5 Best Defi Wallets to Store Decentralized Finance Tokens

If you are searching for a crypto wallet to store your Defi tokens? Then you have come to the right page.

Decentralized Finance (Defi) has become the next big thing in the cryptocurrency space. Its tokens are not only gaining high volumes on exchanges but are also generating high returns on investment as of now.

In order to store them safely and securely, you need wallets that are also compatible with lending and saving attributes.

A Defi wallet has to be more than a normal cryptocurrency wallet, it should also act as a gateway in order to interact with dApps and it should also have a smooth UI.

In this post, we will discuss the 5 best Defi wallets that have the following features.

  • Easily and securely access the Defi application.
  • Lend your assets.
  • Borrow assets.

We will also look into wallet feature like

  • Non-Custodial.
  • Key-based or Password based.
  • Easy to access Defi assets
  • Compatible with different devices.

Therefore keep on reading till the end.

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Best Defi Wallets:

1. MetaMask:

MetaMask is an online non-custodial cryptocurrency wallet for Ethereum Blockchain. It is available as a chrome extension and can be added to any web browser that is based on chromium platform.

For example – Google Chrome, Brave Browser, Microsoft Edge, and non-chromium browser such as Firefox.

MetaMask has a very simple and easy to understand user interface. It acts as a bridge that interacts with Ethereum dApps using your browser to complete any particular transaction.

You can store ERC20 tokens and Ethereum, it does need gas in order to send tokens to another wallet & while interacting with dApps.

It is one of the highly recommended wallets for performing small transactions but for not storing assets for the long term.

The below video will help you to understand how MetaMask functions.

Download Metamask

Check out our list of Free Crypto trading bots.

2. Argent:

Argent is a mobile-based defi wallet that is available for both Android and iOS. It is a non-custodial wallet which means you have access to the wallet Private keys.

Argent comes with a build-in special feature wherein your private key is secured with Argent Guardian. At this point, you might be thinking, So what is Argent Guardian?

Argent Guardian is a very simple & unique feature wherein you designate a person or a device and you give them limited permission such as approving the recovery of your wallet.

Check out this video to understand more about Argent wallet

Download Argent Wallet

3. My Crypto:

My Crypto is a non-custodial mobile wallet available for both android and iOS. The only issue that I faced while setting up this wallet is that you need to first complete KYC before even setting up your wallet.

In my opinion, it was just like opening an online bank account. Without completing the KYC, nothing works as it is mandatory, so if you are someone who does not want to reveal your identity then this My Crypto Defi wallet is not for you.

Why did I add this wallet to the list of 5 Best Defi Wallets to Store Decentralized Finance Tokens? The answer is simple and I have listed it below.

  • Free $50 worth of native token in your wallet as a signup bonus.
  • With this wallet, you get access to  a built-in exchange, dApps, lending platform, debit card and more
  • Earn a flat Interest of 6 percent when you store your tokens in the wallet.
  • Ease to access hardware wallets.

Check the below video to understand more about this wallet.

Download My Crypto Wallet

You can read more about the CRO token airdrop worth $50 here.

4. Ledger Wallet:

As we all know Ledger is a hardware wallet and it is not free You have to pay to get this stick, which costs around $29 minimum to a maximum of $79 depending on the features.

I personally recommend buying this wallet as it is one of the safest and most secure hardware wallets.

So, how to use Ledger Nano S wallet to store Defi tokens? There are two options and they are available and they are

  1. Metamask
  2. Defisaver

Ledger wallet and MetaMask can be used to access Defi apps and it is one of the smartest ways without compromising the security of your wallet.

Defisaver is an application that gets integrated with your ledger wallet, it is a one-stop management solution to decentralize finance protocols.

Check out this video to know why you need a Ledger Nano?

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5. Frontier Wallet:

Frontier wallets is an all in one noncustodial Defi wallet available only for mobile devices. You can track Defi protocols like DAI, SYNTH, and more while using this wallet.

It comes with some unique features like debit and credit alert, which is known as Smart Defi Notification. It has one of the best security features as claimed by the owners.

You can earn up to 13% APR on this wallet with your Defi tokens by staking plus you can also earn interest on your assets you have stored in this wallet.

The best feature of this wallet is that you can add multiple wallets and also exchange tokens without any hassle.

You can check out more about this wallet by watching this video:

Download Frontier Wallet

Conclusion:

In the end, I would like to again remind you that mobile wallets are not meant to store your crypto assets for the long term as they are vulnerable to hacks.

You can use the above listed Defi Wallets for small transactions like interacting with dApps, using them to connect on DEX, or on a centralized exchange like Binance.

Since almost all Defi Wallets provide interest on your stored crypto assets, use them to store earn interest for a short duration. If you have a spare mobile device that you are not using anymore, you can use that device to have crypto wallets. 

Always create a backup of your wallet in case if you misplaced your device or if you upgrade your device you will still be able to access your crypto assets by using the backup phrases.

Always remember that you are responsible for your crypto wallets safety and do your thorough research before investing in any cryptocurrency projects.

I hope this article on Best Defi Wallets helps you to decide which wallet you should use in the future to store your Defi tokens. 

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About The Author: Shounak

Blogger, Writer, Cryptocurrency Trader and Tech Geek.