It’s 2024 now, and you don’t need just a crypto wallet. You need a DeFi wallet. What is a DeFi wallet, how is it different from traditional crypto wallets, and how to choose the one in 2024? Let’s try to figure all this out.

A traditional crypto wallet only lets you receive, hold, and send money. A Decentralized Finance (DeFi) wallet, on the other hand, lets users store, manage, trade, and interact with Web3 projects and decentralized applications (dApps).

All of these things could be on this list, from decentralized exchanges (DEXs) and lending protocols to NFTs and SocialFi apps.

Users of DeFi wallets have full control over their crypto and own it.

But first, let's make a few things clear.

Key Differences Between DeFi Wallets and Regular Crypto Wallets

There are custodial wallets and centralized exchanges that offer custodial services, meaning the exchange safeguard your assets.

Some well-known centralized exchanges, including Binance, Crypto.com, and Bitget, however, offer non-custodial wallets that you can include into their systems, so enabling you to move assets between your exchange account and your DeFi wallet.

A regular crypto wallet and a DeFi wallet differ primarily in that the former is meant to support a far larger range of coins and blockchain networks. The latter is designed to satisfy needs for yield farming, lending, trading, and other activities needing a strong wallet among DeFi consumers.

DeFi wallets have certain traits in line with standard cryptocurrency wallets:

• Made specifically for DeFi, these wallets are They let you interact with many dApps and protocols including Solana, Ethereum, Avalanche, Binance Smart Chain, and more across several blockchain systems.
• Most DeFi wallets are self-custodial, meaning you are in more control and security since you are in charge of safeguarding their wallet and private keys.
• Usually, they create a special seed phrase—12–24 words—for recovering wallet access should the device be lost or damaged.

Types of DeFi Wallets

DeFi wallets are specifically designed for the DeFi universe and offer you special opportunities and features not available from standard cryptocurrency wallets. They do, however, have certain challenges; these will be discussed throughout the article.

Two basic forms of DeFi wallets are hardware (cold) wallets and software (hot) wallets. Every kind provides different security degrees and characteristics.

Available on many devices including browser extensions, mobile apps, and desktop programs, hot wallets are software programs linked to the internet. They provide several tools to access different dApps and manage assets across several networks.

Types of Hot Wallets: 

Web Wallets

Added as browser extensions on Opera, Firefox, and Chrome. Through a web browser, users of web wallets can manage, save, and transact cryptocurrencies straight away, so offering flexibility and access. They are flexible for many digital asset activities since they frequently support dApps, Web3 apps, and NFTs.

Mobile Wallets

Mobile wallets, which are accessible for iOS and Android devices, provide ease for handling, storing, and transacting digital assets on the run. Users should be careful about signing dangerous transactions, though, and be aware of security issues including malware and possible loss of their mobile devices.

Desktop Wallets

These computer-installed software programs are Usually including integrated staking and sophisticated security measures, desktop wallets provide more capabilities than browser extensions. They are often committed to particular cryptocurrencies, thus their support for a wider spectrum of coins is limited; nevertheless, they need a certain degree of technological competence to use.

Hardware wallets, or cold wallets

Cold wallets are actual pen drive-like devices. By separating private keys from the internet and so reducing the risk of hacking and online attacks, they store them offline, so offering improved security. Though less dynamic and flexible than software wallets, hardware wallets provide the best degree of security for crypto funds.

10 Best DeFi Wallets for 2024

Let’s take a look at the best DeFi wallets you can choose from.

MetaMask

MetaMask, developed by Consensys, stands out as a top DeFi wallet in the industry. It offers broad support for various tokens and blockchain networks.

Originally created to provide easy access to Ethereum-based dApps and DeFi projects, MetaMask can handle different Ethereum tokens, including ERC-721 and ERC-1155 standards often used for NFTs and digital collectibles.

While it may have a learning curve, MetaMask becomes a versatile DeFi tool once mastered. It handles over 100 million monthly transactions from more than 17,000 dApps, giving users plenty of options.

The wallet is compatible with over 500,000 coins, NFTs, and EVM-compatible networks like Binance Smart Chain and Polygon. It also offers staking for MATIC and ETH in its Stake section.

Despite supporting other networks, MetaMask remains the go-to DeFi wallet within the Ethereum ecosystem.

