16 Best Decentralized Crypto Wallets in 2024 – Safest DeFi Wallets Compared

The number of global cryptocurrency holders has reached 429 million in 2022 and is expected to rise to 994 million by 2027, according to Statista. However, with the rise of users comes an increase in the number of hacking attempts, which is why using a proper crypto wallet to keep your crypto assets safe is necessary. 

If you don’t already have a wallet or are looking for a safer one, it’s best to use a decentralized crypto wallet. We aim to help you with our detailed list of the best decentralized crypto wallets. In this article, you’ll get comprehensive reviews of our top seven picks, but you’ll also learn what decentralized crypto wallets are, how they work, and why you need them. 

Top Decentralized Crypto Wallets 

If you’re looking for the best decentralized crypto wallet, you’re in the right place. Below is a detailed list of the top seven DeFi wallets you can choose from. Every wallet will have a short description explaining what makes it one of our top picks. 

However, you should also read the detailed reviews below and the rest of the guide to learn how to pick the best one. 

For now, here’s the decentralized wallet list:

  1. Best Wallet Overall best decentralized crypto wallet, Best Wallet is a self-custody software wallet where accounts can be created in less than five minutes with no KYC verification. Has a built-in DEX while native token $BEST elevates it into a fully-fledged Web3 platform that offers staking, reduced trading fees, early access to new crypto launches and NFT collections. Users also receive unique insights into trending tokens.
  2. Zengo – A multi-chain, feature-rich mobile and security wallet utilizing MPC cryptography to get rid of seed phrases and make self-custody of your private keys much more user-friendly.
  3. Ellipal – Hong-Kong based wallet manufacturer that creates air-gapped hardware wallets. The Ellipal Titan 2.0 offers offline QR codes, is EAL5 certified, and implements an auto-destruct feature to safeguard your private information. 
  4. Ledger Nano S Plus — Ideal choice for most hardware wallet users. Supports thousands of coins and tokens and can integrate seamlessly with many software wallets, most notably Crypto.com. 
  5. Trezor Model One — Inexpensive hardware wallet ideal for beginners. Can be a great entry point to cold storage wallets with its simple design, support for an extensive range of cryptos, and integration with Exodus
  6. Trezor Model T – An advanced decentralized wallet released by Trezor, the Model T comes with a sleek touchscreen and allows users to earn passive income through a staking tool. The wallet is RoHS-certified and retails at $219. 
  7. Ngrave – Impenetrable by design, the ZERO wallet offered by Ngrave deploys the highest security protocols, such as biometric authentication and light sensors. This decentralized wallet can be accessed through offline QR codes. 
  8. Blockstream Jade – This wallet gives you complete access to your private keys, and supports fully air-gapped transactions by using offline QR codes and a camera. The wallet is open-source by design, and can be used without a Bluetooth or internet connection.
  9. BitBox – Access invisible touch sensors to verify crypto transactions instantly with the BitBox02. This Swiss-engineered wallet offers instant backup and deploys three security protocols to keep the wallet safe from any hacks. 
  10. SafePal – This decentralized wallet offers air-gapped signing mechanisms, supports offline transactions, and boasts an EAL5+ secure element. The SafePal S1 wallet’s compact size boosts its portability while giving access to 100+ blockchains. 
  11. SecuX – Supporting the buying and selling of more than 10,000 coins, SecuX’s Shield BIO wallet uses biometric recognition to offer heightened security against potential hacks. The wallet retails at $149.
  12. MetaMask — Leading and popular decentralized crypto wallet with ERC-20 token and NFT support with millions of users. The go-to wallet for most people looking to enter the world of Ethereum, NFTs, and decentralized apps.
  13. Trust Wallet — Feature-rich decentralized wallet with a user-friendly design. Supports more than a million assets and over 50 blockchains — part of the massive Binance family. 
  14. Coinbase Wallet — Popular decentralized hot wallet supporting thousands of coins and tokens. Connects to the vastly popular Coinbase exchange but still works as a separate, non-custodial wallet. 
  15. Crypto.com DeFi Wallet Top DeFi wallet for advanced crypto users. Highly secure wallet with staking capabilities and support for cryptocurrencies, tokens, decentralized apps, and NFTs. 
  16. Uniswap Wallet — Secure decentralized wallet with seamless connection to one of the largest DEXs with the same name. Easy to use and ideal for swapping and staking cryptocurrencies.

Reviewing the Best DeFi Crypto Wallets

We’ve scoured the web to analyze as many decentralized wallets as possible. Ultimately, we were left with seven we can safely say are the best in the industry, especially when looking at their security and privacy measures and features. 

1. Best Wallet — Overall Best Decentralized Crypto Wallet with Staking, Insights, Token Airdrop and More

Best Wallet is our top pick for the overall best decentralized crypto wallet as a self-custody software wallet with multi-chain functionality.

In fact, it is our best overall crypto wallet as it offers a unique set of features and a native token – $BEST – that make it more than just a crypto wallet and transform it into a Web3 platform.

best wallet 1

New users can create a Best Wallet account in under a minute with only an active email and four-digit passcode needed, there is no need to enter any Know Your Customer (KYC) details such as an address or date of birth. This means it’s one of the best anonymous crypto wallets for those looking to maintain complete privacy whilst trading cryptos.

Users can then decide whether to select enhanced security features such as two-factor authentication and/or fingerprint ID or just use the four-digit code.

The multi-chain wallet allows users to purchase, transfer and store crypto tokens safely and anonymously, and Best Wallet also has a built-in decentralized exchange to trade thousands of tokens.

