A functional web3 wallet is a foundational aspect for any investors who wants to onboard on DeFi. In this quick overview, we are going to see the best DeFi wallets available in the market nowadays. The choices are based on research results based on specialists’ reviews, customer opinion, and experimental tests daily.
What Makes A DeFi Wallet?
A DeFi wallet stands out from software or hardware wallets for several reasons, but what makes a decentralized wallet can be resumed on four main components.
More on Bitcoin hardware wallets: Bitcoin Wallets: Ledger Nano S vs. Keepkey
First, a DeFi wallet is non-custodial, meaning users can send and transfer digital assets holding full control of the access, with total privacy.
A DeFi wallet has to be key-based as well, meaning it has only a unique key pair. Unlike other wallets that require a 12-word seed phrase or other user-reliant tools to secure the private keys.
Last (but not least), accessibility and compliance are the final core components of DeFi wallets. It has to support as many digital assets as possible, also being available for mobile or browser via DApps.
Top 5 DeFi Wallets (Ranked By Overall Rating):
Number 5 – BitPie
The countdown starts with BitPie, a multi-blockchain mobile wallet. Available for iOS and Android, BitPie is known for the wide range of supported cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), stablecoins like Tether (USDT), as well as all ERC-20 tokens.
Using BitPie, customers have a built-in exchange, as well as OTC (Over-the-Counter) services for off-exchange trading and a smooth DApp browser.
What about other Bitcoin wallets? Here is our in-depth review of Bitcoin.com wallet!
Security is king, so BitPie stores all private keys on-device. Customers also are permitted to set up a PIN for further privacy. There is also an exclusive feature that allows fund transfers via Bluetooth to BITH, a hardware wallet compatible with the BitPie App.
Try Bitpie wallet for FREE over here!
Number 4 – Trust Wallet
The next champion is the official wallet of industry-leading exchange Binance. Trust Wallet offers a multi-coin solution for users who want an upgraded experience plus a high-level of security.
Available for iOS and Android, it has a vast range of supported cryptocurrencies as well. Options include any token under ERC-20, ERC-721 (NFT), or BEP-2 standards. For those unaware, BEP-2 is the technical standard for issuing tokens on the Binance Chain.
Privacy is the main focus here, so all user’s data stays anonymous. Private key storage is made locally, meaning it utilizes the browser’s local storage.
Trust Wallet also features an exclusive built-in DEX, where users can trade across Binance and Kyber Network. Users can interact with other DApps via a unique web browser extension, as well.
Try Trust Wallet for FREE over here!
Number 3 – Coinbase Wallet
US-based Coinbase also features an exclusive DeFi wallet. It is non-custodial and has a DApp browser available for both iOS and Android. They have a big range of supported assets, including all ERC-20 and ERC-721 tokens.
The Coinbase wallet has several everyday use cases, so users can transfer digital assets to Coinbase.com and vice-versa, as well as purchasing products and services paying with cryptocurrency. It is also possible to send cryptocurrencies to anyone, which requires simply a Coinbase wallet username.
To enhance security, private keys are stored on user devices only. Customers also have exclusive recovery phrases which are kept encrypted and stored via Google Drive or iCloud.
Try Coinbase Wallet for FREE over here!
Number 2 – MetaMask
MetaMask is so popular that most people think of a little fox when you talk about web3 wallets. It works both as a crypto wallet and a bridge into the DeFi ecosystem.
Supported cryptocurrencies include Ether (ETH), plus all ERC-20 and ERC-721 tokens as well. MetaMask makes it easier for users who don’t want to run a full Ethereum node, as it permits them to access DApps from web2 browsers. Its popular browser extensions are available for Firefox, Chrome, Opera, and Brave.
MetaMask generates private keys on users’ devices and offers compliance with hardware wallets like Trezor and Ledger.
Try MetaMask wallet for FREE over here!
Number 1 – MyEtherWallet
Also known by the acronym MEW, MyEtherWallet is the number one Ethereum wallet. The platform is open-source and available for Android and iOS.
MEW users can seamlessly buy cryptocurrencies using their bank cards, which represents a lot when it comes to accessibility and ease of use.
It supports all Ethereum-based tokens (ERC-20, ERC-721, etc.) and has the power to interact directly with smart contracts within the Ethereum ecosystem.
More on the MyEther Wallet: How safe is MyEtherWallet?
MEW also partnered with Kyber Network and crypto exchanges to deliver a more seamless experience regarding swaps, offering more competitive prices.
Private key storage is made via MEW’s exclusive application called MEWconnect, where customers encrypt and store their keys directly on-device. It offers compliance with hardware wallets like Trezor and Ledger, as well.
Try MyEtherWallet for FREE over here!
Final Words
The countdown for Top 5 best DeFi Wallets in 2020 is over. Hence, if you want to find the DeFi wallet to fulfill your needs, now you know what the best options are available in the market.