Best DeFi Wallets 2023

• DeFi wallets work like standard crypto wallets but offer easier connections to decentralized finance applications and support for networks you’ll want to use for DeFi.
• You can choose from hot wallets (internet-connected) or cold wallets (connected by USB or Bluetooth). You might end up using both hot and cold wallets together.
• The most popular wallets aren’t always the best for DeFi. Try out a few built-for-DeFi wallets to see which one fits your groove.

Many general-purpose crypto wallets are best suited for sending, receiving, and HODLing. If your mission is DeFi, you’ll want more features. I took all the wallets in our roundup (and a few others) into the great wilderness of DeFi for some hands-on testing. Some didn’t make the cut.

Here are the top picks.

• MetaMask: Best for Support
• Coinbase Wallet: Best for Coinbase Users
• Frame: Best for DeFi Power Users
• Solfare: Best for DeFi on Solana
• Ledger: Best Secure Hardware Wallet

MetaMask

Best for Support

Download MetaMask

On MetaMask's website

MetaMask has been the go-to DeFi wallet for Ethereum-compatible networks since DeFi became a thing. This ubiquitous wallet works as a Chrome or Firefox extension and also comes as a mobile app. Ethereum is the default network, but adding Abitrum, Polygon, or other popular networks takes just a few clicks. MetaMask also supports Ledger devices, importing additional accounts you can secure with a Ledger hardware wallet.

Read Our Review

4.8

Type

Software wallet

Platform

Chrome extension, Mobile app

Cost

Free to use

Ledger Support

Yes

• Pros & Cons

  Expand to learn more

  Pros

  • Connect to just about any dApp in the Ethereum ecosystem
  • Test networks just a few clicks away
  • Easy to use for newcomers
  • Supports Ledger hardware wallets

  Cons

  • Spotty token detection on some networks
  • Only Ethereum is supported out-of-the-box (add more manually)
  • Switching networks for one app switches networks for all apps

• Why We Like MetaMask

  Expand to learn more

  Like the old credit card slogan, MetaMask is everywhere you want to be. Want to connect to Aave, a top lending protocol? Yep. MetaMask is one of the choices. Wander off into Arbirum or Polygon DeFi worlds, and MetaMask is likely one of your connection options again. And the wallet is easy to use without a bunch of setup work, especially for Ethereum and Polygon. Lastly, MetaMask is built by ConsenSys, a giant in the crypto space. It’s a mature product with millions of users. If you get stumped, there’s plenty of help available.

• Who Is MetaMask Good For?

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  • Newbies: MetaMask works well as soon as you fire it up (give that fox a moment to wake up, though). As you gain experience, MetaMask offers more features and networks behind well-placed menus. It’s a wallet that grows with you as you learn your way.
  • Ethereum and Polygon DeFi users: Token detection on the Ethereum, Avalanche, BSC, and Polygon networks is fantastic with enhanced token detection enabled. This feature doesn’t yet work on Arbitrum. Expect to add some tokens manually.

• Best Alternatives

  Expand to learn more

  Coinbase Wallet: You’ll usually see both MetaMask and Coinbase wallet as connection options for dApps. Both wallets offer similar features and functionality, so it’s a matter of preference in most cases. But if you use Solana as well, Coinbase supports Solana in addition to Ethereum and compatible networks.

Coinbase Wallet

Best for Coinbase Users

Download Coinbase Wallet

On Coinbase's website

If you’re a Coinbase exchange user, the Coinbase wallet makes a good match. But you don’t have to use Coinbase exchange — the wallet is a standalone app that can connect to Coinbase (or not). It’s up to you. In typical Coinbase fashion, the wallet is super easy to use and comes with good token detection and a wide network selection. And if you’re a Solana person, you can use Coinbase wallet with Solana as well as Ethereum and compatible networks.