$BEST token is what transforms the wallet into a fully-fledged Web3 platform, with holders able to generate staking rewards, benefit from reduced fees, and gain early access into new crypto launches, with these features set to be released in the coming weeks and months.

Best Wallet roadmap

Best Wallet will enable NFTs to be securely stored and traded and have a gallery for users to display their collections.

One of its biggest features will be a crypto news feed and unique insights and data on trending crypto projects, which will help users stay ahead of competitors in the market.

Although $BEST tokens have not yet been launched, Best Wallet will reward early adopters with an airdrop of tokens in the near future, with 10% of the max supply to be distributed to active users.

Pros pros

  • Overall best decentralized crypto wallet
  • Enhanced security and safe crypto storage
  • Multi-chain functionality and built-in DEX
  • $BEST staking and airdrop
  • Unique insights on trending crypto
  • Reduced fees and early access to new projects

Cons cons

  • Not all features are live right now

Wallet type Self-custodial software wallet
Number of supported cryptos Thousands via DEX
Fee for buying crypto Determined by third-party
Mobile app Yes
Features Secure storage, multi-chain functionality and built-in DEX, $BEST staking and airdrop, unique insights on trending crypto, reduced fees, early access to new projects

2. Zengo – Most User-Friendly Decentralized Wallet, Supporting Over 120 Cryptocurrencies

Zengo is a mobile app crypto wallet that offers support for over 120 cryptocurrencies, along with multi-chain support for NFTs and a built-in dApp marketplace that uses WalletConnect to ensure seamless interactions with the top Web3 dApps.

Users of Zengo can buy, sell, and trade cryptocurrencies and NFTs from the mobile app with just a few taps. But, what’s most impressive about Zengo, and why it ranks so highly on our list of best decentralized crypto wallets, is its security history and customer ratings.

Zengo wallet

Over 600 customers have given Zengo an average rating of 4.2 on Trustpilot and thousands of customers on the Apple App Store and Google Play Store have given it a combined rating of 4.78/5. In 5 years of operations, while servicing over 1 million customers, Zengo has never had a hacked wallet. They also offer 24/7 support to all their customers.

On the topic of security, Zengo also secures users’ private keys through a solution called multi-party computation (MPC) cryptography, instead of seed phrases. This solution has never been available to a private consumer before. 

This means that a user can restore their wallet using 3-factor authentication (instead of a list of words) which simply involves their email address, a recovery file, and a 3D face scan.

Believe it or not, all of this is available in the free version of the Zengo mobile wallet. A Pro version is also available ($69.99 per year) that provides extra features, including Legacy Transfer, a Web3 Firewall, Priority Support, and Theft Protection.

Pros pros

  • Self-custody wallet without the need for a seed phrase
  • Support for over 120 cryptocurrencies
  • NFT support
  • Buy, sell, and trade cryptocurrencies
  • dApp marketplace featuring WalletConnect
  • Feature-rich free version

Cons cons

  • Crypto prices are marked up compared to market prices
  • Web3 firewall and Legacy Transfer services require Pro version

Wallet Type Self-custody mobile wallet
Number of Supported Cryptos 120+
Fee for Buying Crypto Varies by currency and 3rd party
Mobile App Yes
Features 24/7 support, Pro version available, multi-chain NFT support, buy, sell, and trade NFTs and cryptocurrencies

3. Ellipal – Access 10,000+ Cryptos with this Air-Gapped Hardware Wallet 

Launched in 2018, Ellipal is a Hong Kong-based company that creates air-gapped hardware and decentralized wallets. Ellipal is also one of the first wallets to ensure air-gapped transactions by using offline QR codes. 

One of its flagship wallets, Ellipal Titan 2.0, is EAL5 certified and implements a secure element to protect users’ funds. Not only does this hardware wallet offer a completely decentralized trading process, it also offers a secure exterior. 

Elliptal wallet

The Ellipal Titan 2.0 is the world’s first fully metal-sealed hardware wallet. This makes it safe against any physical or supply chain-related attacks. The wallet boasts a 4” full lamination IPS display, and supports touch response. In just 5 minutes, you can set up the wallet and start trading your favorite cryptos. 

On the Ellipal Titan 2.0 wallet, users can access more than 10,000 cryptos and coins. This wallet also implements an auto-destruct mechanism, which deletes all your private information if any tampering is detected. The wallet also implements an anti-disassembly feature to protect against theft. 

The Ellipal wallet is priced at $169. 

Pros pros

  • Air-gapped transactions with offline QR codes
  • Auto self-destruct mechanism put in place
  • Anti-disassembly and anti-tampering
  • Access 10,000+ cryptos 
  • Metal-seared hardware wallet

Cons cons

  • Does not support a mobile app

Wallet type Non-custodial Hardware wallet
Number of supported cryptos 10,000+ cryptos
Fee for buying crypto Determined by third-party
Mobile app No
Features First crypto wallet to support air-gapped transactions through an offline QR code, implements an auto-destruct mechanism, offers touch response 

4. Ledger Nano S Plus — Best Decentralized Crypto Wallet for Cold Storage

Ledger Nano S Plus comes from the famous Ledger company, one of the world’s leading two hardware wallet manufacturers. It’s one of the two models Ledger produces, the other being a more robust and consequently more expensive model called Ledger Nano X.

However, Nano S Plus offers everything you need, so it will be more than enough if you’re not looking for something specific only Nano X has.

