top 5 safest defi wallets

FTX is a cruel reminder of “Not Your Keys not Your Crypto”. But many of us keep assets on the exchange at times. But we shouldn’t. And neither should you. So today is all about protecting what’s already yours.

Don’t give up your gains to confiscation and mismanagement. Manage your own crypto in your own private, decentralized, non-custodial wallet. So, i’m going to show you the top 5 non-custodial wallets you can choose from to move those coins into safety. But first, let’s get to the basics.

What is a Non-Custodial Wallet?

All great decentralized, non-custodial wallets share the same features:

  • Non-custody. They don’t control your money and your keys. You do.
  • The wallet provider/developer cannot access your keys, only you can with your seed phrase
  • They work on many chains.
  • They all give you a seed phrase to store and to retrieve your wallet.

You need all these things if you want a real private wallet that lets you transact with whoever you want, wherever you want. Here is our top 5:

Wallet #1: Metamask

The most popular crypto wallet that’s non-custody, meaning NO exchange wallets, is Metamask. Metamask’s greatest benefits are the number of chains it supports and its general ease of use thanks to its browser extensions. It works with:

  • Chrome
  • Firefox
  • Brave
  • Edge
  • And Opera

Consensys is the group behind Ethereum’s blockchain development and they are the developers of Metamask. This wallet adds new chain support often and the most updated list where you can add a new chain easily is available at Chainlist. Ethereum and All EVM chains can use Metamask. The important exclusion is Bitcoin. You CANNOT hold Bitcoin here.

No one, not even Consensys, has access to your seed phrase. So this means Metamask satisfies all 4 of our wallet requirements. There are two things you should be aware of about Metamask

  1. Infura: Infura is another part of Consensys. They do a lot with APIs and blockchain infrastructure. They also run Ethereum nodes. The reason you should know about them is the last major outage they had in April meant that MM wallets malfunctioned. Also, Infura can block access based on certain IP addresses. This means Metamask is not 100% decentralized or censorship-resistant. I want to be sure you understand if these things are important to you.
  2. On the positive side, rumors of a Metamask token and airdrop abound. Some things you can do to qualify could include:
    1. Swapping tokens on MM
    2. Using the MM bridge
    3. Creating a Gnosis Safe multi-signature wallet
    4. And MORE

So be on the lookout because you may qualify. Is Metamask your favorite Web3 wallet? If not, what is? Let us know in the comments below.

Wallet #2: TrustWallet

If you love multi-chain wallets, and you don’t use Metamask for whatever reason, then you likely use our 2nd choice. TrustWallet is a great mobile wallet developed by Binance.

But it’s important to understand this wallet is separate from the Binance exchange. And like with Consensys, they exert no control over your wallet. It supports tons of coins and many chains.

TrustWallet also satisfies our 4 wallet requirements for private, non-custody wallets. Some important differences with Metamask are:

  • Supports Bitcoin (BEP version, not native but also not wrapped)
  • No browser extension, mobile only. Although a browser extension is now live. You can see the launch in the tweet above.
  • Many in-app staking, investing, lending and swapping options available
  • And lastly, for newer people to Web3 and DeFi, many people integrate their apps directly with Metamask. TrustWallet uses the popular WalletConnect infrastructure to connect to dApps. This means you will have to click on Connect Wallet, then find WalletConnect and click on that, and TrustWallet to connect it to your app of choice.

TrustWallet is simply a great wallet. Adding tokens and chains is easy here too. A couple people on our AB Team resisted MM for a while mostly because they have and use TrustWallet effectively. Many of us here like and have both. You can’t go wrong with either one.

Wallet #3: Enjin Wallet

Our 3rd choice today is another mobile-only option. Enjin Wallet. Enjin is the team that gave us the ERC-1155 NFT token standard. So they know what they are doing. They are also behind the Efinity blockchain for cross-chain NFT activity.

Along with all that, they have an excellent mobile wallet. This is definitely the wallet for NFT lovers. But this wallet also supports Bitcoin, stablecoins, swapping, in-app access, and more.

Creating a wallet is super easy. We wrote an article about it on our website for more detail on how to set up your Enjin Wallet.

Wallet #4: Coin98 Wallet

Coin98 has its hands in lots of things including a venture fund, exchange, and DeFi hub. But they also have an excellent multi-chain wallet that supports over 50 blockchains. It’s both a mobile and web wallet with a browser extension. The setup is super simple.

If you like integration with DeFi apps like:

  • Trader Joe
  • Uniswap
  • Sushiswap
  • Kyber Network
  • Alpaca Finance, amongo others.

Then this is a great wallet for you. The big 4 important features are here too especially non-custody and this is considered a good wallet for beginners too. Not just DeFi degens.

Which is your favorite wallet to connect to DeFi apps? Let us know in the comments

Wallet #5: Exodus

Often considered one of the top and most user-friendly desktop wallets is our last one for today, Exodus. Although it’s known as a desktop wallet, there is a mobile app for Apple and Android. They support over 250 cryptos, which is excellent for a beginner wallet. Set up is easy too. Just a matter of a couple of minutes

Exodus has a browser extension too. They have good multi-chain support with most being EVM chains but they also support Bitcoin, XRP, Tron, and Cosmos too.

A nice added feature is they have full compatibility with the 2nd most popular hardware wallet on the market, Trezor. So you can work seamlessly between the two using the Exodus interface for sending, receiving, staking, or swapping all with the Trezor security protecting you.

That’s a good combo. Exodus takes great pride in simplifying the onboarding process and how to get started in crypto. And it shows in the wallet’s popularity.

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