Read Our Review

4.6

Type

Software wallet

Platform

Chrome extension, Mobile app

Cost

Free to use

Ledger Support

Yes

• Pros & Cons

  Expand to learn more

  Pros

  • Get a custom ENS name so others can send money easily.
  • Support for Ethereum networks and Solana
  • Easy to use
  • Supports Ledger hardware wallets

  Cons

  • Limited user settings
  • Closed source software, so there’s no way to check the code for bugs or exploits
  • Can feel cluttered if you use multiple networks

• Why We Like Coinbase Wallet

  Expand to learn more

  The standalone Coinbase wallet doesn’t require a Coinbase exchange account, but it pairs well with one. You can add funds from inside the wallet using the payment methods for your Coinbase exchange account. Easy. And in the DeFi world, you’ll find Coinbase wallet offered as a connection method almost as often as you’ll find MetaMask. It’s a great fit for people new to DeFi.

• Who is Coinbase Wallet Good For?

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  • Newbies: Coinbase is the easy button of the crypto world, and the Coinbase wallet follows suit with a “just works” experience. And if you get stuck, there’s someone who can answer your questions. (But they can’t undo the weird swap you just made.)
  • Ethereum and Solana DeFi users: Ethereum and compatible networks get all the attention, but Solana has a vibrant DeFi ecosystem, and Coinbase wallet can navigate both worlds.

• Best Alternatives

  Expand to learn more

  Solflare: Coinbase wallet brings something unique in its support for Solana as well as Ethereum-compatible chains. The result is a capable but busy wallet. Solflare lets you keep your Solana DeFi activities separate. Nice and tidy.

Frame

Best for DeFi Power Users

Download Frame

On Frame's website

Frame pairs a geek-worthy desktop app (yes, it comes in black) with a Chrome or Firefox extension that makes connecting to DeFi apps a snap. The Frame wallet comes with a learning curve, so it’s probably not the best choice for newly minted DeFi peeps, but this wallet grows on you. Need to use Arbitrum on one dApp and Ethereum on another? No problem, and no need to switch networks back and forth. Test networks are built in as well. Well done, Frame.

Type

Software wallet

Platform

Chrome and Firefox extension, Desktop

Cost

Free to use

Ledger Support

Yes

• Pros & Cons

  Expand to learn more

  Pros

  • Supports multiple networks at once
  • Test networks already installed
  • Keyboard shortcut to launch app
  • Easy connection to Ledger
  • Superior transaction cost display

  Cons

  • Tricky interface
  • Only five networks supported out-of-the-box (add more manually)
  • Can’t create new wallets yet (upcoming feature)
  • No transaction history (must use a blockchain explorer)

• Why We Like Frame

  Expand to learn more

  Frame’s Omnichain feature makes it a standout. Connect to different blockchains in parallel if you’re using more than one DeFi app at a time. Frame also supports test networks, including Base Goerli (Görli), the test network for the upcoming Coinbase Layer 2 blockchain (Base). One more cool thing. You can turn off accounts individually. That means nothing can connect unless you re-enable the account. This wallet is for power users who don’t mind tinkering and flipping switches to gain more power under the hood.

  Note: Frame is still in public Beta. Upcoming releases will add the ability to create new wallets. The current release lets you import existing wallets using a seed phrase or private key — or connect to a hardware wallet.

• Who is Frame Good For?

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  • DeFi Pros: Turn off the whole DeFi world in just a few clicks. Connect to your hardware wallet. Test on Goerli (built-in) or other test networks. Control permissions for individual dApps. Yeah. Frame is a powerful tool.
  • Security-minded people: Add or change remote procedural call (RPC) servers with ease to ensure more privacy. RPC servers are full nodes (up-to-date copies of the blockchain).
  • People with a lot of accounts: It’s not the easiest DeFi wallet out there, but if you have a lot of wallet addresses, Frame gives you a simple way to add more and turn each one on or off. It’s like mission control for DeFi. You can even use the app with multiple browsers.