Ledger Nano S Plus is a lightweight hardware wallet with robust security features

The model typically costs around $80 and allows storing over 5,500 crypto assets. The memory lets you install as many as 100 apps at any given point. Moreover, it fully supports NFTs, so you can keep all your high-priced assets in one cold wallet. 

Ledger also has staking capabilities, and you’re free to stake cryptos like Ethereum, Solana, and Cosmos. 

Ledger has a dedicated app for mobile phones that makes trading and staking possible. 

Because of the standard top-of-the-line measures used by all the leading hardware wallets on the market, it also has a simple recovery process. If you lose the device, you can use your recovery phrase to restore access to your assets and get a new Ledger wallet. 

Pros pros

  • Robust security features and cold storage
  • Easy recovery process
  • Stores more than 5,000 coins and tokens
  • Pairs with more than 50 third-party wallets
  • Connects to a robust mobile app

Cons cons

  • Not suitable for day-to-day trading
  • Pricier than other companies’ base models

Wallet type Hardware wallet (cold storage)
Number of supported cryptos 5,500+
Fee for buying crypto Commission built into the exchange rate
Mobile app Yes 
Features Trading, staking (within the app)

5. Trezor Model One — Inexpensive Hardware Decentralized Wallet Ideal for Beginners

Trezor is another famous hardware wallet manufacturer on par with Ledger. It also offers one larger and more complex and another smaller and cheaper wallet model. We’re focusing on the latter, Model One, as it’s a perfect gateway into the world of hardware wallets.

The Model One is priced at only $70 and features all the robust security measures Trezor is known for. This includes top-notch security measures, RoHS and CE certifications, hands-on verification, and up to 50-digit-long PINs. With such a variety of measures, the device is one of the best decentralized wallets in terms of security. 

Trezor sells two wallets, the smaller, simpler, inexpensive Model One we’re covering and the robust but expensive Model T

The wallet is small and has a tiny screen, but you can still buy, sell, and swap coins with the help of the official Trezor Suite app. However, make sure to download links from the official Trezor site, as there are known scam apps even on official stores, as The Washington Post reported in the past

You can store over 1,200 coins and tokens, including Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Dogecoin, and Ripple. Speaking of Ripple, It’s one of the top wallets for XRP holders

Pros pros

  • One of the cheapest hardware wallets
  • Top-notch security features
  • Has a robust companion app
  • Compatible with other devices through USB
  • Perfect for long-term investors

Cons cons

  • Unsuitable for daily use and trade
  • Cashing to fiat currency is overly complex

Wallet type Hardware wallet (cold storage)
Number of supported cryptos 1,200+
Fee for buying crypto Varies based on several factors
Mobile app Yes
Features Trading (within the app)

6. Trezor Model T – Stake Cryptos with this Advanced Hardware Wallet

While the Model One is the standard wallet application offered by Trezor, the Model T offers top-quality security features, a unique design, and additional staking tools. 

The Trezor Model T comes with a 1.54” LCD screen and can be connected to other devices with a USB-C charger. Through the sleek touchscreen, users can easily manage their cryptos and verify transactions. Trezor Model T uses open-source and public code designs to verify the wallet’s integrity. 

Trezor Model T home

After setting up a wallet PIN and passphrase, security is guaranteed due to the security seals Trezor Model T deploys to protect the funds. This device is also CE and RoHS-certified, meaning that it meets the required quality and environmental standards. 

While the Model One design uses a standard backup, the Model T utilizes the Shamir backup – a tool through which your funds can be accessed after entering a 12-word phrase. Your Trezor Model T can be connected to the Trezore Suite mobile app for secure and convenient cryptocurrency management. 

One of the best features of the Trezor Model T is a staking tool that allows you to lock in your crypto assets. Thus, you can store your tokens and generate passive income through this decentralized wallet. 

Due to the added features supported in the Model T, this Trezor wallet retails at $219. In total, more than 8,000 cryptos can be accessed with the Model T. 

Pros pros

  • Offers a staking mechanism
  •  Uses the Shamir backup phrase
  • Gives access to over 8,000 cryptos
  • Touchscreen hardware wallet
  • Can be connected to a mobile app

Cons cons

  • Slightly expensive price ($219)

Wallet type Non-custodial Hardware wallet
Number of supported cryptos 8,000+ cryptos
Fee for buying crypto Determined by third-party
Mobile app Yes
Features Staking mechanism, uses the Shamir backup for restoring your wallet, offers a sleek touchscreen

7. Ngrave – Offline Wallet Uses Biometric Security Protocols to Secure Your Funds

The ZERO wallet offered by Ngrave is one of the top decentralized wallets due to the state-of-the-art security protocols it leverages. This wallet is EAL7 certified – the highest level of security obtained in the blockchain and financial space. 

This 100% offline and decentralized wallet gives users complete control over their assets and supports trading without internet access. Instead, biometric sensors are used to add an additional security layer to the wallet. Your fingerprint is used to create a ‘Perfect Key’ – which will unlock the device, along with an 8-digit PIN passcode. 

Ngrave ZERO wallet

To verify transactions, Ngrave uses a combination of biometric authentication, light sensors, and QR scanning. Once you get access to the wallet, you can connect it to Ngrave’s LIQUID mobile app. On the app, you can use verifiable QR scanning codes to complete the transactions. 

This wallet has also created a ‘Custom ZERO Operating System’ – developed in-house by Ngrave’s security team. This wallet also offers anti-tampering protection, protecting it against any physical attacks. 

The hardware wallet comes with a 4” touchscreen, which can be managed by tap and swipe. In total, more than 3,700 cryptos can be traded with the Ngrave ZERO wallet. This wallet is priced at $398 – making it one of the more costly products on our list. 

