Crypto.com DeFi Wallet Review 2023: Pros, Cons and How It Compares
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The bottom line: Crypto.com’s DeFi Wallet provides a smooth on-ramp to self-storage of your digital assets — particularly for users who have previously bought or stored investments on Crypto.com.
Pros & Cons
Pros: Available on desktop, mobile and browser; security upgrades such as two-factor authentication.
Cons: Limited education and analysis tools; Crypto.com charges fees for DeFi rewards.
Table of Contents
Where Crypto.com DeFi Wallet shines
Availability: You can easily set up Crypto.com DeFi Wallet to work on your phone, on your computer and in your browser.
Security: Crypto.com DeFi Wallet offers some security features that can be hard to find in online self-custody wallets. Notably, it has two-factor authentication available. And its code is open source, which lets people check the code for flaws.
Where Crypto.com DeFi Wallet falls short
In-app research: Crypto.com itself is a cryptocurrency exchange, and it has a strong library of information for traders looking to get up to speed on digital assets. But some of this information is absent on the wallet app.
Crypto.com takes a cut: The DeFi Wallet makes it easy to use decentralized applications without some of the technical know-how it might require otherwise. But you’ll pay for that convenience if you earn money with these activities.
What Crypto.com DeFi Wallet is best for
Crypto owners who use the Crypto.com exchange.
Users looking for a simple entry point to the world of decentralized finance, or DeFi.
Crypto.com DeFi Wallet at a glance
Crypto.com DeFi Wallet has two-factor authentication and open-source software. It doesn’t offer multisignature support.
Crypto.com DeFi Wallet supports more than 1,000 cryptocurrencies.
Crypto.com DeFi Wallet has support for NFT storage, Web3 capabilities, staking, swaps and purchases.
Crypto.com DeFi Wallet is a hot wallet that can connect via desktop to dedicated offline storage devices made by Ledger.
Crypto.com DeFi Wallet has desktop, mobile and browser-based applications.
Crypto.com has helpful educational content along with features to help you review the performance of your crypto portfolio, but not all of these offerings are available on the wallet app.
Full details about Crypto.com DeFi Wallet's ratings
Security: 5 out of 5 stars
Crypto.com DeFi Wallet and its competitors have a leg up on centralized exchanges when it comes to security because they allow you to keep your digital assets in your control. So if a crypto exchange fails or suffers a devastating hack, you still have your crypto. When you use Crypto.com DeFi Wallet, the owners of the exchange don’t have access to your assets.
There are some tradeoffs when storing your own crypto, of course. If you lose your login information, you may lose your crypto forever. And if you personally suffer a hack or phishing attack that compromises your wallet, there’s no one to back you up.
Among its peers, however, Crypto.com DeFi Wallet has a few features that help it stand out on security:
Its software is open source, which means its community of users can review it for potential issues. Even if you can’t analyze code yourself, you may take some comfort in knowing that other users are doing so.
It offers two-factor authentication, which is not available on many other wallets.
Crypto.com’s website doesn’t say whether it offers multisignature support, which is a security measure that requires multiple wallets to approve a transaction, and there’s no obvious way to enable it on the app.
Selection: 5 out of 5 stars
Crypto.com DeFi Wallet says it supports more than 1,000 tokens and coins.
Integration: 5 out of 5 stars
You can use Crypto.com DeFi Wallet for most common crypto transactions, including purchases and swaps. You can store and view non-fungible tokens, or NFTs, on the app, and it also offers connectivity to many Web3 and DeFi applications.
Storage: 5 out of 5 stars
Crypto.com DeFi Wallet is known as a hot wallet because it stores the keys to your digital assets in your control but on an internet-connected device. A cold wallet, or a dedicated device that can hold your crypto offline, can provide another layer of security.
DeFi Wallet works with Ledger, a popular cold wallet option, for users interested in combining online and offline storage.
Functionality: 5 out of 5 stars
Crypto.com DeFi Wallet offers desktop, mobile and browser-based applications. Remember that you’ll need to enter your security/recovery phrase when you set up your wallet on a new device.
Tools: 4 out of 5 stars
Crypto.com has many tools for traders and the crypto-curious to use as reference, though not all of these are available on the wallet app. But the wallet does have some helpful features such as a tracker for Ethereum “gas” fees, which determine how much it costs to carry out a transaction at any given time.
Other details you should know about Crypto.com DeFi Wallet
Pricing: Crypto.com DeFi Wallet is free to use, though carrying out transactions may carry a cost. Crypto networks have their own transaction fees that you’ll have to pay regardless of which wallet you use. Crypto.com charges for some services, too (for instance, buying crypto with cash).
And the DeFi Wallet has its own fees if you use it to interact with decentralized applications. The application charges a 0.05% service fee on whatever you earn using its DeFi offerings.
Is Crypto.com DeFi Wallet right for you?
Crypto.com users who are looking for more control over their assets may find the DeFi Wallet easy to use, as will crypto holders seeking a simple entry point for decentralized finance.
How we review crypto wallets
NerdWallet's comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. We aim to provide our independent assessment of providers to help arm you with information to make sound, informed judgments on which will best meet your needs. We adhere to strict guidelines for editorial integrity.
We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider's performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars). For more details about the categories considered when rating wallets and our process, read our full methodology.
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