• Best Alternatives

  Expand to learn more

  MetaMask: Frame and MetaMask both make good choices for DeFi dabbling. MetaMask is easier to use, while Frame offers more transparency on network costs that vary based on traffic.

Solflare

Best for DeFi on Solana

Download Solflare

On Solflare's website

If Solana is part of your DeFi adventures, Solfare wallet helps you navigate DeFi like a champ. You can set up notifications for incoming transactions and summon your wallet with a keyboard combo. Set up a new wallet in just a few steps or import an existing wallet. Built-in staking support makes it easy to get started earning money in Solana DeFi.

Type

Software wallet

Platform

Chrome, iOS, Android

Cost

Free to use

Ledger Support

Yes

• Pros & Cons

  Expand to learn more

  Pros

  • Incoming transaction and dApp notifications
  • Easy to use
  • Supports Ledger hardware wallets
  • Burner accounts for untrusted apps

  Cons

  • Confusing “add new account” settings

• Why We Like Solflare Wallet

  Expand to learn more

  DeFi can be like those bars on the wrong side of town. Fun, but maybe you don’t carry a full wallet. Solflare lets you set up burner accounts you can use with dApps if you’re not quite sold on security. We also like the ability to burn scam NFTs (yeah, you’ll pick up some of those along the way). Solflare packs a lot of power into an easy-to-use Solana DeFi wallet.

• Who is Solflare Good For?

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  • Newbies: If this is your first rodeo on Solana DeFi, Solflare welcomes new users with a clean and simple interface. Wallet setup takes just a few minutes.
  • Coinbase wallet refugees: Coinbase wallet supports Solana as well, but the two don’t compare when it comes to ease of use. Solfare cuts the clutter when you need to focus on Solana stuff.
  • People who want security: Solflare’s burner accounts let you connect to potentially sketchy dApps without revealing your main public addresses. Do your DeFi like a secret agent.

• Best Alternatives

  Expand to learn more

  Coinbase Wallet: The Coinbase wallet supports Solana while also letting you explore DeFi on Ethereum, Polygon, and other networks. Coinbase wallet lets you do more, but at the expense of the simplicity you’ll find with Solflare.

Ledger

Best Secure Hardware Wallet

Buy Ledger

On Ledger's website

Ledger hardware wallets lead the market for good reason. You can use the wallet with Ledger Live, an open-source app that compliments the device, or you can use existing Ledger crypto accounts with several popular software wallets. Want to use your Ledger with MetaMask or Frame? Just plug in your Ledger and import the accounts. Simple and secure.

Read Our Review

4.6

Type

Hardware wallet

Platform

Windows, Linux, macOS, Android, iOS

Cost

Free to use

• Pros & Cons

  Expand to learn more

  Pros

  • Supported by top software wallets like MetaMask, Coinbase wallet, and Frame
  • Beginner-friendly setup
  • Support for desktop and mobile, depending on the Ledger device

  Cons

  • Ledger Live is slow to update balances
  • Hardware wallet only protected by a PIN code; if someone knows the PIN, they can access your funds.

• Why We Like Ledger Wallet

  Expand to learn more

  From the budget-friendly Ledger Nano S Plus to the advanced Ledger Stax, Ledger offers a secure way to lock down your crypto. Wide support for software wallets like MetaMask, Coinbase wallet, Solflare, and Frame lets you connect to nearly any DeFi app but keep the keys on a device that’s not connected to the internet. It’s a hardware wallet that doesn’t get in your way.

• Who is Ledger Good For?

  Expand to learn more
  • Newbies: Hardware wallets can be intimidating, but Ledger does a great job of onboarding new crypto peeps, explaining every step of the setup process.
  • People with larger crypto balances: Got thousands (or more) on a hot wallet? Time to think about security. Ledger hardware wallets keep the private keys on a device you hold in your hand — one that’s not connected to the internet.
  • People who use a lot of cryptocurrencies. A diversified crypto portfolio helps protect you from price movements in individual assets. Even the lowest-priced Ledger Nano S Plus supports over 5,500 cryptos. Spread your wings if you want.