Pros pros

  • EAL7 certified
  • Generates a Perfect Key through biometric sensors
  • Impenetrable wallet offers anti-tampering protection
  • Offers 100% offline access to your cryptos
  • Custom ZERO operating system

Cons cons

  • Costs a hefty $398

Wallet type Non-custodial Hardware wallet
Number of supported cryptos 3,700+ cryptos
Fee for buying crypto Determined by third-party
Mobile app Yes
Features 4” touchscreen, EAL7 certified, and has developed its in-house operating system, generates a perfect key by using biometric authentication 

8. Blockstream Jade – Open-Source Wallet Air-Gaps Crypto Transactions

The next top decentralized wallet on our list is Blockstream Jade – an open-source wallet that supports secure and offline cryptocurrency transactions. Blockstream Jade protects your private keys by using world-class security. 

Your wallet can also be connected to Blockstram’s multi-wallet platform – Blockstream Green. This platform deploys Multisig Shield technology – which uses more than one private key to add an additional layer of security.

Blockstream Jade wallet

Since the wallet is USB-C compatible, you can connect it to a mobile device or desktop to trade cryptos easily. Blockstream Jade allows users to access an in-built camera to scan QR codes for fully air-gapped transactions. The security model ensures that the wallet is open-source without compromising its security. This process eliminates the need to deploy a Bluetooth connection to complete the transaction. 

The wallet also provides a recovery phase to ensure you can re-enter the account if you have lost your PIN. Blockstream Jade has partnered with the Oracle Blind Model to offer a virtual secure element – making it one of the safest hardware wallets to use. 

On Blockstream Jade, you can trade Bitcoin and liquid assets such as Bitcoin Liquid (L-BTC) and Tether Dollar (USD-T). Blockstream Jade is priced at an affordable $64.99. 

Pros pros

  • Virtual secure element with the Blind Oracle Model
  • Priced at just $64.99
  • Offers air-gapped transactions by using QR codes
  • Accessible through the Blockstream Green wallet app
  • Open-source security model

Cons cons

  • Not many cryptos are supported

Wallet type Non-custodial Hardware wallet
Number of supported cryptos Bitcoin, USD-T, L-BTC
Fee for buying crypto Determined by third-party
Mobile app Yes
Features Uses Multishield Sig technology, offers air-gapped transactions using QR codes, offers a virtual secure element

9. BitBox – Secure Decentralized Wallet Deploys a Three-Step Security Process

With the BitBox02, users can access a cryptocurrency wallet that lets them store funds offline safely and securely. Boasting an intuitive user interface, the BitBox02 wallet offers invisible touch sensors that make navigating through cryptos and verifying transactions straightforward. 

With a simple tap, you can view the 1,500+ cryptos available on BitBox02. A swipe indicates your interest in confirming a transaction. The hardware wallet also offers a 128×46 px OLED Display, on which you can buy, sell, and trade cryptos. 

BitBox wallet

For a hacker to get their hands on your funds, they would need to breach three security barriers. Firstly, one must access a random secret from a secure chip. This chip also protects the wallet against physical damage or brute-force attacks. 

The second step would be to access a secret from the microcontroller. The final would be to access the device password, which is typically not stored on the wallet. Thus, it is an extremely complex task for a hacker to breach the BitBox02. 

This wallet is compatible with the BitBox app – on which you can also access a 24-word backup phrase. You can connect the wallet with a USB-C charger and plug it in with a compatible Android device. Offering easy and instant backup, the BitBox02 wallet comes with a microSD card, that can also be managed from the BitBox app. 

The BitBox02 retails at $115.83. 

Pros pros

  • Three-step security barrier to protect against hacks
  • Offers a microSD card
  • Gives trading access to 1,500+ cryptos
  • Uses invisible touch sensors
  • Can be managed through a mobile app

Cons cons

  • Not compatible with iOS

Wallet type Non-custodial Hardware wallet
Number of supported cryptos Over 1,500 cryptos
Fee for buying crypto Determined by third-party
Mobile app Yes
Features Offers invisible touch sensors, uses a three-step security process, comes with a microSD card

10. SafePal – Compact Wallet Offers Air-Gapped Signing Mechanisms and Robust Security Protocols

While decentralized wallets give you access to your own private keys, security stands out as the paramount concern when it comes to deciding the top wallets. SafePal’s S1 is one of the top crypto wallets due to its combination of a decentralized structure and top-quality security protocols. 

The wallet boasts an EAL5+ independent secure element, which offers a safe operating environment where data can be stored. The usage of a random number generator to create private keys is another feature that the SafePal S1 wallet offers. 

SafePal wallet

SafePal S1 also uses anti-tampering and self-destruct security mechanisms to fortify its hardware wallet against potential threats. Just like some of the other wallets we have reviewed, SafePal S1 used a 100% air-gapped signing mechanism to offer fully offline storage. 

The physical wallet’s compact size, similar to a credit card, enhances its portability without compromising on any security features. The wallet supports seamless transactions through its 1.4” full-color screen. 

The wallet can be used to connect to over 100+ blockchains and gives access to thousands of cryptos. One can connect the wallet to the SafePal S1 app – which is compatible with iOS, Android, Chrome, and Firefox. 

SafePal S1 is priced at just $49.99. 