Key Features:

1. Smart Transactions: Allows transaction simulation in a virtual memory pool, reducing MEV impact and lowering fees.
2. DeFi Hub: Provides access to thousands of Web3 apps and dApps on Ethereum.
3. MetaMask Swap: Enables in-wallet token swaps by aggregating data from multiple DEXs for optimal pricing.
4. Fiat Purchases: Supports buying over 75 tokens from 8 blockchains using fiat currency.
5. MetaMask Bridge: A cross-chain bridge aggregator for efficient token transfers between blockchains.
6. MetaMask Staking: Offers direct staking of ETH and MATIC through providers like Lido and Rocket Pool.

Security Features: MetaMask is known for its robust security measures, including:

1. Privacy-Preserving Security Alerts: Helps detect malicious dApps, with an opt-in feature available on the Ethereum Mainnet.
2. Security Vaults: Protects user identity and enables secure interaction with various tokens across different browsers.

Trust Wallet

Trust Wallet allows you to buy, sell, and swap cryptocurrencies; collect and trade Non-Fungible Tokens (NFTs); and explore thousands of decentralized applications (dApps) on Ethereum and the Binance Smart Chain (BNB) ecosystem.

All these features are accessible within the wallet’s dashboard and are available for both mobile devices and desktop browsers.

Key Features of Trust Wallet

dApp Browser: This feature lets you interact with dApps like Uniswap, Compound, and Aave. You can also access NFT marketplaces like OpenSea to view, collect, and trade NFTs. On iOS devices, you’ll find this feature under the “Discover” tab. Staking Rewards: Trust Wallet allows you to stake selected cryptocurrencies to earn rewards. Approximately 23 cryptocurrencies are available for staking, including Ethereum (ETH), Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), Osmosis (OSMO), and Kava (KAVA). Annual percentage rates (APRs) vary by coin and are displayed in the Trust Wallet staking section. Flexible Purchasing Options: You can buy cryptocurrencies from third-party platforms such as Mercuryo, MoonPay, and Simplex, offering flexibility in acquiring digital assets. Custom Token Integration: Adding custom tokens is straightforward. Tap the “Wallet” tab, click the “+” button, and search for the desired token to integrate it into your wallet. Seamless Inter-Wallet Transfers: Easily transfer cryptocurrencies from other wallets to Trust Wallet using various authentication methods, ensuring smooth and secure transactions.

Security Features of Trust Wallet

Trust Wallet employs several security measures to protect your funds and data. These include biometric access, auto-lock timers to prevent unauthorized access, encrypted private keys, 12-word seed phrases, and two-factor authentication (2FA). It is generally considered a secure wallet, scoring 3.9 and 4.0 out of 5.0 on GetApp and Trustpilot, respectively.

However, like all hot wallets, Trust Wallet is susceptible to risks such as hacking attempts, phishing scams, and address poisoning. While the wallet is non-custodial, it’s advisable to enable 2FA. You can also connect Trust Wallet to a hardware wallet like Ledger for added security.

Phantom Wallet

Comprising millions of active users, Phantom is the most often used self-custody wallet available on Solana. Additionally among the best DeFi wallets available for investigating not just Solana but also other ecosystems including Ethereum, Polygon, and even Bitcoin.

The simplicity of use of this wallet is among its main characteristics that distinguishes it. Through your phone or the browser extension accessible for Chrome, Firefox, or Brave, you can store, trade, swap, and stake cryptocurrencies.

Apart from some of the top Solana distributed exchanges (DEXs) by total value locked, practically all the dApps in the Solana network support Phantom.

Key Features of Phantom Wallet

• Staking: Stake SOL tokens directly within the wallet to earn rewards.
• Swapping: Instantly swap tokens with a flat fee of 0.85% thanks to an integration with the Automated Market Maker (AMM) Raydium.
• Cross-Blockchain: Supports Ethereum, Bitcoin, and Polygon from a single interface.
• In-App Token Swapping: Seamlessly swap tokens within the app across supported networks.
• NFT Management: Provides a dedicated section for viewing, showcasing, and tracking NFT collections, with direct interaction with NFT marketplaces.
• Hardware Integration: Allows you to connect your wallet with Ledger devices.

Security Features of Phantom

Phantom has been audited by several security firms, ensuring its reliability and security. It has also offered a $50,000 bug bounty to white-hat hackers who find vulnerabilities or bugs that could result in the loss of user funds. Moreover, Phantom automatically detects and hides spam NFTs and their media, as well as fungible tokens with a URL in their name.