• Best Alternatives

  Expand to learn more

  Coinbase Wallet: Many people buy Ledgers for multi-currency support. Want to lock down your Bitcoin as well as your DeFi cryptos? Both Ledger and Coinbase wallet can get the job done, although Coinbase wallet only supports Bitcoin on the mobile app.

Additional DeFi Wallets to Consider

• Argent wallet: The Argent wallet comes as a mobile app (iOS and Android) or as a related project, Argent X, which is a browser extension for Chrome or Firefox. Argent doesn’t support Arbitrum or Polygon but integrates a Layer 2 (zkSync) that makes Ethereum transactions more affordable.
• Crypto.com wallet: Similar to Coinbase wallet, Crypto.com’s wallet is a standalone product that lets you store your crypto or explore DeFi. The wallet is available as a mobile app (iOS and Android) and as a Chrome extension. A desktop wallet app is in Beta testing.
• Trust wallet: Available as a mobile app (iOS and Android) as well as a Chrome extension, Trust wallet is one of the most popular wallets out there. The project is owned by Binance, and the wallet supports 65 blockchains, including Ethereum, Abitrum, and Optimism.
• Zengo wallet: If you want a mobile-only wallet without the seed-phrase hassle, take a look at Zengo. Better yet, let Zengo look at you. The wallet opens with a face scan. Zengo is a multi-chain wallet but does not support BSC, Polygon, or Arbitrum.
• Bitkeep wallet: With built-in dApps and support for Layer 2 networks like Polygon, BSC, Arbitrum, Optimism, and Fantom, Bitkeep is a keeper. The multi-currency wallet comes as a mobile app (iOS or Android) or as a Chrome extension for desktop users.
• Nexo Wallet: Nexo's web3 wallet is still new but shows promise. The web wallet can pair with MetaMask or Coinbase Wallet and is designed to save on network gas fees. Nexo Wallet isn't available in the US.
• Trezor hardware wallets: Similar to Ledger hardware wallets, Trezor wallets are a trusted companion for over 1 million DeFi users and crypto HODLers. You can pair a Trezor hardware wallet with software wallets like MetaMask, and Frame.

A DeFi crypto wallet is designed to work well with decentralized finance applications, such as decentralized exchanges, lending platforms, and more. Your choices include hardware wallets, like Ledger or Trezor devices, or software wallets, including apps like MetaMask or Coinbase wallet.

There’s some crossover here, though. You can use your DeFi wallet for other things, too, like managing NFTs or just moving your crypto off exchanges to a wallet you control.

Here’s the thing: A crypto wallet isn’t really a wallet in the traditional sense. That’s because there’s nothing in it (much like my IRL wallet). All your crypto assets exist on the blockchain. Your wallet just holds the private keys that let you control your assets on the blockchain.

In that sense, a crypto or DeFi wallet is more like a key to a safe deposit box — but you won’t have to go to a stuffy bank to use it. You can use your crypto wallet from anywhere, still wearing your bunny slippers if you want. The main takeaway is that your crypto isn’t on your computer or in a mobile app. It’s locked on the blockchain, and your wallet holds the key.

Cold Storage vs. Hot Storage

The difference between these two comes down to where the private key is generated and stored. Huh? Okay, let’s break that down.

• Hot wallets store the private keys on devices connected to the internet. MetaMask is the most popular example in the DeFi space. Hot wallets are apps. These might be browser extensions or mobile apps. Some wallets, like Frame, also offer desktop apps.
• Cold wallets store the private keys on devices that aren’t connected to the internet. These are often hardware devices that look like a USB thumb drive. But they come in other shapes, too, like the sleek Ledger Stax, which has an e-ink touch screen. To send or spend crypto, you’ll have to connect the cold wallet and give your permission by clicking a button or two.
  