Pros pros

  • Uses random number generators to create a PIN
  • Portable and simple to use
  • Access 100+ blockchains
  • Priced at just $49.99
  • Uses an independent secure element

Cons cons

  • Does not support staking tools

Wallet type Non-custodial Hardware wallet
Number of supported cryptos 100+ blockchains
Fee for buying crypto Determined by third-party
Mobile app Yes
Features Air-gapped signing mechanisms, a credit-card sized wallet with a 1.4” color screen, uses random number generators to create a wallet PIN

11. SecuX – Hardware Wallet Uses Biometric Recognition and a Military Grade Security Chip

SecuX wallets are hardware wallets that incorporate high-grade military chips to offer the highest form of protection against hackers. One of the platform’s flagship wallets is the Shield BIO – which implements biometric authentication. 

This process is known to offer a strong security layer, offering heightened resistance against any attacks or unauthorized access. A CC EAL5+ secure element chip has been embedded in the Shield BIO – allowing for the safe storage of crypto assets. Another top quality of the SecX Shield BIO is its compact size – looking exactly like a credit card. 

SecuX crypto wallet home

The wallet supports touch configuration, allowing one to easily navigate over 10,000 cryptos.

Offering cross-platform compatibility, the SecuX Shield BIO can be managed through the SecuX mobile app. The app is compatible with iOS and Android. The use of a high-grade military chip offers unparalleled security and instant access to your digital assets. 

This wallet can be purchased for just $149. Additional trading fees depend on the third party, as SecuX does not charge additional fees apart from the wallet purchase price. 

Pros pros

  • Compact and portable wallet
  • Trade 10,000+ cryptos
  • Uses a military-grade security chip 
  • One-touch configuration
  • Cross-platform compatible

Cons cons

  • Costs a hefty $149

Wallet type Non-custodial Hardware wallet
Number of supported cryptos 10,000+ cryptos
Fee for buying crypto Determined by third-party
Mobile app Yes
Features Cross-platform compatible, offers a military-grade security chip, one-touch access through its credit-card-sized hardware wallet

12. MetaMask — Leading Decentralized Crypto Wallet with Millions of Users and Focus on Ethereum

MetaMask is a decentralized crypto wallet that’s incredibly popular among dApp and NFT users, as well as crypto investors focusing on Ethereum-based tokens. 

It’s our pick for the overall best decentralized crypto wallet because of how well-optimized it is in all major areas. Plus, it excels in the number of cryptocurrencies it covers and their diversity, as long as you’re interested in more ERC-20 tokens and coins based on the Ethereum blockchain, making it one of the best Ethereum wallets. Consequently, you can store Ethereum, Polygon, Avalanche, and other similar cryptos, but not Bitcoin, Litecoin, or Bitcoin Cash. 

As one of the best ERC20 wallets, its security is top-notch. It’s a non-custodial wallet that doesn’t ask for personal details and doesn’t keep information on its servers. The private keys and, consequently, the crypto assets in the wallet are entirely yours. It’s all secured with a password and a backup passphrase for added security. 

MetaMask lets you buy, sell, swap, and stake various cryptocurrencies

MetaMask works as a mobile app and browser extension, but it’s not a desktop wallet, as there’s no software you can install on a computer or laptop. However, the browser extension and the site are typically enough for most desktop users. 

The wallet was made to offer full support to Ethereum and Ethereum-based tokens and coins. That’s why it lets you store tens of thousands of ERC-20 tokens and several dozen significant cryptocurrencies based on Ethereum. To learn more about this, read our comprehensive MetaMask review.

Pros pros

  • Stores any Ethereum coin or ERC-20 token
  • Great for beginners
  • Support for ERC-20 tokens, dApps, DeFi apps, and NFTs
  • Connects to popular dApps like Opensea ad Uniswap
  • No maintenance or account registration fees
  • Used by more than 30 million people

Cons cons

  • Doesn’t support Bitcoin and other non-Ethereum coins
  • No desktop application

Wallet type Hot wallet (cold storage support)
Number of supported cryptos 500,000+
Fee for buying crypto N/A
Mobile app Yes
Features Staking, interest

13. Trust Wallet — Feature-Rich and Highly User-Friendly Decentralized Cryptocurrency Wallet

Trust Wallet is a decentralized crypto wallet that’s fully non-custodial despite being part of the larger Binance family. As most of you know, Binance is the biggest crypto exchange on the planet, but even though it’s centralized, Trust Wallet isn’t and is entirely separate from the exchange. That way, you don’t have to worry about Binance’s regulatory problems in the US.

The wallet doesn’t store your private keys or your data, and this separation from Binance makes it fully decentralized, but it also means you have to connect to Binance if you want to use the massive array of services the exchange offers. 

Still, Trust Wallet has more than enough options of its own. Besides supporting millions of tokens and cryptocurrencies, it also accepts NFTs and connects to various dApps. If that weren’t enough, it also has a built-in Web3 browser. 

Trust Wallet has over 60 million users and allows you to store and buy coins, collect NFTs, and even earn crypto

Besides the regular trading and storing features, Trust Wallet allows users to earn interest from their crypto assets. 

You can do all this within the wallet’s mobile iOS or Android app and a dedicated Chrome extension with over 400,000 users. 

To learn more, you should read our full Trust Wallet review

Pros pros

  • Millions of supported tokens
  • Connects to Binance exchange
  • Supports dApps and NFTs
  • Completely separate from Binance
  • Built-in staking options

Cons cons

  • Card payments require KYC
  • No cold storage support

Wallet type Hot wallet
Number of supported cryptos 4.5 million (mostly tokens)
Fee for buying crypto 1%
Mobile app Yes
Features Staking, interest

14. Coinbase Wallet — Popular DeFi Wallet With Support for Thousands of Coins and Tokens

Coinbase Wallet is part of the larger Coinbase world, which includes one of the biggest crypto exchanges on the planet and certainly the most popular in the US. However, the wallet is still decentralized, as it’s non-custodial, giving you complete control over your assets. 