Another perk of using Phantom is its robust customer support team, which is global and operates 24/7. As mentioned earlier, you can integrate your Phantom wallet with a Ledger hardware device, adding an extra layer of security.

Edge Wallet

Launched in 2018 Edge is a mobile, non-custodial wallet. As well as investigate several distributed apps (dApps) on your iOS or Android device, it lets you store, manage, and trade cryptocurrencies.

Edge seeks to give users of many cryptocurrencies and DeFi protocols a safe and easy platform for storing, organizing, and interacting with them.

Its ability to eliminate Bitcoin-collateralized loans and have the borrowed dollars straight deposited into your bank account is among its best traits. An interaction with the liquidity protocol Aave makes this possible.

Key Features of Edge Wallet

Multi-Asset Support: Supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, XRP, Dash, Dogecoin, and more, allowing you to manage multiple digital assets in one place. In-App Cryptocurrency Exchange: Built-in exchange functionality lets you seamlessly swap between digital assets directly within the app. Fiat On-Ramp: Allows you to purchase cryptocurrencies using fiat currency, simplifying the process of acquiring digital assets. Automatic Backup: Automatically backs up your accounts and data, ensuring easy recovery in case of device loss or damage. Password Recovery: You can set up password recovery using two security questions and an email address for added protection.

Security Features of Edge Wallet

While Edge Wallet offers convenience for daily transactions, it may not be the most secure option for storing large amounts of cryptocurrency due to the inherent vulnerabilities of mobile wallets. It is best suited for managing smaller amounts of cryptocurrency for everyday use.

Private keys are stored locally on your device and are secured using a hash of your username and password. These credentials are never shared with or stored on Edge servers. If you lose your phone, you can quickly regain access by installing Edge on a new device and synchronizing the wallet.

Coinbase Web3 Wallet

Coinbase Wallet is a secure, non-custodial wallet designed for storing and managing cryptocurrencies. It supports an extensive range of over 100,000 digital assets, including NFTs, and provides access to decentralized applications (dApps). The wallet is compatible with various networks, including Bitcoin, Ethereum, and Layer-2 solutions like Arbitrum and Optimism.

Unlike MetaMask, Coinbase Wallet is an excellent starting point for beginners. It is designed for ease of use, with straightforward installation and setup processes. However, it’s also a comprehensive wallet suitable for DeFi enthusiasts.

With Coinbase Wallet, you have plenty of options: staking, managing NFTs, swapping assets, and accessing thousands of dApps and Web3 projects.

For a more detailed guide on how to set it up, check out our comprehensive Coinbase Web3 Wallet guide.

Key Features of Coinbase Wallet

DeFi Hub: Explore and search for thousands of dApps from different ecosystems like Ethereum and Solana. You can interact with decentralized exchanges (DEXs) like Raydium, browse popular NFTs, use blockchain bridges, SocialFi apps, and more. Swap, Trade, and Buy: The wallet is highly flexible, allowing you to swap over 100,000 cryptocurrencies across popular networks such as Polygon, Ethereum, and Solana. User-Friendly and Easy to Set Up: Available as a browser extension for Chrome and Brave, as well as on mobile devices (iOS and Android), Coinbase Wallet is accessible and straightforward to set up. Privacy: No personal information is required to use Coinbase Wallet. You can use your username to send and receive cryptocurrencies and NFTs, simplifying transactions.

Security Features of Coinbase Wallet

Coinbase Wallet adheres to some of the highest standards of crypto security in the industry and is backed by the Coinbase exchange.

As a non-custodial wallet, you own your private keys. You’ll receive a 12-word seed phrase to access your accounts on new devices—so make sure not to lose it.

Enhanced security options such as biometric access, passwords, two-factor authentication (2FA), and security locks add multiple layers of protection.

You can also integrate a Ledger hardware wallet, adding an extra layer of security by allowing you to move your funds to a cold storage solution.

Guarda Wallet

Guarda is a popular non-custodial wallet available on multiple platforms, including mobile devices, desktop computers, and browser extensions.

This wallet allows you to send, receive, manage, store, exchange, and stake a wide range of cryptocurrency assets like Cardano, Tezos, Tron, and more. It also supports blockchains such as Bitcoin, Ethereum, Ripple, and Binance Coin, offering robust functionality and security for digital asset management.