Hot wallets are more convenient to use and can easily connect to popular DeFi apps. Cold wallets offer more security (because the private keys are offline).

Pro tip: You can combine the best of both worlds by using a hot wallet to connect with apps and a cold wallet that ultimately gives permission to send or spend your crypto on those apps. For example, the MetaMask hot wallet can pair with Ledger cold wallets. If you’re working with big money, this approach makes sense. More on that in a bit.

Custodial vs. Non-Custodial

Not all crypto wallets are the same. The difference between so-called custodial and non-custodial wallets comes down to a simple question: Who controls the tokens stored in the wallet, the user, or the wallet service?

With a non-custodial wallet, you have complete control over your tokens and coins as well as the private keys that prove those tokens and coins are yours. (It’s a lot like your leather wallet in the real world—open it up, and boom, there’s the cash.)

With a custodial wallet, a wallet-hosting service (often an exchange) stores the keys to your crypto on your behalf. Instead of fussing with keys and seed phrases, you access your funds using a username and password similar to your bank account. (And like a bank account, there may be withdrawal limits or fees.)

Custodial wallets are more popular than their non-custodial brethren because they’re easy. Just open an exchange account, and–Badabing–you have a wallet. The catch: You must find a reputable, trusted provider to keep your crypto safe—choose the wrong wallet or platform, and you could face risks from theft, hacks, or insolvency of the platform itself. Badaboom.

You’ve heard the phrase, “Not your keys, not your crypto,” right? It refers to custodial accounts that “hold” the keys for you.

There are other custodial services out there for institutions and crypto-lambo peeps, but most people are more likely to use exchanges if they choose a custodial wallet.

First, let’s look at how wallets work in general. A DeFi wallet doesn’t work differently under the hood, but some wallets have specific features and supported networks that make them better suited to DeFi.

Remember, your wallet is just a way to access assets on the blockchain. The magic happens by using two types of keys: private keys and public keys.

• Public keys: Each wallet account has a public address, which is derived from the public key. When you send or receive crypto, this address is publicly visible on the blockchain.
• Private keys: This key lets your wallet authorize transactions. It’s the key to the kingdom, and that’s the reason you need to protect your seed phrase. If someone gets your seed phase, you now have a silent partner. They can drain your wallet in a few clicks. We’ll dig in on seed phrases in just a bit.

DeFi wallets work by connecting your public address to DeFi apps (dApps), so you can swap, trade, stake, lend, borrow, etc. Connecting your wallet lets the dApp read your wallet balances, but nothing leaves your wallet until you authorize the transaction in your wallet. That’s when your wallet’s private key signs the transaction — and the crypto starts flying.

Be careful. When they coined the phrase “the internet is forever,” they weren’t just talking about questionable social media posts; the blockchain is forever too. There’s no undo button.

The whole process works like two-factor authentication on your bank app. You click a button, and your bank sends you a text or an email asking if you want to complete the transaction. Ditto for your crypto wallet. You click a button on a dApp, and your wallet asks you if you really want to do this. If there’s a cost, your wallet displays a cost estimate.

Many popular wallets are great for securing your crypto, but some of the most popular wallets aren’t great picks for DeFi. True story. From connection problems to unsupported blockchains to missing tokens, a general-purpose wallet will make you think DeFi is the worst thing to hit the internet since clam chowder popsicles.

Here’s why you want the right tool for the job.

• Connect to multiple blockchains: A good DeFi wallet offers support for multiple blockchains, ideally with out-of-the-box support for popular Layer 2 Ethereum-compatible networks like Polygon, Arbitrum, and Optimism.
• View coin and token balances: Activities like staking or lending often exchange your standard token for an equivalent token or receipt token. The result: You’ll end up with a bunch of weird stuff that a standard wallet might not even display. A good DeFi wallet can recognize these tokens (although sometimes without a price), so you don’t lose track of your positions out there in DeFi-land.
• Connect to specific dApps: Connecting to dApps with a standard wallet can be a hassle, and the connecting experience can differ from one dApp to the next. It’s waaaay easier to just use a DeFi wallet built for the task. Your future self will thank you for making the switch now.

