Any type of money requires a secure place to store it. Paper, metal, or digital – because of their very nature, means of payment should be sufficiently protected, preferably without harming accessibility too much. Whereas in the material world the security of your wallet’s contents is on you at all times unless you commit them to a bank where your funds come under the custody of a centralized entity, digital space cuts physical risks associated with owning money.
Once the digital era came around businesses moved online, with whole banking institutions following suit. And while in the offline world you can decide whether to grant the ultimate control over your means to a bank for the sake of safe storage or else keep them on you, traditional online banking necessitates the use of centralized custody that can fail you very unexpectedly. Just think of how easily banks can freeze anybody’s card or account, or block transactions at will as soon as they find them suspicious.
Yes, our good old billfolds, purses, and safes served us as primitive decentralization tools preventing financial overreach for a long time.
In this article, Octie is out of his serene coastal abode to make a neat DeFi wallet review of the best DeFi wallets according to the OctoGamex.
What Is a DeFi Wallet and How It Works
When distributed ledger technology hit the stage, it made the self-custody setup possible on a large scale again. Today, decentralized wallets build to manage crypto assets, connect users to the realm of DeFi services, and powered by blockchains enable people to own funds in an exclusive and unrestrained way, just as we did it using our leather ones this whole time.
And hence, you should think of a crypto DeFi wallet as your personal digital billfold but with no third party to keep your cash and always go in between when it comes to making transactions. Intermediary-free wallet solutions giving people complete power over the assets they own are yet another step to the decentralized future we all are striving toward.
DeFi wallets issue private keys that are available solely to the owner. This is enormously important, as only with these special keys it is technically possible to move the user’s crypto possessions.
With great power comes great responsibility though, as losing access to your non-custodial wallet there’s absolutely nothing you can do to recover it. Decentralized ones don’t feature any support centers like centralized banks or exchanges do simply because no one else but you can get to your actual funds. Losing the key or seed phrase (also called recovery phrase) to your wallet is akin to dropping your physical one outside without notice. So make sure you write several copies of your key and phrase and put them in a concealed place.
Why You Need a DeFi Wallet
Good news: each one of the following DeFi crypto wallets is supported by OctoGamex either directly or via the secure WalletConnect protocol.
MetaMask is the solid go-to option for a strong majority of crypto owners, and not without merit. Available for both Android and iOS, this DeFi wallet app and browser extension is multichain. First developed for the Ethereum blockchain’s native ETH coin and ERC20 tokens, MetaMask’s latest version supports multiple mainnets alongside the original one including BNB Chain, Polygon, xDAI, Avalanche, and others.
The wallet collects data from different outlets, making sure the user always incurs the lowest possible gas fees (blockchain fees) and has updates on the most relevant swap prices. MetaMask has support for in-app fiat-to-crypto purchases with several payment options.
MetaMask uses an ingenious slippage protection technique. By spreading orders across a number of exchange platforms, it manages to slash slippage costs for its users. The wallet can afford this owing to its timely partnerships with prominent protocols.
A crucial bit about MetaMask is that it is committed to user anonymity utilizing the solution. The wallet won’t hold any data on payments users make and has no custody over anybody’s funds.
Having roots in Ukraine similarly to OctoGamex, Trust Wallet is an extremely popular and dependable Android and iOS DeFi wallet solution used and cherished worldwide. Like MetaMask, the wallet supports NFTs. With 50+ blockchain networks integrated and the selection of several hundred thousand coins and tokens, the wallet is hands down the absolute heavyweight champion number-wise.
With quantity and quality masterfully fused, Trust Wallet’s killer feature is its web3 browser which was one of the pioneers in the game. It opens people the door to all the investment and owning opportunities DeFi dApps have to offer thanks to enabling interaction with all the protocols of the platforms on BNB Chain and ETH directly from the app.
Trust Wallet includes a swap feature that allows people to convert one token to another. There’s also the option to use a bank card to buy crypto. Besides that, users can stake certain currencies inside the app for various APYs.
Another great DeFi wallet derives its trustworthiness not only from its name but also from its builder which happens to be one of the oldest and most highly reputed exchanges – Coinbase. The wallet’s UI has an exceptionally friendly look, as experienced Coinbase developers knew how to attract people that previously may have used nothing else besides their bank’s mobile app.
The app supports tons of different cryptocurrencies and has NFTs on board as well. And enjoying one of the strongest security systems, Coinbase Wallet will hardly ever let your DeFi assets down. Like the aforementioned solutions, the Coinbase one also vests its users with comprehensive control over both their keys and assets.
Similarly to Trust Wallet, the Coinbase Wallet app enables the user to take advantage of web3 solutions with the help of its dApp-compatible built-in browser.
Lastly, the wallet allows the user to buy crypto with fiats in its UI without the need to visit any external platforms or look for a P2P trade. Still, Coinbase Wallet naturally supports its parent exchange platform, with which it interacts quickly and smoothly.
Yet another outstanding DeFi wallet app is the one created by the one and only Crypto.com, a famed crypto exchange that hosts a remarkable variety of more than 100 best blockchain coins and tokens and charges relatively low fees. Crypto.com’s wallet can be installed on both Android and iOS.
The wallet is non-custodial, which of course implies your private key is in your exclusive possession the same as your assets. The Crypto.com DeFi wallet features a very useful transaction speed function furnishing you with the opportunity to adjust gas fees in case you’re not in a rush and would like to spend less, or vice versa.
The Crypto.com wallet app enables users to farm yield, offering the selection of 35+ cryptos ready to be staked for profit. This functionality actually goes further than that to allow the user to become a liquidity provider directly to Crypto.com. Providing liquidity in token pairs, users are remunerated with a portion of each swap fee that occurs between this pair.
Being a rather peculiar one out of the 5, ZenGo is a multichain DeFi wallet app that combines both custodial and noncustodial parts to make people’s lives a little easier. The wallet’s novel approach involves the complete elimination of private keys in favor of two mathematical secret shares independently generated on wallet creation, which helps it significantly reduce the probability of private key-related breaches.
ZenGo can be praised as a very swift solution supporting both fungible and nonfungible crypto tokens. Compatible with both Android and iOS, this DeFi wallet has a UI optimized to make newcomers fill confident and comfortable. It can boast biometric encryption, not 2 but 3-factor authentication, and MPC wallet cryptography.
Finally, ZenGo has WalletConnect integrated to hook its users up to any dApp on the blockchains it supports, which include Ethereum, Bitcoin, Tezos, and Terra. What’s more, the DeFi wallet features token swap, interest-earning, and paycheck-to-crypto conversion tools.
2022 is the right time to jump right into the bustling DeFi market to become a proud owner of tangible and unique decentralized digital assets, and non-custodial wallets provide the exact tool set needed to do just that. Decentralized wallets today enable vast flexibility in managing your portfolio. DeFi-oriented, they don’t simply provide you with storage for crypto assets but incorporate entire passive income and swap mechanisms, allowing people to earn while holding and quickly respond to market trends as they develop.
The 5 best DeFi wallet apps per OctoGamex featured in this DeFi wallet review have all the necessary functionality to set you up for a thriving DeFi experience.
I am an author at OctoGamex. An ambassador of the word and a tireless blockchain researcher. I know how to combine imagery with expert vision and scientific style. Blockchain has become an integral part of my life. I have experience with developing and writing expert articles on topics related to cryptocurrency, NFT, DeFi and GameFi, blockchain, mining, staking, etc.