Crypto.com DeFi Wallet is a non-custodial crypto wallet that supports 30+ blockchains and lets you manage more than 700 tokens like Bitcoin, Ethereum, DeFi coins like Uniswap, stablecoins and other ERC20 tokens. It allows you to participate in decentralized finance and deposit your digital assets into various DeFi protocols through in-app integration within the Crypto.com ecosystem.
Keep in mind DeFi Wallet is actually different from the Crypto.com App Wallet which is custodial and requires your personal identifying details like name and address. For the Crypto.com DeFi Wallet, you do not need to provide your identity, but you are responsible for remembering and keeping your 12-word key phrase safe.
Swap, farm and mine more than 30 tokens using your DeFi wallet. Connect your wallet to Crypto.com DeFi Swap and other DeFi projects to farm coins and grow your investments. You can now swap tokens instantly in ETH Network, Cronos and Crypto.org Chain - one of Crypto.com's many initiatives, which is a public blockchain aiming at making cheaper and faster transactions for wider crypto adoption.
These DeFi protocols are seamlessly integrated under a Crypto.com ecosystem. With Crypto.com DeFi Wallet, you can stake tokens through the DeFi ‘Earn’ tab. This wallet currently offers integration with Compound Lending, Cosmos Staking, Yearn Earn V2, Crypto.org Chain Staking, Aave Lending V2 protocols, Tectonic and Ferro which let you access staking for more than 30 crypto assets. However, staking with VVS Finance is most popular among DeFi platform users.
Staking usually provides fixed APY and requires a minimum lock-up period. DeFi Earn generally offers higher returns, however, it usually involves having an equal amount of 2 tokens in your wallet and is a bit riskier than staking. Staking and DeFi Yield options are available for Crypto.com DeFi Wallet users worldwide in 70+ countries. However, DeFi Yield is not supported in the United States due to strict government regulations.
Crypto.com restricts some countries from participating in the DeFi Swap. To see if there are any limitations due to your geo-location check out the official Crypto.com DeFi Wallet help page, which lists all of the restricted places like Syria and Ecuador.
Crypto.com has its native token known as CRO. The platform incentivizes wide adoption of its own token by offering up to 20x Yield Booster. There are many options available if one wants to benefit from holding CRO: it is possible to stake it for 1 month to 4 years and collect CRO harvest yield in 30 to 90 days.
Holding a certain amount of Crypto.com's native token in your wallet can also lower trading fees through the Crypto.com exchange and earn rewards through staking or DeFi yields. However, these rewards and benefits associated with keeping CRO in your wallet are subject to change at any time depending on Crypto.com's new policies. Generally, the trend suggests that these rewards will become less and less substantial as CRO becomes more widely adopted by the public. However, as wider utilization of CRO happens, its value should generally go up as well, making it an asset worthy of consideration.
The desktop extension lets your access more advanced features like governance and includes staking, access to dApps, and even minting your own NFTs. You can currently send and receive crypto, approve or block dApps transactions directly from your PC, and even recover lost wallets using your seed phrase. Ledger assets can also be conveniently managed through the desktop extension.
Crypto.com DeFi Wallet lets you store your NFTs and even mint your own using the Desktop Extension. It also lets you use an NFT as your profile picture for your DeFi Wallet and even share what NFTs you own through social media. Very conveniently, essential NFT info including rarity can be looked up right within the app as well.
With Crypto.com DeFi Wallet you can send crypto to anyone's wallet at your preferred speed and network fee. In general, you can choose a slower transaction speed and save on the transaction fees. You can choose from Average, Fast and Super Fast transaction speeds, depending on your needs.
ETH Gas Meter provides real-time gas fees and transaction times right within the app. The customizable range for Slippage Tolerance is 1% to 49.9%. It is easy to customize the Slippage and Gas Fees under the “Advanced Settings” tab.
To add new cryptocurrencies to your Crypto.com DeFi Wallet, you have to buy crypto somewhere else and transfer it to this wallet. It is not possible to purchase digital assets directly through this DeFi wallet. Crypto.com DeFi Wallet can only receive tokens from another crypto wallet, for example, a custodial wallet from Crypto.com App or any other cold or hot wallet. It is then connected to an exchange, which can be used to purchase assets using fiat currency or other digital tokens.
However, Crypto.com DeFi Wallet features Buy Crypto button to make it easier to purchase cryptocurrencies from the wallet. You’d still have to connect to the Crypto.com App but this button makes the process a lot more convenient. Follow this official guide from Crypto.com for detailed instructions on how to purchase digital assets using the Buy Crypto tab within the DeFi Wallet app.
Using the Crypto.com exchange is the simplest way to add new cryptos to your Crypto.com DeFi Wallet since it is designed to seamlessly integrate with its own ecosystem. Crypto.com or any other major crypto exchange lets you purchase cryptocurrencies with a bank card, which then can be transferred to your DeFi wallet.
Doing so, however, might remove anonymity because Crypto.com and most exchanges require identification for creating a non-DeFi wallet, which will be used to send crypto to your DeFi Wallet. Also, one must be aware that in addition to regular crypto transfer fees, a card fee will be applied.
If your DeFi Wallet is connected to Crypto.com App, you can set up automatic recurring purchases of the cryptocurrencies on a weekly, bi-weekly, or monthly basis. This is an easy and stress-free way to accumulate specific digital assets without having to perform manual periodic purchases. Recurrent buy bot also allows investors to reduce the impact of volatility through dollar cost averaging. This very effective technique lets your invest bit by bit, at your own pace, without the stress that accompanies market price volatility and attempting to figure out the right moment to get into an asset. The minimum order limit for this feature is only $15, which makes it quite accessible to a variety of investors, including those who are just discovering decentralized finance. Read more on how to set up recurrent purchases from the official Crypto.com page and see which assets are currently accepted within this new feature.