Apps You’d Use With A DeFi Wallet

Many of DeFi’s most popular dApps parallel things you can do in traditional finance but without the roadblocks. In general, nobody can tell you no — assuming you have the funds to complete the transaction. It’s like turning 18 again.

• Lido: The Lido protocol lets you stake Ethereum without locking up the value of your ETH. You’ll get stETH in exchange, a token that reflects the price of ETH plus your staking rewards. And you can sell your stETH or use your tokens in other DeFi protocols. Ahh, freedom.
• MakerDAO: The DAI stablecoin is the result of MakerDAO’s DeFi protocol. Deposit ETH and mint new DAI tokens you can use throughout the crypto world. It’s a great way to borrow against your ETH holdings without selling and creating a taxable event.
• Aave: On Aave, you can lend or borrow crypto, and you won’t have to deal with any banks. The platform is super easy to use and supports several blockchains, including Ethereum, Polygon, Abitrum, and Optimism.
• Uniswap: The Uniswap decentralized exchange lets you swap your coins or tokens for other tokens. Got ETH but want DAI. Easy stuff on Uniswap, and you don’t have to shuttle your ETH off to an exchange to make the trade. It all happens from your wallet in a few clicks.

These are just some of the biggest DeFi apps. There’s an ever-expanding universe of DeFi apps out there to explore. Just do your research before you start clicking buttons, okay?

The type of crypto wallet you should choose depends on your personal preference. Whether you’re new to cryptocurrency and want to start your first wallet or are getting serious about crypto investing and need more security, there’s a wallet for you.

For Beginner Investors: Exchange wallets

If you’re just starting out, convenience is king—and there’s no crypto wallet more convenient than an exchange wallet. Create a free account, deposit funds, and start trading. It’s that easy.

Exchange wallets are custodial, so your keys and coins are kept by the exchange and use hot storage, which requires an internet connection for access. It’s a hassle-free way to store crypto, and your crypto is as secure as your password.

The catch? It’s not the most secure wallet out there. If someone gets your exchange login info… well, you can guess what happens next.

For Intermediate Investors: Software wallets (non-exchange)

If you’re crypto-comfortable but not a master of the web3 universe, consider a software wallet.

It’s a bit more troublesome than an exchange wallet, but it’s also a bit safer because you don’t have to worry about the exchange closing up shop or someone gaining login access to your exchange account.

Instead, these are apps that run on your phone or computer–and many are just add-on browser extensions. Software wallets are non-custodial, leaving you in control of your crypto and keys.

Some popular options include:

• MetaMask
• Coinbase wallet (separate from your exchange account)

Pick what’s right for you—as a general rule for this category, more legwork = more security.

For Advanced Investors: Hardware wallets

Got tens of thousands of dollars worth of crypto funds? First, slide the Milk Man some dinero—and then get yourself a highly secure, Internet connection-optional hardware wallet.

You can even get a multi-signature hardware wallet that requires multiple keys to access—just the kind of thing you’d want if you are or have a broker, fund manager, or family financial situation like a trust or estate.

A “multi-sig wallet” gives everyone a different personal key for access and requires a minimum number of them to do so, e.g., no less than two present keys for a three-key arrangement. (Gotta keep tabs on Crazy Uncle Larry, after all.)

Multi-sig isn’t limited to hardware wallets, either. Electrum (Bitcoin only) and Coinbase wallets (both software wallets) support multi-sig.

I used to use MetaMask for my DeFi shenanigans. Now, Frame is my main squeeze, but I still use MetaMask for mobile. Each wallet brings features that might make it a better fit for your DeFi adventures than others.