You can connect it to your Coinbase exchange account if you want to do more, like finding the latest and most promising Coinbase listings, but the wallet itself is still very robust in terms of features. 

It lets you store hundreds of thousands of cryptocurrencies and tokens, manage your NFTs and other wallets, and explore the dApp space.

Coinbase Wallet works as a Chrome extension and an iOS or Android mobile app

Aside from giving you control over your coins, it also doesn’t collect any personal information or share it with the Coinbase CEX. The private keys are encrypted and delivered through a backup passphrase so the exchange cannot access them. 

You can further use the wallet for staking certain cryptocurrencies, but you’ll have to do it through dApps like Uniswap. The wallet itself doesn’t have this functionality, but it can effectively connect with various decentralized applications that can do that and much more.  

Pros pros

  • Supports a massive range of coins and tokens
  • User-friendly interface, ideal for beginners
  • Doesn’t share any data with Coinbase CEX
  • Connects to numerous dApps and DeFi apps
  • 2FA feature for added security

Cons cons

  • No desktop app
  • High transaction fees

Wallet type Hot wallet
Number of supported cryptos 100,000+
Fee for buying crypto Vary
Mobile app Yes
Features Staking, interest (through specific dApps)

15. Crypto.com Wallet — Top DeFi Wallet for Advanced Crypto Users

Crypto.com is a famous cryptocurrency exchange used worldwide, while the Crypto.com DeFi wallet is its official wallet. It’s not connected to the exchange and functions as a non-custodial wallet highly adept at working with a wide range of decentralized and DeFi apps. 

As expected from one of the top decentralized wallets on the market, it lets you store and view your NFTs, regardless of their format or the blockchain they are held on. 

However, Crypto.com Wallet also allows the storage of more than 1,000 coins and tokens, including Ethereum, Cosmos, Cronos, and others. Besides storing, you can also swap and trade your crypto assets. 

Crypto.com DeFi wallet lets you migrate assets through various chains and Cronos

You can earn passive income on more than 25 tokens directly through the app, which includes tokens like ATOM, CRO, DAI, and TONIC. 

As for safety, the wallet also uses multi-factor authentication, and in the unlikely case of a hack, the wallet provides compensation. 

Pros pros

  • Full range of DeFi wallet features
  • Ideal for people interested in the dApp space
  • Perfect for experienced crypto users
  • Very positive user feedback
  • Lets you easily import other wallets

Cons cons

  • Unsuitable for beginners
  • Fees can get high 

Wallet type Hot wallet
Number of supported cryptos 1,000+
Fee for buying crypto Vary
Mobile app Yes
Features Staking, interest

16. Uniswap Wallet — Secure Decentralized Wallet With Seamless Connection to Uniswap DEX

Uniswap Wallet is a highly-secure decentralized wallet that seamlessly connects to one of the best decentralized crypto exchanges on the planet — Uniswap. It’s relatively new, but the brand name was enough for us to consider it. Both the wallet and exchange come from Uniswap Labs.

t eventually ended up on our list for its top-notch security, open-source software, and simple design. Naturally, it’s entirely decentralized, just like its sister exchange. The wallet is also non-custodial, with private keys and seed phrases stored locally on your device. 

Speaking of devices, Uniswap Wallet is a mobile crypto wallet, but it only works on iOS devices for now. 

Uniswap Wallet is a simple-to-use crypto wallet that works only on iOS for now

Like all self-custody, it comes with manual backups. However, Uniswap has gone further by giving you two recovery methods — iCloud and manual seed phrase backup.

When it comes to privacy, Uniswap Wallet continues to excel. Uniswap Labs doesn’t collect personal information or store your data. They only keep information for troubleshooting needs, like your browser version and device type. 

It supports many coins and lets you easily swap with them with the unique Uniswap swap feature available on their exchange. The wallet also connects to dApps and enables you to store NFTs. 

Pros pros

  • Seamlessly connects to Uniswap DEX
  • Fast and easy-to-use swap feature
  • Connects to multiple dApps
  • Allows token and NFT storage
  • Added safety warnings and spam filters

Cons cons

  • Available only on iOS devices
  • Still new on the market

Wallet type Hot wallet
Number of supported cryptos 1,800+
Fee for buying crypto N/A
Mobile app Yes (iOS only)
Features Swapping, dApps, NFTs

What Is a Decentralized Crypto Wallet?

A decentralized crypto wallet is any cryptocurrency wallet that gives the user complete control of their digital assets. This typically means the app gives users control over their private keys without storing sensitive data on the company’s servers.

Moreover, a decentralized wallet can often support and connect with decentralized apps (dApps) and DeFi — decentralized finance applications. 

The best DeFi wallets are typically either non-custodial software wallets or hardware wallets.

Decentralized wallets are directly managed and maintained by the user. Naturally, they can be created by a specific company, but the crucial thing is that you have full ownership of the address, its private keys, and the crypto assets on it. 

This also means the wallet must be installed on your device. The device can be a desktop computer or a mobile phone in the case of hot wallets, and if you’re using a cold wallet, then it’s a hardware wallet that works as its own separate device, in most cases a simple USB stick with its own small screen and buttons. 

In some cases, a decentralized wallet can be web-based. However, the best decentralized crypto wallet that works online through a browser still gives you control of your private keys — it’s just that the wallet software is hosted on the web. 

