non-fungible tokens.
3. Industry-leading Security and Control: Coinbase Wallet prioritizes the security of users’ assets and provides complete control over their keys. By implementing robust security measures, Coinbase Wallet ensures that users have peace of mind knowing their funds are protected.
4. Seamless Integration with Coinbase Exchange: Coinbase Wallet seamlessly integrates with the Coinbase Exchange, enabling instant transfers of assets between the wallet and the exchange. This integration streamlines the process of managing and moving funds, enhancing the overall user experience.
5. In-Wallet Crypto Purchases with Credit/Debit Cards: Coinbase Wallet offers the convenience of buying cryptocurrencies directly from within the wallet’s interface using a credit or debit card. This feature simplifies the process of acquiring digital assets and capitalizing on market opportunities.
6. Access to Decentralized Web and dApps: Coinbase Wallet provides access to the decentralized web, empowering users to explore and utilize a wide selection of decentralized applications (dApps). Users can engage in activities such as yield generation and NFT investing, opening up new opportunities within the crypto ecosystem.

ZenGo Wallet

ZenGo Wallet, an esteemed player in the crypto wallet space, boasts an exceptional level of security attributed to its utilization of MPC (Multi-Party Computation) cryptography. This advanced cryptographic approach ensures the resilience of the wallet against private key vulnerabilities, bolstering its reputation as a highly secure solution.

ZenGo Wallet’s commitment to security is evident in its track record, having never fallen victim to hacking since its inception. The wallet’s robust security measures, including the incorporation of MPC cryptography and a 3-factor authentication system, provide customers with a robust safeguard for their funds. While adopting a partially non-custodial approach, ZenGo Wallet strikes a balance between user control and enhanced security features, empowering users with peace of mind.

In addition to its strong security stance, ZenGo Wallet delivers a comprehensive range of features, all accessible through a user-friendly interface. Users can explore a multitude of decentralized applications (dApps) and engage with the vibrant world of non-fungible tokens (NFTs), expanding their horizons within the crypto landscape.

Key features of ZenGo Wallet:

1. Innovative Security Mechanism: ZenGo Wallet introduces an innovative security mechanism that eliminates the need for a seed phrase, providing a unique approach to safeguarding digital assets.
2. MPC Cryptography and 3-Factor Authentication: ZenGo Wallet leverages MPC (Multi-Party Computation) cryptography and a 3-factor authentication recovery model, ensuring robust protection for users’ funds and sensitive information.
3. Availability on Android and iOS: ZenGo Wallet is accessible as an application on Android and iOS devices, providing a user-friendly and consistent experience across mobile platforms.
4. Enhanced Security with Unique Security Keys: ZenGo Wallet enhances security by storing unique security keys on the cloud and the wallet’s server. This layered approach provides an additional layer of protection against hacking attempts.
5. Access to dApps and Wallet Connect: ZenGo Wallet allows users to access decentralized applications (dApps) and utilize the wallet connect feature. This opens up opportunities to engage with NFTs, blockchain games, and various DeFi applications.
6. Flexible Transaction Fee Adjustments: ZenGo Wallet offers the option to modify and adjust transaction fees, providing users with flexibility and control over their transaction costs.
7. Built-in Firewall for Added Security: ZenGo Wallet incorporates a built-in firewall, adding an extra layer of security to protect users’ funds and sensitive information from unauthorized access.

Guarda Wallet

Guarda, a decentralized wallet, offers a compelling solution for managing a multitude of digital currencies, including popular options like Ethereum, Bitcoin, and Litecoin. This diverse support for various cryptocurrencies positions Guarda Wallet as a convenient and versatile platform for individuals seeking to oversee and trade multiple digital assets.

Guarda Wallet distinguishes itself by providing users with a comprehensive and user-friendly interface, allowing for seamless management and trading of a wide variety of crypto assets. The wallet’s broad support for numerous crypto assets and blockchains enables users to diversify their holdings and adapt to evolving market trends effectively. With a keen focus on security, Guarda implements robust measures to safeguard users’ funds, bolstered by a backup recovery option for added peace of mind.

Moreover, Guarda Wallet offers additional features that enhance usability and convenience. The inclusion of in-wallet exchanges facilitates effortless and secure cryptocurrency transactions, while the availability of the Guarda Visa Card expands users’ options for spending their digital assets in real-world scenarios. The responsive customer support further contributes to the positive user experience, ensuring timely assistance whenever needed.

Key features of Guarda Wallet:

1. Support for 400,000+ Crypto Assets: Guarda Wallet offers support for an extensive range of over 400,000 crypto assets, allowing users to manage a diverse portfolio across 50+ blockchains from a single wallet.
2. In-Wallet Exchange Service: Guarda Wallet provides an integrated exchange service within the wallet, enabling users to conveniently and swiftly swap cryptocurrencies without the need for external platforms or additional accounts.
3. Comprehensive Crypto Management: With Guarda Wallet, users have the flexibility to buy, swap, borrow, and earn crypto assets directly within the wallet. This comprehensive suite of features simplifies the management of digital assets and offers various opportunities for engaging with the crypto ecosystem.
4. Top-Tier Security Measures: Guarda Wallet places a strong emphasis on security, implementing multi-step verification and two-factor authentication to protect users’ funds and sensitive information. These security features provide an additional layer of defense against unauthorized access.
5. Backup Recovery Phrase: Guarda Wallet offers a backup recovery phrase, ensuring easy fund recovery in the event of mishaps or loss. This feature provides peace of mind to users by providing a reliable method to regain access to their funds.

FAQ