Here are some things to consider when choosing a DeFi wallet.

• Supported networks: Most DeFi wallets support Ethereum, but DeFi on Ethereum gets expensive in a hurry. You’ll probably want a wallet that supports Layer 2 networks like Arbitrum and Polygon out of the box.
• Privacy: Can your wallet spy on you? Well, yes. Some do, logging IP addresses as you do your DeFi thing. If privacy matters to you, look for a wallet that lets you change the remote procedure call (RPC) servers to ones you trust (or your own server node, you crypto stud). Infura and Alchemy, the two most common default RPCs, both log IP addresses. Visit chainlist.org for some alternatives.
• Security: Wallets are just computer programs. That means they might have bugs or vulnerabilities. Many wallets are audited by third-party firms to test for bugs and possible exploits. Check the website or GitHub page for links to recent audits by third-party firms.
• Token detection: DeFi often involves lesser-known tokens. You’ll also end up with receipt tokens for positions you have out there in DeFi-land (that you might have forgotten about). Coinbase wallet is great at finding all that weird stuff general-purpose wallets often miss.
• Ease of use: Even the current king of DeFi wallets, MetaMask, can be hard to use if you need to add a new network or a new token. Coinbase wallet is easy enough for beginners.
• User base and development team: Who made the wallet, and how many users does it have? Smaller projects might disappear, which means no more features or security updates.
• Support: The crypto world isn’t known for great customer support. You’re on your own in many ways, but larger projects like MetaMask offer extensive help pages and even live chat.

Pro tip: If you install multiple wallets, they’ll fight like siblings arguing over which one gets the top bunk — or which one gets to connect to the DeFi app in this case. You might want to disable your other wallets when testing a new one.

Step 1: Choose a cryptocurrency for your wallet.

Both Solana and Ethereum networks offer oceans of DeFi apps. But you can’t use Solana (SOL) tokens on Ethereum-based dApps. Not easily, anyway. It makes sense to choose one DeFi-friendly crypto to start. Ethereum (ETH) makes a good first choice. Polygon (MATIC) is another good choice, and the network is Ethereum-compatible. If you need different tokens once you start doing DeFi things, you can swap tokens on a decentralized exchange.

Step 2: Download a compatible wallet.

Remember, a Solana wallet won’t work with Ethereum-based tokens, and vice versa. Be sure the wallet you choose works with the cryptocurrency you want to use.

Then, visit the wallet’s official website to get the download link. Most wallets are open-source, meaning the code is available to anyone. That means it’s easy for someone to make a look-alike wallet. Get the real thing.

In many cases, you’ll be using a browser extension as your wallet. This makes it easy to connect with dApps.

Step 3: Make a new wallet account or import an existing wallet.

Follow instructions on how to set your wallet for first use. The first part usually involves seed phrases. These are a group of 12 or 24 words you can use to restore your wallet if needed. Keep your seed phrase safe, and don’t save it in cloud storage where it’s just one password hack away from being revealed.

If your computer dies and you’ve lost your seed phrase, your crypto becomes inaccessible without the seed phrase. Yeah. Finito, Benito. Keep your seed phrase safe.

You can also import an existing wallet if you already have a seed phrase or private key.

Step 4: Set a password.

Choose a password that’s secure and that you’ll be able to remember. On your home computer, your wallet password is the only thing keeping creeps (and your nosy nephew) from getting your crypto. Store your password safely.

Step 5: Add some funds to your account.

Some wallets let you buy crypto from within your wallet. This approach can be a bit more expensive than using a centralized exchange like Binance.US.

If you use an exchange, look for the withdraw tab and choose the network you want to use for withdrawal. You’ll find options in a drop-down menu. This will be the network where you expect to use your crypto. For example, on Binance.US, you can withdraw ETH on the Arbitrum network, where transactions are much less expensive. Cool. You can do more DeFi for less money.