One of Guarda Wallet’s most notable features is the Token Generator. This tool simplifies the process of creating ERC-20 tokens on the Ethereum blockchain. You just need to set the token’s name and total supply, then deploy the contract. The smart contracts are thoroughly audited and secure, ensuring they meet ERC-20 standards.

Key Features

Multi-Currency Support: Supports over 50 blockchains and more than 400,000 tokens. Non-Custodial: Users maintain complete control over their private keys and funds. Multiple Platforms: Available as a desktop app, mobile app, and browser extension. Built-in Exchange: Facilitates direct cryptocurrency swaps within the wallet. Staking Services: Provides staking options for various cryptocurrencies. Token Generator: Allows you to create and deploy your own token on supported blockchains. NFT Support: Enables the storage and management of non-fungible tokens.

Security Features of Guarda

Guarda Wallet is considered one of the most secure DeFi wallets. Since its launch over five years ago, there have been no reported security incidents or breaches.

Being an open-source, non-custodial wallet, it employs high-level security and encryption mechanisms, including AES-256 (Advanced Encryption Standard) for data protection. The mobile apps also support biometric authentication through fingerprint and face ID.

Furthermore, you can connect Guarda to hardware devices like the Ledger Nano S and Nano X for enhanced security when managing your tokens.

Binance Web3 Wallet

Built by Binance, the Binance Web3 Wallet is a self-custody cryptocurrency wallet. By allowing you to manage, store, and trade coins, tokens, and NFTs across some of the most well-known blockchain networks, it provides a safe and practical forum to interact with DeFi.

Apart from Binance Smart Chain, the wallet backs several blockchain systems including Avalanche, Polygon, and Ethereum. This helps you to smoothly manage your assets among several ecosystems.

Designed inside the Binance ecosystem, the wallet can be configured on the application using the Binance dashboard. Using a desktop computer or a mobile device, switching between the exchange and the wallet is simple.

Moreover, this integration makes asset management handy for daily use by allowing simple fund transfers between your Binance exchange account and your Web3 Wallet.

Key Features of Binance Web3 Wallet

Multi-Chain Support: Supports over 38 blockchain networks, providing extensive flexibility in managing your digital assets. Token Swaps: Swap tokens across different chains directly within the wallet using the Binance Bridge and various DEX integrations. Yield Farming and Staking: Access multiple DeFi protocols and staking opportunities to earn yields on your crypto assets. dApp Browser: The built-in dApp browser lets you interact with decentralized applications directly from the wallet, enhancing your DeFi experience. Secure Key Management: Utilizes MPC technology to secure funds without the need for a seed phrase, reducing the risk of loss or theft. Binance Integration: Seamless fund transfers between your Binance exchange account and the Web3 Wallet simplify asset management.

Security Features of Binance Web3 Wallet

The wallet uses cutting-edge multi-party computation (MPC) technology to protect your assets without calling for a seed phrase. This method reduces the risk connected to centralized private key storage. The Binance Web3 Wallet specifically generates three "key-shares," each kept separately on your device, in cloud storage, and inside the Web3 Wallet under security via a recovery password.

Crypto.com DeFi Wallet

The Crypto.com DeFi Wallet is a non-custodial wallet developed by the well-known cryptocurrency platform Crypto.com. It is designed to facilitate seamless interactions with the DeFi ecosystem, allowing you to engage with various decentralized applications (dApps) and Web3 projects.

The wallet integrates with the broader Crypto.com ecosystem, making it easy to transfer assets between the Crypto.com exchange and the DeFi Wallet—much like how the Binance Web3 Wallet works with the Binance exchange.

Key Features of the Crypto.com DeFi Wallet

Multi-Blockchain Compatibility: The wallet supports multiple blockchain networks, including Ethereum, Cronos, Crypto.org Chain, Solana, and Cosmos, enabling you to manage your assets across various ecosystems. Access to DeFi Protocols: You can interact with a variety of DeFi protocols and participate in activities such as yield farming, staking, and decentralized exchange (DEX) trading. Non-Custodial Control: Being a non-custodial wallet, you have complete control over your private keys and funds.

Security Features of the Crypto.com DeFi Wallet

Crypto.com conducts regular security audits and holds several compliance certifications to maintain high security standards for its products. The app is also compatible with hardware wallets, allowing you to connect devices like Ledger to manage your tokens securely.