Decentralized wallets are directly opposed to centralized wallets, which are typically web-based and connected to crypto exchanges

Moreover, they are often custodial, meaning the company behind the wallet keeps control of your private keys

Most advanced users in the world of crypto will tell you that if the private keys are not yours, then the coins are not yours. This view is technically correct because the owner of a crypto address’ private keys is the actual owner of the crypto assets stored on that address. 

The fact that users didn’t have control over their private keys is one of the reasons why people couldn’t get their crypto assets off of FTX when it collapsed, as Bloomberg explains.

Why Use a DeFi Crypto Wallet?

To understand why you should consider using a decentralized crypto wallet instead of all others, here’s a list of reasons that should also explain their advantages:

  • Private keys are yours — Decentralized wallets are always non-custodial, so your private keys stay yours. 
  • Robust security measures — Most DeFi crypto wallets have robust security measures, especially hardware wallets that are inherently more secure than other types of crypto wallets. 
  • Great entry into dApp and DeFi space — If you want to get into the decentralized app or decentralized finance space, a decentralized wallet is effectively a necessity, especially if you want to pay for something. Some DeFi wallets even have dedicated browsers, so you can explore this space.
  • No connection to unsecured CEXs — Decentralized wallets are not connected to exchanges, so you don’t have to worry about them suffering breaches or falling apart and taking your coins with them, like in the case of FTX
  • Private data stays private — Most decentralized wallets stay clear of your personal data to ensure total privacy and protection of user-sensitive information. 

How Does a Decentralized Cryptocurrency Wallet Work?

A decentralized crypto wallet stores your crypto assets in a decentralized manner, meaning they are entirely yours, even though the wallet itself is made by a specific company. 

This is possible because decentralized wallets don’t store personal information and, more importantly, don’t keep your private keys. 

You are the sole owner of your private keys, so the assets on the corresponding address are also exclusively yours.

Outside of the fact that a decentralized wallet is always non-custodial, with the user owning their crypto assets’ private keys, the wallet essentially works the same as all other crypto wallets. 

It communicates with the corresponding cryptocurrency’s network to get the data it needs to give you access to your funds and allow you to use them as you want. This effectively means the wallet does not store your assets; it only presents a way for you to monitor and use them in a single user-friendly platform. 

The cryptos are stored on the blockchain, and the wallet only uses private and public key sets to find and access them. This is why every crypto address contains both a public and a private key. 

In simple terms, the former is like a bank account used to send crypto to a wallet. The latter is like the password to that account and allows you to verify transactions and prove ownership of your funds. 

To better understand this, here’s an example. If someone wants to send 0.1 BTC to your address, they need its public key. It’s called a public key because anyone can look it up on the blockchain. Once they send you the 0.1 BTC, they become yours, but the only way to ensure that’s the case and access them is to use your address’ private key. 

This is precisely why you need to be the sole owner of that key and why it’s beneficial to use a decentralized wallet instead of a custodial one. If someone else, like the wallet manufacturer, has that key, they could use it to gain access to your assets. Naturally, a reputable company wouldn’t, but it’s still an option, and many crypto holders prefer that they never have the opportunity. 

DeFi Wallets vs. Centralized Wallets

The main difference between decentralized and centralized wallets is that the former don’t store your private keys, while the latter do. The former are thus often dubbed as non-custodial wallets, and the latter custodial. 

Many often talk about the former being safer than the latter, but the reality is that it’s more about the type of user you are. 

If you can trust the company providing the wallet and you want it to handle security, you won’t mind it storing your private keys. 

On the other hand, if you’re an advanced crypto user who is also a full supporter of the “not your keys, not your coins” stance, you’ll want to stay in control of your keys by getting one of the best decentralized crypto wallets. However, this also means that you are solely responsible for their safety. 

It’s a double-edged sword, and it’s why centralized and decentralized wallets can be equally unsafe but in different ways. Consequently, it should always boil down to what you prefer. Naturally, if you fall somewhere in between, you can always go for the overall best crypto wallet on the market, regardless of whether it’s custodial or non-custodial. 

Types of DeFi Crypto Wallets 

Decentralized wallets can be hot or cold, depending on the type of storage they offer. Hot wallets are the more popular option due to their convenience, but they are less secure as they are connected to the web. Cold wallets are complex and less convenient, you have to buy them, but they are the gold standard in crypto security as they operate offline. 

Outside of that, we can separate decentralized crypto wallets into software and hardware wallets.

Software Wallets

Software wallets are software applications you can install on various devices and use them to store cryptocurrencies. They typically offer a wide range of features like trading, buying, selling, and staking crypto. DeFi wallets also let you access various decentralized apps and store NFTs. 

Software wallets can be:

  • Desktop wallets — Software that has to be installed on a computer or laptop using operating systems like MacOS, Windows, or Linux. They are convenient and feature-rich but require lots of protection as they are as secure as your computer. 
  • Mobile wallets — Work like any other app on your iOS or Android device. Highly convenient and often very simple to use. They are typically the least secure option, requiring added security measures like 2FA.
  • Web wallets — These wallets operate through internet browsers like Chrome and Brave. They usually work as extensions but are not very secure and can be vulnerable to DDoS attacks if you’re not using adequate security measures. 

Hardware Wallets

Hardware crypto wallets are pieces of hardware that store cryptocurrencies. They are typically in the form of a slightly larger USB stick with a small screen and a few buttons. 

They are simple in design but robust in security measures. Besides various certifications and advanced security features, their main advantage is that they are offline by default. So, they are completely safe from hacking attempts if you’re not using them in conjunction with an app or on your computer. 