In your wallet, look for the wallet address or a receive button. The wallet address is your public address (you might have several). Use this address in the withdraw tab on the exchange. There’s usually a copy feature that saves it to your clipboard, so you don’t have to type it by hand. Great. No mistakes!

Step 6: Connect to dApps.

Once your wallet is set up, get out there and do some DeFi things. Aave is a great app for lending and borrowing. Uniswap is a great choice if you want to swap tokens. You can even explore metaverse worlds.

Look for a button that lets you connect your wallet. If you want to do something that has a cost, your wallet will ask you to authorize the transaction. Accept or decline. You’ll get the hang of it in no time.

Some of the most popular crypto wallets out there can be frustrating when you try to DeFi. Rather than snapping pencils and swearing, try a wallet built for the task. We like Frame for power users, but Coinbase wallet and MetaMask are well-represented out there in DeFi-land. If you decide you want to move to something new, you can usually import your existing wallet into other wallet apps. Same crab, new shell. Watch out for seagulls.

• Are DeFi wallets safe?

  Expand to learn more

  DeFi wallets work like standard crypto wallets, using a public key that generates your wallet address and a private key protected by your wallet. The private key is the one that lets you authorize transactions. As long as you protect your private keys, DeFi wallets are generally safe. However, most wallets are just software, which means they may be vulnerable to exploits. It’s best to choose a wallet that’s been well-tested and has passed security audits.

• Which DeFi wallet is the best?

  Expand to learn more

  MetaMask and Coinbase wallets are the most popular choices, but newer DeFi wallets have raised the bar when it comes to token detection and easy setup. There are several capable wallets available, so it’s really a matter of preference. We discuss the pros and cons of each in the sections above.

• Is Coinbase a DeFi wallet?

  Expand to learn more

  Coinbase offers a standalone wallet that’s well-suited to DeFi, but you can also use Coinbase wallet for more common uses like just securing crypto or simple sending and receiving. Coinbase wallet offers support for Solana, as well as Ethereum-compatible networks, making it well-suited to users who use multiple networks for DeFi.

• How do Crypto Wallets Make Money?

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  Most crypto wallets are free to use. Great! You’ll pay for network fees, swaps or trades, and purchases you make, but the wallet itself is free (assuming it’s a software wallet). Here’s where wallet projects often make money: affiliate commissions and referrals. For example, most wallets offer a way to buy crypto with fiat money. Odds are good that the third-party services featured in a crypto wallet reward the wallet project with a referral fee. In other cases, wallets don’t make any money from users at all, as often happens with open-source projects. Instead, the project survives on donations or as a side project for a larger brand.

• What is a DeFi wallet used for?

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  DeFi wallets are designed to be used with decentralized applications (dApps), which are programs that run on the blockchain. Finance applications are among the most popular, including lending platforms like Aave and trading platforms like Uniswap, but DeFi wallets can also be used for gaming or funding purchases in metaverse worlds.

• What’s the best DeFi wallet to earn interest?

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  Coinbase’s mobile wallet makes it easy to earn interest in DeFi with a built-in browser to explore DeFi apps like Aave (lending) and Lido (staking). But you can also visit these apps (and many more) using a browser-based wallet like MetaMask.

• Which wallet is best for crypto?

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  Choosing the best crypto wallet is a bit like choosing the best pizza topping. It’s a preference thing. Consider what you need to do with the funds in the wallet and how much security you need. Hardware wallets, like Ledger and Trezor, can pair with software wallets to add another layer of security while still allowing you to use DeFi apps. These wallets also support multiple types of crypto. Got Bitcoin AND Ethereum? That’s not a problem for the most popular hardware wallets.

• Is there a free crypto wallet?

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  Almost all software crypto wallets are free. Exchange wallets are usually free but may charge withdrawal fees. If you need a hardware wallet, like Ledger or Trezor, you’ll have to buy one or put it on your birthday wish list. Basic hardware wallet models start at less than $80.