The DeFi Wallet mobile app makes it easy to purchase digital assets using fiat currencies. The app introduced the Buy Crypto button to its interface for convenience, which supports up to 20 display fiat currencies (it basically shows the asset price in your preferred currency and can be adjusted in settings). However, users still have to connect their DeFi wallets to Crypto.com App to be able to use this feature, as transactions are carried out through Crypto.com App account, not the DeFi Wallet.
Unlike many DeFi wallets which are not integrated with a major crypto exchange, this DeFi Wallet is part of a vast Crypto.com ecosystem, which does provide customer support for its users. Issues can be reported and resolved over the in-built chat in the Crypto.com App or via customer service email. However, you must have an account within the Crypto.com App, in addition to your DeFi Wallet to be able to contact support, which might not work for those preferring to stay anonymous.
Short answer: it is! But it is up to you to keep the 12-word seed phrase safe. You can lose all your funds if these private keys are lost or stolen. However, now you can enable biometric verification (fingerprint or facial recognition) and two-factor authentication for more secure access from your mobile device or desktop.
Additionally, a Secure Enclave which encrypts private keys directly on your device is now available for Apple users and requires iOS 13.0 or later.
Crypto.com DeFi Wallet is safe but you have to make sure to never share your 12-word seed phrase with anyone. The Crypto.com DeFi Wallet could be vulnerable to socially engineered phishing attacks. Hackers can steal your assets by gaining access to your personal information and then utilize it in making the owner share the seed phrase. This can be done by creating sophisticated replicas of the official SMS notifications, emails, phone calls and even websites.
Hackers can also gain control of your phone through SIM Swap fraud and use it to pass mobile number verification. These scams may lead the owner to provide sensitive identifying information to hackers and lose assets as a result. Any losses due to such phishing are not covered by Crypto.com insurance, as it is the user's sole responsibility to protect the private keys. However, if something like a major hack attack happens to Crypto.com or it goes out of business completely, your digital assets in the DeFi Wallet will be safe, as long as you have the seed phrase to access the account.
Non-custodial, no KYC required
Two-factor authentication setup available
Features major cryptocurrencies including Bitcoin and Ethereum
Allows to mint NFTs with desktop extension
Secure Enclave for Apple users
Customer support from Crypto.com App
U.S. residents do not have full access to advanced Crypto.com features, which might limit the DeFi Wallet's functionality if integrated with this exchange
Some geo-locations are restricted from downloading the Crypto.com DeFi Wallet
DeFi Yield is not supported in the U.S.
No social recovery system is available, requires a 12-word seed phrase
High fees if purchasing with a credit card or bank transfer
Not all banks connect to Crypto.com
Cannot purchase crypto directly through the DeFi wallet
Both wallets are striving to make decentralized finance extremely user-friendly and to satisfy a wide range of customers from crypto rookies to digital asset experts. MetaMask Wallet, however, supports exclusively Ethereum-based tokens. It does not have the capability to store and trade Bitcoin and other tokens on the Bitcoin blockchain. Crypto.com DeFi Wallet, on the other hand, can safely store and manage the most popular cryptocurrency on the market. For more in-depth information, check out our MetaMask Wallet review.
These two DeFi Wallets are also pretty similar. Both are connected to major crypto exchanges, and both are aiming for very user-friendly experience, which would make these wallets appealing to a wide range of users. However, Crypto.com DeFi Wallet currently features substantially more digital assets than the Coinbase DeFi Wallet. Read our Coinbase Wallet review to find out about other differences between these wallets.
Trust Wallet supports a much more extensive number of digital assets compared to Crypto.com DeFi Wallet. Trust Wallet handles over 1 million various cryptocurrencies and more than 4.5 million total digital assets. It also does not charge a service fee for crypto swapping. See if it is a better DeFi wallet option for you by checking out our full Trust Wallet review.
Both of these DeFi wallets are integrated with WalletConnect, which allows you to explore dApps like DeFi Swap and other DeFi protocols by scanning the QR code within your DeFi Wallet app. However, Argent L2 Wallet supports only Ethereum-based assets and does not provide storage for Bitcoin. Crypto.com DeFi Wallet, on the other hand, does not have a social recovery security system, which makes its customers more vulnerable to permanent account loss and asset theft. It also charges much higher fees for transactions that utilize the Ethereum blockchain than Argent L2 Wallet, which was specifically designed to lower the notoriously high fees for Eth-based transactions. Read our full Argent Wallet review for more.
Download Crypto.com DeFi Wallet from AppStore
Download Crypto.com DeFi Wallet from GooglePlay
Crypto.com DeFi Wallet is a user-friendly non-custodial wallet that lets you store your Bitcoin, Ethereum, NFTs and other Web3 assets in one place. It is an excellent tool for users who are new to the crypto world and want to learn about staking, farming, yielding, and other cool new features of decentralized finance.
However, it might not be the best choice for users focused on Eth-based assets due to much higher fees compared to Argent L2 Wallet. This wallet should also be used with caution by crypto newbies, as Crypto.com DeFi Wallet does not feature a social recovery system. Misplacement, loss, or theft of the key seed phrase can result in permanent loss of assets if one is not careful. However, this wallet is integrated within the whole Crypto.com ecosystem, which gives it a competitive edge over similar wallets like Coinbase DeFi Wallet or MetaMask Wallet.
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