Even though they are the gold standard in crypto security, they are highly inconvenient for daily trading, as they must be used online and with a dedicated app. They can be complex for beginners and cost money, unlike software wallets that are free to set up. 

Hardware wallets are typically used for long-term storage and to keep larger amounts of cryptocurrencies safe. If you want to do the same, it’s best to keep most of your crypto on a hardware wallet and the rest on a trading platform or hot wallet so you can trade, swap, buy, sell, and stake these coins and tokens. 

Are DeFi Crypto Wallets Safe?

In terms of security, even the best decentralized crypto wallets are as safe as their security measures allow. These can often be the same as with other crypto wallets, with hardware wallets being an exception as they are decentralized by nature and inherently safer than software wallets due to providing cold storage

However, the rule applies to software wallets. The fact that some are decentralized is often considered a good thing because you’re the owner of your private keys, as we’ve already explained. But as we’ve also covered, this can be as much of a disadvantage as an advantage.

Having complete control of your private keys can be beneficial if you’re great at taking care of them, but if you’re unsure of how securely you can store them, it can be a problem. 

The reasoning is simple. Once the private keys are lost, you can’t rely on the wallet manufacturer to help you, so they are effectively lost forever. 

With custodial or centralized wallets, the keys are stored by the company behind the wallet, so with proper recovery methods, you can get them back. 

With any wallet, be it custodial or non-custodial, there’s also the option to use your secret seed phrase (the 12, 18, or 24 phrase the system generates when you’re setting up your wallet for the first time) to generate your private keys again regain access to your address, but if you lose it too, then there’s no way to get your funds back. 

The security of your seed phrase is your own to handle, so you’ll have to keep it somewhere safe, preferably on a piece of paper and in multiple places, but never on devices connected to the internet. 

This brings us back to the same problem you can have with your private keys. If you lose the phrase, it’s over, which is precisely why some people feel it’s safer for reputable wallet manufacturers to keep the keys stored safely on their servers. 

If you can keep both your private keys and the seed phrase secure, there’s no reason to doubt the security features of the decentralized wallet. As long as you’re using a proper DeFI wallet, like one of the options we recommend, there’s nothing to worry about. 

How We Ranked the Best Decentralized Crypto Wallets

To choose the right decentralized wallet, you must look into the features that connect them. Let’s review what we examined to rank the wallets on our list:

  • Reputation — We highly value wallets with pristine reputations, and you should too. We looked into online reviews, user feedback, and ratings to determine how well-liked they are. 
  • Security — Decentralized wallets are more secure than centralized ones, but they still need to feature robust security measures, precisely what we reviewed. 
  • Supported cryptocurrencies — Some wallets have a few supported coins, while others let you store thousands. We gave higher rankings to those that offer true diversity in terms of coins and tokens. 
  • Decentralized features — Decentralized wallets are also used for their compatibility with decentralized apps and DeFi solutions. Due to that, we made sure to pick wallets that can connect to many dApps, especially those that allow staking and other options. 
  • Usability — We looked into how user-friendly each wallet is as many users are complete beginners, so most crypto fans should be able to use them without getting lost. Naturally, some are more complex and attuned to advanced users, but these, too, need to offer a good user experience even when you know how to use a DeFi wallet. 

How to Get & Use a Decentralized Crypto Wallet

If you’re ready to get a decentralized wallet and start using it, you should know that setting one up is relatively simple. Naturally, the process is different with each specific wallet, but the steps are still pretty similar, so let’s cover the onboarding process with our number one pick, Best Wallet, for you to get an idea of what to expect:

1. Download App

Best Wallet is available as a mobile app on both Andorid and iOS – head to the App Store or Play Store to download the app to your phone or app.

A desktop browser extension will be made available in the near future.

best wallet app wide

2. Create Account and Security Settings

As a leading self-custody decentralized wallet, only an active password is needed to create an account.

No Know Your Customer (KYC) details – such as name, address, or date of birth – are required.

Next, users will need to set their level of security – the minimum is a four-digit passcode but there is the option to add two-factor authentication and/or fingerprint ID.

Users should also find their 12-word recovery phrase in the settings and write it on a sheet of paper and secure it.

3. Start Using the Wallet

The account is now ready to use and users will be redirected to the dashboard, where they will be able to purchase crypto, trade on the built-in DEX and securely store them.

As mentioned above, other features are not yet live but in the pipeline and should be ready soon.

best wallet homescreen

Conclusion

Decentralized crypto wallets are typically considered the safest option on the market, especially if you get a hardware wallet with an accompanying mobile app or compatible software wallet. It always boils down to your user type and what you want from a crypto wallet. 

Best Wallet is our top choice as a secure self-custody wallet to store tokens and one that requires no KYC verification to create an account and also has a built-in DEX to trade thousands of crypto.

It is also more than a wallet, with features including staking, early access to new crypto projects and NFTs, reduced trading fees, and insights on trending crypto to launch soon. Its native token, $BEST, will be airdropped to active users in the near future.

References:

FAQs

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Is Coinbase Wallet decentralized?

Is Trust Wallet decentralized?

Michael Graw

Michael Graw is an experienced writer in the business and B2B tech fields. His articles can be found on Business Insider, Entrepreneur, Tom’s Guide, and TechRadar, and cover everything from corporate finance to crypto and international tech regulation. A prolific copywriter and entrepreneur, Michael has worked with a wide range of SaaS and tech companies and has his finger firmly on the pulse of B2B tech and finance.