For mobile users, the wallet supports biometric authentication methods, including fingerprint and face recognition, enhancing both security and convenience.

Exodus Wallet

Exodus is a versatile, non-custodial cryptocurrency wallet that supports over 50 blockchain networks. It's available as a desktop application, browser extension, and mobile app for both iOS and Android devices. This multi-platform approach allows users to conveniently manage their digital assets across various devices.

Key Features of Exodus Wallet:

1. Multi-Chain Support: Exodus is compatible with numerous blockchain networks, including Ethereum, Solana, Binance Smart Chain (BSC), and Algorand. This enables users to explore and interact with dApps across different ecosystems. The wallet also supports NFTs and integrates with hardware wallets like Trezor.

2. Fiat On-Ramp: Users can purchase cryptocurrencies using fiat currency through services such as Moonpay, Ramp, Sardine, and Robinhood Connect. Crypto can be bought using debit or credit cards and deposited directly into the Exodus wallet, though availability may vary by location.

3. Hardware Wallet Integration: Exodus integrates with Trezor hardware wallets, specifically the Trezor Safe 3.

4. Built-In Exchange: The wallet features an integrated exchange, allowing users to trade and manage crypto portfolios without relying on external platforms. This simplifies the process of buying, selling, and swapping cryptocurrencies directly within the app.

5. Swaps: Users can easily exchange cryptocurrencies for different tokens within the Exodus app, providing flexibility in managing their crypto portfolios.

6. Crypto Staking: Exodus supports in-app staking for various cryptocurrencies, including Ethereum (ETH), Solana (SOL), Cardano (ADA), and Cosmos (ATOM), enabling users to earn rewards on their holdings.

7. Transaction Export: The wallet allows users to export their crypto transaction history for tax purposes, providing a .csv file format for easy record-keeping.

8. Browser Extension: A feature-rich browser extension allows access to dApps, NFT management, asset swapping and staking, and more.

Exodus Wallet Security Features:

Notably, Exodus does not implement certain standard security features commonly found in most modern crypto wallets.

The wallet's security is essentially tied to the security of the device it's installed on. This means that if a user's device is lost, compromised, or left unattended with the wallet visible, the funds within the wallet are at risk.

Exodus does not provide additional security mechanisms such as two-factor authentication (2FA), security locks, or scam alerts. The responsibility for maintaining the security of the wallet falls primarily on the user.

Bitget Wallet

Bitget Wallet, previously known as BitKeep, is a comprehensive DeFi wallet that provides a secure and easy-to-use platform for managing cryptocurrencies and decentralized applications. As part of the Bitget crypto exchange ecosystem, it's comparable to platforms like Binance and Crypto.com. With over 12 million users across 168 countries, it has established itself as a leading multi-chain wallet in the Web3 landscape.

Main Features of Bitget Wallet:

1. Multi-Chain Compatibility: Supports more than 90 blockchains, including Ethereum, BNB Chain, Polygon, Arbitrum, and Solana. This allows users to manage a diverse range of cryptocurrencies and interact with various DeFi protocols.

2. Swap and Trading Capabilities: The built-in Bitget Swap feature enables users to exchange cryptocurrencies seamlessly across different chains. It also includes limit order functionality for more advanced trading.

3. NFT Marketplace: Users have access to a full-fledged NFT marketplace within the wallet, where they can browse, purchase, and sell NFTs from different blockchain networks.

4. Launchpad: This feature offers users the opportunity to participate in exclusive token sales and early-stage crypto projects.

5. Fiat On-Ramp: The wallet allows users to buy cryptocurrencies using traditional currencies, streamlining the process of acquiring digital assets.

Security Measures:

Bitget has implemented several robust security features to protect its wallet users:

1. MPC Wallet: Utilizes an enterprise-grade Multi-Party Computation (MPC) "keyless" wallet solution, ensuring secure and convenient access to crypto assets.

2. GetShield Security System: This comprehensive system includes various protective measures such as risk token detection, contract verification, fraudulent address identification, and anti-phishing mechanisms to safeguard users from potential threats.

3. Hardware Wallet Integration: Bitget Wallet is compatible with hardware wallets, allowing users to store their private keys offline for enhanced security.

4. $300 Million Risk Protection Fund: The wallet shares a substantial risk protection fund with the Bitget crypto exchange, bolstering its resilience against potential risks.